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Global Times: Key meeting to have profound significance for China, world

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BEIJING, July 17, 2024 /PRNewswire/ — In one of his most recent public remarks regarding the third plenary session of the 20th Communist Party of China (CPC) Central Committee, Chinese President Xi Jinping said during a meeting with Hungary’s Prime Minister Viktor Orban in Beijing on July 8 that China will further deepen overall reform and promote high-quality development and high-level opening up, which will provide new opportunities and create new momentum for ChinaHungary cooperation. The remarks succinctly highlighted the focus of the critical session and its profound significance for both China and the world.

The third plenary session, which is commonly referred to as the third plenum, officially kicked off on Monday and will run through Thursday. As many in China and around the world are closely following the meeting for major reform measures for the world’s second-largest economy, Xi’s recent remarks on reform and opening-up at various major meetings provide a crucial window into the tone of the session, the priority of China’s reform agenda and the overall goal of further deepening reform and advancing Chinese modernization.

China’s institutional advantage with the firm leadership of the CPC Central Committee also inspires confidence in the Chinese system and China’s development, experts also noted.

While detailed reform measures won’t be unveiled till after the conclusion of the closed-door meeting, experts interviewed by the Global Times said the recent discourse by the top leader indicated that the session will draw a blueprint for reform on all fronts, with a focus on improving China’s governance system and capacity, removing the ideological and institutional barriers and resolving deep-seated institutional challenges and structural issues, so as to promote high-quality development and advance Chinese modernization.

Xi attaches great importance to comprehensively deepening reform, calling reform a “driving force for development,” and under Xi’s leadership, China will continue to unwaveringly deepen reform and expand opening-up, which will help ensure China’s high-quality development, while tackling risks and challenges arising from rapidly shifting global geo-economic situations, according to the experts.

Since a meeting of the Political Bureau of the CPC Central Committee on April 30 decided to hold the third plenum in July, Xi, also general secretary of the CPC Central Committee, has made important remarks regarding reform at various occasions, setting the tone for the ongoing session.

The Political Bureau meeting, chaired by Xi, further elevated the position of reform for the CPC and set the focus of reform. The whole Party must put reform in a prominent position and deepen reform in all respects with a focus on promoting Chinese modernization, the meeting said. More specifically, the meeting said that further comprehensive reform should be led by reform of the economic system, with advancing social equality and justice and improving people’s well-being as both the starting point and the ultimate goal, according to the Xinhua News Agency.

Since the 18th CPC National Congress in 2012, the CPC leadership has set a very clear path for reform that aims to both ensure sustained development and improve governance capabilities, according to Cong Yi, a professor at the Tianjin School of Administration.

“The goal is to achieve high-quality development and realize national rejuvenation through advancing Chinese modernization,” Cong told the Global Times, noting that under such a grand goal, the third plenum will focus on institutional and systemic reforms that address various challenges to pave the way to achieving the goal.

While chairing a symposium in Jinan, East China’s Shandong Province, on May 23, Xi said that China should take resolute steps to remove the ideological and institutional barriers hindering the advancement of Chinese modernization, and double down on its efforts to resolve deep-seated institutional challenges and structural issues.

Economic system reform should start from meeting realistic needs and tackling the most urgent matters, and should advance theoretical and institutional innovation in the process of solving practical problems, he added, according to Xinhua.

Xu Baoli, a research fellow at the research center of the State-owned Assets Supervision and Administration Commission of the State Council, said China’s reform focuses on addressing its own challenges to promote economic development, while expanding opening-up to the outside world.

“The key to reform is solving problems, and China has been focused on continuously solving its own problems,” Xu said, pointing to China’s efforts to build an advanced industrial system and boost innovation so as to achieve self-reliance. Meanwhile, to succeed, China must also mobilize all sectors, including private enterprises and foreign businesses.

China has also been stepping up efforts to bolster its scientific and technological innovation capabilities and support private and foreign businesses, key themes that are expected to be highlighted by the ongoing third plenum, analysts said. 

While presiding over the fifth meeting of the Central Commission for Deepening Overall Reform (CCDOR) on June 11, Xi stressed the importance of driving innovation with further opening-up, perfecting the system and mechanism for opening-up in the science and technology sector, and improving the globally-oriented innovation system to actively integrate into the global innovation network. The CCDOR meeting reviewed and adopted several documents, including Guidelines on Improving the Modern Corporate System with Chinese Characteristics, which aims to foster more world-class enterprises.

Since taking the top office more than a decade ago, Xi has attached great importance to comprehensively deepening reform, which has not only underpinned China’s high-quality development over the past decade or so despite global challenges, but also signaled continuous efforts to further deepen reform and expand opening-up in the future that will ensure China’s continuous high-quality growth.

During the two sessions in March, Xi sounded the clarion call for reform during the country’s annual key political season, dispelling concerns about whether China’s reform is “stagnating,” or its economy is “losing steam.”

Over the past decade, more than 2,000 reform measures have been rolled out, which helped, among a slew of social and economic achievements, China to more than double its economy since 2012, cementing China’s global status as a major growth driver, according to Xinhua.   

Xi has said that “reform and opening-up is always an ongoing task and will never end.” And the Political Bureau meeting on April 30 also said that China’s reform must continue in the face of complex international and domestic situations, a new round of scientific and technological revolution and industrial changes, and the new anticipation of the people.

As China is at a critical juncture marked by both domestic and global risks and challenges, including an ongoing economic transition and rising global tension and competition, China will further accelerate reform to address those challenges, experts said.

“The purpose of reform is to resolve problems, and amid many lingering challenges, China’s reform will always be ongoing,” Cong said, noting that there will always be new problems and new challenges in the process of development, and reform is the way to tackle these challenges and problems.

Continuously deepening reform requires confidence in the Chinese system. An article by Xi published by the Qiushi Journal on Tuesday said that there will be no courage to further reform without unwavering confidence in the system.

“Deepening reform needs institutional confidence,” Xu said, noting maintaining self-confidence and self-reliance and further deepening reform at its own pace will spur innovation and bolster self-strength.

 

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SOURCE Global Times

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AIMA Technology Welcomes Top U.S. Dealers to Shape the Future Together

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TIANJIN, China, Dec. 23, 2024 /PRNewswire/ — On December 7, 2024, AIMA Technology Group warmly invited a delegation of five top-performing U.S. IBD dealers to visit its headquarters. Accompanying the group was Angela Zheng, CEO of AIMA’s U.S. subsidiary, AIMA EBIKE, along with her sales, marketing, and customer service teams. This visit not only marked a deepened connection between AIMA and the mainstream U.S. market but also provided U.S. dealers with a valuable opportunity to witness AIMA Technology’s globally leading capabilities in research, development, and manufacturing of electric mobility solutions.

The delegation first toured AIMA’s state-of-the-art factory in Tianjin. Aima Technology possesses production factories with extremely high levels of intelligent manufacturing Additionally, AIMA has integrated advanced technologies such as AI visual recognition and established a CNAS-certified R&D laboratory, maintaining its industry leadership in intelligent transformation. During the tour, the dealers were deeply impressed by AIMA’s cutting-edge technology, large-scale production capabilities, and relentless pursuit of excellence in product development and manufacturing. They expressed that this rare visit not only enhanced their understanding of AIMA but also strengthened their confidence in promoting AIMA products as a symbol of outstanding performance and exceptional quality to their customers.

Furthermore, AIMA Technology’s R&D team engaged in in-depth discussions with the dealers regarding the new models AIMA EBIKE plans to launch in 2025. The dealers test-rode prototypes of the latest models and shared their innovative insights. They expressed high praise for AIMA’s product innovation capabilities and market acumen, recognizing these as key factors that distinguish AIMA in the industry.

Later, the dealers joined AIMA Technology‘s team to witness the rollout of the 10,000th AIMA E-Bike. This milestone moment showcased AIMA’s exceptional manufacturing strength and market influence. The dealers were inspired and expressed strong confidence in the promising future of their partnership with AIMA.

This visit from the top-tier U.S. dealer delegation not only deepened mutual trust and friendship but also injected new momentum into AIMA’s ambition to become a leader in the U.S. E-Bike industry by focusing on the IBD channel. Looking ahead, AIMA Technology will continue to strive to provide market-leading performance and quality, enhancing its product development and manufacturing capabilities while working hand-in-hand with global dealers to create an even brighter future.

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SOURCE AIMA Technology

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AIMA Technology Group to Unveil Seven New Electric Mobility Products at CES 2025 and Partner with Italian Brand to Set New Industry Standards

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LAS VEGAS, Dec. 23, 2024 /PRNewswire/ — AIMA Technology Group will debut seven new electric mobility products at CES 2025, catering to diverse consumer needs, from urban commuters to adventure seekers. Each product will showcase AIMA Technology Group’s signature blend of futuristic design, smart technology, and eco-conscious engineering, further advancing sustainable electric mobility.

AIMA Technology Group will also unveil its strategic partnership with a top-tier Italian brand at CES 2025, merging luxurious aesthetics with superior performance to set a new standard in the electric mobility industry. This collaboration will redefine luxury and practicality in electric mobility, establishing a new benchmark for the industry.

AIMA Technology Group’s global expansion is accelerating, having already covered over 50 countries, with a cumulative sales volume exceeding 80 million units by 2023. The showcase at CES 2025 will further strengthen AIMA Technology Group’s leadership in the global electric mobility market.

During CES 2025, AIMA Technology Group will hold a media reception on Tuesday, January 7th at 10:30 AM (Pacific Time) to showcase its new product lineup. On January 8th at 11:00 AM, AIMA will unveil the mysterious limited-edition concept new product at the CES booth, redefining the future of mobility. We invite you to join us in discovering this groundbreaking innovation. Booth location: Las Vegas Convention Center, North Hall, Booth #10947, showcasing our latest innovative achievements.

AIMA Technology booth: Las Vegas Convention Center, North Hall, Booth #10947.

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SOURCE AIMA Technology

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HKBN Signs HK$5.25bn Sustainability-Linked Loan

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HONG KONG, Dec. 24, 2024 /PRNewswire/ — HKBN Ltd. (“HKBN” or the “Company”; SEHK stock code: 1310) is delighted to announce the signing of its inaugural HK$5.25 billion syndicated Sustainability-Linked Loan (the “SLL Facility”) under the HKBN Ltd. Sustainability-Linked Financing Framework (“Framework”), with 11 leading international, regional and local banks. The facility includes enhanced terms and a greenshoe mechanism that allows HKBN to upsize the loan in the future. Proceeds from the SLL Facility will be used to refinance the Company’s outstanding loans.

The overwhelming response from the market is a vote of confidence in HKBN’s business plan. This landmark SLL Facility reaffirms HKBN’s long-term commitment to sustainability and responsible business practices while driving business growth. It also includes an interest rate adjustment mechanism that is linked to predetermined sustainability performance targets (SPTs). This will allow HKBN to benefit from savings in borrowing costs upon the successful attainment of the specified key performance indicators (KPIs).

The specified KPIs and SPTs are tailored to address climate change mitigation and cybersecurity within HKBN. The first KPI focuses on Scopes 1 and 2 emissions. The second KPI involves the average failure rate of phishing assessments for HKBN’s Talents. The third and final KPI comprises Scope 3 emissions. Emissions reduction targets were set in line with HKBN’s near-term GHG emissions reduction targets recently validated by the Science-Based Targets initiative (“SBTi”); while those for KPI 2 were set based on the performance results from impromptu simulated email assessments, which the company will conduct to evaluate its Talents’ susceptibility to phishing attacks – a vital and necessary exercise for measuring cybersecurity risk.

HKBN has appointed Sustainable Fitch to provide a Second Party Opinion (“SPO”) on the Framework with an overall rating of “Good”. The SPO affirms that the Framework aligns with the Sustainability-Linked Loan Principles set forth by the Loan Market Association, the Loan Syndications and Trading Association, and the Asia Pacific Loan Market Association.

The SLL Facility is led by Bank of China (Hong Kong) Limited, BNP Paribas, Cathay United Bank Company, Limited, Hong Kong Branch, Crédit Agricole Corporate and Investment Bank, Hong Kong Branch, DBS Bank Ltd., ING Bank N.V., Hong Kong Branch and The Bank of East Asia, Limited as the Mandated Lead Arrangers, Bookrunners and Underwriters and participated by Fubon Bank (Hong Kong) Limited, Natixis, Hong Kong Branch, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch and Taipei Fubon Commercial Bank Co., Ltd. as the Mandated Lead Arrangers and Bookrunners. Crédit Agricole Corporate and Investment Bank, Hong Kong Branch and ING Bank N.V., Hong Kong Branch are the Joint Sustainability Coordinators. Rothschild & Co is the financial adviser for HKBN.

Derek Yue, HKBN Co-Owner & Chief Financial Officer said, “Through this refinancing deal, HKBN is not just reshaping our financial well-being with better loan terms, but setting a new standard for corporate accountability and sustainability. Our focus on achieving key performance indicators in climate change mitigation and cybersecurity reflects our dedication to a more sustainable future and a secure digital environment. We believe that by aligning our financing initiatives with these crucial objectives, we are not only strengthening our business but also contributing to a better world for all.”

Nancy Cheng, Managing Director, Head of Tech Coverage APAC, at Crédit Agricole Corporate and Investment Bank, commented, “Being a long-standing banking partner of HKBN, we are delighted to play a key part in HKBN’s inaugural SLL transaction, which is the very first in Hong Kong for the telecommunications market. It establishes a new benchmark for the sector, akin to how HKBN has continually set and raised the bar for broadband speeds in Hong Kong. We are dedicated to continuing our role in supporting HKBN’s financing and sustainability journey in the future.”

Shalini Sujanani, Managing Director, TMT & Healthcare for ING in Asia Pacific, commented, “We are pleased to support HKBN’s sustainability journey as Joint Sustainability Coordinator for this landmark facility. By embedding ambitious KPIs into their financing, HKBN demonstrates that sustainability and business performance can go hand in hand. This SLL Facility reflects the growing importance of aligning financial strategies with environmental and social objectives, and we are excited to help HKBN drive meaningful impact through this partnership.”

About HKBN Ltd.

HKBN Ltd. (SEHK Stock Code: 1310, together with its subsidiaries, “HKBN” or the “Group”) is an investment holding company.  Headquartered in Hong Kong with operations spanning across Hong Kong, Macau and mainland China, the Group is a leading integrated telecommunications and technology services provider. The Group provides a full range of one-stop, high-quality information and communication technology (ICT) solutions and an unlimited services portfolio. HKBN’s extensive tri-carrier fibre infrastructure covers around 2.6 million residential homes and 8,200 commercial buildings and facilities across Hong Kong. Committed to creating a lasting positive impact to wherever it operates, HKBN embraces a core purpose to “Make our Home a Better Place to Live” and has received a highest possible rating of AAA in MSCI’s 2024 ESG Ratings assessment in environment, society and governance. The Group is managed by hundreds of Co-Owners (supervisory and management level Talents in the Group) who invested their savings to buy shares of HKBN Ltd.. For more information about HKBN, please visit https://www.hkbn.net/group/en.

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SOURCE HKBN Ltd.

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