The Chinese yuan has maintained a high ranking on a currency internationalization gauge last year, with an annual average of 6.27 points, up 22.9 percent year-over-year, news report shows.

The 2024 Annual Report of Renminbi Internationalization, developed by Chinese Renmin University's International Monetary Institute, was released on Saturday. It uses the Renminbi (yuan) Internationalization Index (RII) to track the yuan's progress in trade settlement, financial transactions, and official reserves. A higher RII indicates a greater degree of internationalization.

At the end of each quarter in 2023, the RII values were reported as 5.21, 7.13, 6.42, and 6.32 points, respectively, with an annual average of 6.27 points, up 22.9 percent year-over-year, demonstrating strong momentum in the yuan's internationalization.

China's commitment to high-quality economic development and opening-up is bolstering the currency's global stature.

Despite challenging external situation, the yuan's internationalization showed strong progress compared to other currencies. As of the end of 2023, the internationalization indexes for the US dollar, euro, pound sterling, and Japanese yen were 51.52, 25.03, 3.76, and 4.40, respectively. The yuan's index surpassed those of the pound and yen.

China's high-quality economic development boosts the yuan's value internationally. Its role in global recovery and stable supply chains promotes global trade cooperation, increasing the yuan's use in cross-border commerce, experts said.

"Trade growth and the relocation of industries to ASEAN, RCEP countries, Russia and other regions have seen rapid growth. Russia now primarily uses the yuan for cross-border trade settlements," Tan Xiaofen, a professor at the School of Economics and Management at Beihang University, told the Global Times on Monday.

"Also, China is promoting 'institutional openness'. Improved policies and regulatory systems not only provide domestic investors with more channels for overseas investment but also attract substantial foreign capital into the Chinese market," Tan said.

In trade settlement, cross-border yuan settlement reached a record high last year, with the yuan accounting for 4.43 percent of global trade at the year end, a 34.18 percent year-over-year increase, contributing about 30 percent to the RII.

In international financial transactions, yuan used in direct investment grew steadily, as well as in credit loans and bond financing, leading to a 28.80 percent year-over-year rise, contributing about 80 percent to the RII.

Regarding international reserves, the yuan's share in global foreign exchange reserves declined to 2.29 percent, negatively impacting the RII by about 10 percent.

"Despite facing some external pressures, we are optimistic about the yuan's internationalization, with China's status as a leading economy and foreign trade power providing consistent support, Tan said.

In the first half of 2024, China's foreign trade rose to a new high of 21.17 trillion yuan ($2.9 trillion), a year-on-year increase of 6.1 percent, official customs data showed.

According to SWIFT's latest report, the yuan accounted for 4.61 percent of global payments by value in June, a 0.14 percentage point increase from May. This is the eighth month in a row that the yuan has held the fourth slot among global payment currencies.

Three days before the opening of the 2024 Summer Olympics in Paris, the Chinese swimming team has already earned the title of "champion."

A report released by World Aquatics on Tuesday showed that swimmers from China were the most tested athletes since the beginning of this year, with an average of 13 tests per person. Including tests conducted by other anti-doping organizations, aquatics athletes competing in Paris have been tested an average of 3.4 times, the report said.

Behind this not-so-celebratory "achievement," we can see the Chinese athletes' willingness to prove their innocence by cooperating with various doping tests as well as the US' selfish calculation to politicize sports.

Such a stark contrast in numbers is, of course, quite astonishing - and may seem bitter or even unfair to many Chinese people. In a perverse way, however, it shows that these Chinese athletes are confident enough to cooperate with the tests to the legitimacy of their achievements. As an ancient Chinese saying goes, true gold fears no fire. In the case of sports, true athlete fears no test.

Compared with the calmness shown by the Chinese swimmers, the recent US response to this incident seems downright despicable. Earlier this month, it was confirmed that the US Department of Justice is investigating the 2021 contamination case of 23 swimmers in China. Soon after, the US media, successfully unlocking the secret of boosting clicks - attacking Chinese sportsmen right before the Olympics, began to massively report on the incident, in an attempt to cooperate with Washington to shape a negative image of China.

And the blatant witch hunt even spilled over to the World Anti-Doping Agency (WADA), whose investigation into the 2021 case, which has been proven to be showing no favoritism or deference, was criticized by US anti-doping authorities. As WADA President Witold Banka commented, "This case was used as a geopolitical tool."

This farce, hyped up mostly by the US, is a vivid example of how Washington is racking its brain to politicize sports. Driven by the urge to engage in an all-out competition with China, the US not only seizes every possible opportunity to launch a little offensive against China, but also sees everything through the lens of political warfare.

In fact, US' long-arm jurisdiction extends to the field of sports. In 2020, the Rodchenkov Anti-Doping Act, which gives US officials "the power to prosecute individuals for doping schemes at international sports competitions involving American athletes," was signed into law. But such an effort to use domestic law to interfere with the work of international sports organizations and related agencies will only cause the US to lose its global credibility.

Any international sporting event should serve as a platform that transcends political, racial and cultural differences. The US has polluted the supposedly pure sports arena with its own dirty political maneuvers, turning an event celebrated by people around the world into a political arena for it to play its petty tricks. And Team China is not the only victim - the US' moves also completely jeopardize the spirit of fair play that athletes and spectators pursue.

Another main reason why the US has been so eager to attack Chinese athletes is because of China's increasingly excellent performance in sporting events at all levels. China has attached great importance to the Olympics since its return to the games in 1984. The country has not only successfully hosted two Olympic Games in Beijing, but also made great contributions to the Olympics in other countries - for example, "Made in China" products, characterized by high quality and environmental friendliness, are widely embraced in this year's Paris Olympics.

In and out of the sports arena, Chinese athletes have also been committed to fully carrying forward the Olympic philosophy of mutual understanding with a spirit of friendship, solidarity and fair play. With the spirit of hard training and tenacity, they have constantly challenged themselves to become "faster, higher and stronger." During competition, they show a high degree of professionalism and sportsmanship by strictly abiding by the rules and respecting their opponents and referees. They also try their best to interact with their foreign counterparts and build friendships during international games.

It is expected that in the upcoming Paris Olympics, the US will continue to stir up trouble, using doping as an excuse to interfere with the daily routine of the Chinese athletes and shake the morale of Team China. With honorable conduct, Chinese sportsmen, on the other hand, will not be afraid of smears and attacks. However, the international community still has a long way to go to return sports events to their original, true color and prevent the sewage of politicization from further polluting the clean sports arena.

The contribution rate of China's agricultural science and technology progress reached 63.2 percent in 2023, roughly 10 percentage points higher than that of 2012, amid efforts to enhance sci-tech self-reliance in the sector, an official with China's Ministry of Agriculture and Rural Affairs said on Wednesday.

The ratio was 62.4 percent in 2022.

In the first half of this year, the ministry and 16 central government departments and agencies have identified a total of 401 tasks for scientific and technological breakthroughs and will publish the list soon, Zhang Xingwang, a vice minister of agriculture and rural affairs, said at a press conference on Wednesday in Beijing.

The list is aimed at better channeling scientific and research resources to sectors that are weak links and desperately need improvement, such as cultivating high-production, high-yield soybean breeds and development of smart and intelligent agricultural machineries, according to the official.

Aided by increased contributions from agricultural machinery and technology, China secured a total summer grain harvest of 149.78 million tons this year, up 2.5 percent or nearly 3.63 million tons year-on-year, the largest increase in nine years, according to the ministry.

Summer grain output per hectare continued to improve with efforts focused on improving corn, wheat and soybean yields.

The self-sufficiency rate for soybeans in China has increased by nearly 4 percentage points in the past several years, ministry officials said.

Experts said that the key to development of China's agricultural sector lies in harnessing the power of science and technology, given the country's large population and limited arable land. The utilization of digital technologies, such as the use of drones and the Internet of Things tackles the lack of labor and pushes China's food security to a new height.

The exhibition named On Top of the Pyramid: The Civilization of Ancient Egypt, which is being held in Shanghai, has captivated the audience and boosted hotel bookings by 20 percent year-on-year, data from a China-based travel platform Trip.com showed. 

This grand exhibition witnessed Chinese people's enthusiasm for summer tourism consumption and the vibrancy of the tourist market, also boosted cultural exchange between China and Egypt.

This exhibition was commenced on July 19, 2024 and will last until August 17, 2025, and the cultural blend of China and Egypt's ancient civilizations is a main attraction for visitors. 

Chinese tourists are seeking strong cultural experiences during this summer, particularly in the museum-related trips.

Another travel platform Tujia.com told the Global Times on Monday that bookings for home accommodation services near museums have nearly doubled compared with last year, with Shanghai being one of the top cities for hotel bookings near museums.

Meanwhile, hotel bookings across the summer for accommodations around the Sanxingdui Museum in Southwest China's Sichuan Province have surged by 15 times year-on-year, data from Tujia.com showed on Monday.

Bookings for the Nanjing Museum also saw a 1.5 fold increase, while that of the Shaanxi History Museum seen almost up 50 percent year-on-year in the same period.

The Global Times found on Monday that the tickets for The Civilization of Ancient Egypt exhibition on Trip.com were sold out in four days this week, with limited tickets available on the remaining two days. The museum is opened for six days this week. 

Staff from another travel platform told the Global Times on Monday that indoor museums in Beijing have become popular destinations during the summer holidays, with tickets becoming hard to book during same period every year.

The Global Times also found that hotel bookings and occupancy rates within a 2-kilometers walking distance around the Shanghai Museum were high as of July 19. 

Employees from those hotels told the Global Times on Monday that this situation may be due to the peak for summer travel, combined with the exhibition's popularity. 

"I queued for more than 40 minutes to enter the exhibition hall on July 19, despite the hot weather, everyone's enthusiasm remained high," a visitor surnamed Wu from Central China's Henan Province told the Global Times on Monday. 

"I believe the waiting was worth it,experiencing the ancient Egyptian civilization in China was amazing," Wu added.

Chu Xiaobo, head of the Shanghai Museum, said on opening ceremony that this is the largest global exhibition of ancient Egyptian artifacts and the highest level in Asia. 

Chu said that it welcomed the first collaboration between a Chinese museum and the Egyptian government, revealing ancient Egypt's splendor and latest archaeological discoveries.

The active museum-related trips during this summer holidays boosted China's traveling market and enriched visitors' cultural experiences.

"Since the exhibition started, there has been a noticeable increase in tourists with the lively atmosphere around the museum, streets and metro stations are bustling with enthusiastic visitors," Qian Jingyan, a visitor who visited the exhibition in Shanghai told the Global Times on Monday. 

"This visit is really an excellent experience for me, highlighting the brilliance of ancient Egyptian civilization and kindling my pride in the thousands of years' of Chinese heritage," Qian added.

Chinese officials as well as domestic and foreign observers on Friday applauded the adoption of a resolution on further deepening reform comprehensively to advance Chinese modernization, highlighting China's resolve to maintain focus in pursuing high-quality development and share opportunities with the world through further opening-up to better empower the world economy and development.

Observers said the reform-themed session, often referred to as the "third plenum," will not only gather confidence to promote China's high-quality development, but also inject certainty and stability into a world that is undergoing unprecedented changes.

China's institutional advantage with the firm leadership of the Communist Party of China (CPC) Central Committee is the source of confidence in the Chinese system and China's development, experts said, expressing confidence that China's "economic miracle" is set to continue.

Firm resolution

The adoption of a reform resolution is the most important outcome of the third plenary session of the 20th CPC Central Committee, Tang Fangyu, deputy head of the CPC Central Committee Policy Research Office, said at a press conference on the guiding principles from the just-concluded plenum.

The resolution, with economic structural reform as the spearhead, comprehensively plans reforms in various fields and aspects, Tang said, adding that the resolution puts forward more than 300 important reform measures, all of which involve reforms on the levels of systems, mechanisms, and institutions.

China will accelerate efforts to build a high standard market system, which is a major reform task for the country, Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, said at the same conference.

Efforts will be made to build a unified national market, including the development of a unified urban-rural construction land market, a nationwide integrated technology and data market, and a unified national electricity market, he said.

It's necessary to create a sound environment and offer more opportunities for the development of the private sector, Han stressed. He said the authorities will improve the long-term mechanism for private enterprises participating in national key projects, support capable private enterprises to lead tasks in making key technological breakthroughs and regulate administrative checks involving private enterprises.

"The just-concluded third plenum is epoch-making, as it strengthens development momentum and institutional guarantees on China's journey toward realizing the second centenary goal," Xin Ming, a professor at the Party School of the CPC Central Committee, told the Global Times on Friday.

Over 300 specific reform measures indicate that China's new reform will be more targeted, pragmatic and problem-oriented, Xin said.

"Amid major changes unseen in a century, a series of forceful reform measures released from the third plenum showcases the CPC's precise grasp of reform direction and historical trends," Chen Chunxing, a member of the National Committee of the Chinese People's Political Consultative Conference and deputy president of the Hubei Federation of Industry and Commerce, told the Global Times on Friday.

In particular, the third plenum attaches great importance to the development of the private economy and encourages the sector to grow stronger, which is set to give a boost to private enterprises, Chen said.

In mapping out China's grand development goal and major policies, the country's leadership has always attached great importance to opinions and suggestions from all sectors and sought to pool their wisdom to make reform decisions more rational and ensure effective implementation.

According to a Xinhua News Agency report on Friday, Xi Jinping, general secretary of the CPC Central Committee, chaired a symposium in May to solicit views and suggestions of non-CPC personages on the drafting of the CPC resolution on further deepening reform comprehensively to advance Chinese modernization.

Xi also stressed that the enthusiasm, initiative and creativity of the entire Party and nation should be fully mobilized.

Xi also chaired another symposium in Jinan, East China's Shandong Province on May 23, during which representatives including entrepreneurs from state-owned, private and foreign-funded enterprises put forward opinions and suggestions on deepening reform across the board.

Observers said such intensive symposiums to fully solicit opinions from the Party and non-CPC personages, while taking advice from relevant government agencies, residents' expectations and experts' suggestions in the drafting, are a vivid display of socialist democracy.

The development of whole-process people's democracy means ensuring the principal status of the people, inspiring the people's motivation, initiative, and creativity, and gathering wisdom and strength from all sides in a bid to better transform our institutional advantage into the efficacy of the country's governance, Shen Chunyao, director of the Legislative Affairs Commission of the National People's Congress Standing Committee, said at the same press conference on Friday.

Positive, warm signal

Domestic and foreign entrepreneurs and observers said that the third plenum sends a positive and warm signal not only to China but also the whole world, elevating their confidence for further investment and development in the country and injecting stability to the world amid growing geopolitical tensions and protectionism.

"We're strongly inspired and encouraged," Yang Yuanqing, chairman and CEO of Lenovo, told the Global Times.

A series of measures to further deepen reform comprehensively to advance Chinese modernization will create a sound institutional environment for the high-quality development of the economy, while sparking the vitality of enterprises and enhancing their innovation capacity for the accelerated development of new quality productive forces, Yang said.

Riding a wave of the milestone meeting and the tide of artificial intelligence, we will boost technological innovations in a bid to become a strong force in the development of new quality productive forces and the Chinese modernization drive, Yang said.

Boosted by China's clarion call for reform, Chinese stocks closed higher on Friday, with the benchmark Shanghai Composite Index up 0.17 percent to 2,982.31 points. The Shenzhen Component Index closed 0.27 percent higher at 8,903.23 points.

While stressing efforts to boost reform, the communique released after the third plenum describes opening-up as a "defining feature of Chinese modernization," signifying the importance of expanding opening-up in the new era.

In promoting high-level opening-up, China will expand unilateral opening-up to the least-developed countries, and open to the rest of the world its goods, service, capital and labor markets in an orderly way, Han said.

China's reform and opening-up has strong spillover effects, Xin said. The country's reform and opening-up not only drives global growth but also offers a new blueprint, path and possibility for the world to usher in a better future, he said.

"China's reform and opening-up over the past more than 40 years shows that many countries, especially developing countries, have high expectations for further reform from China. They wish to learn from China's wisdom and China's solution to boost their own development," Xin said.

Saravoot Yoovidhya, Chief Executive Officer of TCP Group, applauded the Chinese government's resolve to deepen reform and opening-up, and the remarkable achievements the Chinese economy has made.

"With its high-quality development featured by technology and innovation, China now serves not only as the 'world factory' but also as the 'global market' and 'research and development hub'. China's economy sees more vitality with the development of new quality productive forces, empowering the global economy, and at the same time, offering more opportunities for foreign enterprises to develop in China," Yoovidhya told the Global Times.

He said TCP Group sees China as one of the most significant overseas investment markets, and will steadfastly carry out the company's long-term investment plans in China.

Economic miracle to continue

Currently, China's economy is maintaining an upward trend, high-quality development is advancing in a solid manner, and main macro-economic figures are meeting expectations, Han said at the press conference on Friday, stressing strengthened policy adjustments and palpable reforms to boost sustained economic recovery.

However, some Western media outlets are dismissing China's resolve to deepen reform comprehensively for promoting high-quality development as well as the confidence, stability and vitality the crucial meeting conveys to the world, especially to other developing countries, and are hyping up pessimism about China's economic prospects.

"Indeed, the country faces challenges, such as external shocks and uncertainties, lack of effective demand and other difficulties. However, China's institutional advantage and the CPC's leadership will allow the country's economic miracle to continue," Song Ding, a research fellow from the China Development Institute, told the Global Times on Friday.

Achieving Chinese modernization is a new long march for China - the world's largest developing country - and will be full of hardships and challenges, but I'm confident we will be able to explore a Chinese path to modernization thanks to our confidence in the path, theory, system, and culture of socialism with Chinese characteristics, Song said.

He rebuked certain Western media outlets for attempting to dampen China's economic growth confidence and then misleading Chinese residents' expectations by smearing the economy as entering the "garbage time of history."

"China's economic confidence is more solid than some in the West have imagined," Song said. Over the past 40 years of reform and opening-up, China has made stable progress in various aspects, with the world's most complete industrial system and some high-tech industries leading the world, he said.

After China reported a 5 percent GDP growth for the first half of 2024, some international organizations and multinational banks such as IMF and Singapore-based DBS maintained their forecast for China's economic growth this year, underscoring that global confidence in stable growth in China's economy has remained unchanged.

The rise of thermal mug original equipment manufacturers (OEM) for foreign brands in East China's Zhejiang Province and South China's Guangdong Province has led to the formation of thriving industrial clusters. 

Recently, the Global Times reporters visited Zhejiang, where a majority of Chinese-style stainless steel thermos mugs are produced every day, to unveil these manufacturing companies that are focusing on developing their own name brands and expanding their global presence through cross-border e-commerce platforms.

Manufacturing miracles 

Zhejiang Ansheng Science & Technology Stock Co (Ansheng) is one of the most professional thermal mug manufacturers in China. At a stainless steel pipes workshop, robotic arms are seen performing automated operations, using materials such as 304 stainless steel coils. 

Following grinding and polishing, materials undergo various processes including cleaning, welding, vacuuming, polishing, painting and packaging. According to a manager from Ansheng, each assembly line can produce around 5,000 units of thermal mugs a day.

The city of Yongkang in Zhejiang, where Ansheng is based, has embarked on its journey to become the "capital of China's thermal mugs." 

Today, one out of every three insulated tumblers globally is produced in Yongkang. The city produces and exports over 70 percent of China's thermal cups. More than 2,500 enterprises are engaged in the thermal cup industrial and supply chains in the city. 

Chinese media reports reveal that an overwhelming majority of the thermal cups in the world are manufactured in China. More than 60 percent of stainless steel insulated tumblers are made in China using state-of-the-art manufacturing tech, and the country has become the world's leading producer and exporter of insulated tumblers, churning out approximately 800 million units annually. 

The abundance of raw materials, complete supply chain, and mature manufacturing technology enable Yongkang to continue providing customers with high-quality mugs at an affordable price," Lü Zhengjian, president of Ansheng, told the Global Times, adding that these are important factors attracting international brands to enhance collaboration with local manufacturers.

China has long been recognized as a global manufacturing hub, with many popular vacuum-insulated drinkware brands, such as US-based vacuum bottle companies Yeti and Stanley, and Japanese brands Tiger and Thermos, choosing to produce their goods in China due to the advanced infrastructure and skilled workforce.

Industry representatives said that Chinese manufacturers enjoy advantages in terms of raw material cost, production efficiency and level of engineering, compared with other countries in the world. Also, China has a rapidly growing consumer market.

Growing 'soft power'

With such huge favorable conditions, Chinese entrepreneurs have recognized the importance of branding as a key asset for businesses, as many are focusing on establishing a recognizable brand name both in China and the world so as to gain a competitive edge. 

The Global Times learned from representatives from several Zhejiang-based OEMs for foreign brands that they are investing heavily in research and development (R&D) to develop new products to attract more consumers.

Wang Jiajun, manager of Zhejiang Aodu Daily Necessities Co, told the Global Times that the company, set up in 2017 as an OEM for foreign brands selling through Walmart, Costco, and Disney, plans to be better positioned to build its own brand in the future.

The secret sauce in product development lies in the superiority in manufacturing technology, complete supply chain and low cost, Lü Jieban director and vice president of Zhejiang Xiongtai Houseware Co, a manufacturer of stainless steel vacuum containers, told the Global Times.

"These are significant examples of the 'soft power' that the Chinese thermal cup industry possesses. We are proud to say that the exceptional quality of products manufactured in China outpaces many international brands, demonstrating the need for these domestic products to be recognized and celebrated under our own brand identity," said Lü Jieban.

Another example is Zhejiang Feijian Industry and Trade Co, which has made a significant breakthrough in the creation of pure titanium thermal cups. The breakthrough in material innovation has significantly improved the performance of high-end thermal cups and opened up new opportunities in global market. Xia Feijian, the company chairman, told the Global Times that the innovation marks a major achievement for China's thermal cup industry.

"With experiences gained from OEM business, companies in the thermal cup industry are poised to move toward a more innovative direction, offering new opportunities for China's manufacturing sector," Lü Jieban said.

Lü Jieban highlighted the industry's shift toward independent R&D, with a focus on intellectual property rights and patents. This shift has empowered companies to develop products independently, ultimately enhancing the value of their products.

Gaining global renown

The trend to go global is a step that many Chinese manufacturers cannot turn down.

In the past 30 years, Chinese thermos makers have gained significant market share. Data from Huajing Industry Research Institute showed that in recent years, the Chinese insulated cup industry has experienced a steady increase in exports, with a significant leap in 2022, reaching an export value of 27.8 billion yuan (3.8 billion), an increase of 4.6 billion yuan than a year earlier.

The Chinese-made thermal cups have gained international recognition, becoming a must-have item for many, industry representatives said.

Dawid Kask, a Polish student who has spent three years studying in Beijing, told the Global Times that he uses insulated cups every day. "I keep my cup with me during my daily routine, I think this habit is a reflection of traditional Chinese culture and a trendy accessory for modern youth. I believe that Chinese-made insulated cups prioritize fashion, durability, and quality, rivaling renowned brands like Thermos from Japan."

The cups are not only convenient for drinking and cleaning, but they also provide excellent insulation for both hot and cold drinks, Kask said.

As the global consumers' recognition and trust in Chinese insulated cups is growing, many domestic companies are stretching their network to some Southeast Asian countries.

Meanwhile, the rise of e-commerce platforms has opened up new avenues for Chinese brands to directly reach global consumers. 

With the help of e-commerce platforms, Chinese products can be sold directly to consumers worldwide, Lü Zhengjian said. "This direct engagement allows companies to better understand the needs of local consumers, pushing companies to improve production efficiency and manufacturing skills."

International brands such as Yeti and Stanley, which choose to manufacture tumblers in China, are good examples to denounce the "decoupling" attempt by some Western countries. 

"The integration of foreign brands with Chinese supply chains is a result of their seamless connectivity with the country's suppliers and manufacturers, which allows them to meet the demands of their customers while maintaining their commitment to quality," Cong Yi, a professor at the Tianjin School of Administration, told the Global Times.

For instance, Stanley tumblers are made in China. This allows for an efficient and cost-effective manufacturing process, ensuring that Stanley can provide high-quality products at competitive prices.

As the Paris 2024 Olympic Games rapidly approaches, it's not just an opportunity for athletes to showcase their talent but also a moment for China's "Yiwu-made" products to shine on the global stage. "Made in China" Olympic-related items such as flags, wristbands, and trophies have now arrived in Paris, ready for both athletes and spectators.

"All one million official Olympic wristbands are marked 'Made in China'. I am really proud that the people around the world will soon wear the wristbands produced by our factory!" Lin Daolai, sales manager of YiwuHuyue Crafts Co, told the Global Times in an interview on Thursday.

Last October, Lin's craft factory in Yiwu city, East China's Zhejiang Province, received an order for one million Paris Olympic wristbands, which were shipped to Paris in two batches, in January and April this year. 

"Foreign clients choose us for Yiwu's global reputation, ability to deliver goods in large quantity and greater efficiency, competitive prices, and high quality. Our wristband designs and materials also appeal to European tastes," said Lin.

"We've been manufacturing silicone wristbands for more than 15 years, but this is our first time producing official merchandise for Olympics. In the past, we made Olympic products in partnership with other brands. We're very thrilled to have this opportunity, and it is a massive order in our plant's history," Lin said.

Another Yiwu manufacturer's flags are also proving popular in France and other European countries. "Several buyers in France started inquiring and placing orders at the end of last year, with most orders placed online. We shipped millions of small flags and hundreds of thousands of large ones," He Bin, director of Tiangong Flags & Banners Factory, told the Global Times on Thursday.

"With a good number of sports events being held in Europe this year, orders have increased compared to previous years. Fan merchandises like flags and scarves have been selling very well, and we continue to receive small orders up to now," He Bin said.

A Yiwu-based trophy manufacturer told the Global Times on Thursday that the spring season saw the highest volume of orders, with foreign clients ordering for over 200,000 medals. Total orders for the same quarter rose by about 10 percent compared with last year. 

"Our factory has been producing trophies and medals for about 20 years, earning a strong international reputation and a loyal customer base. For the coming Olympics, the orders are primarily for trophies and medals for a variety of sports events," Ye Demo, manager of the company, said.

The growing export of Yiwu-made small commodities to Paris and Europe highlights global recognition of Chinese manufacturing quality and China's booming trade with European countries. Events like the Paris Olympics are opportunities to expand the customer base and could open up more trade opportunities with Europe in the future, Yiwu merchants said.

"Although we didn't receive orders for the Paris Olympics, we have benefited from the surge in European sports events. We've received many orders from other European clients, and sales are up 10-20 percent compared to the same period last year. We will continue to focus on trade cooperation with Europe in the future," Chen Xianchun, a manager of a trophy and medals production factory, told the Global Times on Thursday.

The popularity of Yiwu-made products also underscores the significant role Chinese manufacturing has secured in the global industrial and supply chains, analysts said.

In addition, the local government in Zhejiang Province also rolled out measures to boost commodities trading. "The Hangzhou municipal government and enterprises have cooperated well to conduct a series of market promotional activities, helping merchants learn more about foreign trade, increase intellectual property awareness, and emphasize product quality and innovation," a representative from Yiwu International Trade City, was quoted as saying by the People's Daily.

In the first five months of this year, Yiwu's exports of sports goods and equipment reached 4.1 billion yuan (approximately $585.71 million), a year-on-year increase of 44.4 percent. Notably, exports of sports goods to France saw significant growth, according to the People's Daily.

In order to achieve the national target of basically achieving socialist modernization by 2035, China should continue to boost related reforms and innovations through developing new quality productive forces in order to enhance enterprises' innovation vitality and achieve high-quality development, Chen said.

Economists also took note of the sustained consumer spending recovery throughout the year. "Especially, the country's tourism industry reported robust growth over recent months, which will play an increasingly remarkable role in expanding domestic demand," Chen noted.

Though the Chinese economy faces internal and external challenges, such as the property sector correction and the increasingly volatile global geopolitical situation, Chen expresses confidence in the country's long-term economic prospects. "More efforts are needed to boost social confidence and unleash effective demand. To this purpose, we need more investment," she noted.

The implementation of more pro-growth measures and the bottoming-out of the property sector will also bolster the economic prospect.

Zhang suggested the authorities accelerate the issuance of special government bonds and further strengthen counter-cyclical adjustments to lower the overall financing costs for the real economy.

Shanghai is set to begin public testing of autonomous cars as early as next week, offering free rides for residents throughout the trial period, marking a significant step forward in China's intelligent transportation.

"The active application and testing of autonomous vehicles in Shanghai facilitate the effective deployment of autonomous driving technology in China, promoting China's future societal development," Cui Dongshu, secretary general of the China Passenger Car Association CPCA told the Global Times on Tuesday.

Authorized companies participating in the tests said that the first batch of five vehicles will be involved in the public trial, with more new cars and new models to be added in the future. 

The test process will be closely monitored, and each car will be equipped with a safety officer. Insiders revealed that autonomous cars operating in the test will also be backed by remote control and cybersecurity personnel to address operational issues.

Data obtained during the tests will be collected to assess the efficiency, safety, and reliability of the autonomous vehicles.

Insiders said that the autonomous cars' performance and operational adjustments will be made based on the actual test results, and feedback from participants will be crucial in refining the technology and addressing any issues that arise during the testing phase.

"Shanghai's testing project in the field of autonomous cars sets a national example in China," Cui said. He that such demonstration projects help China rapidly seize the initiative in the global autonomous driving sector.

"Autonomous vehicles now operate safely in more than 90 percent of urban scenarios, making them significantly safer than novice human drivers," SAIC Motor, one of the authorized companies said.

Cui said that Shanghai's move towards public testing of driverless cars underscores China's ambitious goals in the realm of autonomous driving and intelligent transportation. 

In recent days, Beijing and Wuhan city in Central China's Hubei Province, successively completed autonomous vehicle testing projects, boosting the development of China's intelligent transportation.

As of July 8, Beijing has 116 autonomous test vehicles logging nearly 2 million kilometres, Xinhua reported on July 8.

Wuhan, China's largest operational region for Apollo-Go Robotaxi, a China-based autonomous ride-hailing platform, has more than r 500 autonomous cars running on the streets, which will be expanded to 1,000 by the end of 2024.

Cui said that China's proactive approach set a precedent for future developments in the international autonomous driving industry, noting that the country's robust social security, expansive testing area, and ideal testing environment will ensure safe and controlled testing scenarios, Cui added. 

Following the evidences released by China that reveal the Philippine illegally grounded warship as the main cause of damage to the coral system of Ren'ai Jiao, the Philippines has chosen to ignore the facts and said that the "Chinese experts" are spreading falsehoods in a statement on Tuesday. Experts called the response "weak and untenable" as it shifted blame, deflected attention and made baseless accusations against China, showing their desperation after being caught in their destructive actions by scientific evidence.

"China has the right to conduct environmental investigations and take corresponding measures, whether it is about safeguarding territorial sovereignty or protecting the marine environment of their own country," said Ding Duo, a deputy director of the Institute of Maritime Law and Policy at the China Institute for South China Sea Studies.

Faced with China's authoritative and credible report, the Philippines is unable to defend themselves and can only resort to mudslinging, Ding said. The Philippines cannot even provide a single example in their statement of how they have safely disposed of the daily accumulation of waste and garbage from their personnel stationed on the grounded vessel on Ren'ai Jiao (also known as Ren'ai Reef) year after year.

In its statement by the Philippine National Task Force, the Philippines, however, turns the tables, laying the blame on China for building a large artificial island on Meiji Jiao (also known as Meiji Reef) that inflicts harm on the coral habitat.

"The construction of islands and reefs in the South China Sea falls within China's sovereignty and is deemed lawful, reasonable and justified. The Chinese government has emphasized that this development is not directed at any specific country, will not impede the freedom of navigation and overflight guaranteed to all nations in the South China Sea under the international law, and will not harm the marine ecological environment of the region," said Yang Xiao, a deputy director of the Institute of Maritime Strategy Studies at the China Institute of Contemporary International Relations, in an interview with the Global Times.

Furthermore, Yang highlighted that strict environmental standards and monitoring requirements are being implemented throughout the construction process, ensuring minimal impact on the marine ecosystem.

As a contracting party to a series of international treaties related to marine environmental protection, such as the Convention on Biological Diversity, the Convention on International Trade in Endangered Species of Wild Fauna and Flora, the UN Framework Convention on Climate Change, the London Convention, and the Ramsar Convention, China has consistently adhered to the stipulations of these raccords and fulfilled its international responsibilities.

The Philippines' statement sidestepped the facts presented by China and shifted the focus to other islands in the South China Sea, Yang said. "By that logic, could China also bring up the well-known pollution issues plaguing the Philippine Islands?" Yang questioned.

Yang criticized the Philippine military's statement for lacking professionalism and appearing to be a form of cognitive warfare. He questioned how the military's actions reflected on the Philippine government, suggesting that if military authorities were issuing statements on environmental issues, it could be seen as the government being run or represented by the military.

The Philippines smeared Chinese fishermen in the statement for their harvesting of endangered sea turtles, coral and giant clams in the South China Sea.

However, China's Sansha city, which oversees the Xisha, Zhongsha, and Nansha island groups and surrounding waters, has made significant efforts to protect sea turtles in recent years. A 24-hour monitoring and protection system has been implemented on sea turtles laying eggs on the shores. Official data show that due to these conservation efforts, a total of 1,734 nests with green sea turtle eggs had been discovered in the Xisha Islands from 2017 to 2023.

During an investigation in the Philippines in late March, reporters from the Global Times found that there are illegal sales of rare species such as giant clams in the black market. Additionally, endangered humphead wrasse from the South China Sea are readily available for purchase at a fish market in Manila.

The Philippines' request for a third-party marine scientific assessment in the South China Sea, as stated in their recent statement, is misleading the public. According to Ding, under the guidance of the Declaration on the Conduct of Parties in the South China Sea, China and ASEAN countries have established numerous cooperative mechanisms and made significant progress in environmental protection and conservation of biological resources in the region.

"Despite the provocative actions of the Ferdinand Marcos government in the Philippines last year, China has demonstrated patience, goodwill and proposed cooperation on fisheries, marine environmental protection and marine plastic waste management. This can be seen as a sincere and benevolent gesture towards fostering positive relations between the two countries," he noted.