Pernod Ricard China, the internationally renowned spirits and wine group and a pioneer in sustainable practices, continues its unwavering dedication to fostering innovation and sustainability by supporting the Universities for Goal 13 Award (Greater China Competition) for the third consecutive year as the final competition successfully concluded on Friday.
As an innovation competition facing university students from around the world, the UG 13 Award encourages young people to adopt an interdisciplinary approach to find feasible and innovative solutions to tackle the pressing challenges of the Sustainable Development Goals, which this year outlines climate actions, such as “responsible production and consumption”, “natural resources conservation”, “sustainable agriculture” and “carbon peaking/neutrality and renewable energy”.

Co-hosted by the Institute for Sustainable Development Goals of Tsinghua University (TUSDG) and the Chinese University of Hong Kong (CUHK), the UG 13 (Greater China Competition) received works from about 150 students from different universities in China, with A Kernel of Corn Team, Upcyclothes Team, and Buildings as Carbon Sinks Team obtaining the “Winning Prize”. These groups will later compete in the global finale as the Chinese representatives.

Empowering youth for climate action

The UG 13 Award is an annual international competition that brings together global innovative young talents, according to the United Nations Sustainable Development Solutions Network.

In China, this event has seen a collaborative innovation in sustainable development education between Pernod Ricard China and the TUSDG for three years in a row.

To further inspire students and empower their proposals’ feasibility and commercial potential, Pernod Ricard China set up two "Pernod Ricard China Special Awards" for projects that demonstrate exceptional promise in advancing sustainability and introduced two mentors to provide industry insights and help nurture entrepreneurship among young people.

The company's exclusive sponsorship not only amplifies the importance of sustainable development but also underscores the pivotal role of corporate partnerships in driving meaningful change.

As a responsible corporate citizen, the company recognizes the importance of nurturing young talents and fostering innovation, essential components in building a brighter, more sustainable future for generations to come.

“Pernod Ricard is committed to sustainable development and believes that young people are the key to driving the sustainable transformation of the world. By providing young students with innovative resources and platforms, we empower them so as to promote sustainable development. At the same time, exchanging ideas with students can also inspire us on our projects in related fields,” said Kathie Wang, Vice President of Communications and S&R at Pernod Ricard China.
Leading the way towards a sustainable future

The sponsorship of the UG 13 Award is part of Pernod Ricard’s efforts to directly support the United Nations Sustainable Development Goals, aligning with their 2030 plan in the corporate Sustainability & Responsibility roadmap.

Zhu Xufeng, Executive Director of TUSDG, lauded the enduring partnership among TUSDG, CUHK, and Pernod Ricard China on the competition, emphasizing the importance of long-term commitment in addressing global challenges such as climate change.

“Sustainability is not something that can be achieved overnight. It requires long-term commitment and collaboration by all parts of society. We’re delighted to join hands with Pernod Ricard China to host the UG13 Award’s Greater China competition for the past three years, providing a platform for creative students to exhibit their talent. We look forward to deepening the partnership so that together we can cultivate more young talent that puts a premium on sustainability, has the requisite skills and will work to tackle global challenges such as climate change,” said Zhu.
With a shared vision of green development, the collaboration of Pernod Ricard China and TUSDG to promote the advancement of sustainable development goals in China can date back to 2019, when the two parties jointly launched the first-ever "Sustainable Bar Operation Initiatives and Application Guidelines" for China, leading the industry towards sustainable operations.

In 2020, they collaborated to host a forum on sustainable development and jointly released a public service film. In the same year, Pernod Ricard China supported the sustainability scholarship at the School of Public Policy and Management of Tsinghua University.

Pernod Ricard China remains steadfast in its commitment to sustainability, continuously seeking new avenues to promote environmental stewardship and social responsibility.

France's Parliament on Thursday voted to slow down low-cost "fast fashion," aiming to make products, especially from Chinese mass producers, less attractive to buyers, AFP reported on Friday. Analysts and industry practitioners pointed out that the act could target China's garment and textile supply chain.
The widely-supported bill, which still needs to be approved by the French upper house, also proposes banning advertising by fast fashion companies.
According to French media, Anne-Cecile Violland, deputy of Horizons, the party that submitted the draft law on fast fashion, singled out Chinese company Shein and its "7,200 new clothing items per day" as a prime example of intensive fashion production.
In a statement sent to the Global Times on Friday, Shein said that the company's clothing supply chain is based on precise on-demand production, which can radically reduce waste, and this on-demand flexible supply chain keeps the company's unsold inventory levels in the low single digits, compared to as high as 40 percent for traditional companies.
A Chinese e-commerce industry practitioner, who declined to be named, told the Global Times on Friday that the French bill, in his view, is purely unfair and targets not only Shein but could later be expanded to other Chinese brands and e-commerce platforms such as Temu, given their increasing impact in the world.
"Western fast fashion brands and e-commerce platforms have for years enjoyed the benefits mentioned in the bill. But their damage to the environment, their workforce problems and many other problems were never mentioned," the practitioner said.
He compared the case to Western accusations that China has emitted large amounts of carbon dioxide as it develops. "It is the same routine. The West never mentioned how much carbon dioxide they emitted in the past 200 years since the Industrial Revolution of the 1800s."
The industry practitioner also commented that the French bill is "groundless" and "pure politics." 
He said that such a bill, requiring a penalty of up to 10 euros ($11) for each item that e-commerce platforms sell in France by 2030, is similar to the US tariffs imposed on imported Chinese goods, which will ultimately be borne by consumers.
"These politicians only care about their votes rather than lifting the living standards of their people," said the industry practitioner.
According to French media, the popularity of fashion retailers Shein and Temu - which increase their orders based on demand thanks to ultra-flexible supply chains - has disrupted the retail sector, as established players like Zara and H&M continue to rely largely on predicting buyer preferences.
Chinese cross-border e-commerce platforms, such as Shein and Temu, are rapidly rising in the world because of their cheap prices and abundant products, bringing more and more inexpensive Chinese products to consumers around the world, Wang Xin, president of the Shenzhen Cross-Border E-Commerce Association, told the Global Times recently.
"Due to its advantages such as large market scale, efficient logistics payment system and service support, China's cross-border e-commerce platforms quickly attracted global users and sellers," said Wang.
The Chinese apparel and textile industrial and supply chains, represented by brands and e-commerce platforms such as Shein and Temu, and even foreign brands like Primark and Zara, a large number of whose suppliers are located in China, may have had an impact on French enterprises, which may be an important reason for the French proposal, analysts said.
In fact, this is not the first time that France has targeted China's advantageous industries.
In December 2023, France published a list of eligible electric vehicle (EV) models that encouraged customers to favor EVs made in France and Europe over models made in China by offering cash incentives.
However, a third of the incentive would go to consumers who buy Chinese-made EVs due to a lack of cheap European-made electric cars, a French finance ministry official was quoted as saying.

Regardless of the Philippines' real intentions behind its plans to invite external forces into energy exploration in the South China Sea, the prerequisite is that it cannot harm China's interests. 

Chinese Foreign Ministry spokesperson Wang Wenbin said on Monday that the exploration of resources in the South China Sea should not harm China's territorial sovereignty and maritime rights and interests, and no one should draw forces outside the region into the issue.

The warning came after Philippine Ambassador to the US Jose Manuel Romualdez claimed that the Philippines is counting on the US and its allies to play a crucial role in its plans to explore energy resources in the South China Sea, Bloomberg reported on Sunday.

The envoy's remarks on inviting the US to invest in oil and gas exploration in the South China Sea once again highlighted the tension in the region. The Philippines has made frequent statements regarding the South China Sea issue in recent days, causing great concern over the more intense and complicated regional situation.

The Philippines' attempt to seek US cooperation on energy exploration is nothing but a trial to put pressure on China, which is essentially encroaching on China's maritime territory with military and economic support from the US. However, it should be pointed out that no matter what the Philippines has in mind regarding energy exploration in the South China Sea, the red line that cannot be crossed is that China's interests and sovereignty must not be harmed. Any attempt to encroach on China's maritime territory with the help of US power will inevitably face retaliation.

From the perspective of regional peace and stability, what the Philippines has recently been engaged in is actually inviting a wolf into its house for its own short-sighted purposes, disregarding the overall stability of the region. 

By stirring up tension with various excuses, it has made the situation in the region more complicated, to the detriment of regional peace and economic development. Even if cooperation between the Philippines and the US brings some diplomatic support with ulterior motives to the Philippines, can Manila really bear the consequences of undermining peace and stability in the South China Sea?

The South China Sea issue has been receiving much attention, and it involves territorial sovereignty, resource development, geopolitics and many other considerations. In the meantime, the South China Sea is the busiest, safest and freest waterway in the world.

For decades, 50 percent of the world's merchant vessels have sailed through this waterway, accounting for one-third of maritime trade, and this has never been disrupted or hampered. Amid turbulence in the world, peace and stability in the South China Sea have been maintained thanks to the collective efforts of China and ASEAN countries, which should be cherished.

China has always been committed to properly handling maritime disputes in the South China Sea with countries directly concerned, including the Philippines, through dialogue and consultation. China is also actively exploring options for practical maritime cooperation, including joint exploration. 

Since China put forward its initiative of "pursuing joint development while shelving disputes" in the 1980s, it has made many meaningful explorations and experiments with regional countries like Vietnam and the Philippines. 

In 2018, China and the Philippines signed the Memorandum of Understanding on Cooperation on Oil and Gas Development. While regional cooperation in the South China Sea faces many challenges for various reasons, this is not a reason to introduce external forces to cause more instability in the region.

Everyone knows that some forces outside the region want to use instability in the South China Sea to contain China for their own geopolitical calculations and hegemony. They are eager to sow the seeds of chaos in the region. If oil and gas exploration becomes another springboard for the US to intervene in the South China Sea issue, regional peace will be at risk. It would be naive to expect the US to have any concern about the impact of instability on regional industrial chains and economic development.

This is why regional countries in the South China Sea must be vigilant about the possibility of falling victim to a new geopolitical game involving countries from outside the region, whether it be in terms of economic cooperation or territorial disputes.

Fundamentally speaking, to uphold peace and stability in the South China Sea, China and ASEAN countries need to return to the track of dialogue and consultation based on the implementation of the Declaration on the Conduct of Parties in the South China Sea signed in 2002. 

Accelerating negotiations on a Code of Conduct and establishing regional rules that are more effective, substantive and in line with international law will be key to regional stability and peace. This is in the interests of all regional countries, including the Philippines.

China has concluded mutual visa-exemption agreements covering different passports with 157 countries, reached agreements or arrangements with 44 countries to simplify visa procedures, and achieved comprehensive mutual visa exemption with 23 countries, Mao Ning, a spokesperson for the Chinese Foreign Ministry said on Friday.

In addition, more than 60 countries and regions offer visa-free or visa-on-arrival treatment to Chinese citizens, making it more convenient for Chinese citizens to travel on the go, the spokesperson added.

The remarks came after China announced on Thursday to waive visa requirements for citizens from six European countries, including Switzerland, Ireland, Hungary, Austria, Belgium and Luxembourg, signaling the country's commitment to attract more foreign visitors, effective on March 14.

The move is seen as one that will boost inbound tourism, serving as a primary facilitator for foreign tourists entering China by removing a major hurdle.

During the just passed Spring Festival of the Year of the Dragon, thanks to the resumption of air routes and the mutual visa-exemption policy, the number of Chinese citizens traveling abroad and the number of foreign citizens traveling to China increased significantly.

The number of Chinese tourists visiting Singapore, Malaysia and Thailand has basically returned to the level of the Spring Festival in 2019. The number of visitors from Singapore, Malaysia and Thailand to China has increased by 15 percent compared with the Spring Festival in 2019, which has greatly promoted friendly exchanges and people-to-people bonds, Mao said.

The Chinese government has taken concrete measures to enhance inbound and outbound travel.

On Thursday, the State Council revealed plans to improve payment services for international consumers at various tourism and entertainment venues, both online and offline. The People's Bank of China, China's central bank also stressed to continue enhancing mobile payment convenience for foreigners and to optimize the environment for using bank cards and cash.

On March 1, the central bank guided Chinese payment platforms to raise the single transaction limit for foreign nationals using mobile payment services from $1,000 to $5,000 and the annual transaction limit from $10,000 to $50,000, amid efforts to improve payment convenience.

The economy in the Hong Kong Special Administrative Region (HKSAR) is recovering and growing, and it's expected to continue expanding this year, as the region further taps its role as a "super connector" between the Chinese mainland and the world, and as the integration of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) further gears up, Kingsley Wong Kwok, a member of the National Committee of the Chinese People's Political Consultative Conference and a member of the Hong Kong Legislative Council, told the Global Times on Wednesday. 

A Chinese mainland GDP growth rate of about 5 percent for 2024 would also help elevate the HKSAR economy, Wong said, while highlighting new growth drivers in the mainland economy, which he believed could provide new insights into Hong Kong's development. Wong is also the chairman of the Hong Kong Federation of Trade Unions. 

"We saw the rapid rise of the 'new three,' or electric vehicles, lithium-ion batteries, and solar cells in the Chinese mainland market. Now, more Hong Kong residents are purchasing electric vehicles produced by Chinese mainland automakers. 

"We have also been impressed by the manufacturing prowess of the home-developed C919, which visited Hong Kong in recent days," Wong said. He added that the Chinese mainland and the HKSAR could cooperate further to create more rising futuristic sectors. 

With regard to Hong Kong's allure, Wong said that the city has great attractions for international talent and capital as an international center. 

In recent months, Hong Kong has seen an increasing foreign talent influx under its leading talent admission program. Since its launch one year ago, the program has attracted almost 70,000 applications, with nearly 79 percent being approved, the South China Morning Post reported in February. 

"If multinationals and global capital look to make inroads into the Chinese mainland, they could first establish a base in Hong Kong as a bridgehead," Wong explained, noting that this is the HKSAR's unique advantage stemming from the "One Country, Two Systems" policy.

In 2019, Chinese authorities unveiled the outline development plan for the GBA, aiming to develop the region into "a role model of high-quality development." According to Wong, significant progress has been made in the area's development in recent years, and he expected the integration to further gain steam. 

According to a proposal Wong shared with the Global Times, he suggested expanding the scope of HKSAR re-entry permits for use in the mainland, including in such areas as banking applications, transportation, travel, payments and entertainment. 

"As more Hongkongers travel to the GBA to spend their weekends, the expansion will facilitate more people-to-people exchanges, and draw more Hong Kong young people to live and work in the mainland," he noted.

In 2023, there were more than 50 million visits to the mainland by Hong Kong residents, according to media reports.

As a member of the Hong Kong Legislative Council, Wong also noted that the Council is fully promoting the legislation involving Article 23 of the Basic Law of the HKSAR.

"We have started a series of legal review work and hope to complete the legislation as soon as possible, so that we could focus more on boosting the economy and improving people's livelihoods," Wong said. He stressed that national security lays the foundation for Hong Kong's social and economic development.

US lawmakers have introduced legislation that threatens to ban TikTok from app stores operated by Apple and Google unless the popular short video platform divests itself from ByteDance, its parent company, within about six months - a move that represents a latest crackdown on Chinese companies for so-called national security reasons, Chinese experts said.

The action came just about three months after a US judge blocked a ban on the use of TikTok in late November 2023, saying that it violated users' free speech rights. Experts said the move serves as another living example of how some US politicians use the stick of protectionism and pan-security for their own political purposes.

The action taken by the US lawmakers will jeopardize the rights of hundreds of millions of users and small businesses relying on the social media platform and undermine the confidence of Chinese investors in conducting business in the US, experts warned.

A bipartisan group of US lawmakers introduced legislation on Tuesday to give ByteDance about six months or 165 days to divest TikTok or face a US ban, seeking to tackle national security concerns about its Chinese ownership, Reuters reported.

Mike Gallagher, the Republican chair of the House of Representatives select China committee and Representative Raja Krishnamoorthi, the top Democrat, are among more than a dozen lawmakers introducing the measure, which is expected to see an initial vote on Thursday, the report said.

In response, a TikTok spokesperson told the Global Times on Wednesday that "this bill is an outright ban of TikTok, no matter how much the authors try to disguise it. This legislation will trample on the First Amendment rights of 170 million Americans and deprive 5 million small businesses of a platform they rely on to grow and create jobs."

The bill came just a few months after a US district judge issued a preliminary injunction last November to block Montana's first-of-its kind state ban on the use of the app from taking effect on January 1, 2024, stating that the ban "violates the Constitution in more ways than one" and "oversteps state power."

TikTok has faced increasing pressure and scrutiny in the US over alleged security concerns and accusations of a link to the Chinese government. Despite the company's repeated assurances that it has never shared data with the Chinese government and would not do so if asked, the scrutiny persists.

Chinese experts said that the latest move by the US lawmakers amid the US primary elections is another "political gala" targeting China-related companies in an attempt to arouse public concern over "national security" issues.

"What lies behind the show is the country's growing protectionism and pan-security, driven by political motivations," Gao Lingyun, an expert at the Chinese Academy of Social Sciences, told the Global Times on Wednesday, noting that this will add more uncertainty to the already challenging economic relations between China and the US.

It also exemplifies the fact that some US politicians have put their political interests above the public's interests, which include the massive number of users and enterprises relying on the social media platform, Gao said.

The bill came just a month after the US President Joe Biden officially joined TikTok on February 11, becoming one of the more than 1 billion users of the short video platform. US media outlet The Hill said that "the Biden campaign launch on the app could mark an effort to win over younger voters."

About 170 million Americans are using TikTok, more than half of the total US population. TikTok has become a main source of news and information for Gen Z in the US (those born between 1996 and 2010). Even in the face of negative publicity, TikTok's young users continue to experience explosive growth, proving that the app meets social needs and is a free choice on the market.

TikTok is not just a Chinese company investing and operating in the US but an important platform for the US to catch up to the global trend of digitalization, experts said. The platform has created a lot of jobs and business opportunities in the US, Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Wednesday.

"The moves by the US politicians may harm the rights of many US consumers from accessing the popular app and have a negative impact on the market environment in the country," Zhou said.

The 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), China's top political advisory body, kicked off its second session on Monday, marking the start of the annual two sessions. The second session of the 14th National People's Congress (NPC), the country's top legislature, is set to open on Tuesday.

This year's political gatherings carry extra weight for the Chinese economy, as 2024 will be a crucial year for the realization of the goals and tasks of the 14th Five-Year Plan (2021-25), and the new government is set to submit its Government Work Report to the NPC annual session for deliberation for the first time.

The session usually reviews past achievements and sets development targets for the current year and beyond.

At a time when mainstream Western media outlets are flooded with reports of China grappling with various difficulties - deflation, a property crisis, mounting debt burdens and a foreign capital exodus - the two sessions will serve as a crucial window for the world to observe the country's economic development and understand its policy direction for the year ahead, which Western media outlets said investors are watching closely for signals of a "bazooka-like stimulus." 

It's not unusual to see Western media outlets run bearish reports badmouthing the Chinese economy around the major political event every year. For instance, a report published by the Financial Times on February 27, 2023, was headlined "The implications of China's mid-income trap," while CNN ran an article entitled "China's economy had a surprisingly good start to the year, but it may not last" in March 2022.

Yet, China still accomplished its 2023 GDP growth target despite downward pressure and challenges, and the underlying trends of a rebound in the economy and long-term growth remain unchanged. Such economic fundamentals further prove that the ill-intentioned "China collapse" theory cannot withstand the test of time.

Why have Western predictions about a hard landing for the Chinese economy never come true? The key lies in the inability to understand that China's economic development has its own rhythm and policy direction, which will not be influenced by Western hype. The reason why the two sessions are of great importance to China's economy is not only because of the GDP target issued during the meetings, but also because of the policy direction set for achieving stable economic development in the year ahead.

There is no denying that China's GDP target has been the focus of world attention, which is not surprising given its huge economic size and important implications for the global economy. The Chinese government has always stressed the importance of the quality of economic development, rather than just the growth rate, but GDP, as a major measure of a country's economic strength, is still one of the most important economic metrics in China. 

It is true that China's economic growth has slowed in recent years amid unprecedented and complicated domestic and external market challenges. This is mainly because the economy is undergoing a period of adjustment and transformation. Despite the difficulties and downward pressure, China is still on a solid footing and its GDP growth rate remains relatively fast among the world's major economies. 

If anything, China's consistent economic performance over the years is the best proof that it has the ability to transform its economy while maintaining growth momentum.

During China's two sessions, much attention is often paid to the country's GDP growth target. However, it is crucial to look beyond mere numbers and understand the implications of new policies and measures to be implemented by the Chinese government to address economic challenges. Because the policy direction not only promises positive influence on China's economic prospects, but also presents opportunities in the country's future development.

The Chinese economy is resilient, has huge potential and vitality and its growth momentum will continue to strengthen and lead to a bright future, according to a spokesperson for the Second Session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC).

Economic issues have been a focal point for political advisors ahead of the gathering, and it is the opinion of all political advisors that in 2023 the Chinese economy withstood the external pressure and overcome internal difficulties, and the economy has been on a general recovery track, according to Liu Jieyi, spokesperson for the second session of the 14th CPPCC National Committee.

There is a good foundation and favorable conditions for promoting high-quality development and the long-term positive economic trend will continue to be consolidated and strengthened, Liu said, responding to a question about the current status of the Chinese economy.

Solid progress has been made in achieving major social and economic growth targets, high-quality development and Chinese way of modernization in 2023, Liu said.

The CPPCC held quarterly seminars on the country's macroeconomic situation and in-depth consultations on the stable operation of the overall economy, with topics ranging from fiscal, monetary, employment and headline economic policies, and provide suggestions and strategies to stabilize market expectations and boost investor confidence, according to Liu.

Biweekly consultations meetings were held on fostering the high-quality development across the financial sector and promote the stable and sound development of the property sector and field trips were made to promote the high-quality development of the private economy, strengthen the digital transformation of small and medium-sized enterprises, and improve the resilience and safety level of the industrial and supply chains.

The CPPCC also arranged study trips to small and medium-sized banks to help tackle the risks of smaller financial institutions and provide advice on implementing the task mapped by during the Central Economic Work Conference held in December.

Its suggestions on fostering new-quality productive forces were highly valued and in many cases adopted by relevant government departments, Liu said.

The second session of the 14th National Committee of the CPPCC will begin on March 4.

China's economy grew 5.2 percent year-on-year in 2023, finishing above last year's official GDP target of around 5 percent, and underscoring the resilience and potential of the Chinese economy in the post-COVID-19 era.

Escalating US trade protectionism, and its behavior of politicizing economic issues and erecting more trade barriers to affect fair competition, will only harm the development of its own auto industry in the long run, He Yadong, a spokesperson of China's Ministry of Commerce (MOFCOM), said on Thursday.

Chinese cars are popular in the global market because of their innovative features and high quality rather than alleged low-price dumping, He said, responding to a question over media reports saying that the Alliance for American Manufacturing had asked the US government to block the import of low-cost Chinese automobiles and auto parts from Mexico.

In addition, a Reuters report said on Wednesday that Republican US Senator Josh Hawley has introduced legislation to hike tariffs on Chinese vehicle imports amid so-called concerns about the potential competitive impact on American car companies.

In recent years, the US side has erected barriers to thwart Chinese car imports, like levying additional tariffs, excluding Chinese car brands from US government procurement and implementing discriminatory subsidy policies, He said.

While the US erects barriers to hinder Chinese carmakers, China is always open to carmakers from across the world, He said. 

US carmakers have fully enjoyed the dividends of China's huge market, with the sales volume of American brands far outpacing Chinese brands in the US. Protectionism by the US will only hinder its own auto industry's development in the long run, He said.

The MOFCOM spokesperson urged the US to respect the rules of the market economy and the principle of fair competition while correcting its non-market practices in order to build a fair environment for the long-term development of the auto industry.

The EU has also stepped up trade protectionism against Chinese automobiles, and recently, the EU's antitrust regulator launched an investigation into Chinese trainmaker CRRC Qingdao Sifang Locomotive, a subsidiary of CRRC Corp, the world's biggest producer of rolling stock.

Cui Dongshu, secretary-general of the China Passenger Car Association, told the Global Times that the protectionist moves of the US and EU violate the WTO principle of fairness, and robust exports of Chinese new-energy vehicles (NEVs) reflect the strong international competitiveness of China's industry chains rather than so-called subsidies.

In China, the subsidy granted to NEVs was completely phased out as of the end of 2022. In order to maintain fair competition, provinces across China were required to stop subsidies for NEVs starting from 2018, and subsequently, national subsidies were phased out in an orderly fashion, Cui said.

Cui is positive about the development of China's NEV sector on the back of its strong innovation capability, complete manufacturing system and strong supply chains.

China's vehicle exports surged 57.9 percent year-on-year to a record of 4.91 million in 2023 as the country's automakers expanded their presence overseas, according to data from the China Association of Automobile Manufacturers.

China-US economic and trade cooperation is a stabilizing force in bilateral relations. The Chinese side is willing to join hands with the US to implement the important consensus reached at the San Francisco meeting between the two heads of state to jointly promote the steady and healthy development of China-US economic and trade relations, Chinese Vice Commerce Minister Wang Shouwen said when meeting with a US Chamber of Commerce delegation led by the chamber's President and CEO Suzanne Clark in Beijing on Tuesday.

China will unswervingly promote high-level opening-up and it is hoped that member companies of the US Chamber of Commerce will continue to be deeply rooted in the Chinese market and achieve win-win development, Wang said.

German auto giant Volkswagen Group has signed an agreement with Xpeng, a Chinese electric vehicle (EV) maker to co-develop new EV models tailored for Chinese market, where broad consumers are embracing clean, environment-friendly cars.

The two parties agreed to commence strategic tech collaboration, bundling their respective strengths to explore the dynamic Chinese market, and will co-develop two intelligent internet-connected vehicles tailored for Chinese consumers, according to a statement sent from Volkswagen Group to the Global Times on Thursday. 

The agreement includes the joint purchase of vehicle equipment and auto parts, in addition to the use of innovative technologies in auto design and engineering.

The first two EV models are scheduled to hit the road in 2026, with one planned to be a sport utility vehicle, Volkswagen said. 

Ralf Brandstätter, a board member of Volkswagen AG for China region, said China is the world's largest and fastest-growing EV market, noting that the partnership with XPeng increases economic competitiveness of vehicle production in a price sensitive market environment.

He Xiaopeng, chairman and CEO of XPeng, said the company will provide Chinese consumers with the best EV products combining Volkswagen's vehicle making and engineering capability and XPeng's smart EV technology. 

In December 2023, Volkswagen completed the acquisition of shares amounting to 4.99 per cent of the total issued and outstanding share capital in XPeng, following the announcement of the partnership in July 2023.

Another Chinese EV maker Nio in December last year signed a pact for an investment of $2.2 billion with Abu Dhabi-based CYVN Holding. And, Dutch automaker Stellantis NV also announced in October 2023 to invest 1.5 billion euros to acquire approximately 20 percent of China's EV start-up Leapmotor, underlining the advantage and competitiveness of China's EV manufacturing.