Chinese Foreign Minister Wang Yi to Visit the United States at the Invitation of Blinken
Chinese Foreign Minister Wang Yi is set to visit the United States from October 26 to October 28 upon the invitation of US Secretary of State Antony Blinken. The announcement was made by Chinese Foreign Ministry spokesperson Mao Ning during a press conference. This significant diplomatic engagement aims to foster further dialogue and cooperation between the two nations.
During his visit, Wang Yi is scheduled to hold meetings with Blinken and National Security Advisor Jake Sullivan. Spokesperson Mao Ning emphasized that the visit underscores China’s commitment to upholding its principles and legitimate concerns in the context of China-US relations. Further details regarding the specific activities and agenda of the visit will be released in due course.
The upcoming visit holds significance as it comes at a time when the United States and China continue to grapple with various challenges and seek avenues for constructive engagement. The meetings are expected to contribute to enhancing understanding, building trust, and fostering cooperation between the two nations.
China Approves $137 Billion in Extra Sovereign Debt to Support Economic Recovery
On October 24, China’s central government has announced the approval of an additional 1 trillion yuan ($137 billion) in sovereign debt issuance to bolster the country’s economic recovery efforts. The move was officially ratified during the sixth session of the Standing Committee of the 14th National People’s Congress, where the resolution on approving the issuance of sovereign debt and adjusting the central budget for 2023 was passed.
This decision aims to provide financial resources to aid post-disaster reconstruction and address deficiencies in disaster prevention, mitigation, and relief efforts. China has experienced a series of severe weather events, including heavy rainfall, floods, and typhoons, in various regions throughout this year. The country has also faced a growing frequency of extreme natural disasters, highlighting the need to strengthen its disaster management capabilities.
The Ministry of Finance has stated that $68.5 billion will be allocated for immediate use this year, with the remaining $68.5 billion carried over for use in the following year. This targeted distribution of funds will contribute to the country’s ability to withstand and recover from natural disasters. As China continues its path towards sustainable recovery and resilience, the approved sovereign debt will play a crucial role in promoting economic stability, facilitating reconstruction efforts, and enhancing disaster resilience across the country.
Alibaba’s Tmall Double 11 Presale Shatters Records: Domestic Brands Emerge As Strong Contenders
At 8 p.m. on October 24, the 2023 Tmall “Double 11” Day Sale kicked off its presale campaign. It is the world’s largest online shopping event, and has consistently been a barometer for consumer trends and brand performance in China.
This year’s event revealed a surge in consumer spending, with over 1,300 brands witnessing a year-on-year sales growth exceeding 200%, and nearly 700 brands seeing their sales grow by more than 500% within just the first hour.
While international brands such as L’Oréal, Guerlain and Nike successfully broke the billion-yuan sales mark, many Chinese domestic brands (e.g. Flossom and Kimtrue) had also made it to the top-selling list. Chinese netizens argues that it demonstrates the increasing popularity of homegrown brands among Chinese consumers.
There was once a time when Chinese consumers were willing to pay premium prices for foreign brands. However, the trend seems to be shifting. Today, Chinese brands are providing products that are on par, and in some cases even superior, to foreign counterparts.
National pride is not the sole driving factor for this shift. Chinese companies have become more responsive to market trends, aligning closer with consumer needs, and are more daring in their investments. This evolving landscape of Chinese retail suggests a growing local confidence and an increasingly competitive domestic market.