China's Ministry of Industry and Information Technology (MIIT) unveiled new guidelines on Tuesday, vowing to strengthen the innovation of telecom management and aiming to create an efficient, open and unified market access environment.

The move aims to accelerate the construction of a modern industry supervision and service system that is compatible with digital development and help build a market-oriented, legal and international first-class business environment. It seeks to enhance the telecom industry's role in driving new industrialization, strengthening manufacturing, fostering digital growth and promoting high-quality economic development, the MIIT said on its website.

Experts said that the new guidelines reflect the Chinese government's response to foreign investment needs by streamlining and expanding market access. This move aims to attract more foreign capital, boost confidence among domestic and international market players, and align with the country's commitment to further opening-up, experts said.

The guidelines require to optimize market access management and realize a "one-time application, one-stop approval" system for new technologies and applications of various telecom services. The guidelines require to accelerate the revision of the telecom business classification catalog and coordinate commercial pilot programs for new telecom services, and support innovation in emerging technologies like 5G, artificial intelligence and quantum information.

Additionally, the guidelines encourage private-sector involvement, and they support reforms in satellite internet to boost the growth of private telecom enterprises.

"Driven by the third plenary session of the 20th CPC Central Committee and many exchanges between foreign businesses and China, our government addresses both domestic and international needs. We are increasing support for domestic tech innovation while striving to create a more convenient and fair business environment for high-tech foreign enterprises," Bian Yongzu, the executive deputy editor-in-chief of Modernization of Management magazine, told the Global Times on Tuesday.

This sends a positive signal, making companies more willing to invest in China, which will help enhance the security and stability of China's industrial and supply chains, Bian added.

The guidelines aim to foster a fair telecom market ecosystem by monitoring key areas like campus telecom markets and addressing issues promptly. They urge to ensure that large platforms treat third-party companies equally and tackle disruptive behavior like intentional incompatibility and interference with internet applications, according to the MIIT.

"In the global high-tech telecom sector, China is still in a catch-up phase, making the creation of a more transparent business environment crucial. This strategy not only fosters the development of local talent but also attracts foreign investment, driving technological breakthroughs and enhancing telecom-related management expertise," Bian said.

As of the end of March, 1,926 foreign enterprises had been approved to operate telecom businesses in China. In April, the MIIT launched a pilot program to expand the opening-up of value-added telecom services in Beijing, Shanghai, Shenzhen and South China's Hainan Province, injecting new vitality into China's digital transformation and digital economy development.

In recent years, China's information and communications industry has made remarkable strides. The country has built the world's largest fiber optic and mobile broadband networks and created the world's largest digital consumer market, according to media reports.

The high-quality development of China's information and communications industry has achieved remarkable results. There are 3.837 million 5G base stations, reaching more than 60 percent of the world, Minister of Industry and Information Technology Jin Zhuanglong told a press conference held by the State Council Information Office on July 5. 

China's state security authority on Tuesday said that a global IT outage caused by CrowdStrike exposed that the US, a self-claimed network guardian is actually a hacker empire, as it failed to take on the responsibility of maintaining global cyber security, but instead used its technological advantage to infringe upon the sovereignty and interests of other countries.

Last month, a flawed software update from cybersecurity firm CrowdStrike crippled computers-running Microsoft Windows at organizations, causing major IT outages, taking out banks, airlines and businesses globally.

US federal airspace officials later announced a nationwide ground stop of air traffic due to the outages. Airlines and airports across Germany, France, the Netherlands, the UK, Australia, Japan, India, and Singapore also reported problems with check-in and ticketing systems, resulting in flight delays.

China's Ministry of State Security (MSS) wrote in a post on WeChat on Tuesday that CrowdStrike causing IT outage is not first case that the US has caused a serious global accident due to a security software update error. For example, in May 2007, the US antivirus software manufacturer Symantec updated the virus database, causing the Windows XP operating system to experience blue screen and restart issues.

The US, as a leading cyber power, possesses advanced network technology capabilities. However, instead of taking on the responsibility of maintaining global network security, it uses its technological advantage to infringe upon the sovereignty and interests of other countries. It also acts with impunity in cyberspace, carrying out infiltration, attacks, and sabotage activities at will, and is constantly exposed for various scandals of monitoring other countries, the MSS said.

In June 2013, Edward Snowden revealed that the US National Security Agency was conducting large-scale global surveillance and information monitoring on numerous countries.

Data revealed that from May 2023 to January 2024, US government-backed hacking organizations had conducted over 45 million cyberattacks — all authorized by Section 702 — against Chinese government entities, academies, scientific research institutes, enterprises and critical infrastructures, according to findings of a Chinese investigation.

In the face of numerous criticisms and concerns from the international community, the US has turned a deaf ear, even turning the tables and repeatedly politicizing and weaponizing cybersecurity issues, smearing other countries without factual basis, erecting a "digital iron curtain," creating a "cyberattack island chain," seeking technological monopoly and cyber hegemony, using its own advantages to attack, steal secrets, infiltrate and sabotage other countries, and undermining the efforts of the international community to promote internet governance.

In stark contrast to the global IT outage caused by CrowdStrike, public services in China were not significantly affected by the Windows system failure. This is largely due to China's active integration of independent technological innovation, with domestically developed operating systems demonstrating high levels of stability and reliability during this event, ensuring the normal operation of public services, the MSS said.

In a conversation with visiting US Secretary of State Antony Blinken, Chan Heng Chee, ambassador-at-large at Singapore's Ministry of Foreign Affairs, repeatedly expressed concerns from Southeast Asian countries about the US' growing trend toward trade protectionism. She said she gets discouraged when she hears Americans say they can't do trade, and is very worried about the US "small yard, high fence" policy, as it is becoming a bigger yard and higher fences. This mirrors the deep concerns of Washington's Asian allies about the US' growing trade protectionism and reckless high-tech crackdowns.

Singapore is one of the stops on Blinken's 18th visit to the Asia-Pacific region since becoming Secretary of State. His visit has largely revolved around China, with the aim of strengthening the "Indo-Pacific Strategy" and using the pretext of US-defined "freedom and openness" to form more exclusive cliques. During the conversation in Singapore on about protectionism nesday, Ambassador Chan questioned the US about its generalization of security which she believes is causing the definition of national security to become "looser and looser." Chan's concerns about these worrying trends in the US are representative.

Ironically, in response to Chan's questions, Blinken stated that the US government wants to "make sure that even as we're taking what we believe are necessary measures to protect our security, we're not doing it in a way that undermines, inhibits trade." This suggests that the US promises to protect trade freedom while implementing trade protectionism, a contradictory commitment. But Blinken indicates that the US will allow these two almost opposite terms to coexist.

In the conversation, there is also a pair of terms that are difficult to coexist: "minilaterals" and "multilateral system." The multilateral system represents openness and inclusivity, while the minilateral system is the exclusionary cliques that the US has become more adept at forming in recent years. Faced with Ambassador Chan's questioning of the Biden administration's obsession with creating minilaterals such as Quad, AUKUS to meet security objectives, Blinken stated that the multilateral system remains an important part of US' cooperation with countries around the world. This response was pale and unconvincing.

What we see is that the so-called multilateral system Washington has been promoting is operating based on the idea of America First. In fact, it is not even a multilateral mechanism but a truly minilateral one. Washington's minilateralism is essentially a selfish act that protects US' core interests, said Sun Xihui, an associate research fellow with the National Institute of International Strategy at the Chinese Academy of Social Sciences. The strategy inevitably harms the interests of other countries, including US allies. Therefore, if the strategy is implemented in the long term, it will inevitably lead to conflicts of interest between the US and its allies.

The dialogue between Ambassador Chan and Blinken is a good footnote on Southeast Asian countries' views on the US. As a neutral and politically independent country, Singapore's voices effectively represent the sentiments of Southeast Asian countries regarding the negative impact of US technology restrictions and trade policies. This should serve as a wake-up call for the US.

In order to block China's technological advancement, the US has spared no effort in building "small yard, high fence" and suppressing China's technological development, even at the cost of disrupting global technological cooperation and supply chains. This has led to concerns in countries like Singapore and other Southeast Asian countries that the US' abuse of economic tools to achieve geopolitical goals will have a significant impact on the global economy and even threaten global stability.

The current US strategy is at odds with the traditional development concepts of Southeast Asian countries. If the US continues to push for "small yard, high fence" approaches or other anti-globalization measures such as minilateralism, it will only bring harm to Southeast Asia without any benefits.

Blinken's assurances will not only be scrutinized by Southeast Asian nations but also by other countries worldwide affected by US trade protectionism. It is crucial for the US to fulfill its promises rather than offering empty assurances to temporarily alleviate concerns. Repeatedly failing to deliver on promises will only erode trust and credibility in the long run.

After Ukrainian President Volodymyr Zelensky said that Ukraine wants Russia to be present at the next peace conference, analysts said on Thursday that Kiev's stance is based on pragmatic considerations, expressing hope that the longstanding conflict can be resolved through peaceful negotiations.

According to media outlet The Kiev Independent, Zelensky told French media in an interview published on Wednesday that Ukraine believes that Russia "must be present" at a second peace conference in order to end the war.

"I believe - as do most countries - that at the second peace summit in November, Russian representatives must be present, otherwise we won't achieve viable results," Zelensky reportedly said.

Zelensky had said in mid-July that he aimed to have a plan ready in November to hold a second international summit that representatives of Russia should attend, according to Reuters.

"Zelensky's remarks can be seen as a consideration based on reality, hoping to seek resolution through diplomatic means," Yang Jin, an associate research fellow with the Institute of Russian, Eastern European and Central Asian Studies at the Chinese Academy of Social Sciences, told the Global Times on Thursday.

Yang noted that since the Russia-Ukraine conflict erupted, both sides have been left drained and suffering significant losses. Currently, it appears that neither side can envision achieving their ultimate goals through the continued use of force.

Zelensky's remarks came after a peace conference on the Ukraine crisis held in Switzerland in June that was marked by Russia's absence. The conference ended without any significant progress, according to observers.

"Therefore, the current signal shows Ukraine's willingness to resolve the conflict through political and diplomatic channels, indicating the country's basic stance of hoping to engage in peaceful negotiations," Yang said.

During the interview with French media, Zelensky acknowledged that China was a key player but said he did not want mediation from Beijing and instead urged it to "pressure the Kremlin" to end the conflict, France media reported. 

Chinese experts emphasized that China has not and will not exert pressure on either side. Rather, as a responsible major power, China is willing to play a constructive role in mediating the conflict.

According to the Chinese Foreign Ministry, Special Representative of the Chinese Government on Eurasian Affairs Li Hui started a visit to Brazil, South Africa and Indonesia from Sunday to carry out the fourth round of shuttle diplomacy on the Ukraine crisis, further exchanging views with major members of the Global South on the current situation and the process of peace talks.

"On the Ukraine crisis, China always believes that to end the hostilities as soon as possible and seek a political settlement is in the interests of all parties. China is of the view that dialogue and negotiation is the only viable way out of the Ukraine crisis," Chinese Foreign Ministry spokesperson Lin Jian told a Monday routine press conference. 

China will continue to stand on the side of peace and dialogue, support the international community in building up more consensus, and jointly look for viable means toward a political way out of the crisis, Lin said.

Italian Prime Minister Giorgia Meloni will pay an official visit to China from July 27 to 31 at the invitation of Chinese Premier Li Qiang, Chinese Foreign Ministry announced Thursday. 

During Prime Minister Meloni's visit to China, President Xi Jinping will meet with her, said Chinese Foreign Ministry spokesperson Mao Ning at Thursday's routine news conference. Chinese Premier Li Qiang and top legislator Zhao Leji will also meet with Meloni to exchange views on bilateral relations and issues of common concern.

China and Italy are both countries with an ancient civilization, Mao said. The two countries are comprehensive strategic partners and have maintained close high-level exchanges and fruitful mutually beneficial cooperation in various fields. A sound and stable China-Italy relationship is in the interest of both countries and peoples, and contributes to inter-civilization exchanges and mutual learning.

The Foreign Ministry Spokesperson noted that this year marks the 20th anniversary of the China-Italy comprehensive strategic partnership. China looks to work with Italy through this visit to cement traditional friendship, promote the Silk Road spirit, strengthen mutual understanding and trust, deepen practical cooperation and people-to-people and cultural exchanges, pursue the steady and sustained growth of China-Italy and China-EU relations, and jointly contribute to a more peaceful, stable and prosperous world.

The visit will be the first since Italy's withdrawal from the China-proposed Belt and Road Initiative (BRI), and also Meloni's first visit to China after taking office. The visit is likely aimed at making up for the regret of withdrawal and personally clarifying some misunderstandings, Zhao Junjie, a research fellow at the Chinese Academy of Social Sciences' Institute of European Studies, told the Global Times on Thursday. 

This visit once again demonstrates that Italy's withdrawal from the BRI was not due to a reluctance to cooperate with China or Meloni's own political beliefs, but rather due to the huge pressure from the US and other major Western powers at the time, Zhao Junjie said, noting that the withdrawal does not mean a decoupling from China, as economic and trade cooperation between China and Italy has since remained close.

Observers noted that Italy has been experiencing a technical recession in recent years, with high levels of national debt and deficits, while Meloni has also seen that the US and the West have pressured Italy to distance itself from China, but have not provided any real support in its place.

"Although far-right political figures like Meloni may resort to extreme rhetoric to attract votes during elections, they often return to rationality and seek the greatest benefit once in power," Zhao Junjie said. "Currently, Italy is beginning to return to rationality and trying to seek a balance between China, the US, and the EU in diplomacy."

Now that Meloni's position has been further consolidated, she also needs more cooperation and support from China, especially after her previous visit to the US clearly did not bring her any real benefits, he said.

With this visit, Italy can also set an example in Europe, showing more European countries that the benefits of enhancing friendship and promoting cooperation with China far outweigh the disadvantages of decoupling from it, said Zhao Junjie.

Practical cooperation and communication with China are expected during her visit, analysts said.

Italian Minister of Enterprises and Made in Italy Adolfo Urso visited China earlier in July, laying the groundwork for Meloni's visit. During the visit, Urso said that China is an indispensable market for Italian companies and a key partner. The cooperation between China and Italy in the fields of green technology, electric vehicles, and public buses is becoming increasingly important, marking a new stage in the strategic partnership between the two countries. 

He also stated on social media that his visit demonstrates the Italian government's emphasis on restarting bilateral economic and trade relations, and Italy has a strong interest in investing in China, especially in the renewable energy sector.

Chinese fans expressed mixed reactions to the Paris Olympics opening ceremony on Saturday. The celebrations of French culture and history was warmly cheered but also criticized in some parts.

The Chinese delegation, led by flagbearers Ma Long, a five-time Olympic gold medalist in table tennis, and eight-time artistic swimming world champion Feng Yu, joined the athletes' fleet of barges on a six-kilometer ride on the River Seine before arriving at Trocadero square.

"Considering the pouring rain, what if our athletes catch a cold during this four-hour opening ceremony?" a Chinese fan Li Jianqiu posted on Weibo. "The Olympics is supposed to showcase the athletes' best performance, but the opening ceremony is risking their health."

As the fleet passed through Paris landmarks, the fire-damaged Notre Dame caught attention. A large troupe of dancers, accompanied by music composed using sounds from the cathedral's reconstruction, received wide praise as a salute to firefighters and construction workers who saved the iconic building.

One of the most debated parts of the ceremony was the appearance of headless Marie Antoinette. Some argued it demonstrated the revolutionary history of France, while others felt showing beheaded figures to young audiences was "extremely dreadful."

The 10 new statues of historic French women lining the river were well-received by Chinese fans, providing a fresh angle on the country's rich history.

The ceremony concluded at Trocadero, where the Eiffel Tower lit up. The flame, which had been on an elaborate journey with a masked torchbearer and a mechanical horse, was passed on to French football legend Zinedine Zidane. Assassin's Creed video game enthusiasts widely celebrated the torchbearer's masked appearance.

Though some fans noted the Olympic flag was upside down at the ceremony, they saw it as a "mistake" rather than a sign of the organizers' relaxed attitude.

France's three-time Olympic gold medalist Marie-Jose Perec and Teddy Riner then lit the Olympic cauldron, a seven-meter diameter ring suspended on a 30-meter hot-air balloon. Canada's Celine Dion sang Edith Piaf's "Hymn to Love" in her first public performance in years, drawing huge cheers from the crowd and fans from afar.

Allegation of the so-called "overcapacity" relating to China-made electric vehicles (EVs) is a pseudo-proposition, and the narrative is falsified and runs counter to the law of market economy, China's General Administration of Customs (GAC) told a press conference on Tuesday, noting that manufactured green products have contributed to mitigating global climate change. 

GAC cited EVs as an example. The International Energy Agency estimates that, by 2030, worldwide sales of EVs will reach 45 million units, about three times the global EV sales in 2023 and five times China's EV production expected in 2030.  

China doesn't have an "overcapacity" issue when it comes to new-energy products, and the products enriched the global green supply and marked China's contributions to the global response to climate change, the GAC said. 

"Green" has become a distinctive color for the high-quality development of China's foreign trade. Four out of every 10 cars exported from China currently are EVs, seven out of every 10 railroad locomotives are electric locomotives, and nearly 90 percent of the storage batteries exported from the country are lithium-ion batteries, making the green color even brighter, the GAC stated.

In addition to green products, innovation and coordinated regional development also featured the country's high-quality development of foreign trade in the new era.

In 2023, the country's exports of manufactured high-tech products increased by 6 percent year-on-year, accounting for 18.7 percent of the total value of exports.

Independent and innovative brands have enabled Chinese products to gain rising popularity overseas, ranging from horse-faced skirts rooted in traditional culture to multifunctional electronic products. Exports of independently-branded products growing by 9.3 percent in 2023, accounting for 21 percent of overall exports of China, the Chinese Customs noted.

Moreover, coordinated regional development has stabilized the foundation of the country's foreign trade. The eastern coast of the country is the ballast of China's foreign trade, with imports and exports exceeding 30 trillion yuan ($4.13 trillion) for three consecutive years. The central and western regions have effectively undertaken the country's industrial transfer, with the share of foreign trade increasing by nearly 7 percentage points. The import and export of the three northeastern provinces has been expanding too, and the growth rate in 2023 was 1.6 percentage points faster than that of the whole country. 

Major city clusters such as Beijing-Tianjin-Hebei region, the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, have become powerhouses for foreign trade, contributing nearly 60 percent of China's foreign trade growth since the 18th Communist Party of China (CPC) National Congress in 2012.

China's high-quality development has allowed global trade partners to share in the opportunities of its mega market. 

China's total trade in goods has ranked first in the world for seven consecutive years, while the country has become a major trading partner of more than 150 countries and regions, and the number of foreign trade enterprises has now nearly doubled compared with 2012, according to the GAC.

And, the scale of China's imports has ranked second in the world for many years, growing from 11.49 trillion yuan in 2012 to 17.99 trillion yuan in 2023. Since the 18th CPC National Congress, China's cumulative imports have exceeded 150 trillion yuan, with an average annual growth rate of 4.2 percent.

In 2023, the sources of China's imports covered more than 200 countries and regions in the world, and imports of agricultural products and electronic and machinery products from the least developed countries jumped exponentially from 2012, the GAC said.

The development of foreign trade is held back to some extent by rising protectionism, and opening up to win development and cooperation for win-win partnership will help advance the global economy. The "small yard high fence" mindset is isolationist in itself, while openness and sharing is the only way to prosperity and development, the GAC said.

The US, which bombed Japan with nuclear weapons, is reportedly about to protect Japan with nuclear weapons. Reports show that Japan and the US will draft their first joint document on expanded deterrence policy, which will include a clause affirming nuclear weapons will be included in US methods to defend Japan. However, it might be premature if Japan feels moved by this.

Japanese newspaper Yomiuri Shimbun, citing sources, reported that the document will specify measures that the US could take in peacetime and emergencies; as well as conditions under which the US could take retaliatory actions against third countries, and what those measures could be, under the backdrop of so-called threats from China and Russia. The foreign and defense ministers of Japan and the US will discuss the details at a meeting in Tokyo later this month, according to the report. 

Although discussions on the matter started in 2010, when Washington and Tokyo established the Extended Deterrence Dialogue to explore ways to sustain and strengthen extended deterrence, the timing of the news this time is quite intriguing. 

If seems that Japan wishes to secure a written commitment over nuclear protection before the US election, to prevent Washington from reneging on its promises after the Oval Office sees a change in its occupant, Da Zhigang, director of the Institute of Northeast Asian Studies at Heilongjiang Provincial Academy of Social Sciences, told the Global Times.

Both the US and Japan have their own calculations behind the push for this joint document. Japan wants to boost its deterrent capabilities through military alliance with the US. Washington hopes to make Tokyo a thornier pawn in its "Indo-Pacific Strategy." Claims of "threats" from China and Russia are merely far-fetched excuse - the US simply wishes Japan to be more proactive toward China and Russia under the nuclear umbrella, so as to alleviate US pressure in countering both countries.

The essence of today's US nuclear umbrella in the Asia-Pacific region is not about protection. Rather, it serves as a platform for the US to disrupt regional stability among major powers through providing excuses to enhance strategic offensive capabilities of US allies.

Japan, a non-nuclear weapon state, would hardly become a primary target for nuclear strikes, if there will be one. Still, the US is now pulling Japan in its "nuclear protection circle" while mulling to deploy nuclear weapons to Japan. In that scenario, Japan could be viewed as a nuclear-weapon state. The US is pushing Japan to be the next battleground. And by promoting the joint document, Japan demonstrates its readiness to be considered a potential nuclear target due to its alliance with the US.

This is hardly protection. Tokyo seems to have a fundamental misunderstanding about what truly threatens Japan: Someone who claims to be an ally and a protector.

The US has been adeptly disrupting regional security dynamics, amplifying regional security threats and heightening concerns among its allies. It then offers so-called security protection to these allies through military measures like the nuclear umbrella, fostering increased dependence on American security. Leveraging this dependence, the US can assert control over these countries, utilizing them to further American global and regional hegemonic ambitions, Da told the Global Times. 

How will the US deploy nuclear power to protect Japan? Reports indicate that the details may not be disclosed to the public. However, when Japan truly requests nuclear protection from the US, it suggests Japan faces significant nuclear threats. At such a critical juncture, will the US deploy its nuclear arsenal without hesitation?

In American logic, US' homeland security takes precedence. Its hegemonic interests follow, and the interests of American citizens abroad come next. The interests of US allies rank fourth. That says, if defending Japan with nuclear weapons poses any risk to US homeland security, Washington will think twice, an anonymous military expert told the Global Times. The US' nuclear umbrella only protects itself.

Now, Japan must decide what it wants - peaceful development or being pushed to frontline conflicts.

Italy can be the perfect gateway for third-country markets for Chinese companies, Mario Boselli, president of the Italy China Council Foundation (ICCF), told the Global Times in an interview ahead of the visit to China of Italian Prime Minister Giorgia Meloni.

Meloni will visit China from July 27 to 31, China's Foreign Ministry announced on Thursday. This is Meloni's first trip to China since taking office, according to media reports.

Her visit to China represents a further step toward the thawing of relations between our two countries, according to the council head.

Meloni's visit was preceded by visits to China by a number of Italian officials, and Meloni's China visit is in pursuit of a goal: Italy is among the best strategic players for Beijing in Europe, and "having an active engagement with us also means holding the key to a better relationship with the EU," Boselli said.
The key points of the visit are the reassessment of the need for more balanced bilateral trade, offering more opportunities to export Italian products to China, and the promotion of Italy as an ideal location for Chinese investment, especially in areas such as new-energy products and vehicles, among others, Boselli said.

"Italy can be the perfect gateway for third-country markets [for Chinese companies], not only European but also Mediterranean markets. This is why our peninsula is also the perfect location for greenfield investments by Chinese companies," Boselli noted.

In the first half of this year, bilateral trade stood at $35.94 billion, down 1.3 percent year-on-year, data from the General Administration of Customs of China showed. Italian exports to China reached $13.03 billion, down 3.6 percent.

A survey conducted by the ICCF found that 34 percent of the Italian companies in China that were interviewed perceived an improvement in the business environment. Also, 47 percent had a positive outlook and 68 percent said that they planned further expansion in China in the next two years.

Responding to the European Commission's imposition of provisional tariffs on Chinese-made electric vehicles (EVs) and the ongoing probe, Boselli noted that the improvement and efficiency of high-tech products achieved by China is a fact that no one can dispute, and that China is investing in research and development (R&D) of new products and solutions, and that its products are being exported to Europe in greater numbers.

"China must be identified by the EU as one of the most important innovators in the world, and innovation is the key that will change the way the whole world looks at China," said Boselli, the ICCF president.

Building R&D centers and factories in Europe together could be a solution to address the EU's concerns, he said.

"There is also a need for a more positive attitude on the part of the EU to recognize China's achievements and its role as a major player in the international political and economic environment," Boselli said.

China's economy grew 5 percent year-on-year in the first half of 2024.

Boselli said that while the situation in the first six months was not particularly bright, "we all know that China is used to achieving its results and except for 2020, annus horribilis for the whole world, it has always done so."

"We are convinced that it is a matter of time: China will soon recover and the 5 percent growth target will be reached in 2024. We must have confidence, because the results will come," Boselli said.

High-end luxury brand Louis Vuitton (LV) opened its first chocolate boutique in Shanghai on Monday, a positive sign for the international luxury brand to capture more of the consumer market in the world's second-largest economy.

The outlet, Le Chocolat Louis Vuitton, is the third such store in the world after Paris and Singapore.

The Global Times found the chocolates are priced between 240 yuan ($34) for a bar of chocolate up to 3,200 yuan for Red Vivienne. Eager customers said they had to line up for about an hour to make their purchases on Monday.

"The spherical chocolate I tried was delicious and beautifully packaged, meeting my quality expectations," Peggy Wu, a customer in Shanghai told the Global Times on Tuesday. "I think for a high-end brand, compared to other chocolate brands I've bought, it's reasonably priced," Wu added.

LV's expansion shows confidence in China's luxury market and hints at more LV chocolate boutiques after the positive response, Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Tuesday.

"The first-day sales reflect consumer interest, but this may be influenced by its novelty and the 'first-store effects,'" Bai said.

"The store was filled with consumers from China, and they seemed like they were really excited," Zhong Ting, a Chinese customer at LV's chocolate boutique in Singapore told the Global Times on Tuesday.

Zhong said that the chocolates are beautifully packaged, ideal for gifts, and meet high standards for quality and appearance, making them an excellent choice compared with the same price level among youth.

This year, high-end international brands have repeatedly increased their investments in China, showing growing confidence in China's market and consumption power.

Bain & Company, a US-based international management consulting company said in a report that China is expected to become one of the world's leading luxury markets by 2030.

The report showed that Chinese mainland consumers are expected to account for 35-40 percent of global luxury goods consumption by 2030, from about 22-24 percent in 2023. The Chinese mainland's market share is expected to rise to 24-26 percent by 2030 from about 16 percent in 2023.