On May 17, Chinese President Xi Jinping sent a congratulatory message to Iraqi President Rashid, the rotating chairman of the Arab League Summit, on the occasion of the 34th Arab League Summit in Baghdad. Xi Jinping pointed out that over the past 80 years since its establishment, the Arab League has been committed to promoting unity and strength in the Arab world, actively voicing the common concerns of Arab countries, and contributing to peace, stability, and prosperity in the Middle East. Currently, as the world is undergoing profound changes unseen in a century and the situation in the Middle East is evolving in a complex way, Arab countries have adhered to independence and self-reliance, promoted development and revitalization, and upheld fairness and justice, playing an active role in strengthening the voice of the Global South. Xi Jinping emphasized that in recent years, relations between China and Arab countries have flourished, setting an example for solidarity and cooperation among developing countries. In December 2022, I attended the first China-Arab States Summit with leaders of Arab countries, and we unanimously agreed to work together to build a China-Arab community with a shared future for the new era. In 2026, the second China-Arab States Summit will be held in China, which I believe will be another important milestone in China-Arab relations. Both China and Arab countries view their relations from a strategic and long-term perspective. Looking ahead, China will always be a trusted friend and partner of Arab countries and firmly stand with Arab countries in their just cause. China is willing to work with Arab countries to deepen political mutual trust, promote mutually beneficial cooperation, enhance cultural and people-to-people exchanges, and advance hand in hand on their respective paths to modernization, so as to build a higher-level China-Arab community with a shared future.
During his tenure in Zhejiang, General Secretary Xi Jinping profoundly expounded on the "sweet potato economy" theory, advocating for "developing Zhejiang beyond Zhejiang" by encouraging local enterprises to go global, allocate resources on a larger scale, and achieve greater development in a broader space. For more than 20 years, Zhejiang has consistently and persistently consolidated the vitality of the "sweet potato economy," promoting high-level opening-up with a vision of serving the nation and looking globally, accelerating the construction of a new development paradigm, and injecting new impetus and vitality into high-quality development. Zhejiang's foreign trade exports rank second nationwide, its actual utilization of foreign capital ranks third nationwide, and its outbound direct investment ranks second nationwide—this is Zhejiang's report card for 2024. In the first quarter of this year, Zhejiang's foreign trade import and export volume reached 1.29 trillion yuan, a year-on-year increase of 7.3%, contributing the most to national growth. Today, opening-up has become a distinctive hallmark of Zhejiang's high-quality development, which is inseparable from the long-term blueprint laid out more than 20 years ago and the vibrant practice of Zhejiang's "sweet potato economy" development over the past two decades. The "sweet potato economy" is an open economic model composed of "tubers" and "vines," where the outward growth of the vines is to absorb nutrients, ultimately for the purpose of making the tubers grow strong and large. In December 2002, Comrade Xi Jinping, then Secretary of the Zhejiang Provincial Party Committee, visited Ningbo, Taizhou, and Wenzhou for research. During this trip, Comrade Xi Jinping visited several private enterprises. In Yueqing, Wenzhou, he learned that Delixi Group, a leading local electrical enterprise, was facing development bottlenecks. Comrade Xi Jinping immediately stated that the provincial Party Committee and government supported enterprises going global and could consider establishing their R&D and marketing headquarters in Shanghai. Zhejiang has a small land area and relatively scarce natural resources. As its economic aggregate continuously expanded, "inherent deficiencies" and "growing pains" gradually emerged. Comrade Xi Jinping keenly realized that Zhejiang's development was entering a critical period, urgently needing to expand into new spaces and seek new development. In 2003, he included "improving the level of internal and external opening-up" in the "Eight-Eight Strategy" that guided Zhejiang's long-term development, proposing to actively integrate with Shanghai and actively participate in cooperation and exchanges in the Yangtze River Delta region. In May 2004, he led a delegation of Zhejiang provincial Party and government officials to Sichuan, Chongqing, and Wuhan for inspections, learning from the strengths of various regions to compensate for Zhejiang's shortcomings. Based on in-depth research, Comrade Xi Jinping, from a strategic global perspective, proposed to develop Zhejiang beyond Zhejiang. In August of that year, he published a short commentary in the "Zhijiang Xinyu" column of the "Zhejiang Daily," explaining how to seize the initiative in a new round of competition. The article stated: "The sweet potato's vines extend in all directions to absorb more sunlight, rain, and nutrients, but its tubers always remain at the base. The extension and expansion of the vines are ultimately for the tubers to grow stronger and larger. Similarly, our enterprises going global is not about capital outflow or enterprise relocation; it is about allocating resources on a larger scale and achieving greater development in a broader space." Under the guidance and promotion of Comrade Xi Jinping, Zhejiang actively built bridges and paved the way for Zhejiang businesspeople to "go out," while also creating a good investment and entrepreneurial environment to attract more successful Zhejiang businesspeople operating outside the province to return and contribute to their hometowns. Encouraged by this, Delixi Group successively established its headquarters, sales center, and R&D center in Shanghai, opening up new avenues for development. The continuous improvement of the enterprise's production scale and innovation capabilities also brought more benefits to its hometown Wenzhou and promoted the rapid development of the local supply chain. As more and more Zhejiang enterprises went global, the "sweet potato economy" continued to grow stronger. Zhejiang's foreign trade, attracting foreign investment, and overseas investment repeatedly hit new highs, and its GDP grew from 800.4 billion yuan in 2002 to 1,864 billion yuan in 2007, with an average annual growth rate of 14.1%. Reforms never stop, and opening-up never ceases. For more than 20 years, Zhejiang has actively integrated into national and global development. It has served the integrated development of the Yangtze River Delta to the east, supported the development of the western regions to the west, connected with the Guangdong-Hong Kong-Macao Greater Bay Area to the south, and participated in the comprehensive revitalization of the Northeast to the north, contributing to major national strategies. At the same time, with the construction of a bulk commodity resource allocation hub, a world-class port, and the world's small commodity capital as key supports, it has vigorously promoted product exports and capital outflow, continuously expanding new advantages in the development of an open economy. As of the end of 2024, Zhejiang has accumulated over 14,000 registered overseas investment enterprises, with a total overseas investment of 144.88 billion US dollars, covering 153 countries and regions; there are 119,000 enterprises with export performance, and 20 overseas economic and trade cooperation zones have been built; a number of private multinational enterprises have emerged, including 6 Fortune Global 500 companies. Today, Zhejiang is deeply participating in global industrial division of labor and optimal allocation of resources, actively integrating into and serving the new development paradigm, and continuously promoting new achievements and opening up new prospects in high-quality development.
On the occasion of the 35th National Day for Helping the Disabled, General Secretary Xi Jinping issued important instructions, pointing out that people with disabilities are an important force in advancing Chinese modernization and a special vulnerable group that needs particular care and attention. He expressed hope that people with disabilities will draw spiritual strength from self-improvement models, bravely overcome difficulties and challenges, and actively pursue their life dreams. The General Secretary's important instructions have pointed the way forward for the development of disability undertakings. People with disabilities and disability workers have expressed that they will strive to embrace their dreams with a fighting spirit on the new journey of Chinese modernization and promote the comprehensive development of disability undertakings. General Secretary Xi Jinping pointed out that on the new journey, it is necessary to adhere to the guidance of Socialism with Chinese Characteristics for a New Era, further improve the social security system and care service system for people with disabilities, effectively guarantee their equal rights and interests, and promote the comprehensive development of disability undertakings. Everyone expressed that the General Secretary's important instructions are full of deep affection, rich in content, inspiring, and motivating. General Secretary Xi Jinping put forward clear requirements for Party committees and governments at all levels, disabled persons' federations at all levels, and the vast number of disability workers to continue doing a good job in disability work. Everyone expressed that they will fully implement the spirit of the General Secretary's important instructions, unite and lead, and support and help people with disabilities create a happier and better life. General Secretary Xi Jinping hoped that the vast number of people with disabilities would draw spiritual strength from self-improvement models, bravely overcome difficulties and challenges, actively pursue their life dreams, and make active contributions to comprehensively advancing the building of a strong country and the great cause of national rejuvenation with Chinese modernization. Everyone expressed that on the new journey, they will continue to be accompanied by dreams and strive to create a wonderful life worthy of the times.
A series of leading indicators released by the National Information Center show that since April, with the concerted efforts of a series of macro policies, multiple economic sectors in China have maintained a positive trend. The latest data from the National Information Center shows that in April, the national operating rate of construction machinery increased by 1.6 percentage points month-on-month, and nearly half of the provinces achieved positive month-on-month growth in their operating rates. In April, overall excavator sales increased by 17.6% year-on-year, and the growth of the construction machinery industry accelerated. By fully utilizing a more proactive fiscal policy, China has accelerated the issuance of special bonds since the beginning of this year, and ultra-long-term special national bonds began to be issued in late April, nearly a month earlier than last year, continuously strengthening financial guarantees for various major projects. In terms of industrial production, in April, indicators such as the production intensity of industrial parks and the operating vitality of start-up enterprises both achieved more than 20% year-on-year growth, with a significant acceleration compared to the previous month, showing a positive trend in industrial vitality and an accelerated release of innovation vitality. From the perspective of consumption, the National Information Center's offline consumption intensity index increased by 25.4% year-on-year in April, up 4.6 percentage points month-on-month; the online life service consumption intensity index increased by 14.2% year-on-year in April, with leisure and entertainment and catering services increasing by 42.4% and 10.3% year-on-year, respectively.
The latest data from the National Financial Regulatory Administration shows that by the end of the first quarter of this year, the balance of inclusive small and micro enterprise loans in China reached 35.3 trillion yuan, of which inclusive agricultural-related loans stood at 13.7 trillion yuan, an increase of 795.5 billion yuan from the beginning of the year. In the first quarter, insurance companies' payouts and benefit payments totaled 827.4 billion yuan, a year-on-year increase of 12.2%; the financial service capabilities of the banking and insurance industries continued to strengthen. Since the beginning of this year, the total assets of the banking and insurance industries have maintained growth. By the end of the first quarter, the total assets of China's banking financial institutions in domestic and foreign currencies reached 458.3 trillion yuan, and the total assets of insurance financial institutions reached 37.8 trillion yuan. The asset quality of commercial bank credit remained generally stable, and risk compensation capabilities were generally sufficient. By the end of the first quarter, the non-performing loan ratio of commercial banks was 1.51%, an increase of 0.01 percentage point from the end of the previous quarter, remaining at a low level. By the end of the first quarter, the comprehensive solvency ratio of insurance companies was 204.5%, maintaining sufficient solvency.
The Ministry of Water Resources announced that as of mid-May, the average national precipitation this year was nearly 20% less than the same period in normal years, and the water inflow of major rivers was nearly 30% less than the same period in normal years. To fully ensure irrigation water for grain production, the Ministry of Water Resources scientifically dispatched water conservancy projects, giving full play to the role of large and medium-sized irrigation areas, and various basin management agencies also strengthened water allocation. Currently, the national spring irrigation area has reached 360 million mu, of which 5,230 large and medium-sized irrigation areas have been launched, irrigating 250 million mu. In drought-affected areas in provinces such as Shanxi, Henan, and Shaanxi, 237 large and medium-sized irrigation areas have supplied over 1.7 billion cubic meters of water cumulatively, irrigating 15.7 million mu, and the overall irrigation water supply is guaranteed.
The second and third volumes of the "Zidanku Silk Manuscripts," the earliest silk manuscripts discovered in China to date, have returned to the motherland after being lost overseas for 79 years. On May 16, local time in the United States, the National Cultural Heritage Administration received the return of the second volume, "Wuxing Ling" (Five Elements Edict), and the third volume, "Gongshou Zhan" (Offensive and Defensive Divination), of the Zidanku Silk Manuscripts from the US side at the Chinese Embassy in the United States. The entire silk manuscript was illegally lost to the United States in 1946. The Zidanku Silk Manuscripts were unearthed in 1942 from a Chu tomb in Zidanku, Changsha, hence the name. The silk manuscripts are divided into three volumes with more than 900 characters in total. They are the earliest silk manuscripts and the first ancient book in the sense of a classic discovered in China to date, possessing irreplaceable important value for the study of ancient Chinese characters, ancient documents, and the history of Chinese academia and thought. Based on a solid and complete chain of evidence formed through research on their origins and circulation history, and with the consensus of correcting historical errors through the return of cultural relics and promoting long-term cooperation between China and the US in professional fields, after multiple rounds of consultations, the US side finally agreed to return the second and third volumes of the Zidanku Silk Manuscripts to China. The content of the national treasure, the Zidanku Silk Manuscripts, has been largely clarified through years of research by Chinese scholars. The returned second volume, "Wuxing Ling," describes the auspicious and inauspicious days for the four seasons and twelve months, divided into thirty solar terms according to the Five Elements; the third volume, "Gongshou Zhan," describes the auspicious and inauspicious directions and dates for attacking and defending cities in military warfare. The National Cultural Heritage Administration stated that it will continue to promote the early return of the first volume of the Zidanku Silk Manuscripts, "Sishi Ling" (Four Seasons Edict).
In the first quarter of this year, the total import and export volume of pilot free trade zones reached 2 trillion yuan. The Ministry of Commerce announced that in the first quarter of this year, the total import and export volume of pilot free trade zones nationwide reached 2 trillion yuan, a year-on-year increase of 2.2%. Next, the Ministry of Commerce will align with high-standard international economic and trade rules and carry out greater institutional opening-up experiments in developing service trade and facilitating cross-border data flow, further improving the quality of pilot free trade zone construction. China Securities Regulatory Commission issues new regulations on major asset restructuring of listed companies. The China Securities Regulatory Commission has issued new regulations on major asset restructuring of listed companies. The new regulations establish a simplified review procedure for the first time, increase tolerance for changes in financial conditions, horizontal competition, and related party transactions, and reduce the institutional costs of mergers and acquisitions for listed companies. This will further stimulate the vitality of the M&A market, empower the high-quality development of listed companies, and boost market confidence. China launches the construction of computing power internet experimental network. Today (May 17) is World Telecommunication and Information Society Day. The reporter learned from the Ministry of Industry and Information Technology that China has officially launched the construction of a computing power internet experimental network, which will aggregate the distribution of different computing power resources, allowing users to flexibly purchase corresponding computing power services according to their needs, accelerating the construction of a national computing power interconnected "one network." "Jianwang 2025" special action launched. The National Copyright Administration and three other departments have jointly launched the "Jianwang 2025" special action to combat online infringement and piracy. From May to November, the action will focus on rectifying prominent online infringement issues raised by the public and key online areas concerned by market entities, regulate the order of online copyright dissemination, and empower high-quality economic and social development by strengthening full-chain copyright protection. Zhuque-2 improved remote second carrier rocket successfully launched. Today (May 17) at 12:12, the Zhuque-2 improved remote second carrier rocket was launched from the Dongfeng Commercial Aerospace Innovation Experimental Zone, successfully sending its payload of 6 satellites (Tianyi-29, 34, 35, 42, 45, 46) into preset orbit. The flight test mission was a complete success. New microbial species discovered for the first time in China Space Station. Recently, Chinese researchers have for the first time discovered a new microbial species in the China Space Station and named it "Tiangong Neil bacterium." It was discovered after the Shenzhou-15 astronaut crew collected microbes from the inner surface of the space station cabin in orbit, followed by ground experimental analysis. "Tiangong Neil bacterium" is a type of Gram-positive, spore-forming bacterium that exhibits unique characteristics in biofilm formation and radiation damage repair. The 21st Public Science Day of the Chinese Academy of Sciences held. This weekend, the 21st Public Science Day of the Chinese Academy of Sciences was held, with over 100 research institutes and three universities under the academy opening to the public. Through nearly 400 popular science activities, including laboratory visits, science lectures, and interactive experiences, the public can directly experience the charm of science and learn scientific knowledge. The 34th Harbin International Economic and Trade Fair opens. Today (May 17), the 34th Harbin International Economic and Trade Fair opened. This year's fair has a total exhibition area of 683,000 square meters, with 6 exhibition zones. More than 1,500 enterprises from 38 countries and regions participated, exhibiting products covering equipment manufacturing, smart home appliances, food, and other categories. Nearly 100 supporting activities will also be held during the fair, such as "Foreign Enterprises in Heilongjiang" and "First Launch, First Show, First Exhibition."
The latest survey released by the University of Michigan on May 16 shows that the preliminary consumer confidence index in May was 50.8, lower than the final value of 52.2 in April, marking the fifth consecutive month of decline. The survey shows that under the influence of the US government's trade policies, consumers' concerns about inflation have intensified. US consumers' inflation expectations for the next year rose from 6.5% last month to 7.3%, and long-term inflation expectations rose from 4.4% to 4.6%. The head of the University of Michigan's consumer survey stated that three-quarters of the respondents proactively mentioned the impact of tariff policies, further increasing from about 60% in April. JPMorgan Chase warns that the risk of a US economic recession still exists. Jamie Dimon, CEO of JPMorgan Chase, recently stated that he does not rule out the possibility of a US economic recession and agrees with the firm's economists that the probability of a US recession is about 50%. He also said it is difficult to predict the length and severity of a recession. Several US small business owners stated that tariff policies have put heavy pressure on them, making it difficult to maintain operations. International credit rating agency Moody's announced on May 16 that it has downgraded the US sovereign credit rating from AAA to AA1 due to the increasing proportion of US government debt and interest payments.
On the 16th, delegations from Russia and Ukraine held their first direct talks in three years in Istanbul, Turkey. After the talks, Russian Presidential Assistant and head of the Russian negotiating delegation, Vladimir Medinsky, issued a statement saying that the Russian side was generally satisfied with the results of the talks and willing to continue contact with the Ukrainian side. The Ukrainian delegation proposed a direct meeting between the leaders of the two countries, which the Russian side was aware of. Russia and Ukraine agreed to submit their respective detailed proposals for a future ceasefire, and both sides agreed to exchange 1,000 captured personnel each. The head of the Ukrainian delegation and Ukrainian Minister of Defense, Rustem Umerov, stated that Russia and Ukraine discussed the exchange of captured personnel and ceasefire-related matters during the talks, and also exchanged views on the possibility of a meeting between the Russian and Ukrainian leaders.
Israeli military claims to have attacked Yemeni ports with 15 fighter jets. Yemen's Houthi rebels claimed on May 16 that two important ports in the western Hodeidah province were attacked by Israel, resulting in one death and nine injuries. The Israeli military stated on the same day that it used 15 fighter jets to strike two Houthi-controlled ports in Yemen, aiming to weaken the Houthi's logistical supply capabilities. UN official calls for lifting of Gaza aid blockade. Regarding Israel's blockade of aid supplies to the Palestinian Gaza Strip for over 10 weeks, UN Under-Secretary-General and Emergency Relief Coordinator Fletcher called on Israel on May 16 to immediately lift the blockade. He pointed out that time should not be wasted on so-called new aid plans, as the UN already has a reliable plan with 160,000 aid packages awaiting clearance. Israel's recent proposal to establish centralized distribution points in the Gaza Strip for new aid plans has been opposed by many parties. Strong storms hit multiple US states, killing 9. According to US media reports, strong storms hit multiple states in the Midwest and East of the United States on May 16, resulting in at least 9 deaths and many injuries. The severe weather also caused power outages for over 400,000 users, with Missouri being more severely affected, where many homes in the St. Louis area were damaged. It is reported that the strong storms continued to spread eastward on May 16, with Illinois experiencing a dust storm on that day.
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