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French reinsurer to boost investment in China

SCOR will “massively” boost investments in the Chinese market to capture the country’s long-term growth prospects, said Thierry Leger, chief executive officer of SCOR SE, a global reinsurer based in Paris, France, adding that he “disagrees strongly” with the arguments that China’s economic development has peaked because there remains potential in terms of consumer spending and digital transformation.

China is expected to become the world’s second-largest market for reinsurance in the coming decade, attracting global reinsurers like SCOR to ramp up investment in the country, said Leger.

Thanks to robust economic growth potential and a still large protection gap, the Chinese market offers incredible growth potential, whose contribution to SCOR’s overall business is expected to surge to at least 10 to 15 percent in the coming 10 to 20 years, Leger said in an exclusive interview with China Daily.

“So that shows the importance (of the Chinese market) and the need for us to continue to invest in our people, expertise, tools and data in the Chinese market.”

Liu Zhihua contributed to this story.

Grand delusions

Grand delusions.Illustration: Chen Xia/GT

Strategic significance of China-France relations is becoming increasingly prominent: Global Times editorial

Illustration: Liu Rui/GT

Chinese President Xi Jinping arrived Sunday in Paris for a state visit to France as the first stop of his European trip. He received a grand welcome from the French side. At the same time, President Xi’s written speech upon arrival at Paris Orly airport, the signed article published in French media Le Figaro, and the China-France-EU trilateral meeting with French President Emmanuel Macron and European Commission President Ursula von der Leyen have continued to spark heated discussions in Western public opinion, highlighting the significance of this visit at the bilateral, European and global levels.

President Xi said in his signed article that during his visit to France, he brought with him three messages from China: China will work with France to carry forward the spirit that guided the establishment of their diplomatic ties, build on past achievements and open new vistas for China-France relations; China will open even wider to the world and deepen cooperation with France and other countries; China will strengthen communication and coordination with France to uphold world peace and stability. These three messages not only demonstrate China’s concept of development, security, and civilization in the new era, but also reflect the strategic, epoch-making and global nature of China-France relations in the context of a changing world order.

This year marks the 60th anniversary of the establishment of diplomatic relations between China and France. Sixty years ago, the two countries broke through the icy barriers of the Cold War, bridged the gap between camps, and established ambassadorial-level diplomatic relations, “ripping a slit in an iron plate,” pushing the world toward dialogue and cooperation. Even today, admiration for the strategic vision and broad-mindedness of that generation of leaders remains a common sentiment from top to bottom in both China and France, demonstrating that the strategic direction of the relationship established at that time was correct and stood the test of time. President Xi’s emphasis of carrying forward the spirit that guided the establishment of diplomatic ties, namely the spirit of independence, mutual understanding, foresight, mutual benefit and win-win outcomes, shows that in the face of profound global transformations and uncertainties, it is hoped that the two countries can lead the world back to the right path of cooperation rather than confrontation, to win-win results rather than zero-sum.

We have noticed that from the conflict between Russia and Ukraine to trade disputes, some Western public opinions have previously listed a “to-do list” between China and France. China and France never avoided these issues. Over the past 60 years, the reason why China-France relations have consistently remained at the forefront of China’s relations with Western countries, pioneering many “firsts,” is not because they have not experienced ups and downs, but because they have always focused on the fundamental and long-term interests of both countries and peoples, jointly safeguarded world peace and stability, and promoted human development and progress.

Charles de Gaulle once said at a press conference after the establishment of diplomatic relations between China and France, “France simply recognizes the world as it is.” He firmly believed in the long history of Chinese civilization and emphasized that global development cannot be without China. Today, as China deeply integrates into globalization, just as de Gaulle foresaw, it has a strong willingness and continues to contribute to global development. China’s expansion of high-level openness and deepening cooperation with other countries, including France, is not a forced choice, but a conclusion drawn from our own development experience and a natural result of our development needs. China offers opportunities rather than risks, and seeks cooperation rather than confrontation. As long as one can correctly grasp the main thread of comprehensively understanding China’s development, all problems will be technical and temporary.

France is an influential major power in the Western world, and its influence stems not only from its hard power but also from its longstanding tradition of independence and its unique perspective and vision. The stability and development of China-France relations will become a very prominent case in China’s relations with the West, helping other Western countries to understand China’s foreign policy and the principles China upholds when developing relations with countries of different systems and cultural backgrounds. The stability of China-France relations provides more impetus for China-Europe relations and also helps European countries to understand China in a rational, pragmatic, and objective manner and handle their relations with China accordingly.

France was the first Western power to establish diplomatic relations with China, and China-France relations have always carried the genes of influencing international relations and the world order from the very beginning. Just as President Xi said, “both China and France value independence as two major countries, and our interactions in the long course of history have released tremendous energy swaying the trajectory of the world.” Under the strategic guidance of the two leaders, we look forward to China and France embarking on a new journey for the next 60 years of bilateral relations, constantly making new achievements for global peace and stability as well as human development.

Generation Z Exploring diverse paths of ambition

LIANG GUOXIU/CHINA DAILY

Over a century ago, Chen Duxiu (1879-1942), one of the key founders of the Communist Party of China, likened youth to early spring, the morning sun, the budding of countless flowers, and a sharp blade freshly honed on a whetstone. He referred to youth as the most valuable phase of life.

Fast forward to today, where the current generation of youth has truly entered an era of profuse blooming, as evidenced by the many members of Generation Z (those born after 1995 and into the 2000s) who have joined the workforce, thereby becoming the backbone of our society, each person playing a unique societal role in their own ways.

Automation adds new flavors to catering biz

A robot serves tea to visitors during a tea expo in Beijing in April. [WU CHANGQING/FOR CHINA DAILY]

China’s pursuit of new quality productive forces, which are characterized by innovation, digitalization and high-end technology, is injecting new momentum into the country’s catering industry.

Evidence of this was found on a recent morning at the entrance/exit of Niujie subway station in Beijing, where a pancake vending machine busily made and served jianbing (savory pancakes). Passengers, passersby and local residents lined up to place orders using the machine’s screen and scanned the QR code to pay.

After payment was done, a pancake-making robot at the back of the vending machine automatically spread the pancake, added a fried egg, turned the pancake over, dabbed the sauce using a brush and added the seasoning. Some three minutes later, the hot pancake was packed into a bag and delivered to the consumer. The entire process is automated.

“The jianbing tastes fine, almost like the handmade ones,” said a consumer. “But there are places where the sauce is not evenly spread.”

By 11 am, the pancakes were all sold out and a staff member appeared on the scene to carry out maintenance work on the machine.

“The pancake vending machine is still in trial operations, and the daily yield rate is limited. The pancake-making robot can analyze and learn from existing data after work every day. When the vending machine is officially put into full-fledged use, it should be capable of making 400 pancakes a day,” said the staff member.

‘Overcapacity’ accusation goes against economic principles, denies global division of labor

Over-protectionism. Illustration: Chen Xia/GT

Recently, the West has been unreasonably hyping up the false narrative of “overcapacity” in China. Even the IMF warned on Tuesday that China’s policies that boost supply would worsen overcapacity, reinforce deflationary pressures, and potentially provoke trade frictions.

While the IMF doesn’t explicitly mention any specific industry, it is probably referring to China’s new energy industries in light of recent US pressure on green Chinese products. Yet, whether or not China has excess capacity should be determined by economic rules and facts, not political agenda led by the US.

The current global distribution of production capacity is a result of the combined effects of industrialization and market-based economic activities over the past few decades. Cooperation based on comparative advantages is crucial for optimizing the resource allocation of global factors, also an important approach for improving productivity and well-being among countries.

From the perspective of economic principles, equating fluctuations in supply and demand with excess capacity goes against the normal rules of the market economy and actually works counter to the rationality of international division of labor and economic globalization. If a country with supply exceeding demand is recklessly considered to have excess capacity, then all export economies in the world, not only China but also the US, have overcapacity issues in terms of their exported products.

In this sense, the narrative of “overcapacity” and criticisms of industrial subsidies are merely rhetoric fabricated by the US to hinder China’s competitiveness.

China’s economic advantage in its “new three” products – new energy vehicles, lithium-ion batteries, and photovoltaic products – stem from its competencies and are shaped through full market competition, rather than subsidies from the government. While the US accuses China’s industrial policy of violating international regulations and worsening overcapacity, the scale of American subsidies to new energy industries is far greater than in other countries, as the CHIPS and Science Act and the Inflation Reduction Act have showed. For example, the detailed rules of the Inflation Reduction Act stipulate that only electric vehicles assembled in North America are eligible for a maximum subsidy of $7,500 through federal tax deductions, which is a blatantly discriminatory subsidy law.

By comparison, China’s industrial policy adheres to the principles of market economy and fair competition. For instance, in a statement published on its WeChat account on Wednesday, the National Development and Reform Commission said that China plans to introduce additional measures to support the development of the new energy vehicles. These measures include fostering industrial innovation through scientific and technological advancements, encouraging enterprises to increase investment in research and development, and facilitating the optimization and restructuring of the new energy vehicle industry. Moreover, China will remove all restrictions on foreign investment in manufacturing, inviting global auto companies to participate in the Chinese market and industrial chain to benefit from the advancements in new energy vehicle technology.

In fact, China’s competitive new energy products have created huge opportunities and support for the global industries and markets. Its technological innovation in new energy vehicle sector presents significant development opportunities for global auto industry. Also, China is the only country in the world that has all the industrial categories listed in the United Nations industrial classification system, including 41 industrial categories, 191 medium categories and 525 subcategories. And its efficient industrial system has played a crucial role in maintaining stability of the global auto supply chain.

Furthermore, China is a major driving force behind the world’s rapid expansion of renewable power generation capacity. China’s installed capacity of renewable energy exceeded 1.45 billion kilowatts in 2023, accounting for more than 50 percent of the country’s total installed power generation capacity, according to data released by the National Energy Administration. Power generated from renewable energy sources such as wind and solar power now accounts for more than 15 percent of China’s total electricity consumption.

China has always been committed to promoting high-level opening-up and offering opportunities for market access to other countries, with the aim of achieving mutually beneficial results. And it is hoped that all parties could be engaged in rational discussions based on facts and economic principles when it comes to green development, rather than resorting to baseless accusations and attacks.

The article was compiled based on an interview with Jin Ruiting, researcher at the Academy of Macroeconomic Research of the National Development and Reform Commission. [email protected]

GAC to promote foreign trade, expand global cooperation

China will deepen its cooperation with all parties concerned to promote the role of Authorized Economic Operator (AEO) agreements in facilitating both domestic and global companies’ efforts to boost their foreign trade activities, said a customs official.

The AEO program is advocated by the World Customs Organization to strengthen international supply chain security and facilitate the movement of goods, said Lin Jiantian, director of the General Administration of Customs’ Department of Enterprise Management and Audit-based Control.

Under its terms, Customs authorities from various regions will establish partnerships with industries to collaboratively cut barriers to Customs procedures and enhance international trade efficiency.

By the end of March of this year, China’s GAC had signed AEO mutual recognition agreements with 26 economies, such as the European Union and South Africa, covering 52 countries and regions.

Hyping ‘overcapacity’ in China is the real threat to world: Global Times editorial

Illustration: Tang Tengfei/GT

US Treasury Secretary Janet Yellen recently reiterated in an interview with Reuters the “overcapacity” in China, claiming that the so-called overcapacity in China is not only a problem faced by the US, but also by Europe, Japan, India and Mexico. This kind of rhetoric has been popular in the US for some time, with American politicians and public opinion repeatedly hyping up the concept, accusing China of dumping green products such as new energy vehicles, lithium batteries, and photovoltaic products overseas at low prices, and portraying this situation as a “global threat.” However, discerning individuals can see that this is not a very clever tactic of politicization and pan-securitized, but instead revealing some real situations in the development of the world’s green industry and high-quality production capacity.

It is well known that overcapacity is relative to the demand. From a global perspective, there is actually no overcapacity in the green industry. The reason why the green industry is thriving lies in the breakthrough in related technologies. Technological breakthroughs often ignite emerging industries, manifested by strong market demand for new products. According to the International Energy Agency, the global demand for new energy vehicles in 2030 will reach 45 million units, which is 4.5 times that of 2022, and at the same time, the global demand for new photovoltaic installations will reach 820 gigawatts, which is about 4 times that of 2022. It’s clear that the new energy industry is booming, with huge market potential yet to be tapped. Green production capacity development has just started, far from saturation, so where is the “overcapacity” coming from?

Some people in the US are hyping up the so-called overcapacity in China with the real purpose of suppressing the development of China’s emerging industries and of maintaining its long-standing monopoly position in the global industrial chain through unfair means. Yellen attributed the bankruptcy of US’ solar companies to Chinese suppliers lowering prices in the interview. Although the attribution was wrong, it also exposed the real intention. It is not difficult to see that the so-called overcapacity rhetoric in China’s new energy industry is nothing more than a copy of the “America First.” In the eyes of the US, the rapid development of China’s green industry challenges the strength and status of the US, and China’s competitiveness is “translated” into a “security threat” to the world (the US). It can be seen that the excess is not China’s production capacity, but US’ anxiety.

In fact, facing the insufficient and unbalanced development of high-quality green production capacity in the world, China is taking a path of win-win cooperation – “Appreciate the values of others as do to one’s own, and the world will become a harmonious whole.” While actively developing its domestic green industry, China is also actively engaging in practical cross-border cooperation in high-quality production capacity, providing international public goods, helping developing countries accelerate the process of industrialization, and promoting the efficient, clean, and diversified transformation of energy.

Fatih Birol, executive director of the International Energy Agency, said that “China’s provision of services and support to other countries has significantly improved the accessibility of clean energy technologies and reduced the global cost of using green technologies.” China’s green development not only benefits consumers but also enables developing countries to benefit from cooperation with China in production capacity, especially by promoting energy freedom for low-income populations in developing countries.

In contrast, the US could have worked together with China to jointly seize the opportunities brought by the development of the green industry and address the challenges of insufficient demand for high-quality production capacity. Regrettably, the US chose to wave the “big stick” at China, viewing China’s new energy industry with a zero-sum game mentality and attributing real problems to the wrong causes. Currently, the main reason for the insufficient development of the world’s green industry and the uneven distribution of high-quality production capacity is the asynchronous development and application of green technology in various countries, inconsistent capabilities, and uncoordinated interests, yet the US deliberately uses the “China threat” to explain everything, trying to solve problems by containing China. However, it is the smearing and suppression of China by the US that hinders the transnational diffusion of technology and the global flow of production capacity. The answer to who is the initiator of the global production capacity problem is clear.

With a shortage of high-quality production capacity, the world needs more cooperation. Taking wind power as an example, by 2023, the global new wind turbine installed capacity will reach 117 gigawatts, a 50 percent increase year-on-year, with the main contribution coming from China. The US, on the other hand, has encountered bottlenecks due to inadequate government policy support, insufficient investment in the supply chain, and difficulties in project implementation. However, even as China grows rapidly, there is a huge gap in global wind power, especially offshore wind power. The goal of actions by various countries should be to jointly improve competitiveness, reduce costs of technology, logistics, labor, raw materials, and transportation through supply chain cooperation, rather than baselessly accusing and shifting contradictions to countries with advantageous production capacity, and, more importantly, not bind new energy industries with protectionism and weaken the global capacity to address climate change.

Of course, no matter how the US smears China, the green industry is always the trend of world economic development, and it is also the key choice for humanity to address the challenge of climate change. Shifting contradictions, smearing and suppressing, and decoupling will only lead to a “lose-lose” situation.

Green industries and high-quality production capacity should not become a battlefield of the zero-sum game. Hyping up “China’s new energy overcapacity” is not only detrimental to the transformation and upgrading of domestic industries, but also does not help alleviate international production capacity conflicts. In this sense, the voices and forces behind the hype of “China’s new energy overcapacity” are the ones creating problems, as well as the real threats to the world.

102 newly revealed architectural heritage projects aim for better protection

Pingyao Ancient City, a UNESCO World Cultural Heritage in Northwest China’s Shanxi Province Photo: VCG

A total of 102 architectural heritage projects have been included in the 9th Batch of China’s 20th Century Architectural Heritage Projects for the better protection of the heritage in Chinese architecture in the 20th century. Experts said China has transitioned from “cultural relic protection” to “cultural heritage protection,” and this awareness will provide new possibilities for urban development and cultural preservation, according to the report of China News on Sunday.

The list of projects in the 9th batch of China’s 20th century architectural heritage is revealed at the “Public Vision of 20th Century Heritage – Introduction of the 9th Batch of China’s 20th Century Architectural Heritage Projects and Seminar” held in Tianjin on Saturday, which included Tianjin Ancient Culture Street, the people’s congress hall in Ningbo, East China’s Zhejiang Province, Jiangxi Provincial Art Museum in East China’s Jiangxi Province among others, China News reported.

An academic highlight of the event was the release of the China 20th Century Architectural Heritage Annual Report (2014-24) blue book.

According to reports, the significance and value of the blue book publication lie in summarizing the development process of China’s 20th century architectural heritage over the past decade, praising the achievements of China’s 20th century architectural heritage over the past decade, and proposing the future development vision of China’s 20th century architectural heritage.

Industry insiders delivered keynote speeches, examining the concept of 20th-century architectural heritage from different perspectives. They also provided attendees with a new perspective on the activation and utilization of architectural heritage from an international standpoint. Other participating experts shared their design experiences, insights, and feelings in heritage preservation and development.

Shan Jixiang, chairman of the China Cultural Relics Academy and director of the Academic Committee of the Palace Museum, said that “activation” is the focus of the protection of these buildings. “20th century architectural heritage is not ‘frozen,’ but changes with the times. A historical building or zone must be given today’s functions, used correctly, and utilized reasonably.”

“Compared with traditional wooden ancient buildings, industrial heritage has a wider range of uses.” Taking Beijing’s Shougang Park as an example, Shan introduced the importance of “activation.”

“Shougang Park used to be a steel production base, but has now become an industrial heritage park after ceasing production. Many large-scale cultural, tourism, and sports activities are taking place in Shougang Park, and its functions are constantly expanding,” Shan said.

He added that protecting 20th-century architectural heritage is not just the task of the government or cultural departments but the responsibility of all people.

Only when the general public understands the value of these heritage sites and their significance for future generations will they be carefully preserved, gain “dignity,” and become a positive force for economic and social development, benefiting the daily and cultural lives of more people.

Regarding the current situation of the protection of Chinese cultural heritage, Shan told the Global Times that China has transitioned from “cultural relic protection” to “cultural heritage protection”; from only protecting ancient cultural relics to protecting contemporary and 20th-century cultural heritage; and from only protecting “a bridge or a tower” to protecting corridors for commodity trade and cultural exchange.

“The activation of buildings” not only continues the value of historical heritage but also provides new possibilities for urban development.

“The 20th century architectural heritage builds a bridge between the past and the future. We should balance the relationship between protection and activation, paving the way for future urban construction and cultural preservation,” Shan said.

Musk’s visit to China enhances ties amid US officials’ ‘overcapacity’ hype

Tesla CEO Elon Musk File Photo: Xinhua

Despite the so-called overcapacity hype, Tesla CEO Elon Musk made a visit to China on Sunday, showcasing the resolve of the world-leading electric car maker to develop in the Chinese market, its second-largest.

Chinese experts said the visit has strongly refuted overcapacity claims about China’s new-energy vehicle (NEV) industry, and many foreign investors, including Musk, are eyeing the market prospects and investment returns.

Musk arrived in Beijing on Sunday and met with Chinese Premier Li Qiang, according to the Xinhua News Agency.

Li stressed that China’s super large-scale market is always open to foreign enterprises and China will continue to work on expanding market access, strengthening service guarantees and providing a better business environment, allowing companies from all countries to invest in China with peace of mind.

Musk said the Tesla Shanghai Gigafactory is Tesla’s best-performing factory, thanks to the hard work and intelligence of the Chinese team. Tesla is willing to deepen cooperation with China and achieve more win-win results.

We are honored to participate in the rapid development of China’s NEV industry. We will continue to work hard in China, develop together with the industry in areas such as AI, electric vehicles and energy storage, accelerate the implementation of clean energy and autonomous driving technologies, and turn our beautiful vision into reality, according to the official weibo account of Tesla on Sunday night.

The visit by Musk comes amid the ongoing 2024 Beijing International Automotive Exhibition, during which global players such as Volkswagen and Mercedes-Benz have signaled their entry into the NEV sector on a large scale, highlighting their confidence in the Chinese market. Interestingly, Tesla does not have a booth at the show.

Chinese analysts said that Musk’s visit highlights the importance of the Chinese market to many US companies as they are enhancing ties, unlike politicians in Washington who always hype anti-China rhetoric.

China’s determination to open wider to foreign companies to pursue high-quality development stands in sharp contrast with the US, which has been using bad faith tactics to smear China’s competitive emerging industries, including EVs, Chinese analysts said.

Musk’s China visit validated once again the company’s commitment to the vast market potential of the Chinese EV sector, and made the “overcapacity” narrative hyped by some Western politicians and media outlets fade, experts said.

Many people are optimistic about the market prospects of NEVs and returns on investment, and many holders of capital are willing to enter such a field, including Musk, Sang Baichuan, dean of the Institute of International Economy at the University of International Business and Economics, told the Global Times on Sunday.

“China does not have overcapacity, which is a false proposition,” Sang added.

Reuters reported that Musk would engage with senior Chinese officials to deliberate on the implementation strategy for full self-driving technology in China, paving the way for the activation of the autonomous driving mode on Tesla cars.

Musk’s trip also came just over a week after he scrapped a planned visit to India to meet with Prime Minister Narendra Modi, citing “very heavy Tesla obligations,” according to Reuters.

The tremendous opportunities brought by China’s high-level opening-up retain a strong appeal for US businesses, which are looking forward to and appreciating the extensive Chinese market, Huo Jianguo, a vice chairman of the China Society for World Trade Organization Studies in Beijing, told the Global Times on Sunday.

Global sales of EVs are set to reach 45 million in 2030, according to a forecast by the International Energy Agency in 2023. That is about 4.5 times the sales recorded in 2022, and three times the 2023 figure.

While the US continues to hype “overcapacity” of NEVs in China, China’s door is opening wider and wider, including to US companies, Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Sunday.

Tesla, for example, built its first Gigafactory outside the US in Shanghai in 2019, which gave a boost to the development of the NEV industry amid competition.

China is Tesla’s second-largest market only after the US. The Tesla Gigafactory in Shanghai, which started production in 2020, is Tesla’s largest production center in the world.

Tesla sold some 600,000 EVs in 2023 in China, according to media reports. But in the final quarter, it ceded its position as the top EV seller in China to China’s BYD, as fierce market competition raged.

Amid the rapid development of the NEV industry in China, the penetration rate of passenger NEVs exceeded 50 percent in the first half of April, as reported by China Central Television on April 22, outperforming traditional gasoline-powered vehicles.

Musk’s last visit to China was in May 2023, when he met with leaders from several top Chinese officials in charge of foreign policy, industry and foreign trade. He also visited the Tesla Shanghai Gigafactory and met with leaders from the Shanghai municipal government, CCTV reported.