Nigeria Times

By He Yin, People’s Daily

Chinese President Xi Jinping on Dec. 7 met with President of the European Council Charles Michel and President of the European Commission Ursula von der Leyen who were in China for the 24th China-EU Summit.

The two sides had in-depth exchanges of views on strategic issues critical to the direction of China-EU relations and global issues of mutual interest to draw a blueprint for, identify the focus of and inject impetus to China-EU relations. Both sides sent out a positive message of China and the EU working together for further progress in our relations.

The bilateral relationship between China and the EU has shown a good momentum of recovery and steady progress under the strategic guidance of leaders from both sides.

The two sides have hosted a series of high-level dialogues and reached important consensus on cooperation, which showcased the resilience and vitality of China-EU relations, as well as the strategic significance and global influence of China-EU cooperation.

China and the EU have released a positive signal to strengthen communication, engage in dialogue and cooperation, and constructively handle differences, achieving fruitful results. This has injected stability and positive energy into the turbulent international situation.

There is no fundamental strategic disagreement or conflict between China and Europe. China will keep its Europe policy stable in the long run, continue to see Europe as an independent force in a multi-polar world, and stay committed to a China-Europe relationship that is not targeted at, subjugated to, or controlled by any third party.

China has released three policy papers on the EU, all of which take mutual respect as the primary principle in developing China-EU relations.

The two sides have developed a pattern of all-round, multi-level and wide-ranging cooperation since they established a comprehensive strategic partnership 20 years ago.

Taking stock of history, as long as China and the EU navigate the trend of the world, uphold the apt description of their relationship as a comprehensive strategic partnership, view each other from a strategic perspective, fully leverage the guiding role of the China-EU Summit and the five high-level dialogues, strengthen strategic communication, and increase understanding and properly handle differences through constructive dialogue, they will be able to ensure a stable, sound and long-term China-EU relationship.

China and the EU are partners, not rivals and their common interests far exceed differences. Xi stressed that the two sides need to develop a right perception of each other, promote mutual understanding and trust, honor commitments, do the right thing and be wholehearted in developing China-EU relations. They should not view each other as rivals just because their systems are different, reduce cooperation because competition exists, or engage in confrontation because there are disagreements.

There is a high degree of complementarity between the Chinese and EU economies. The two sides should leverage their complementary strengths in terms of market, capital and technology to upgrade traditional industries and foster emerging ones, explore new modes of cooperation, foster new areas of growth, and jointly improve industrial and supply chains. The two sides should do more to increase the breadth and depth of cooperation and tighten the bond of shared interests.

Recently, China has decided to apply unilateral visa-free policy on a trial basis to travelers holding ordinary passports from countries including France, Germany, Italy, the Netherlands and Spain. This has been generally welcomed by relevant countries in Europe.

In the future, China and the EU should also bolster people-to-people exchanges and facilitate personnel interflows.

Xi underscored that Chinese modernization and European integration are strategic choices that China and Europe have made respectively with the future in mind. The two sides should respect and support each other, and leverage the complementarity of their development strategies for common progress. China will continue to promote high-quality Belt and Road cooperation, including by creating synergy between the Belt and Road Initiative with the EU’s Global Gateway to help developing countries grow faster.

At present, the China-Europe Railway Express service reaches 217 cities across 25 European nations, driving economic development and improving people’s livelihoods in countries and regions along the routes. This has promoted win-win cooperation between Asia and Europe.

According to the latest statistics, the total volume of goods transported by the service in the first 11 months of this year already exceeded the total volume recorded in the whole of 2022.

As China pursues high-quality development and high-standard opening up, it sees the EU as a key partner for economic and trade cooperation, a preferred partner for scientific and technological cooperation, and a trustworthy partner for industrial and supply chain cooperation. China is ready to work with the EU for mutual benefit and common development.

Michel and von der Leyen noted that the EU highly values its ties with China, and does not want to decouple from China. It seeks a long-term, stable, predictable and sustainable relationship with China, and hopes that the EU-China Summit will help reenergize EU-China relations.

China-EU relations bear on the prosperity of Asia and Europe, as well as the stability of the international landscape. It should be well safeguarded and developed by both sides.

Xi pointed out that China and the EU are two major forces advancing multipolarity, two major markets in support of globalization, and two major civilizations championing diversity. Amid the increasingly turbulent international situation, the China-EU relationship has strategic significance and implications for global peace, stability and prosperity.

The EU side also believes that the EU and China have shared responsibilities and interests in keeping the world peaceful and stable.

The two sides should work together to safeguard multilateralism and strengthen global governance, so as to contribute to the well-being of mankind and addressing global challenges.

China and the EU should remain partners for mutually beneficial cooperation in a volatile and intertwined world. China is willing to work together with the EU, uphold mutual respect and win-win cooperation, follow true multilateralism, and continuously deepen the China-EU comprehensive strategic partnership, to provide greater stability for the world and stronger impetus for development.

By Wang Binlai, Jiang Feng, Qu Xinming, People’s Daily

The New International Land-Sea Trade Corridor is an international trade and logistics passage jointly built by Chinese provincial regions and ASEAN countries.

The passage takes provincial regions in western China as key transportation hubs and stretches southward to destinations across the globe, making use of various transportation modes including railway, maritime shipping and highway.

In recent years, China has been vigorously promoting the construction of the New International Land-Sea Trade Corridor. According to statistics, the trade volume between the 13 provinces, autonomous regions, and municipalities jointly building the passage and the ten ASEAN countries exceeded $130 billion last year, an increase of 73.3 percent compared to that in the beginning of the corridor’s operation in 2017. This figure has exceeded $100 billion for three consecutive years.

Rail-sea intermodal trains departing from Chengdu International Railway Port in Chengdu, capital of southwest China’s Sichuan province, for south China’s Guangxi Zhuang autonomous region have been operating steadily with a continuous increase in shipment volume.

According to Huang Jun, director of the dispatching workshop of the Chengdu North Railway Station under China Railway Chengdu Group, the Sichuan-Guangxi rail-sea intermodal trains, which start from Chengdu and export cargos to ASEAN countries via the port of Qinzhou in Guangxi, reduce shipping time by over a half compared with traditional river-sea transportation.

And more changes are happening to forge better connectivity.

A new rail line between Chengdu and Kunming, capital of southwest China’s Yunnan province, was opened at the end of 2022. The railway, together with the international freight line of Lancang-Mekong Express, shortens the trip between Chengdu and Laos’ capital Vientiane to two days and 17 hours.

In July this year, the Lancang-Mekong-Sichuan Express was launched. The train service originates from Rayong province, Thailand, and travels via the China-Laos Railway from Vientiane to Chengdu International Railway Port. It then heads to Budapest, Hungary in Europe, through China-Europe freight trains.

The service connects the China-Laos Railway and the China-Europe freight service, reducing the logistics transit time to a minimum of 15 days.

As of October this year, the New International Land-Sea Trade Corridor had established 139 logistics stations in 69 cities of 18 provinces, autonomous regions, and municipalities in China, reaching 480 ports in 120 countries and regions worldwide.

In the first three quarters of this year, the rail-sea intermodal trains of the New International Land-Sea Trade Corridor transported 633,000 twenty-foot equivalent units, growing 14 percent year on year.

“In addition to the rail-sea intermodal transport, other modes of transportation such as the rail-road, river-rail-sea, road-sea and the air transportation are also being developed rapidly,” said Liu Wei, director of the logistics and operation center of the New International Land-Sea Trade Corridor.

Provinces, autonomous regions, and municipalities involved in the construction of the New International Land-Sea Trade Corridor are working together to promote the deep integration of transportation modes, establishing an efficient intermodal transport system for Asian and European countries and regions, Liu noted.

As hardware facilities are becoming more advanced, the level of logistics operations and service support is also improving. Guizhou and Yunnan provinces are implementing Regional Comprehensive Economic Partnership (RCEP) rules in the construction of the New International Land-Sea Trade Corridor according to their respective local conditions. Chongqing municipality has comprehensively implemented a fast customs clearance mode for railways and innovating new forms of foreign trade.

What’s even more gratifying is that this passage is now empowered by digital development. By building digital and information platforms, provinces, autonomous regions and municipalities jointly constructing the New International Land-Sea Trade Corridor have launched a series of convenient online services.

For example, the international trade “Single Window” of Ningxia Hui autonomous region has launched 781 services in 19 major categories, and 38 types of import and export regulatory certificates can be applied through the “Single Window.” Xinjiang Uygur autonomous region is promoting the integration of 5G, new infrastructure, and transportation infrastructure, enhancing the sharing capabilities of information platforms, and promoting the intensive and efficient development of transportation resources.

In 2022, 78 routes were opened along the New International Land-Sea Trade Corridor, bringing rice from Laos and durians from Thailand to China and Europe, and taking specialties of west China like Guizhou’s chili sauce to overseas destinations.

Leveraging advantageous industries such as automotive and electronic information, Chongqing saw its trade volume with Belt and Road countries and regions reach 333.14 billion yuan ($46.81 billion) last year. The municipality has attracted investment from 319 Fortune Global 500 companies.

Chinese enterprises have collaborated with Laos to develop modern agricultural industrial parks, and are exploring an integrated banana supply chain featuring transport, trade and production with Cambodia.

These vivid examples demonstrate how the New International Land-Sea Trade Corridor facilitates industrial development.

The New International Land-Sea Trade Corridor has become a vital link in promoting a smooth dual circulation, Liu told People’s Daily.

It drives global division of industries and cooperation, and connects west China with the Southeast Asian and European markets, which will contribute to high-quality development, Liu added.

By Qiu Haifeng

The Chinese currency Renminbi (RMB), or the yuan, has been increasingly used as international currency in recent years, gaining popularity as a payment, investment, and reserve currency in the global market.

As China’s economy recovers and its financial market further opens up, the yuan’s investment and hedging functions have strengthened.

Panda bonds, or yuan-denominated debts sold by foreign issuers in China, have been well-received.

According to the 2023 Yuan Internationalization Report released by the People’s Bank of China (PBOC), China’s central bank, 58 panda bonds were issued from January to August 2023, totaling 106 billion yuan ($14.79 billion). This represents a year-on-year increase of 58.2 percent, surpassing the total number and amount of issuances from the previous year.

The macro-prudential management bureau of the PBOC announced on November 9 that various channels for mutual stock market access, such as the Shanghai-Hong Kong Stock Connect, the Shenzhen-Hong Kong Stock Connect, mutual recognition of funds, Bond Connect, the Shanghai-London Stock Connect, and the Cross-boundary Wealth Management Connect, have been opened and optimized.

The policy framework for supervising qualified investors has been consistently enhanced and it has become easier for foreign entities to issue panda bonds. Additionally, Chinese stocks and bonds have been incorporated into major international indices. These developments have collectively contributed to an enhanced investment and financing environment for the yuan.

As of the end of September 2023, a total of 1,110 foreign institutions had entered the Chinese bond market, holding 3.3 trillion yuan in Chinese bonds, an increase of nearly 200 percent compared to five years ago. Domestic RMB financial assets held by overseas entities, including stocks and bonds, had reached 9.3 trillion yuan.

As foreign institutions continue to expand their presence in the domestic bond market, offshore yuan trading has also witnessed a surge in activity.

In late October, two yuan clearing banks were inaugurated, including one in Islamabad, Pakistan, which marked the official launch of yuan clearing services in the country. Additionally, the Industrial and Commercial Bank of China (ICBC) Vientiane Branch in Laos held a ceremony to commence yuan clearing services. This development increased the number of yuan clearing banks established by China in Southeast Asia to five.

“The yuan is assuming a growing significance in the global economy and financial markets,” stated Jameel Ahmad, governor of the State Bank of Pakistan. The establishment of a yuan clearing bank will help reduce costs for local banking systems and support Pakistani businesses in exploring new markets, thereby contributing to the long-term development of the Pakistani economy and banking system, Ahmad added.

Since 2022, China has established yuan clearing banks in Laos, Kazakhstan, Pakistan, and Brazil. It has continuously enhanced the overseas yuan clearing network, resulting in smoother cross-border transactions for trade and investment. Presently, the PBOC has authorized 31 yuan clearing banks in 29 countries and regions, encompassing significant international financial centers globally.

“Since last year, the connectivity and cooperation between domestic and foreign financial markets have strengthened, resulting in a broader selection of offshore yuan products and enhanced facilitation and liberalization of cross-border investments,” stated a representative from the PBOC.

According to a survey by the Bank for International Settlements (BIS), the yuan’s market share in global foreign exchange transactions has surged from 4.3 percent to 7 percent in the past three years. This has resulted in a rise in its ranking from the eighth place to the fifth.

This growth has made the yuan the currency with the fastest-growing market share, as offshore entities increasingly adopt it for foreign exchange and risk management purposes.

Multiple sectors have shown optimism regarding the future prospects of the yuan’s internationalization.

Argentina has announced its plan to use the equivalent value of yuan under the China-Argentina currency swap agreement to repay its external debt and interest owed to the International Monetary Fund. This decision comes after Argentina’s previous use of the yuan to repay matured external debt at the end of June.

In July 2023, the Bolivian government announced that the state-owned bank Banco Unión has started trading operations involving the yuan. Marcelo Montenegro, Bolivian Minister of Economy and Public Finance, stated that the yuan trading operations have gotten off to a good start in the country. Montenegro highlighted the potential for increased utilization of the yuan within the framework of the Belt and Road Initiative (BRI).

“More countries are now participating in yuan transactions, and the internationalization of the currency is advancing rapidly,” Montenegro expressed. He further stated that the yuan is expected to play a more significant role in future international trade activities.

More companies have expressed their confidence in the yuan. The PBOC recently released the Market Survey on the International Use of the RMB in 2022.

The survey, conducted among over 3,600 domestic and foreign commercial enterprises, found that around 82.8 percent of the companies are considering using the yuan in cross-border transactions or increasing its usage. This represents the highest level in recent years. Additionally, 71.8 percent of the foreign commercial enterprises surveyed expressed a preference for using the yuan as the currency for trade financing with China, marking the highest intention in the past three years.

By He Yin, People’s Daily

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee and Chinese President, will pay a state visit to Vietnam from Dec. 12 to 13.

Xi’s visit is at the invitation of General Secretary of the Communist Party of Vietnam Central Committee Nguyen Phu Trong and State President of the Socialist Republic of Vietnam Vo Van Thuong.

Six years after his last Vietnam trip, Xi’s upcoming visit is bound to open up new prospects for the relations between the two parties and the two countries and make new contributions to human peace and progress.

In their respective struggles for national liberation, China and Vietnam supported each other and forged a special bond of “camaraderie and brotherhood”. The two countries’ traditional friendship has taken root as their peoples have lived in harmony over a long period. It was enhanced through their joint struggle for national independence and liberation, and continues to deepen as they pursue reform and renewal.

In recent years, the strategic guidance of Xi and Trong has added new dimensions to the traditional friendship between China and Vietnam and pushed for continuous new development of the comprehensive strategic cooperative partnership between the two countries.

After the 20th CPC National Congress last year, Xi invited Trong for a visit to China and the two leaders jointly charted the course for the China-Vietnam comprehensive strategic cooperative partnership. Since the beginning of this year, both countries have seen frequent high-level interactions, close exchanges between various departments and regions, and deeper cooperation in various fields, which have brought tangible benefits to the two peoples.

China and Vietnam are both advancing their own socialist modernization cause, both regard the bilateral relationship as a priority in their respective foreign policy, and both see each other’s development as opportunities for their own development.

Both countries are committed to a people-centered development philosophy, and are pursuing a path to prosperity and strength in line with their own national conditions. The two countries fully leverage their strengths in geographical proximity and industrial complementarity, advance the synergy between the Belt and Road Initiative and the “Two Corridors and One Economic Circle” plan, promote cooperation in strategic areas like connectivity and deepen collaboration in emerging sectors such as e-commerce.

During Xi’s upcoming visit, the two sides will discuss upgrading the China-Vietnam relations, focus on six major areas including politics, security, practical cooperation, public support, multilateral affairs and maritime issues, and work to deepen and substantiate the comprehensive strategic cooperation between the two countries. This will help both countries to jointly follow their modernization paths with respective features, enrich the paths to modernization for developing countries and bring more benefits to the two peoples.

China and Vietnam have the same social system and shared ideals and beliefs, and the bilateral relationship should be at the forefront compared to other countries.

Given the volatile international environment and tasks of reform, development and stability in the two countries, China and Vietnam should persevere in realizing their goals, ideals and missions for the people’s happiness and human progress, and continue to view and develop bilateral relations from a strategic and long-term perspective. Both countries should follow the policy of long-term stability, forward-thinking, good neighborliness and comprehensive cooperation, and the spirit of being good neighbors, friends, comrades and partners, so as to ensure the steady and sustained growth of bilateral relations in the new era.

The two sides should uphold the important position of the people in friendly exchanges, and inherit and carry forward the China-Vietnam traditional friendship. Both sides should, with a future-oriented perspective, make consistent efforts to promote mutual acquaintance, understanding and affinity among young people of the two countries.

As a Chinese saying goes, neighbors wish each other well, just as loved ones do to each other. The basic policy of China’s neighborhood diplomacy is to pursue friendship and partnership with its neighbors, and to build an amicable, secure and prosperous neighborhood, highlighting the principle of amity, sincerity, mutual benefit and inclusiveness.

China continues to regard the Association of Southeast Asian Nations (ASEAN) as a priority in its neighborhood diplomacy and a key region for high-quality Belt and Road cooperation, attaches importance to the position and role of Vietnam in ASEAN, and expects to work with Vietnam to accelerate the building of a peaceful, safe and secure, prosperous, beautiful and amicable home, and advance regional economic integration in East Asia.

China and Vietnam strengthen communication and cooperation in multilateral affairs, support each other on issues involving respective core interests and major concerns, jointly uphold multilateralism and international fairness and justice, and follow the basic norms governing international relations. This is of great significance for maintaining regional and world peace and stability and promoting common development.

The traditional friendship between China and Vietnam is a precious common treasure shared by the two peoples. Inheriting the past and ushering in the future, the two countries should stay true to the original aspiration of carrying forward traditional friendship, bear in mind the shared ideals and mission, continue to add new dimensions to their comprehensive strategic cooperative partnership, and inject new impetus into the development of relations between the two parties and countries as well as their socialist causes.