As China prepares to celebrate the upcoming Chinese New Year - Year of the Dragon according to Chinese zodiac - in February 2024, global luxury brands in various industries including handbags, clothing, chocolate and watches have raced to introduce a wide range of limited-edition dragon-themed items to woo Chinese consumers during the Spring Festival, one of the most important holidays in the country.

Zodiac elements are an important part of traditional Chinese culture, and Chinese dragon carries the auspicious meaning of good fortune, prosperity and wisdom in Chinese culture. Most of the limited-edition items highlight the image of the dragon, one of the 12 Chinese zodiac animals, while some others feature Chinese elements like red and gold color themes.

Recently, dragon-themed outdoor jackets launched by a Canadian brand became an online sensation in China, as a men's jacket, priced at 8,200 yuan ($1,153), quickly sold out, leaving scalpers to reportedly resell the popular item at around 12,000 yuan - a microcosm of Chinese's enthusiasm for dragon-themed items.

Multiple international cosmetic brands have also launched "dragon editions" of various products covering a wide range of beauty products from skincare, makeup to perfume, according to media reports.

"Global luxury brands' deep exploration of the Chinese traditional culture to try to integrate into the local market reflects the growing influence of Chinese culture and the country's strong spending power," Zhang Yi, CEO of iiMedia Research Institute, told the Global Times on Sunday.

In the wake of COVID-19, China's consumer spending has maintained a stable recovery. The country is an increasingly important market for global brands, especially luxury brands, thanks to an expanding middle-class group and continuous consumption upgrade.

According to a report that global management consulting firm Bain & Company sent to the Global Times on Thursday, China's luxury market is expected to grow in the mid-single digit in 2024 following a 12 percent year-on-year increase in 2023, while Chinese luxury consumption is expected to reach 35-40 percent of the world's total by 2030.

Consumption boom

"China is always one of the most important markets of the group," Jenny Gu, Richemont China CEO, told the Global Times recently. The company attended China International Import Expo held in Shanghai for four years in a row in 2023 in order to strengthen the relations between its sub-brands with Chinese consumers and partners, Gu said.

Global luxury brands have increased their focus on China, as the market has become an important driver of global growth in the segment.

Official data showed that duty-free sales in South China's Hainan Province grew by about 25 percent year-on-year to reach 43.76 billion yuan in 2023, thanks to a recovery in domestic travel and stimulus measures implemented by local governments.

"I have conducted surveys in many regions across China since March 2023, during which I strongly felt the robust recovery of economic and social activities nationwide. Chinese consumers' confidence wasn't dampened as badly as many have thought," Cao Heping, an economist at Peking University, told the Global Times on Sunday.

The rebound in tourism has also uplifted consumer spending in both domestic and international markets, Cao said. He said a population exceeding 1.4 billion and a middle-income group surpassing 400 million will continue to power the country's consumption and overall economic growth, attracting brands and businesses from all over the world.

The three-day New Year holidays (from December 30, 2023 to January 1, 2024) produced a travel boom in China's tourism market, signaling a good start for China's consumption recovery efforts in 2024. Industry analysts forecast that the upcoming eight-day Spring Festival holidays, which will start on February 10, are expected to be the most vibrant and prosperous of its kind in recent years.

The tone-setting Central Economic Work Conference held in Beijing in December 2023 pointed out that the Chinese central government will focus on expanding demand in 2024, shifting consumption from post-epidemic recovery to sustained expansion.

The key meeting stressed the need to foster new growth areas such as consumption of smart home appliances, entertainment and tourism, sports events and trendy domestic brands, Zhang said, noting that global companies that could meet the country's consumption upgrade will have bright prospects in the vast market.

Upswing expected

Looking ahead to 2024, many domestic and overseas analysts are positive about China's economic prospects, as targeted policy underscored the resolve and capability of Chinese authorities to ensure a stable economic recovery.

Cao forecast that China's GDP is expected to reach above 5 percent in 2024, saying that consumption will continue to be the most important driving force for the Chinese economy.

Extending the strong momentum during the Spring Festival, the country's consumption sector - be it in urban cities or rural villages, online and offline, in green spending or the silver economy - will continue to rebound, with retail sales in 2024 expected to exceed that recorded in 2023 to reach 50 trillion yuan, Wei Jianguo, former Chinese vice minister of commerce and executive deputy director of the China Center for International Economic Exchanges, told the Global Times on Friday.

Pan Gongsheng, governor of the People's Bank of China, said at a press conference on Wednesday that China will cut the reserve requirement ratio (RRR) by 50 basis points from February 5, which is expected to inject 1 trillion yuan ($141 billion) in long-term liquidity to bolster the economy.

On Friday, the Ministry of Commerce declared 2024 the "Year of Promoting Consumption" and stressed the need to strengthen economic momentum. The ministry said it would continue to relax restrictions on foreign investment and improve the business environment in order to attract more investment.

"The potential growth [of the Chinese economy] should still be above 5 percent in 2024. We will see that the drag by property sector will likely diminish in 2024," Xing Zhaopeng, senior China strategist with ANZ Research, told the Global Times in a recent written interview.

UBS economists led by Wang Tao wrote in a note sent to the Global Times in December 2023 that China's consumption and services sector will extend the post-epidemic recovery trend in 2024, with the gradual release of excess savings making a significant contribution in this regard.

China's financial sector remains stable, with risks well under control, and the government has confidence, conditions and capability to maintain healthy and steady development of the country's financial sector, Li Yunze, head of the National Financial Regulatory Administration (NFRA), said at the Asian Financial Forum which kicked off in Hong Kong on Wednesday.

With deepening financial supply-side structural reform as its main task, the NFRA will guide financial institutions to focus on their main business, with renewed emphasis on fin-tech innovation, green finance, inclusive finance, pension finance, and digital finance in order to strengthen their functions in serving the real economy, Li said.

Although the Chinese mainland's economic development encountered some challenges and difficulties, there are still far more favorable conditions. The economy's sound growth is secured for the long term, and the continuous structural improvement and high-quality development will remain unchanged thanks to the country's solid financial fundamentals, strong vitality and sufficient policy room, the official said.

Li stressed that the Chinese mainland will steadily expand institutional opening-up across the financial sector and will explore more measures to support foreign institutions to set up businesses and expand operations in the Chinese mainland market.

China will step up efforts to protect the legitimate rights and interests of foreign enterprises and to provide a better business environment, according to Li.

As an international financial hub, Hong Kong has advantages in its open and free economy, mature financial market, international legal environment and its attraction to global talent. The NFRA will seek to strengthen supervision cooperation with Hong Kong and boost higher-level opening up to the Hong Kong and Macao under the Closer Economic Partnership Arrangement framework and give full play to Hong Kong's unique advantages under the One Country, Two Systems principle and will continue to strengthen its standing as an international financial center, Li said.

The pre-Spring Festival ticket sales peak has arrived for China's railway system, with over 61 million tickets sold since January 12, a year-on-year increase of 159 percent, China State Railway Group Co (China Railway) announced on Wednesday.

On Tuesday, China Railway sold 18.937 million tickets nationwide, and the sales rush is expected to continue until Friday.

Spring Festival, also known as Chinese New Year, is a time of high transportation demand in China as people return home for family reunions. The travel period runs for 40 days starting from Friday.

Since January 12, 190 million railway tickets have been sold in China ahead of the travel rush. Notably, single-day ticket sales reached a record high on China's 12306 online ticketing platform, hitting 18.937 million, with a record-high number of single-day visits of 62.92 billion.

China Railway noted that this year's busiest days will be around February 3 to 6, as people get back to their families ahead of the holiday. Tickets for trains leaving major cities like Shenzhen, Guangzhou, and Beijing during these peak days are already in high demand and are selling out fast.

To handle the influx of travelers, China's railway system is ramping up operations, with plans to run around 12,700 trains per day until February 10, increasing slightly to 12,800 after that. While this adds more seats than in previous years, some routes are still expected to be packed.

Meanwhile, other modes of transportation are also gearing up for the holiday rush. Air China, for example, announced on Tuesday that it had scheduled over 67,000 flights during this period, up 32 percent compared to 2019, with an average of 1,693 flights per day.

China is expected to witness 9 billion passenger trips during the annual Spring Festival travel rush, the Ministry of Transport said last week. Among them, China Railway is expected to handle 480 million passenger trips, and the Civil Aviation Administration of China is expected to handle 80 million passenger trips during the 40-day travel rush. The number of self-driving trips is expected to reach 7.2 billion, a historic high.

Choosing to operate in the Chinese market is not a risk, but an opportunity, said China's Foreign Ministry. China will only open its door wider to the outside world, a ministry spokesperson said on Wednesday, in response to the ongoing World Economic Forum (WEF) Annual Meeting 2024, where some voices emerged urging for "de-risking" in economic and trade activities, while other voices calling for cooperation.

China welcomes foreign companies to continue to invest in China, and will continue to build a market-oriented, law-based and internationalized business environment, said Mao Ning, the ministry spokesperson during a media briefing.

As Chinese Premier Li Qiang pointed out at the opening ceremony of the WEF 2024, countries have very close economic linkages in today's world, which means their macroeconomic policies have more notable spillover effects, according to the Xinhua News Agency.

"In the face of global crises, fragmented and separate responses will only leave the world economy more fragile," Li said on Tuesday. 

Mao noted that China believes that only by fully respecting the laws of the international division of labor, unswervingly advancing liberalization and facilitation in trade and investment, tightening cooperation and making the pie of mutual benefit bigger, can the global economy truly serve the common interests of all parties.

"Countries around the world should step up dialogue and communication, take more coordinated and effective measures, firmly uphold the multilateral trading system, jointly improve global economic governance, and foster new drivers of global growth," Mao said.

As the second largest economy in the world, China's contribution to global economic growth has stayed at around 30 percent during recent years. China remains an important engine of global development, Mao said.

She noted that China is comprehensively advancing the Chinese-style modernization with high-quality development, which will continue to provide a strong driving force for global economic growth.

"China has a huge market and is in the stage of rapid release of market demand. In the context of insufficient global demand, the market is the scarcest resource. With its vast market room and ever-expanding depth, China is bound to play an important role in boosting global growth. China will unswervingly open up to the outside world to share its opportunities and achieve common development with other countries," Mao said.

According to the latest data released on Wednesday, China's consumption market continued to expand in 2023. Total retail sales of consumer goods stood at 47.1 trillion yuan ($6.6 trillion), up 7.2 percent year-on-year, the National Bureau of Statistics (NBS) reported. 

The per capita consumption expenditure rose to 26,796 yuan, up 9.0 percent year-on-year. The national economy expanded by 5.2 percent from 2022, according to NBS.

Editor's Note:

As the year 2024 has just begun, how the world will develop this year and in the near future has captured the attention of people around the globe. At the "International Relations Forecast - Re-exploring the Inertia of History" conference held on Saturday in Beijing, organized by the Institute of International Relations at Tsinghua University, over 10 international relations experts shared their views on the prediction of future international relations between China, the US and other major countries and regions. This is the excerpt of the opinions of four scholars.

Yan Xuetong, dean of the Institute of International Relations at Tsinghua University:

Future forecasts of international relations should particularly consider the increasing trend of populism, especially in Western countries that proclaim liberalism. Over the past decade, the US has led the way in undermining liberalism, engaging in economic "decoupling," and disrupting the international norms established after the Cold War. Populism will have a mainstream impact on the foreign policies of major countries, with some European nations already beginning to follow this trend.

With the mainstream dominance of populism, the influence of constructivism and liberalism on international behavior is expected to decline significantly. Analyzing from a realist perspective, there will be an increasing trend of international cooperation turning into confrontation. It will become increasingly challenging for the world economy to develop positively, and the cooperation between China and the US in trade and economics may not see a continuous upward trend.

Furthermore, the current competition is shifting toward the area of technology. In future strategic competitions, not only between China and the US but also between China and Japan, China and Europe, and the US and Europe, the core focus will be on technology rather than ideology. Subsequently, national competition strategies will undergo changes, and in our predictions for the next 10 years, we must pay more attention to the impact of advancements in digital technology.

Diao Daming, professor at the School of International Studies at Renmin University of China:

I believe that, regardless of the results of the 2024 US presidential election, the US will not change its strategic position in competition with China, and the strategic game between China and the US will persist. 

The US is expected to have mediocre economic performance in the next 10 years, accompanied by escalating domestic contradictions. By the 2040s, the demographic structure of the US will undergo a significant transformation into a state without a majority ethnic group, leading to the complete abandonment of the national creed of uniting the nation. This will usher in a prolonged adjustment phase.

Additionally, China's total economic output is projected to surpass that of the US before 2050, and the two countries will enter an intersecting phase in terms of data significance. After 2028, it is anticipated that China and the US will eventually enter a stage of stalemate, where cooperation and competition become the norm. The world will not witness a bipolar state. Instead, different power structures will emerge in different fields and on different issues.

Sun Chenghao, fellow at the Center for International Security and Strategy at Tsinghua University:

If the Republican Party is in power, the US will adjust the focus of its competition with China. While emphasizing domestic demand, it will intensify the portrayal of the so-called China threat, combining internal difficulties in the US with competition against China. 

The Republicans may extend their reach into issues such as education, crime and technology, and the economic momentum toward "de-risk" may shift back toward "decoupling."

Second, the Republicans will differentiate themselves by adopting a tough stance. They may add new points of risk game against China, and extreme policy options against China could be used to appease right-wing conservatives internally. 

Third, the continuity of communication channels between China and the US will face uncertainties. Cooperation between China and the US may find it difficult to gain more impetus at the federal level, and the positive forces of communication may sink more to the local and civilian levels.

She Gangzheng, associate professor in the Department of International Relations at Tsinghua University:

I personally believe that the behaviors of smaller countries, including those in the Middle East, will be significantly influenced by the competition among major powers. However, in the context of the technological competition in this digital age, the actions of these smaller countries will, in turn, serve as a strategic hedge, influencing and constraining major powers.

In the future, even if there is a considerable power disparity between countries, it may not necessarily translate into a corresponding disparity in terms of power. The mainstream viewpoint currently suggests that as the pressure from the competition between China and the US intensifies, the pressure on smaller countries to take sides will also increase, and their room for choice will diminish. However, I believe this follows a cold war logic and not the logic of the digital age. In the future, the space for these smaller countries to take sides may remain unchanged or even expand.

Chinese premier says China adheres to opening-up policy no matter how world situation changes

Chinese scientists have recently achieved ultra-low temperature refrigeration without the use of liquid helium, which is expected to have great application prospect in multiple high-tech fields such as deep space exploration, quantum technologies and materials science. The research result has been published in the scientific journal Nature.

Ultra-low temperature refrigeration using liquid helium was invented over a century ago, and has widely been used in national security and strategic high-tech areas such as deep space exploration, quantum technologies, materials science and large-scale research facilities. 

However, due to the relative scarcity of helium in nature, it has become an important challenge within the scientific community to achieve ultra-low temperature refrigeration without using helium. 

Chinese researchers from several scientific research institutes including the University of Chinese Academy of Sciences, the Institute of Physics and the Institute of Theoretical Physics, Chinese Academy of Sciences, used a triangular-lattice cobaltate material to realize the helium-free cooling to a temperature of 94 millikelvin (minus 273.056 C) with frustrated quantum magnets, designating the effect as “giant magnetocaloric effect of spin supersolid.”

Supersolid is a quantum state exhibited by matter at very low temperatures approaching absolute zero (minus 273.15 C). 

Magnetocaloric effect (MCE) is a heating or cooling of a magnetic material when the applied magnetic field changes. MCE can be used for cooling and may offer larger efficiencies than a conventional vapor-cycle refrigeration.

According to the research published in Nature, supersolids are long-sought-after quantum materials with two seemingly contradictory features: a rigid solid structure and superfluidity. The triangular-lattice cobaltate material provides evidence for a quantum spin analogue of supersolidity, with an additional giant magnetocaloric effect — discoveries that pave the way for helium-free cooling to temperatures below 1 kelvin with frustrated quantum magnets. 

Su Gang, a professor from the University of Chinese Academy of Sciences, co-author of the research and one of the key individuals who proposed the triangular-lattice cobaltate material to the research team, told the Global Times on Sunday that the discovery of this new state of matter and its new effects represents a significant breakthrough in fundamental researches. 

It also provides a new solution to the challenging problem of ultra-low-temperature cooling in China’s cutting-edge research areas such as deep space exploration, quantum technology, and materials science, the Science and Technology Daily reported on Thursday.

Li Wei, a researcher from the Institute of Theoretical Physics, Chinese Academy of Sciences, who proposed the triangular-lattice cobaltate material together with Su, said that the biggest challenge in the follow-up work is the research and development of new devices and refrigeration systems. 

According to Li, how to translate the laboratory’s achievements into practical uses and refrigeration systems, so as to provide extremely low-temperature environment and sufficient cooling capacity for deep space exploration or quantum computing, poses certain challenges in both scientific and engineering aspects. 

Reviews from Nature praised the research published on Wednesday, calling it a high-quality experiment and expecting that it will spark widespread research interest. 

Continuing a tradition that has lasted for 34 years, China's foreign minister has once again chosen Africa as the first foreign visit destination for the new year, and this time the visit will cover two countries in North Africa - Egypt and Tunisia - and two in West Africa - Togo, and Cote d'Ivoire - per the announcement of the Chinese Foreign Ministry spokesperson on Thursday.

Chinese Foreign Minister Wang Yi's first overseas trip in 2024 will take place between January 13 to 18 at the invitation of the four African countries, Mao Ning, the spokesperson, said on Thursday. 

After his visit to Africa, Wang will visit Brazil and Jamaica from January 18 to 22, Mao said. 

Experts said this year's visit to the four countries highlighted China's heightened attention to the security situation in North Africa against the background of a potential spillover of the Israeli-Palestinian conflict, as well as China's willingness to cooperate with African countries despite its level of development. 

Mao noted that Wang's visit has carried on a fine tradition that has been kept for the past 34 years. The trip aims to promote the implementation of the outcomes of the Forum on China-Africa Cooperation (FOCAC) Leaders' Dialogue, and coordinate with African countries on a new session of FOCAC to be held this year. 

At last year's FOCAC, Chinese President Xi Jinping proposed three new cooperation initiatives to support Africa's industrialization, agricultural modernization, and talent development, which received an enthusiastic response from his African counterparts, Mao said.

The tradition of the Chinese Foreign Minister's annual first trip to Africa has highlighted China's emphasis on consolidating friendship with Africa. The relationship sets an example of what can truly be called "the establishment of a community with a shared future," Song Wei, a professor from the School of International Relations at Beijing Foreign Studies University, told the Global Times on Thursday. 

For the North Africa leg, the visit to Egypt highlights China's welcoming gesture to its officially joining the BRICS family.  BRICS inducted five new countries in January and they are Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia.

Choosing to visit North Africa also reflects China's heightened concern over the security situation in the Middle East and the Red Sea, Song said. 

As tensions in the region continue to grow, it has threatened the safe passage of an important lifeline for the international economy, and risks a conflict spillover. "The current situation is extremely dangerous from both a political and economic perspective," Song said. "At such a point, Wang's arrival brings the hope of coordinating relations among regional powers, trying to resolve conflicts and restore stability to the world economy and politics."

For West Africa, there were several instances of turmoil and conflicts last year, including military coups. And compared to other regions in Africa, West Africa faces more severe development challenges, so Wang's visit to this region highlighted China's emphasis on security and stability in the continent, experts said. 

Cote d'Ivoire has relatively higher development levels in the continent, while Togo ranks as among one of the poorest countries in Africa, reflecting China's overall focus on Africa's development, Song noted. 

Wang Youming, director of the Institute of Developing Countries at the China Institute of International Studies in Beijing, said China-Latin America relations have steadily progressed in the past few years, with a significant increase in trade volume, thanks to the structural advantage of a mutually beneficial economic complementarity. 

Despite recent political changes in Latin America, with at least five general elections coming up this year including in Mexico and Uruguay, there will be little impact on China-Latin America relations whichever ruling party wins, whether left-wing or right-wing, Wang Youming told the Global Times on Thursday. This is because as an important trading partner, China plays a crucial role in helping them overcome economic challenges.

China Harbour Engineering Co (CHEC), a subsidiary of China Communications Construction Co, recently won the bid for the dredging project of the entrance channel and port basins for the Simandou iron ore project, the world's largest undeveloped iron ore deposit, in Guinea.

The dredging project represents a significant operational achievement for CHEC in the Guinea market, as stated in its official WeChat account on Friday.

This project also signifies another step forward in the development of the high-grade iron ore project, involving joint participation between Chinese enterprises and their international partners.

The expansion and breakthrough in the Simandou project further strengthen CHEC's collaboration with major mining clients in Guinea, solidifying its competitive advantage in the hydraulic engineering market and providing robust support for ongoing development in the Guinea national market, according to CHEC.

The dredging project has a duration of 21 months and involves dredging the shared channels and port basins of the Winning Consortium Simandou (WCS), a consortium backed by Singaporean and Chinese companies, and the Anglo-Australian mining group Rio Tinto.

The channel spans 22.60 kilometers, with a bottom width of 250 meters and an approximate dredging volume of 21.57 million cubic meters, according to CHEC.

The successful bidding of the dredging project occurred just a few days after the reported successful blasting of the No. 5 road in the Simandou mining area, marking another important progress in the mining project.

The successful blasting of the mining project for the first time establishes a solid foundation for subsequent production operations and a series of mine development works.

Infrastructure development for the Simandou mining project is underway after the project officially resumed substantive development in March 2023, following a one-year suspension.

The iron ore project is being progressed in partnership with CIOH, a Chinalco-led consortium, WCS, Baowu, and the Guinean government.

Rio Tinto, one of the investors in Simandou, announced in December 2023 a detailed financial investment plan, revealing that the southern Simandou mining area is expected to commence production in 2025 and increase annual production capacity to 60 million tons within the next 30 months.

The potential total reserves of iron ore in this mine are approximately 10 billion tons, ranking it third globally after Australia and Brazil. Upon production, the annual output is projected to range from 100 million to 150 million tons, contributing to 5 to 7 percent of the world's annual production, according to a Caixin report.

For major public health emergencies that result in more than five deaths or critical cases, provincial health authorities must report to China's top health authority within two hours upon receiving the report, according to new medical emergency regulations released by the National Health Commission (NHC) on Monday.

The NHC released the trial regulation to clarify the mechanisms and processes for emergency medical responses to sudden incidents, and to standardize and efficiently carry out emergency medical rescues in order to avoid and reduce casualties and ensure people's safety and health.

When the casualty situation is not clear, the situation should be reported first, with specific casualties submitted later. Health administrative authorities below the provincial level can directly report to the NHC, while copying the higher-level health authorities. The NHC should promptly report to the State Council upon receiving the report, according to the regulation.

The drafting of the trial regulation was based on relevant emergency, medical laws, regulations and contingency plans, including the Emergency Response Law of the People's Republic of China, Basic Healthcare and Health Promotion Law and the national emergency response plan for public health emergencies, said the NHC.

The trial medical emergency regulation was released in a timely manner, providing clear guidance and assistance to medical institutions in dealing with sudden health emergencies, Lu Hongzhou, head of the Third People's Hospital of Shenzhen, told the Global Times on Tuesday.

For example, based on the Law on Prevention and Treatment of Infectious Diseases and other relevant laws and regulations, infectious disease patients should be promptly transferred to designated medical institutions for treatment, Lu said.

The trial regulation standardizes the system of medical emergency information discovery and reporting, as well as the entire process of medical emergency disposal. It clarifies the work responsibilities of relevant departments and institutions.

The health authorities will establish a system for retroactive investigation and accountability in order to strengthen inspection and guidance and improve the timeliness and accuracy of reporting. For those units that report late, omit, lie, or conceal information, they shall be resolutely held accountable in line with relevant regulations.

It also clarifies the standards for on-site medical emergency disposal, injury classification, treatment of the injured and other facets. It stipulates the management of medical emergency teams and base construction, the establishment of a medical emergency expert database, the formulation of medical emergency plans, the reserve of medical supplies, training and drills and other areas as well.