During the sixth China International Consumer Products Expo (CICPE) in south China's Hainan Province, CGTN spoke with Sebastian Ciemnoczołowski, Marshal of the Lubuskie Voidodeship in Poland. 

He highlighted that China's rapid economic vitality acts as a strategic magnet for European firms. By leveraging China's specialized trade zones as a gateway to broader markets, enterprises can foster more secure and efficient global supply chains. Reflecting on 20 years of local ties and the recent renewal of cooperation agreements, Ciemnoczołowski also noted the striking similarities between China and Poland: both possess a resilient character and a history of tireless effort toward economic success. Through these cooperation agreements, he believes ties are growing stronger between the two countries, and views the shared future with great optimism. 

The International Monetary Fund (IMF) has downgraded its global economic outlook for 2026 amid the ongoing conflict in the Middle East, saying the war has thrown the global economy off a previously steady growth path.

In its latest World Economic Outlook report, the IMF projects global GDP to rise 3.1% in 2026, a downward revision of 0.2 percentage point from its January forecast. The 2027 growth forecast stayed unchanged at 3.2%.

The downward revision for 2026 is largely driven by disruptions from the conflict in the Middle East that is impacting commodity markets, inflation expectations and financial conditions, said the IMF, which was poised to upgrade global growth before the war. 

Current projections were partly offset by positive carryover from recent strong year-end data and lower-than-expected US tariff rates.

"Prior to the war, we were poised to upgrade our global growth forecast, reflecting continued momentum in the global economy supported by a tech investment boom, some moderation in trade policy tensions, fiscal support in some countries, and accommodating financial conditions. War in the Middle East will overwhelm these underlying forces," it wrote in the report's foreword.

Meanwhile, global headline inflation is expected to increase to 4.4% in 2026 and decline to 3.7% in 2027, marking upward revisions for both years, according to the report.

The IMF noted that its "reference forecast" assumes that the current war will remain limited in duration, intensity and scope, with resulting disruptions fading by mid-2026. 

However, in an "adverse" scenario marked by larger and more persistent increases in energy prices, global growth would slow further to 2.5% in 2026, while inflation would rise to 5.4%. In a "more severe" scenario, involving greater damage to energy infrastructure in the conflict region, global growth would fall to around 2% in 2026, with headline inflation surging to above 6% by 2027.

Given the shifting economic and geopolitical landscape, the IMF emphasized the importance of preserving price and financial stability, safeguarding fiscal sustainability and implementing structural reforms, as well as addressing domestic imbalances and trade restrictions. 

It also called for countries to enhance coordination to restore stability in international economic relations.

The ongoing 6th China International Consumer Products Expo (CICPE) in Haikou, south China's Hainan Province, has captured global attention. This year's expo is the first showcase for Hainan's new island-wide special customs operations and the first exhibition of its kind during the inaugural year of China's 15th Five-Year Plan. On an international level, the expo is seen as a "barometer" for global consumption trends that helps signal the recovery and transformation of the world economy. 

According to an online poll released by CGTN, 85.1% of respondents believe that "heading to China" and "investing in China" have become inevitable choices for enterprises to deeply integrate into the global market and boost their global competitiveness. The current CICPE has attracted more than 3,400 brands from over 60 countries and regions, with international exhibits accounting for 65% of the total – a 20-percentage-point rise from last year. Over the past five years, more than 3,800 enterprises and over 12,000 brands from 92 countries and regions have participated in the expo cumulatively, opening a fast track for premium global consumer goods to access the Chinese market. 91.1% of respondents highly agreed with this, noting that the CICPE provides a broad platform for exchanges, cooperation and investment matchmaking among global enterprises. 89.3% of respondents said that by hosting the CICPE for consecutive years, China has demonstrated its firm resolve to pursue high-level opening-up, injecting sustained growth momentum into the lacklustre recovery of the world economy.

In 2025, China's total retail sales of consumer goods surpassed 50 trillion yuan for the first time, and the contribution rate of consumer spending to economic growth stood at 52%. In this regard, 93.5% of respondents believed that consumption is playing an increasingly prominent role in driving China's economy. In fact, the enormous potential of China's consumer market epitomises the strengths of its ultra-large market, which is reflected not only in its massive consumption scale but also in its diverse application scenarios, fast-updating consumption formats and high market vitality. According to the survey, 87.5% of respondents pointed out that China's continuously upgrading ultra-large consumer market is forcing the segmentation of consumer demand, thereby reshaping consumption habits and the logic of industrial development. 91.3% of respondents held the view that the CICPE has evolved into a key platform for displaying cutting-edge consumption scenarios and industry trends, making the dividends of consumption upgrading more tangible and accessible. 86.3% of respondents believed that China's ultra-large market keeps unlocking its development potential, enabling countries across the globe to share the opportunities brought by the growth of the Chinese market.

The survey was published on CGTN's English, Spanish, French, Arabic and Russian platforms, with a total of 7,664 participants expressing their views within 24 hours.

Editor's note: Lin G. is a CGTN economic commentator. The views expressed in this article are the author's own and do not necessarily reflect those of CGTN.

China's first-quarter trade data delivered an unexpected signal: Imports surged far beyond historical patterns, reshaping the familiar narrative of export-led trade growth.

Measured in US dollars, China'a March imports jumped by 27.8% year on year, while exports grew a modest 2.5%.

Trade surplus for the month narrowed sharply to $51.13 billion, nearly half of $90.98 billion a month earlier. When measured in Chinese yuan, the pattern holds – imports rose 23.8% while exports declined slightly by 0.7%.

This divergence marks a structural shift worth closer examination.

Break from past patterns

Over the past several years, China's trade dynamics have been characterized by consistently stronger export growth relative to imports. 

In 2025, exports grew 6.1%, while imports rose just 0.5% in RMB terms.

Similar patterns were visible in 2024, when exports increased by 7.1% while imports grew by 2.3%.

Against this backdrop, the March reversal stands out. 

Import growth not only exceeded export growth but did so by a wide margin, even on top of a relatively high base. 

This indicates that the surge is not driven by low-base effects, but by a genuine acceleration in import demand.

Not just about commodity prices

A common explanation for rising import values is higher global commodity prices. However, a closer breakdown of China's import structure suggests otherwise.

Crude oil imports, for example, actually declined by 4.7% in value terms during the first quarter (in US dollar terms), ruling out energy prices as the primary driver. 

While certain commodities such as copper ore  (up 45.6%) and iron ore (up 11.3%) did contribute, their combined share accounts for less than 10% of total imports, meaning their impact alone cannot account for the magnitude of the overall increase.

The data points to a more diversified expansion. 

Agricultural imports rose by 11%, while consumer-related categories such as cosmetics and personal care products increased by 7%, and textile materials and products by 17.3%. 

These categories typically exhibit relatively stable demand and are not prone to sudden spikes. 

Their growth therefore points less to short-term demand fluctuations and more to supply-chain diversification, including the introduction of competitive foreign products despite strong domestic production capacity.

Real driver: Technology and industrial upgrading

The most significant contributors to import growth lie in machinery and high-tech sectors: Imports of mechanical and electrical products grew by 24.9% in the first quarter, while high-tech product imports surged by 29.2%. 

Together, these categories account for roughly two-thirds of total imports, making them the decisive force behind the overall increase.

Within these categories, automatic data processing equipment and integrated circuits stand out.

This is particularly noteworthy given ongoing global discussions about China's rising domestic capabilities in semiconductors. Despite progress in localization, the data shows that China continues to expand imports of high-end and specialized components, reflecting a pragmatic approach to industrial upgrading.

Rather than retreating into self-sufficiency, China is leveraging global supply chains to accelerate its technological advancement.

A policy-driven expansion of imports

Import growth of this scale does not spontaneously occur in an economy with strong domestic manufacturing capacity and a relatively complete industrial system. 

In such a context, exports tend to grow naturally, while imports require policy support.

The breadth of import growth – spanning over 150 countries and regions, with more than 50 partners exceeding 10 billion yuan in trade – suggests a deliberate effort to expand market access and diversify sources. 

This aligns with China's long-standing policy direction of promoting "import expansion" as part of its broader economic rebalancing.

A timely example is the ongoing China International Consumer Products Expo, which is taking place from April 13 to April 18 in Hainan, bringing together consumer goods from across the world and providing a platform for global brands to access the Chinese market.

The sharp contraction in the trade surplus, therefore, reflects an underlying shift toward a more balanced trade structure. 

A narrower surplus reduces structural frictions with major trading partners, while reinforcing China's role as a source of global demand.

China's first-quarter trade data may signal the early stages of a broader transition. 

It challenges the conventional view of China as predominantly an export-driven economy. 

Instead, China is increasingly positioning itself as both a production powerhouse and a demand engine. 

If sustained, faster import growth could reshape global trade flows, providing new opportunities for exporters worldwide.

A new report from the United Nations Development Program (UNDP) warns that military escalation in the Middle East could inflict $97 billion to $299 billion in economic losses across the Asia-Pacific region and push 8.8 million people into poverty.

The report highlights how rising volatility, transmitted through energy, trade and labor markets, is straining incomes, consumption, employment and social protection systems. It said that low-income households, informal workers, migrants and small businesses are particularly vulnerable, with women disproportionately affected across these groups.

Drawing on assessments from 36 countries and macroeconomic simulations, the UNDP report provides both a regional outlook and a snapshot of how different countries are responding to these pressures.

Rising fuel and freight costs are the most immediate concern. With more than 80% of crude oil and liquefied natural gas passing through the Strait of Hormuz destined for Asian markets, higher transport, electricity, food and fertilizer prices are quickly affecting households and businesses.

In Iran, the report estimates a decline in the Human Development Index equivalent to losing one to one and a half years of progress. Other countries could see losses ranging from weeks to months of foregone development gains under a short-term disruption scenario, though the impact could grow substantially if instability continues - especially in economies heavily reliant on remittances, imported energy and food.

South Asia faces the largest potential setbacks due to greater exposure to price shocks and limited policy buffers, while East and Southeast Asia are expected to experience comparatively smaller disruptions.

Kanni Wignaraja, UN Assistant Secretary-General and UNDP Regional Director for Asia and the Pacific, stressed the difficult choices facing governments. "The resulting prolonged volatility in global markets is imposing increasingly difficult tradeoffs between stabilizing prices, supporting vulnerable households, and maintaining essential public services and market investments," Wignaraja said.

"This is not about regular economic management measures, but a broader test of whether countries can look ahead and adapt fast to protect human development and human security gains in a far more volatile and insecure world," she said.

China is seeing a strong rebound in inbound travel and shopping demand, with over 82 million trips by foreign visitors in 2025, while departure tax refund consumption is surging across the country. 

Check out the posters for more! 

China firmly opposes the UK's exclusion of Chinese products from its wind power projects on the grounds of "national security," China's Ministry of Commerce (MOFCOM) said on Tuesday.

A MOFCOM spokesperson made the remarks in response to media queries about the UK government's decision to block Ming Yang Smart Energy's wind turbines in its offshore wind power projects.

The spokesperson said that the UK's decision contradicts its long-held commitment to "open and free" market principles, and it is detrimental to the development of the UK's local economies and the well-being of its people. He pointed out that it will negatively impact pragmatic bilateral economic and trade cooperation between China and the UK.

The spokesperson also noted that during the official visit of British Prime Minister Keir Starmer to China in January, Starmer explicitly stated that the UK is willing to deepen cooperation in trade, investment, finance and environmental protection, aiming to support economic growth and deliver tangible benefits to people in both countries.

The MOFCOM spokesperson urged the UK government to provide a fair, just and non-discriminatory business environment for Chinese companies, earnestly promote pragmatic economic and trade cooperation between China and the UK, and promote the healthy development of bilateral relations.

China's foreign trade got off to a strong start this year, with total imports and exports reaching 11.84 trillion yuan ($1.63 trillion) in the first quarter, up 15% year on year, according to officials on Tuesday.

The figure marks the first time that first-quarter trade has exceeded 11 trillion yuan, while the quarterly growth rate is also the fastest in nearly five years, signaling solid momentum in external trade, said Wang Jun, deputy head of China's General Administration of Customs.

Breaking down the data, exports totaled 6.85 trillion yuan, up 11.9%, while imports rose 19.6% to 4.99 trillion yuan.

Private enterprises continued to play a leading role in foreign trade. In the first quarter, private firms recorded 6.78 trillion yuan in imports and exports, representing a 16.2% year-on-year increase. Their share of China's total foreign trade rose further to 57.3%, underscoring their growing importance in driving trade growth.

Meanwhile, foreign-invested enterprises posted 3.47 trillion yuan in imports and exports, an increase of 16.1% from a year earlier, recording growth for eight consecutive quarters.

China's trade diversification also continued to strengthen. In the first quarter, trade between China and Belt and Road partner countries was up 14.2% year on year, accounting for 51.2% of China's total imports and exports. Trade with ASEAN and Latin America both grew by 15.4%.

The first-quarter data point to a strong start for China's foreign trade this year, underpinned by continued market diversification, said Wang, adding that China will further advance opening up.

Wang added that China is not only willing to serve as the "world's factory" but also as the "world's market."

Middle East tensions have limited impact on China's trade, expert says

Tu Xinquan, director of the China Institute for World Trade Organization Studies at the University of International Business and Economics, said the headline numbers stood out not only for their strength but also for their composition. "From the Q1 data, import growth outpacing export growth is actually a relatively rare situation," Tu said, noting that imports rose by nearly 20%, well above export growth.

Tu attributed the import surge to a broad-based rebound that has been building since late last year. The momentum is evident across several indicators, he said, adding that "the recovery is still very strong." Exports also grew by more than 10%, reflecting "a very active growth trend" in overall trade.

Looking ahead, Tu acknowledged that new geopolitical uncertainties, including escalating tensions in the Middle East, could trigger swings in equities and exchange rates. However, he argued that the direct impact on China should remain limited. "Overall, the impact on China's economy is relatively small," Tu said, citing stable energy supply conditions and the rapid development of domestic green energy as key buffers.

He also suggested that external shocks could reshape China's export mix. As higher energy prices squeeze industrial production in some economies, supply shortages may emerge. "China's supply capacity is very strong," Tu said, adding that this could improve pricing power and lead to "stable volumes but faster growth in export value."

Despite ongoing uncertainties, Tu said he remains optimistic about the near-term outlook, pointing to continued import demand and China's complete industrial chain and large market as sources of resilience and "certainty" for both China and global trade.

(Sun Ye contributed to the story)

The China International Consumer Products Expo (CICPE) returns for its sixth edition from April 13 to 18, reinforcing its role as one of China’s premier platforms for global consumer trade. Held in Hainan, the expo will feature more than 3,400 brands from over 60 countries, highlighting everything from luxury goods to everyday consumer products and cutting-edge innovations. This year, Canada takes center stage as the Guest of Honor, with Minister Maninder Sidhu leading a delegation of roughly 40 companies eager to expand their footprint in the Chinese market.

Among them is Vancouver-based Black Sheep Organics, making its debut at the expo with a focus on pet-grooming products. Company representatives say shifting global dynamics and changing consumer preferences are driving interest in alternatives to traditional U.S.-based brands, opening new opportunities for Canadian businesses abroad. As demand grows among Chinese consumers for diverse, high-quality products, participants see CICPE as a key gateway for building international partnerships and strengthening trade ties between Canada and China.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

The recently concluded Qingming Festival holiday offered a vivid snapshot of the vitality of China's service sector.

From immersive "tea-picking study tours" to Han- and Tang-style costume photography amid blooming flowers in scenic areas, and even Beijing's smart home-cleaning services delivered by teams combining human workers and robots, consumption patterns are clearly shifting. As living standards rise alongside China's modernization drive, households are moving away from "buying more goods" towards "seeking better services and richer experiences."

From everyday scenarios to growth engine

The service sector not only holds vast consumption potential as a daily necessity but also generates powerful productive forces.

The Formula One Chinese Grand Prix held in Shanghai in March is a case in point. Over three days, more than 230,000 spectators attended, generating 190 million yuan (roughly $28 million) in ticket revenue alone, a 35% increase from last year.

Behind the spectacle lies a complex ecosystem of services, including R&D design, finance and insurance, logistics, event management and cloud data services. Technologies refined on the racetrack – from aerodynamics to lightweight materials – are feeding back into the civilian automotive industry, accelerating manufacturing upgrades.

If consumer services are designed to serve people, then producer services – spanning areas such as R&D, finance and logistics – primarily serve businesses, forming indispensable pillars of the modern economy.

The lion's share

The service sector has become the largest component of China's national economy. Official data showed that in 2025, the sector's value added surpassed 80 trillion yuan for the first time, accounting for 57.7% of GDP and maintaining its position as "half of the economy" for 11 consecutive years. It contributed 61.4% to overall economic growth, accounted for nearly half of household spending and absorbed around 50% of total employment.

"China has entered a stage of development led by the service economy. The service sector has become a core pillar in driving growth, creating jobs and safeguarding people's livelihoods," Zhang Xiaolan, a researcher with the National Development and Reform Commission, told the Economic Information Daily.

Despite this progress, challenges remain. Compared with developed economies, China still lags in the share, quality and international competitiveness of its service sector – particularly in high-end supply and professional specialization. As such, further improvements are needed to better meet the demands of industrial upgrading and people's aspirations for a better life.

"Enhancing the capacity and quality of the service sector is a critical step in shifting China's economy from scale-driven expansion to efficiency- and quality-oriented growth," Zhang said.

Rising demand meets policy support

Looking ahead, both demand-side shifts and policy support are aligning to unlock new growth potential.

Household consumption is moving from "whether there is enough" to "whether it is good enough," with demand surging in areas such as eldercare, childcare, healthcare and tourism. At the same time, accelerating industrial transformation – driven by digitalization and green development – is generating strong demand for producer services, including R&D, modern logistics and supply chain finance.

In addition, expanding service consumption to boost domestic demand has become a key pathway to stabilizing economic growth amid rising global uncertainty.

Against this backdrop, China is stepping up policy support. From the Government Work Report's emphasis on expanding investment in key service sectors, to State Council directives on widening market access, and the latest national conference calling for a systematic push to enhance capacity and quality, a clearer and more coherent top-level design is taking shape.

Efforts will focus on promoting greater specialization and higher value added in producer services, improving the quality, diversity and accessibility of consumer services and fostering more "China Services" brands.

Concrete measures are already underway. The Ministry of Human Resources and Social Security has launched pilot programs to integrate human resources services with manufacturing, while Guangdong Province is promoting deeper integration of technology and finance to support innovation-driven enterprises. Initiatives such as building "15-minute community life circles" are also bringing high-quality elderly care, childcare and catering services closer to residents.

A new calling card for foreign investment

The service sector has also become a key entry point for China's high-level opening up. In recent years, China has advanced service trade development, improved inbound tourism policies, expanded pilot programs for service sector opening and promoted the orderly liberalization of sectors such as telecommunications, healthcare and education.

Major platforms such as the China International Fair for Trade in Services have boosted global cooperation, while pilot zones for expanding service sector opening have been extended to 20 regions across the country. In 2025, the service sector accounted for around 70% of China's utilized foreign investment, according to the Ministry of Commerce. The country also recorded over 150 million inbound tourist visits, with spending exceeding $130 billion, making travel services the largest segment of service trade.

"Services are now China's calling card for foreign investment. High-end logistics, R&D services, digital trade – multinationals see opportunity and they're investing for the long term," Zhao Zhongxiu, president of the University of International Business and Economics, told CGTN.

As policy measures continue to roll out, the service sector is expected to enter a new phase of rapid expansion. Analysts predict strong growth in areas such as software and information services, with annual growth rates around 12%, while the market for AI-powered services could exceed 800 billion yuan.

Authorities on the Chinese mainland rolled out a package of 10 policies and measures on Sunday to boost exchanges and cooperation across the Taiwan Strait. Check out the posters for a detailed look at the measures.

A quiet stroll along the rapeseed fields, just like any curious puppy?

No, look closer — this one runs on code!

You just find spring in a cup — fresh-picked, sun-kissed, and bursting with the season's first flavors!

Spring is in full bloom at Jingshan Park in Beijing. Layers of vibrant flowers paint the park in rich colors, offering visitors a delightful springtime escape. (Cover via VCG)

Chinese Premier Li Qiang convened a symposium with experts and entrepreneurs on Friday to get their read on where the economy stands now and work for the next quarter.

During the meeting, participants reached a consensus that the Chinese economy got off to a solid start in the first three months of 2026, with multiple indicators outperforming expectations. Despite challenges from external shocks, they noted, China has rolled out proactive and effective macroeconomic policies, and that new drivers of high-quality development have continued to gain momentum and grow stronger.

Having listened to attendees, Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, stressed the importance of gaining a deep understanding of the internal drivers underpinning China's steady and improving economic performance. He called for thorough analysis of future trends in the international economic and trade landscape, and emphasized the need to handle calmly all kinds of risks and challenges.

Li urged more work to ensure macroeconomic policies are implemented effectively, and to make them more forward-looking, targeted and coordinated.

Specifically, Li stressed the need to promote high-quality and efficient development of the service sector to better meet people's full life-cycle needs and businesses' whole-process production and operational needs. He also underscored the importance of accelerating the manufacturing sector's digital and intelligent transformation and deepening the integration of advanced manufacturing and modern services.

Greater efforts are needed to boost employment and raise incomes for both urban and rural residents, tap job-creation potential across multiple channels and sectors and create new occupations, thereby fostering a virtuous cycle of higher incomes, stronger domestic demand and sustained economic growth, Li added.

Li also encouraged entrepreneurs to achieve more progress in their industries and make greater contributions to advancing innovation-driven development, stabilizing employment and boosting incomes.

The US-China Business Council (USCBC) led its largest and highest-level delegation of American companies to visit Guangzhou and Shenzhen in south China's Guangdong Province from April 8 to 10, demonstrating their strong interest in deepening commercial ties with the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and confidence in the Chinese market.

The delegation included representatives from dozens of US firms such as Procter & Gamble, Pfizer, General Electric, Carrier, Cargill and Cisco, covering biomedicine, information technology, finance, consumer goods and other sectors.

Sean Stein, president of the USCBC, said the visit aims to introduce more US companies to the business-friendly policies and environment of the GBA.

"Guangdong is no longer just a market or manufacturing center, but also a platform," Stein said, adding that American firms can leverage the province's strengths in innovation to enhance global competitiveness.

Cao Shan, vice president of corporate affairs and communications for Medtronic Greater China, which has been operating in China for 37 years, said the company hopes to transform into a co-builder of China's local innovation ecosystem, particularly through pilot policies in Guangdong.

"Guangdong has a well-developed consumer goods market and an advanced automobile industry," said Pang Xiongying, vice president of Westlake Corporation. "We also hope to promote the leading AI hardware and system solutions to our factories around the world."

The USCBC, headquartered in Washington, D.C., has long been committed to promoting the development of US-China relations and economic and trade cooperation between the two countries.

As one of China's most open and economically dynamic regions, the GBA is increasingly becoming a key stage for global companies to share development opportunities, driven by its emerging consumption scenarios and technological applications.

The 6th China International Consumer Products Expo will be held in south China's Hainan Province from April 13 to 18. Please answer the following questions and share your views.

Chinese users' experience is driving people-centric auto innovation, and R&D outcomes from the Chinese market are powering the progress of the global automotive industry, said Robert Cisek, CEO of Volkswagen Brand China, in an interview with CGTN's Li Mengyuan.

What can you do with a single salt field in coastal China? Turns out, you can generate clean energy, farm shrimp, and produce salt — all at the same time!

Tianjin's 200,000-acre "solar-salt" project saves 110,000 tonnes of coal annually, boosts shrimp yield by 20%, and still yields 1.1 million tonnes of salt. That's what we call triple efficiency.

From crowded cinemas to booming livestream shopping sessions, a surge in consumer vitality is unfolding across China. As global uncertainty clouds export prospects, China is placing greater emphasis on domestic consumption as a key driver of growth, tapping into the spending power of more than 1.4 billion people to anchor its next phase of development.

That shift was underscored at a recent national conference on the service industry, where officials called for adapting to demographic changes, upgrading consumption patterns and accelerating industrial transformation. The message was clear: the service sector will play a pivotal role in unlocking domestic demand and sustaining economic momentum.

At the heart of this strategy is a reinforcing cycle. As Chinese consumers demand better healthcare, richer cultural experiences and more convenient services, businesses are pushed to innovate. In turn, an expanding and higher-quality service sector is creating new consumption scenarios – from immersive entertainment to personalized eldercare – encouraging households to spend more. Demand drives supply, and supply generates new demand.

Transitioning economic model

This evolving dynamic reflects a deeper transition in China's economic model. For decades, China's growth relied more on exports and investment. Today, with raising external risks, domestic consumption is being positioned as both the primary engine of growth and a buffer against global volatility.

Recent figures highlight the scale of this shift. Consumption accounted for 52% of China's economic growth last year, while total retail sales of consumer goods surpassed 50 trillion yuan (about $7.3 trillion) for the first time. Spending is also changing in nature: services now make up 46.1% of per capita consumption, a share that continues to rise as households prioritize quality of life.

To sustain this momentum, policymakers are working on both sides of the equation – boosting consumers' ability to spend and improving what the market has to offer. Measures to raise incomes and strengthen social safety nets aim to reduce financial anxieties, while efforts to build a unified national market and enhance product and service quality are designed to make spending more attractive.

The policy push is already visible in everyday life. Since the start of 2026, several regions such as east China's Zhejiang and Jiangsu provinces have raised minimum wages, lifting top-tier monthly levels to around 2,600 yuan. Families are receiving greater support as well, including annual subsidies for children under three and higher pension payments for retirees. These measures are intended to ease long-term concerns about healthcare, aging and childcare – factors that often weigh on household spending decisions.

"More resources would be directed toward the public sector this year to ensure people are able, willing and confident to consume," Lou Qinjian, a member of the 14th Standing Committee of the National People's Congress, said during this year's Two Sessions.

Fiscal policy is reinforcing that goal. This year, China has allocated 250 billion yuan in ultra-long-term special treasury bonds to support consumer goods trade-in programs, alongside a broader package of measures combining fiscal and financial tools to stimulate domestic demand.

These trade-in programs are already gaining traction. In 2025, government support helped generate more than 2.6 trillion yuan in related sales, and the momentum has carried into 2026, with first-quarter figures showing over 433 billion yuan in transactions benefiting more than 60 million consumers, according to data released by the National Reform and Development Commission.

By encouraging households to replace old appliances, vehicles and electronics, the policy is not only boosting consumption but also accelerating the shift toward greener and smarter products.

Emerging new consumption trends

Beyond policy support, new consumption trends are reshaping the landscape. Service consumption is expanding rapidly, driven by rising demand for elderly care, healthcare, tourism and sports. At the same time, electric vehicles, smart home devices and environmentally friendly products are becoming increasingly popular. New business models – from quick commerce (such as 30-minute delivery) to livestream e-commerce – are blurring the boundaries between shopping, entertainment and social interaction.

Besides, growth is no longer confined to major cities. In smaller cities and rural areas, improving infrastructure and rising incomes are unlocking new demand. Local governments are building commercial hubs, upgrading retail networks and tailoring development strategies to local conditions, turning these markets into important new engines of consumption.

Official data revealed the vitality of China's consumption. In the first quarter, offline consumption payments rose 3.4% year on year, while goods consumption increased by 5.2%. During the three-day Qingming Festival holiday, domestic travel reached 135 million trips, with tourism spending climbing to over 61 billion yuan – another sign of consumers' growing willingness to spend on experiences.

China's push to expand domestic demand is also drawing attention from global businesses. Wu Xuchu, vice chairman and chief partner of the northern region at KPMG China, has noted that the country's vast market and the growing space for service consumption offer strong opportunities for multinational companies.

For firms like Nestle, the shift is already translating into concrete investment decisions. Chief Executive Officer Philipp Navratil said during this year's China Development Forum that China's emphasis on boosting domestic demand has created "significant opportunities." More than 90% of Nestle's products sold in China are now locally produced, with recent investments exceeding 5 billion yuan in areas such as pet food and infant nutrition.

As China navigates a more complex global environment, its renewed focus on consumers signals more than a short-term policy adjustment. By linking income growth, social policy and industrial upgrading, the country is building a more resilient, internally driven growth model – one that could reshape not only its own economic trajectory, but also its role as a source of global demand in the years ahead.

China has expanded its pilot free trade zones (FTZs) to 23 with the establishment of the China (Inner Mongolia) Pilot Free Trade Zone, the latest move in the country's sustained push for high-standard opening up, according to a plan made public by the State Council on Thursday.

The plan grants the new pilot FTZ in north China's Inner Mongolia Autonomous Region greater reform autonomy and encourages pioneering. It specifies 19 reform and innovation measures, including developing border trade in an innovative way, strengthening international logistics services, improving the efficiency of technology transfer and application, and expanding external exchanges across multiple fields.

The new pilot FTZ is located along the border and enjoys inherent advantages for opening up to the north, which is conducive to expanding international circulation, said Yuan Xiaoming, assistant minister of commerce at the press conference on Friday. 

He added that the new pilot FTZ also contributes to strengthening the domestic large-scale circulation, promoting regional coordinated and interactive development, and achieving internal and external connectivity, mutual promotion, and common progress.

The establishment of the new pilot FTZ is an important strategic move to further deepen reforms comprehensively, advance high-standard opening up, and promote high-quality development, according to the plan.

The pilot FTZ covers 119.74 square kilometers and comprises three sub-zones in Hohhot, capital of the autonomous region, Manzhouli, a northern border city, and Erenhot, a land port on the China-Mongolia border, each tasked with differentiated functions and the development of industries tailored to local conditions.

China had earlier established 22 pilot FTZs in areas including Shanghai, Guangdong, Liaoning, Hainan, Shandong and Beijing. The country will move faster toward all-around opening-up through links running eastward and westward, across land, and over sea, according to the outline of the 15th Five-Year Plan (2026-2030).

(With input from Xinhua; cover via VCG)

China's producer price index (PPI) rose by 1.0% month-on-month and 0.5% year-on-year in March, marking the first year-on-year increase after 41 consecutive months of decline, data from the National Bureau of Statistics (NBS) showed on Friday.

The country's PPI, or price of goods at the factory gate, has grown sequentially for six straight months and recorded its largest monthly gain in 48 months in March, up 0.6 percentage points from February's growth.

The increase was driven by a rapid rise in global commodity prices and improved supply-demand dynamics in some domestic sectors, according to NBS statistician Dong Lijuan.

Among major industries, prices in AI-related hardware and electronics, and also green transition sectors stood out. Optical fiber manufacturing prices shot up 76.1% year-on-year; external storage devices and components surged 21.1% and electronic specialized materials jumped 18.7% as China's "AI Plus" initiative expands rapidly alongside a surge in computing power demand.

Meanwhile, green transformation is empowering development, with prices in biomass fuel processing and waste resource utilization rising by 6.1% and 0.9%, respectively.

Data from NBS also showed that the consumer price index (CPI) rose by 1.0% year-on-year and decreased by 0.7% month-on-month in March as consumer demand fell seasonally after the Spring Festival holiday. The core CPI, which excludes food and energy prices, increased by 1.1% year-on-year.

The national CPI stayed in moderate year-on-year growth, ticking down to 1.0%. Notably, industrial consumer goods prices jumped 2.2%, a 1.1 percentage point widening from last month, driving about 0.67 percentage points of the total CPI increase.

Specifically, data storage device prices increased by 5.5%, driven by rising raw material costs and strong demand – a sign of robust demand for the digital economy.

(Cover via VCG)

It’s been more than a year since sweeping U.S. tariffs reshaped the flow of global trade. 2025 marked a record year for container volume imported into Southern California, as companies rushed to get ahead of the duties. 

But the latest numbers suggest the surge is now fading. And for ports and logistics firms, the volatility is creating new uncertainty. 

Ediz Tiyansan reports from Los Angeles.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

As the WHO marks World Health Day, millions of Americans struggle to obtain quality healthcare services due to rising costs and other barriers. 

What are some of the options available to fix the U.S. healthcare system?

CGTN’s Walter Morris takes a look.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

China completed its largest domestically designed and built Liquefied Natural Gas (LNG) carrier on Wednesday in Nantong, Jiangsu Province, bringing the number of Chinese shipyards capable of delivering such vessels to five.

The vessel, named "Celsius Georgetown," was built by China Merchants Industry Haimen Base for Celsius Shipping, a Danish shipowner, as reported by Modern Express, a local media outlet in Nantong. It is the first vessel of a 4+2+2 contract, according to an announcement by China Merchants Industry.

The ship has a cargo capacity of 180,000 cubic meters, a length of 298.8 meters and a width of 48 meters, making it the largest LNG carrier China has built so far. 

Equipped with a dual-fuel propulsion system, the vessel allows for a low LNG evaporation rate and meets the latest environmental standards issued by the International Maritime Organization.

LNG carriers are specialized vessels designed to transport liquefied natural gas at ultra-low temperatures of -163 degrees Celsius. The extreme complexity of their design and construction made only a handful of shipyards worldwide capable of building vessels of this class.

The delivery of this vessel made its shipbuilder the fifth Chinese shipyard capable of delivering LNG carriers. China's influence in the sector is growing rapidly. According to S&P Global, among 292 active orders of LNG carriers, 85 are commissioned to Chinese shipyards.

The China-Laos Railway has recorded robust growth in cross-border cargo trade, with its first-quarter value rising 62.7% year on year to 6.81 billion yuan (about $992 million), a record high for the period.

From January to March this year, exports of photovoltaic products surged 43.2 times year on year to 1.19 billion yuan, while imports of fresh and dried fruits doubled to 500 million yuan, according to Kunming Customs in the border province of Yunnan in southwest China.

The railway is emerging as an efficient two-way corridor for "Chinese manufactured goods heading south and Southeast Asian specialties heading north," the customs noted.

Since its launch, the total value of imports and exports via the railway had exceeded 80 billion yuan as of Tuesday.

The railway now serves over 6,000 enterprises across China, with its trade influence extending to 19 countries and regions, including Laos and Thailand. The range of traded goods has expanded from around 500 categories at the start of operations to more than 3,800.

Kunming Customs has introduced various measures to facilitate border trade along the railway.

The China-Laos Railway, a landmark project of high-quality Belt and Road cooperation, began operations in December 2021. The 1,035-km railway connects China's Kunming with Vientiane in Laos.

China is launching a campaign to expand and upgrade its service sector, aiming to build more "China Service" brands, according to a national conference on the service sector held in Beijing from April 7 to 8.

At the conference, Chinese Premier Li Qiang urged policymakers to address three major trends: demographic shifts, upgrading of consumption structures, and industrial transformation.

He added that policy efforts should be made to focus on new growth drivers and making the service sector more digital, standardized, integrated, and globally connected.

The campaign targets two fronts. For producer services, industries that support other businesses, such as logistics, finance, and software, the focus is on specialization and moving up the value chain. For consumer services such as retail, dining, travel, and housing, goals include higher quality, greater variety, and improved accessibility.

Chinese Vice Premier Ding Xuexiang highlighted innovation-driven development, along with developing tech‑based services, digital and intelligent services, and further integrating manufacturing with services.

China's service industry has steadily expanded in recent years, playing a vital role in supporting industrial upgrading, improving people's livelihoods, and boosting employment opportunities.

The numbers tell the story. In 2025, China's service sector exceeded 80 trillion yuan ($11 trillion) for the first time, contributing nearly two-thirds of national economic growth. The sector now provides jobs for about half of the country's workforce.

The scale of the service industry is projected to surpass 100 trillion yuan during the 15th Five-Year Plan period, said Zheng Shanjie, head of China's National Development and Reform Commission, during this year's Two Sessions.

Following the conference, a series of measures will be introduced to expand capacity, improve quality, and fully unlock the potential for high-quality development in the service sector.

Editor's note: Wang Xiaolei is an assistant researcher at the Institute of State System Research and School of Economics of Zhejiang University. The article reflects the author's opinions and not necessarily the views of CGTN. 

Amid growing complexity in the Taiwan Strait, cross-Strait economic and trade relations are undergoing deep structural adjustments. Despite geopolitical uncertainties, economic interdependence continues to deepen, due to strong market complementarities.

From Taiwan region's perspective, its economic reliance on the mainland has reached unprecedented levels, with the mainland serving as a key external growth engine. Official data shows that the mainland's cumulative trade deficit with Taiwan region from 2014 to 2025 exceeded 10 trillion yuan (approximately $1.4 trillion), with the annual average exceeding 1 trillion yuan (approximately $140 billion). These figures highlight both the depth of trade integration and the mainland's pivotal role in Taiwan's export economy.

Yet close ties face several challenges. The island's industries have polarized, concentrating heavily in high-tech sectors like semiconductors. This has increased supply chain fragility and vulnerability to external shocks. Meanwhile, rising costs — labor, energy, and logistics — are eroding Taiwan firms' competitiveness, underscoring the need for more diversified, resilient cross-strait cooperation.

China's 15th Five-Year Plan reaffirms support for policies benefiting Taiwan compatriots and enterprises. It also calls for expanding cross-strait financial markets and capital channels, creating space for deeper industrial ties. This positions industrial synergy and market integration as key drivers for shared development during modernization.

A practical pathway: The cross-Strait production network

Building cross-regional production networks offers a concrete way forward. The mainland boasts the world's most complete industrial system, ample energy reserves, and stable commodity supplies. Taiwan excels in precision manufacturing, green tech, and digital economy, with a higher per capita GDP and top global innovation rankings.

A cross-Strait network leverages these complementarities: Taiwan firms gain from the mainland's full industrial chain and market scale, while the mainland boosts productivity via Taiwan's tech expertise. For example, WUS Printed Circuit (Jiangsu), a Taiwan-funded firm, combines Jiangsu's manufacturing base with Taiwan's precision R&D talent to enhance competitiveness.

Regionally differentiated approach

Mainland should promote integration based on local strengths. The Fujian Cross-Strait Integration Zone can eliminate institutional barriers. The Yangtze River Delta and Pearl River Delta provide industrial and talent advantages, while central and western regions offer vast markets and computing infrastructure. This regionally differentiated, market-driven approach embeds Taiwan deeply into the mainland's modern industrial system.

Taiwan's tech prowess plus the mainland's industrial scale and market depth form a strong foundation for synergy. The 15th Five-Year Plan provides a strategic window. By building cross-Strait production networks within modernization efforts, both sides can achieve deeper integration and new growth.

Chinese President Xi Jinping has called for striving to break new ground in the high-quality development of China's service sector.

Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, made the remarks in an instruction conveyed at a national conference on the service sector held in Beijing from Tuesday to Wednesday.

China's service sector has steadily expanded in scale and continuously improved in quality and efficiency since the 18th National Congress of the CPC, playing an important role in supporting industrial upgrading, meeting people's livelihood needs and driving job growth, according to Xi.

Underscoring demand-driven development, reform breakthroughs, technology empowerment as well as opening up and cooperation, Xi called for carrying out capacity-expanding and quality-upgrading initiatives in the service sector.

Efforts must be made to advance producer services toward greater specialization and the higher end of the value chain, foster high-quality, diverse and accessible consumer services, and build more "China Services" brands, he said.

Premier Li Qiang and Vice Premier Ding Xuexiang, both members of the Standing Committee of the Political Bureau of the CPC Central Committee, addressed the conference.

Noting that General Secretary Xi's important instructions have profoundly expounded the great significance, key principles and main tasks of developing the service sector, Li called for deepening the understanding of the service sector from a strategic and overall perspective to better promote its high-quality and efficient development.

He stressed the need to adapt to the structural trends in demographic shifts, consumption upgrading and industrial transformation to continuously foster new growth drivers in the service sector and advance its digital, intelligent, standardized, integrated and internationalized development toward a higher level.

He urged efforts to make services that meet residents' essential needs more inclusive and of higher quality, expand the supply of upgrade services, and refine and enhance personalized services while strengthening services for technology and advanced manufacturing.

Li also called for efforts to actively expand opening up and deliver more targeted and effective policy support so as to create a good environment for the development of the service sector.

In his concluding remarks, Ding urged solid progress in advancing the main tasks of developing the service sector, highlighting the need to boost innovation, cut costs, enhance efficiency, cater to people's demand and improve market vitality.

Ding also asked relevant regions and departments to establish and apply a correct understanding of what it means to perform well and to ensure the effective implementation of decisions and arrangements made by the CPC Central Committee and the State Council.

China's service sector surpassed 80 trillion yuan (about $11.65 trillion) in added value last year, making up 57.7% of GDP. It also contributed 61.4% to economic growth, up 3.7 percentage points from the 2024 level, and provided around half of total employment.

In the outline of its 15th Five-Year Plan (2026-2030) approved by the top legislature last month, China pledged to further advance reform and opening up in the service sector, refine policy support and comprehensively boost its quality, efficiency and competitiveness.

The sector is likely to surpass 100 trillion yuan in scale during the 2026-2030 period, according to the National Development and Reform Commission, the country's top economic planner.

China has become a primary hub in the production network of the ASEAN+3 region, comprising ASEAN member states plus China, Japan and South Korea, the Singapore-based ASEAN+3 Macroeconomic Research Office (AMRO) said on Monday.

The past two decades have seen a fundamental structural shift underpinning the region's resilience, the institute said in its ASEAN+3 Regional Economic Outlook 2026.

"From the supply side, regional production networks have evolved from a Japan-centered hub into a denser, more interconnected architecture anchored by China," it said, noting that this was supported by China's expanding manufacturing capacity, logistics infrastructure and central position in intermediate goods trade.

"These supply linkages reflect interdependence rather than unidirectional dependence," the report said.

On the demand side, ASEAN+3 has emerged as a major source of global final demand, collectively larger than the United States, with intraregional demand now far more significant than two decades ago.

This relationship is also two-way: within ASEAN+3, China is the dominant demand hub, while other economies are key sources of final demand for Chinese exports, the report noted.

At the same time, foreign direct investment (FDI) reinforced these links, with rising intraregional FDI complementing trade and production relationships, the report said.

During Monday's release conference, AMRO Chief Economist He Dong told reporters that for supply chains to be resilient, it is important for economies involved to increase domestic-value-added content, meaning larger positive spillovers from FDI into the domestic economy.

He said firms in ASEAN can benefit by upgrading local capacity, adding that by increasing domestic value-added, regional firms gain more opportunities and make supply chains more resilient to external shocks.

(Cover: The central business district on a sunny day in Beijing, capital of China. /VCG)

Farmers in California are coping with drought, labor shortages and rising fuel costs due to the conflict in Iran.

Disruptions in the Persian Gulf are threatening fertilizer supplies in a state that produces nearly half of America's fruits and vegetables.

CGTN's Ediz Tiyansan reports.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

For World Health Day in 2026, the World Health Organization is calling on people everywhere to stand with science to improve their health. That global public push comes as millions of Americans struggle to obtain quality healthcare services due to rising costs and other barriers. CGTN's Walter Morris reports.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

This year's Qingming Festival holiday has been more than a traditional period of remembrance for the Chinese. It has served to test China's newest economic lever.

Several provinces and municipalities aligned the Qingming Festival holiday with the spring break this year. The concept of spring breaks for primary and secondary students first emerged in Hangzhou in 2004. This year's government work report, for the first time, called for introducing such breaks where conditions permit—elevating the policy from local trials to a national guideline. Now,  promoted across eight provincial-level regions, spring breaks featuring varying holiday durations have ignited a significant targeted consumption surge.

Family travel has rapidly emerged as the primary driver of this trend, with the travel agency Tongcheng Travel reporting that family-related bookings accounted for nearly 40% of all holiday products between April 1 and April 6—a sharp increase from 23% the previous year. This cohort saw a nearly 200% year-on-year increase in bookings, led by the Yangtze River Delta region. The shift is particularly visible among teenagers. Data from Qunar Travel, another travel platform, shows that 2.7 times more children aged 13 to 18 traveled with their parents during this period and collected their "life's first air ticket."

Zheshang Securities predicted that a full nationwide spring and autumn breaks rollout to cash-in on this emerging "time dividend" may inject up to 103.9 billion yuan ($15.1 billion) into China's GDP, with even conservative scenarios yielding between 23 billion and 46.6 billion yuan in new economic activity.

This year's "spring break plus Qingming Festival holiday" model tested several contributing factors, such as workplace flexibility, academic relief, and transport readiness, to unlock the potential market.

To solve the perennial "parent-child schedule gap," local governments in Jiangsu Province, Zhejiang Province, and Anhui Province urged employers to prioritize leave requests from working parents and support their flexible working hours. In the meantime, educators took steps to ensure the break was used for exploration rather than rote learning. Schools in Zhejiang Province, Sichuan Province, and Shandong Province called for "no homework during breaks," while provinces such as Guangdong Province and Jiangsu Province strictly prohibited extra-curricular tutoring during the period. These efforts were bolstered by the railway operator of the Yangtze River Delta region, which proactively boosted capacity to handle a record 4.7 million passenger trips on April 4—the day connecting the spring break to the Qingming Festival.

With China's average annual days off now at a historic peak of 117, the policy focus has shifted from the quantity of rest to the quality and timing of leisure. By leveraging the "spring/autumn break" model, China is effectively creating a new consumption cycle with minimal disruption to current workflows and, hopefully, a maximized sense of well-being for its labor force.

China has released a policy document to advance high-quality e-commerce and better serve the real economy. The document was jointly issued by the Ministry of Commerce and five other authorities.

China has been the world's largest online retail market for 13 consecutive years, now covering 26 million domestic businesses, the commerce ministry highlighted. It has also established Silk Road E-Commerce partnerships with 36 countries, with cross-border e-commerce accounting for over 6% of total goods trade, and serving 3.2 billion global customers.

The new policy will deepen integration between the real and digital economy, and advance institutional opening-up for e-commerce, the ministry said. The policy entails several specific measures.

On empowering efficacy, the guidelines support SME transformation, deepen rural e-commerce, and develop industrial e-commerce to consolidate the foundation of the real economy.

In terms of innovation-driven development, the document calls for the application of technological innovation, developing high-quality consumption and building integrated platforms.

To promote high-level opening-up, the document puts forward promoting cross-border e-commerce, expanding Silk Road E-Commerce, accelerating institutional opening-up, and advancing rule alignment, to jointly build and share China's large e-commerce market.

For a sound ecosystem, China will strengthen platform responsibilities, enhance regular supervision, and guide compliant global expansion to promote win-win development for all stakeholders.

On key support and safeguards, it outlines three measures, including improving financial services, unlocking data value, and enhancing targeted talent training.

Editor's note: Liu Xu is an executive director of the Center for International Energy and Environment Strategy Studies at Renmin University of China. The article reflects the author's opinions and not necessarily the views of CGTN.

The full-scale escalation of the geopolitical conflict between the US and Iran in early 2026, with the upgraded control of the Strait of Hormuz as the core trigger, triggered systemic shocks to the global supply chain, key shipping lanes, inflation patterns, and economic growth. This conflict was not merely a military confrontation in a single region, but an extreme stress test of the resilience of industrial and supply chains in the era of globalization. Its impact extended from energy and commodities to multiple core sectors such as semiconductors, pharmaceuticals, and manufacturing, plunging the global economy back into uncertainty after a brief respite from cooling inflation. 

The Strait of Hormuz, as a crucial choke point for global maritime crude oil and LNG trade, saw its traffic volume plummet by over 90%. This not only directly impacted the energy market but also, through the chain of shipping lane blockades, supply chain disruptions, and the cascading cost increases, caused a qualitative shift in the global economy from "price shocks" to "growth disruption."

The impact of the Middle East conflict on global supply chain security is multi-dimensional, systemic, and rapidly spreading, breaking the risk boundaries of single sectors and evolving into a chain reaction across the entire industry chain. The energy sector has been among the first to suffer, with a significant decrease in Middle Eastern crude oil exports, the shutdown of Qatar's core LNG facilities, and Brent crude oil prices soaring from $60/barrel at the beginning of the year to over $100, approaching $120 at times. Global natural gas prices have also surged, with Asian LNG prices rising by 143%. 

As the "lifeblood" of industrial production, the surge in energy prices has directly increased production costs across all industries. Raw material and transportation costs in sectors such as chemicals, automobiles, and electronics manufacturing have risen sharply. The shutdown of methanol and ethylene glycol production capacity in Iran has led to a contraction in the supply of related products in major importing countries like China, resulting in a price increase. More seriously, the conflict has impacted the supply of core raw materials in key sectors such as semiconductors and pharmaceuticals, with industries like AI servers and consumer electronics facing production capacity constraints. Air freight volumes in the Gulf region have decreased significantly, hindering the transportation of cold-chain pharmaceutical products such as vaccines and insulin, and creating a risk of drug shortages in regions with weak supply chains, such as Africa. Meanwhile, shipments from key manufacturing bases such as Israel's Tower Semiconductor have been hampered, triggering a global shift of orders for mature process chips and putting the global technology industry under the dual pressure of soaring hardware costs and longer delivery cycles.

The collapse of key shipping lanes' safety is the core conduit for the amplification of global supply chain risks in this conflict. The de facto blockade of the Strait of Hormuz, coupled with the security risks of the Red Sea - Mandeb Strait, has created a rare "double choke point" obstruction in global shipping history. Following the outbreak of the conflict, the daily number of ships passing through the Strait of Hormuz dropped sharply, causing a large number of vessels to be stranded in the Persian Gulf. Major shipping companies such as Maersk and MSC suspended operations or detoured around the Cape of Good Hope. The obstruction of shipping lanes not only drove up logistics costs but also triggered a chain reaction of disruptions in the global shipping network. Capacity at core air cargo hubs in the Middle East, such as Dubai and Doha, decreased, air cargo insurance premiums multiplied, and the transport channels for high-value, time-sensitive goods were severely restricted. Rising logistics costs have become a long-term burden on global trade, and the trade in bulk commodities and manufactured goods reliant on Middle Eastern shipping lanes has been forced to adjust its flow due to transportation uncertainties, further exacerbating regional imbalances in the global supply chain.

The resurgence of inflation and the pressure on global economic growth are the most direct macroeconomic consequences of the Middle East conflict, rendering previous efforts to suppress inflation futile and even threatening stagflation for some economies. From an inflation perspective, soaring energy prices are the core driver. According to industry experience, for every $10/barrel increase in oil prices, global inflation will rise by 0.3-0.4 percentage points. Currently, US commodity inflation has surged from less than 1% to 3.5% year-on-year, manufacturing costs in the Eurozone continue to rise, and emerging economies such as India and the Philippines face the prospect of diesel prices doubling. Oxford Economics estimates that if crude oil prices remain around $140 for two months, some regions globally will experience a mild recession. The United Nations Development Programme assesses that the Middle East alone will face economic losses of $120-194 billion in 2026, with GDP growth plummeting from 4% to 0.7%. Global economic growth is projected to fall from 2.9% in 2025 to 2.6%, and the Eurozone's GDP growth forecast has been revised down to 0.3%.

This geopolitical conflict in the Middle East once again demonstrates that in an era where globalization and geopolitical competition are intertwined, the fragility of global supply chains has become the norm, and disturbances in a single region can trigger systemic risks. For enterprises, this conflict presents both a challenge and an opportunity to enhance supply chain resilience and optimize its layout. Only by abandoning the singular pursuit of low cost and high efficiency, and building a "diversified, independent, controllable, and resilient" supply chain system, can they gain a foothold in the complex and ever-changing global landscape.

The ongoing conflict involving the United States, Israel and Iran has disrupted shipping through the Strait of Hormuz for over a month, prompting major Gulf oil producers to accelerate efforts to secure alternative export routes.

The waterway, a vital artery linking the Persian Gulf to global markets, typically handles more than a quarter of the world's seaborne oil trade and about one-fifth of global liquefied natural gas shipments. With tanker traffic facing heightened risks, countries like Saudi Arabia, the United Arab Emirates and Iraq are increasingly relying on land-based infrastructure to maintain exports.

Redirecting exports to the Red Sea and Gulf of Oman

According to media reports, Saudi Arabia and the United Arab Emirates (UAE) have turned to existing pipeline networks that bypass the Strait of Hormuz, redirecting crude oil flows toward the Red Sea and the Gulf of Oman.

Saudi Arabia's East-West pipeline, which stretches over 1,200 kilometers from its eastern oil fields to the Red Sea port of Yanbu Port, has emerged as a key alternative. Originally constructed during the Iran-Iraq War to mitigate similar risks, the pipeline is now operating at near full capacity.

Saudi Aramco President and CEO Amin Nasser recently said the pipeline remains the kingdom's only viable alternative export route under current conditions, noting that crude shipments are being redirected to meet contractual obligations.

Market estimates indicate the pipeline is transporting up to 7 million barrels per day, including supplies for domestic refineries and exports via Yanbu. Additional refined products are also being shipped from the Red Sea coast.

Meanwhile, the UAE is utilizing the Abu Dhabi Crude Oil Pipeline, which links inland oil fields to the Port of Fujairah. The 420-kilometer pipeline, operational since 2012, allows Abu Dhabi to bypass the Strait of Hormuz by exporting directly to the Gulf of Oman. The pipeline has a rated capacity of 1.5 million barrels per day. Data from market analysts suggest exports from Fujairah have increased notably in recent weeks.

Northern corridor to the Mediterranean

Iraq, whose oil exports were previously heavily reliant on the Strait of Hormuz – with crude oil exports standing at around 3.5 million barrels per day before the conflict – has been forced to slash production sharply due to transportation bottlenecks.

To restore part of its export capacity, Iraq has reactivated a northern pipeline corridor linking oil fields in Kirkuk to the Ceyhan Port, located on the eastern Mediterranean coast of Türkiye.

The pipeline, running through the semi-autonomous Kurdistan region and into Türkiye, has resumed operations with an initial capacity of about 250,000 barrels per day. Iraqi authorities have also moved to rehabilitate an additional 300-kilometer pipeline segment designed to bypass the Kurdistan region and connect directly to the Turkish border.

According to Iraq's Ministry of Oil, the combined capacity of these routes could reach up to 650,000 barrels per day in the near term. Plans are also under discussion to expand export infrastructure further, including a potential pipeline linking Iraq to the Syrian Mediterranean coast.

Truck-based overland transport

While reliance on pipelines has grown, analysts have pointed out that total alternative pipeline capacity, at around 9 million barrels per day, is still far below the normal shipping volume passing through the Strait of Hormuz, which averages roughly 20 million barrels daily.

As a supplementary measure, Iraq is considering transporting crude oil by truck to ports such as Syria's Baniyas port and Jordan's Aqaba port.

However, this method faces significant limitations. Truck transport is costly, slow and inefficient, with each vehicle typically carrying between 100 and 700 barrels per day. Meeting the demand for transporting hundreds of thousands of barrels per day would require thousands of trucks, which also remain vulnerable to potential attacks.

Security risks remain a major concern for all alternative routes. Pipelines and overland transport corridors are within range of missiles and drones amid the ongoing conflict. Rising tensions in the Red Sea have further complicated the situation, with concerns that chokepoints such as the Bab el-Mandeb Strait could also face disruptions.

Türkiye explores diversified transit options

Against this backdrop, Türkiye is reportedly developing multiple contingency routes to reduce reliance on the Strait of Hormuz. According to Turkish media reports, five alternative corridors are under consideration, combining both land and maritime transport.

These include routes passing through Iraq and Syria, as well as corridors linked to the Suez-Red Sea passage. Additional options under review involve transit via Oman and longer maritime routes around Africa, including the Cape of Good Hope.

Analysts say such diversification efforts underscore growing concerns over supply security and highlight the strategic importance of building resilient and flexible energy transport networks in an increasingly volatile geopolitical environment.

Flower fever is here! Beijing's Beihai Park is in the midst of a vibrant spring. Under the red walls of Chanfu Temple, the mountain peach blossoms are piling up like clouds and building up like snow. The other half of the picture is painted across the water — the white pagoda mirrors blue waves and blooms. Plan ahead to enjoy a quieter visit.

(By reporters Wang Shengdong and Du Zhengpu from CMG)

China's AI industry is entering a new phase, marked by a steady rise in the volume of tokens generated by its large language models. This growth is underpinned by the country's strong computing power and robust electricity infrastructure. CGTN reporter Li Xiaoyao explores how these factors are fueling China's AI innovation.

French luxury giant Hermès opened a new store in Beijing's Sanlitun North on April 2, 2026, marking its fourth location in the capital. The opening comes as part of a broader revitalization of the upscale Sanlitun district, where nearly half of the North Zone's luxury retail space has recently been upgraded. The area now hosts flagship stores from LVMH group, with Hermès stepping in as a marquee addition to the high-end commercial hub.

Designed by RDAI in collaboration with Mamou-Mani Architects, the new boutique is wrapped in rose-pink and terracotta ceramic tiles. The store draws inspiration from nearby Forbidden City's imperial architecture, with its curved glazed ceramic roof ridge, sunlit colors and depth of materials, blending the brand's aesthetic with local cultural elements.

The expansion comes at a time when international luxury brands are closely watching the Chinese market. In a recent earnings call, Hermès CEO Axel Dumas noted "positive signs" in China, citing the country's management of the property sector as a stabilizing factor.

The luxury giant reported consolidated sales of 16 billion euros for 2025, up 9% at constant exchange rates and up 5.5% at current exchange rates. Sales in Asia-Pacific (excluding Japan) grew 4.9% at constant exchange rates, with its share of the global total rising to 41.9%, making it the group's largest market and a 'ballast stone' for stability. The company has largely outperformed rivals amid a broader luxury sector slowdown, supported by its ultra-high-end clientele and strong vertical integration. Full-year operating profit in 2025 reached €6.57 billion, with a profit margin of 41%, slightly ahead of analyst forecasts.

Analysts point to Hermès' ability to maintain pricing power on its high-end products as a key factor underpinning its resilience and investor appeal. The new Beijing store underscores the brand's continued commitment to expanding its footprint in China, even as the broader luxury market navigates a complex economic landscape.

Chinese artist Liu Jianhua has created a commissioned hanging installation of handcrafted ceramic petals and marble roundels for the new store, suggesting the graceful movement of a horseman's crop. Meanwhile, a special selection of objects–including silk scarves and leather goods–has been produced to mark the opening, featuring the Parade en Fanfare design by Chinese artist Ren Tong.

As the Sanlitun district completes its high-profile upgrade, the arrival of Hermès marks a significant moment for the area's evolution into a premier luxury destination, while also signaling sustained interest from top-tier international brands in the Chinese market.

Cuba’s sugar industry was the backbone of the island’s economy since Spanish colonial times up through 1989, when the country became the world’s largest sugar exporter. Production started plummeting in the 1990s. Cuba’s sugar industry has declined to the point that Cuba now imports sugar to meet local needs.

Luis Chirino reports from Havana.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

The "ChatGPT moment" for embodied AI could arrive within the next two to three years, when robots can complete 80% of tasks through voice commands in 80% of unfamiliar environments, said Wang Xingxing, founder and CEO of Unitree Robotics.

Amid global uncertainty and sustained focus on China's economic trajectory, investors are turning East for more opportunities. This April, BizTalk is launching a special series – "Investing in China" – to explore the potentials set to be unleashed through China's 15th Five-Year Plan.

In the first episode, CGTN's Guan Xin and Zheng Junfeng interview global voices from PepsiCo, Rosewood Hotels Group, ChinaEU Digital Association and S4 Capital, about their perspectives on China's consumer market, investor confidence and the drivers behind continued global investment into the country.

China's Ministry of Commerce on Thursday called for further leveraging the China-US economic and trade consultation mechanism and strengthening dialogue and communication to promote the healthy, stable and sustainable development of bilateral economic and trade relations.

The two sides should implement the important consensus reached by the two heads of state and the outcomes of previous economic and trade consultations, ministry spokesperson He Yadong said at a regular press briefing in response to a question on China-US economic and trade ties.

Guided by the important consensus reached by the two heads of state, China and the United States have conducted six rounds of economic and trade consultations since last year, achieving a series of outcomes that have injected greater stability and certainty into bilateral economic and trade relations and the global economy, He said.

Facts have clearly proved that the best approach to bridging differences and resolving issues is by upholding mutual respect and engaging in equal dialogue and consultation, the spokesperson added.

SpaceX has confidentially filed for an initial public offering (IPO), reported Bloomberg on Wednesday, bringing Elon Musk's space company closer to possibly the biggest IPO in history.

The company submitted its draft IPO registration to the US Securities and Exchange Commission (SEC) on Wednesday, Bloomberg reported, citing people familiar with the matter who asked to remain anonymous. 

The filing, which allows companies to get feedback from the SEC and make changes before the information becomes public, puts SpaceX on schedule for its expected public offering in June.

The mega IPO, reportedly aiming to raise as much as $50 billion, could easily surpass Saudi Aramco's 2019 listing, which raised $29 billion and remains the world's largest IPO on record. SpaceX is lining up 21 banks for its listing, Reuters reported. Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup will serve as the lead banks managing the deal, an anonymous source told Reuters on Tuesday.

Bloomberg reported in February that the company could seek a valuation of over $1.75 trillion. Originally a space launch provider, the company has expanded into satellite communications and AI after acquiring Musk's own artificial intelligence startup. 

The $1.75 trillion market value would make SpaceX larger than Meta Platforms Inc., but it would still fall behind the top five companies in the S&P 500 Index: NVIDIA, Apple, Alphabet, Microsoft, and Amazon.

SpaceX said it would use its IPO to fund an "insane flight rate" for its Starship rocket, according to a memo obtained by Bloomberg in 2025. 

Starship, a reusable, 40-story-tall super heavy-lift launch vehicle designed for Mars colonization, has been under development for over a decade. In 2016, Musk stated that his company would build a megarocket capable of carrying humans to Mars by 2025. That deadline has now been extended to 2030.

The memo also mentioned plans to fund space-based AI data centers and a lunar base.

The company's Starlink satellite business is likely the main source of revenue backing SpaceX's $1.75 trillion valuation, according to Shay Boloor, chief market strategist at Futurum Equities, interviewed by Reuters.

"Starlink is the only reason this valuation is defensible," Boloor said. "This is going to be the recurring revenue engine." 

Starlink generates 50%-80% of SpaceX's revenue, according to Reuters. The broadband satellite network launched by SpaceX's rockets now has around 10,000 satellites in orbit, providing internet to 10 million active users, the company announced. Additionally, Starlink secured a Pentagon contract in 2023 to develop a military version called Starshield. 

(With inputs from agencies)

China's conservation efforts on the Yangtze River have brought freshwater ecosystems back from the brink. The 10-year fishing ban, launched in 2021, has achieved "notable phased results," the Ministry of Agriculture and Rural Affairs said Tuesday.

Between 2021 and 2025, 351 indigenous fish species were recorded in the Yangtze River basin, 43 more than before the ban, while fish resources in the main stream in 2025 recovered to twice pre-ban levels, the ministry said.

The index of biological integrity in key waterways, including the main stream, improved compared with 2017-2020, reversing the decline in aquatic biological resources.

Fisheries law enforcement has strenghtened nationwide, with cross-regional and multi-agency operations helping to curb illegal fishing, transport and sales. In 2025, fishery-related criminal cases fell by nearly 40% year on year.

The ministry called for efforts to further strengthen protection of aquatic life in the Yangtze River, advance flagship species conservation programs, step up the restoration of important habitats, and promote the overall recovery of aquatic ecosystems.

Solid steps should also be taken to secure the livelihoods of former fishing households, promote stable employment and social security through multiple measures, and steadily improve their living standards, according to the ministry.

Artificial intelligence is one of the hottest sectors of the U.S. economy, but it’s not treating everyone equally. Even major tech companies have had massive layoffs, in part due to AI. 

CGTN’s Mark Niu has more on how tech leaders and job seekers are feeling about the state of the industry.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

Gas prices across America have surged since a U.S. airstrike on Iran earlier this month. But California faces a uniquely acute crisis: the state imports more than 60% of its crude oil by tanker, with no pipeline access from other states.

With pre-existing taxes and environmental regulations, prices have surged to an average approaching $6 for a gallon of regular gas.

CGTN's Ediz Tiyansan reports.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

Editor's note: Zhu Fangfei is deputy director of the Institute for Public Policy of Zhejiang Province, and director of the Research Department of the Institute for Public Policy of Zhejiang University. The article reflects the author's opinions and not necessarily the views of CGTN.

At a critical juncture marked by global economic turbulence and a shift in growth drivers, China has once again come under the international spotlight. 

On March 5 this year, the Report on the Work of the Government proposed that the main targets for development in 2026 include GDP growth of 4.5-5%, while striving for better in practice. The release of this target sends a clear message to the world: China's economy is steadily transitioning from an era of high-speed growth to one of high-quality development. The adjustment in numerical targets is not merely a subtraction in figures, but an addition in structure and a multiplication of new growth drivers.

From a yardstick to a compass

The strategic adjustment of development targets marks a shift from a "yardstick”to a "compass".

For a long time, GDP growth targets have been regarded as a key yardstick of China's economic performance. Today, however, they have evolved into a guiding framework for high-quality development.

Firstly, the growth range of 4.5–5% reflects a more resilient and inclusive approach to growth. It helps safeguard the bottom line of stable employment while leaving sufficient policy space for fostering new quality productive forces, mitigating real estate risks, and advancing the green transition, thereby avoiding the constraints of an excessive focus on growth rates alone.

Secondly, a moderate yet steady target provides essential room for structural reforms. It sends a strong signal that China is no longer willing to rely on excessive leverage or inefficient investment to pursue short-term prosperity. Instead, the country is proactively "slowing down" to achieve long-term improvements in quality. This emphasis on quality over quantity underscores a fundamental shift in focus from expanding in scale to optimizing the economic structure and enhancing development quality.

A target grounded in reality and long-term strategy

The setting of the development target is based on a comprehensive assessment of objective realities, economic laws, and long-term strategic alignment.

Firstly, as China's economy has transitioned from a phase of rapid growth to one of high-quality development, a moderate adjustment in growth expectations is both inevitable and necessary. It creates greater room for advancing deep structural reforms, improving incremental output, and revitalizing existing resources. Meanwhile, with growing external uncertainties, the target range appears more flexible and better suited to hedge against unforeseen risks and challenges.

Secondly, the 4.5–5% target for 2026 broadly aligns with China's potential growth rate and the underlying economic fundamentals. The World Bank estimates that China's potential growth rate for 2020–2030 is around 4.5%. This rate represents the maximum sustainable growth achievable under efficient resource allocation, steady technological progress, and an optimized institutional environment. From an international perspective, China will remain a major engine of global growth among leading economies in 2026. 

According to the IMF's World Economic Outlook (released in January 2026), projected growth rates for 2026 are estimated at around 2.3% for the United States, 1.0% for the euro area, 1.2% for Japan, and 6.5% for India. China's GDP growth target clearly places it among the leading performers globally.

Thirdly, the 2026 growth target is strategically aligned with China's 2035 long-range objectives, which aim to double its 2020 per capita GDP to reach the level of a moderately developed country by 2035. Achieving the target requires an average annual growth rate of over 4.7% between 2021 and 2035. The 4.5–5% target for 2026 provides solid support for this long-term goal.

Structural reforms to unlock growth potential

China is currently rolling out a series of policies and measures to advance economic restructuring and unlock economic growth potential.

On the consumption side, efforts are being made to strengthen the foundation for consumption by adhering to the principle of distribution according to work and increasing the share of labor remuneration in primary distribution. The policy framework for factor-based distribution is being improved to expand income from multiple channels, including operational and property income, while redistribution mechanisms such as taxation, social security, and transfer payments are being enhanced to promote equity.

On the investment side, the focus is on expanding effective investment and optimizing its structure. Priority is given to technological upgrading in manufacturing, equipment renewal, and investment in high-tech and strategic emerging industries. At the same time, improvements are being made to logistics infrastructure, including national logistics hubs and multimodal transport systems, to reduce overall logistics costs. Efforts are also underway to stimulate private investment by removing market access barriers and improving financing support policies.

On the supply side, measures are being implemented to upgrade service consumption and remove unreasonable restrictions in consumption sectors, thereby unleashing the potential of culture, tourism, sports events, and elderly care. New business models, formats, and consumption scenarios are being piloted to drive consumption upgrading.

Beijing has entered spring ahead of its usual schedule with parks across the city turning into living postcards. From Beihai to Zizhuyuan, cherry blossoms, plum flowers and more are unfolding one after another. If there's ever a moment to step outside, this is it.

 In an interview with CGTN Europe, Naveen Das said the Middle East conflict has triggered an unprecedented disruption to global energy flows, with markets pricing it as a structural shift due to sustained attacks on infrastructure and risks in the Strait of Hormuz. 

Global fast-food leaders McDonald's and Restaurant Brands International are warning that the escalating Middle East conflict is beginning to squeeze both their costs and their customers' wallets.

While direct supply chain disruptions to the United States remain limited for now, the macroeconomic ripple effects are becoming increasingly visible. Rising energy and commodity prices are eating into franchisee profit margins, according to recent analysis by Bernstein.

McDonald's has used hedging to cushion near-term price swings. But Bernstein warns that if energy costs stay elevated through late 2026, those protections could fade once contracts reset at higher rates, potentially delaying store upgrades and digital investments.

Restaurant Brands International — the parent of Burger King, Popeyes, and Tim Hortons — faces twin pressures: franchisees struggling with higher overheads while the company tries to maintain its affordable image.

For millions of American families already feeling the pinch at the pump, the cost of a distant conflict is landing directly on their dinner tables. And for those on the lowest rungs of the income ladder, the choice between filling up the tank and grabbing a quick meal has become a daily reality.

China's manufacturing PMI rebounded to a 12-month high of 50.4 in March, rising 1.4 percentage points from the previous month and returning to expansion territory, official data showed on Tuesday.

The improvement came as companies resumed work and production following the Spring Festival holiday, boosting overall market activity, according to Huo Lihui, chief statistician at the Service Industry Survey Center of the National Bureau of Statistics.

Key sectors, including agricultural and sideline food processing, as well as non-ferrous metal smelting and rolling, saw both production and new order indices surpass 55.0, pointing to strong momentum in output and demand.

High-tech manufacturing maintained robust expansion, with its PMI standing at 52.1 — marking 14 consecutive months above the boom-bust line and reflecting steady upward momentum.

The non-manufacturing sector also improved, with its business activity index edging up 0.6 percentage points to 50.1.

The service sector index rose 0.5 points to 50.2. Sectors including railway transport, telecommunications, radio, television and satellite transmission, monetary and financial services, and insurance all stayed in high expansion above 55.0, with brisk growth in business volume.

Supported by a gradual recovery in construction projects nationwide after the holiday, the construction business activity index climbed 1.1 percentage points to 49.3, Huo noted.

(Cover via VCG)

Editor's note: This series highlights how the Iran war's spillover is affecting Africa. In this episode, Egypt moves to cap the price of unsubsidized bread in private bakeries, balancing global economic pressures and rising commodity costs while addressing domestic concerns over food affordability and social stability, weeks into the Middle East conflict.

Egypt has set a maximum price for unsubsidized bread sold in private bakeries, a measure aimed at shielding consumers from rising costs amid global instability and the Middle East conflict.

Bread is a staple of the Egyptian diet, eaten at nearly every meal. Even small price hikes have historically triggered unrest across the country and the wider Arab world. In 1977, an attempt to raise bread prices sparked riots, and wheat shortages in 2008 triggered public anger that helped fuel the 2011 uprising. That history explains why the government treats bread pricing as a vital social safeguard.

The mid‑March price cap fixes the cost of the heaviest loaf (80 grams) at roughly four Egyptian cents. The government has pledged to cover the difference for bakeries, ensuring they do not incur losses while households retain access to affordable bread.

In early March, President Abdel Fattah al‑Sisi described the economic situation as a "state of near‑emergency," warning against exploiting global and regional turmoil to manipulate commodity prices. He said individuals manipulating commodity prices, especially bread, could face trial in military courts, highlighting the seriousness of government enforcement.

Residents in Cairo largely welcomed the price cap. “Prices have remained unchanged before and after the war. It's a very good idea and won't add any financial burden on families,” Yousef said.

Khaled Fikry, chairman of the Bakeries Division at the Egyptian Chamber of Commerce, said global wheat and flour prices surged due to higher freight and shipping costs. This rise forced commodity suppliers to increase prices by thousands of Egyptian pounds, and, in turn, led bakeries to raise bread prices. He added that government intervention ensured bakeries to continue operating without loss.

“There are no problems facing bakeries because the government is paying the difference in cost to bakeries so they can maintain the cap without incurring any losses,” Fikry noted.

Egypt continues to subsidize staple foods even as fuel prices were raised by 18% following international oil‑price hikes. Hossam Eid, vice‑president of the El Adl Party for Economic Affairs, warned of wider economic fallout.

“The new fuel prices in Egypt have increased prices of most goods and services in the market. This expects to push inflation above 16% and lead to a slowdown or recession in the economy,” Eid said.

Egypt depends heavily on wheat imports, sourcing more than 60% of its supply from abroad, making the country highly sensitive to global market fluctuations. It imports around 10 million tonnes of wheat annually, with the state purchasing roughly half to support the bread subsidy program relied on by an estimated 70 million people.

The country maintains a six‑month reserve of strategic commodities, including wheat, rice and flour, providing a buffer against potential shortages. No Arab country is fully self‑sufficient in wheat, underscoring the importance of price controls and stockpiles for food security.

Authorities have also launched multi‑billion‑dollar social welfare measures to help low‑income families, including increases to minimum wages, salaries and pensions to ease the burden of rising costs amid economic and geopolitical pressures.

For now, residents continue to buy bread at stable prices, encouraged that the government is taking decisive steps to maintain access to an essential daily staple amid global uncertainty and domestic economic pressures.

China's 2026 summer–autumn aviation season has officially launched, bringing more flights, new routes, and smoother connections for travelers.

With expanded networks and rising capacity, it's now easier than ever to explore more of China, and the perfect time to plan your next journey!

In Markit County of Kashgar, Xinjiang Uygur Autonomous Region, spring farming is getting a high-tech boost.

Over 230,000 acres of wheat are being protected by swarms of crop-dusting drones. Guided by the BeiDou Navigation Satellite System, these drones apply pesticide with pinpoint accuracy, avoiding overlaps and reducing crop damage. With agricultural technicians on-site, driverless machinery and coordinated drone operations are accelerating spring plowing for a productive year ahead.

Editor's note: Warwick Powell is an adjunct professor at Queensland University of Technology. The article reflects the author's opinions and not necessarily the views of CGTN.

The latest figures from China's National Bureau of Statistics show industrial profits rose strongly in early 2026, with rapid growth in high-technology manufacturing and upstream materials. Electronics surged, while non-ferrous metals and chemical sectors also rose simultaneously. The manufacturing industry performed better than the overall market.

Profit growth is not evenly distributed but concentrated in sectors central to China's industrial transformation. 

At the macro level, profits must come from somewhere. There are only a few ways aggregate profits can rise.

One is redistribution from labour to capital. This has occurred in many Western economies. But this does not fit China: Real wages have risen over time, and labour's share has generally increased.

A second is redistribution across sectors. Yet data show profit growth is relatively broad-based, suggesting something more fundamental.

The third explanation is expansion of system liquidity. In a monetary economy, profits arise through money circulation. Firms invest and produce using financing from credit creation or fiscal spending. When revenues exceed costs, profits emerge.

Thus, today's profits reflect yesterday's liquidity expansion.

China's macro management has relied on such mechanisms. Policy banks, targeted credit and infrastructure investment have injected liquidity into the real economy, largely into manufacturing capacity.

This expands demand across production networks: Suppliers receive orders, factories increase output and workers earn wages. Profits arise not from extraction but from an expanded monetary circuit.

This also explains why strong profits coexist with low inflation. Productivity gains and supply expansion mean capacity rises with demand, moderating inflation while allowing profits to grow.

From an industry perspective, high-technology manufacturing leads, especially electronics and advanced equipment. These sectors are central to "new quality productive forces," referring to more advanced, higher value-added activities such as semiconductors, EVs and renewable energy.

These industries generate higher value per input. When liquidity expansion meets structural upgrading, profits are amplified. Profits rise not just because more money circulates, but because it flows through higher-surplus sectors.

Policy also shapes competition. Authorities aim to curb "involution," or destructive price competition. While competition drives efficiency, excessive price wars erode margins.

Recent policies encourage firms to compete through technology and quality rather than price cutting. The goal is to structure competition, sustaining innovation without destroying profitability.

This is visible in EVs, solar and digital platforms, where regulators stabilize markets to preserve investment incentives.

Together, three factors define the dynamic: Liquidity expansion raises revenues, structural upgrading boosts productivity, and moderated competition protects margins.

The result is rising profits without wage suppression or asset speculation.

This contrasts with many Western economies, where profits often rely on financialization or rent extraction. China's model links profitability to industrial expansion and technological upgrading.

Profits should be seen as systemic outcomes, shaped by money circulation, production structures and regulation. In China, these are coordinated through policy: Credit supports investment, policy directs resources and regulation shapes competition.

Challenges remain, including managing liquidity and handling structural transitions. Yet the data show more than cyclical recovery — they indicate structural transformation supported by policy and liquidity.

Rising profits signal that China's production system is generating greater economic surplus through upgrading and monetary expansion.

Ultimately, profits reflect how effectively an economy mobilizes resources and channels liquidity into productive activities. The latest data suggest that this process is still ongoing, with China's industrial transformation firmly underway.

One month into US-Israeli strikes on Iran, American households are confronting higher fuel and living costs as disruptions in the Middle East ripple through energy markets and supply chains.

Shipping through the Strait of Hormuz – the chokepoint for roughly one-fifth of global seaborne oil – nearly ground to a halt amid Iran's blockage of the narrow waterway. Although the strait isn't completely shut, traffic has been severely disrupted, contributing to volatility in crude markets.

Oil prices have fluctuated but remain sharply elevated compared with levels before the conflict began in late February. Brent crude has traded near or above $100 a barrel for most of the past two weeks, surging past $110 on Friday.

The rise has fed through to US retail fuel prices. The national average for regular gasoline stood at about $3.97 a gallon as of Friday, up roughly $1 from late February levels. Diesel prices have also climbed, adding costs for trucking and agriculture.

Those increases are beginning to transmit along supply chains. Trucking firms have introduced fuel surcharges, while higher petrochemical costs affect plastics, packaging and fertilizers. Food producers and retailers report upward pressure on wholesale prices for certain items, though the full pass-through to grocery shelves is still unfolding.

Consumer sentiment has weakened noticeably. The University of Michigan's preliminary index for March fell to 55.5 from 56.6 in February, marking the lowest reading of 2026 so far. Households cited concerns over rising gasoline prices and the broader economic impact of the Middle East conflict.

The energy shock is also complicating Federal Reserve policy. Chair Jerome Powell has said officials will monitor how long the disruption lasts and whether it feeds into broader inflation or spending. While the Fed has historically tended to "look through" temporary energy shocks, Powell noted that the duration and secondary effects remain uncertain, potentially delaying expected rate cuts.

A postponement of rate cuts would add fresh pressure on ordinary Americans already grappling with higher energy costs. With the 30-year fixed mortgage rate now around 6.4%, home purchases and refinancing remain expensive for many families stretched by rising gasoline and grocery bills. Auto loan and credit card rates, which have stayed elevated, continue to raise monthly borrowing costs for millions of households, further squeezing disposable income as real wage growth struggles to fully offset energy-driven price increases.

Politically, the prolonged nature of the US campaign is drawing scrutiny. Public polling has shown rising concern among Americans about deeper US entanglement in the region and the domestic economic toll. 

A Reuters/Ipsos poll released earlier this week found that just 36% of Americans approve of US President Donald Trump's job performance, down from 40% a week earlier. Americans are increasingly associating economic strain with Trump, with only 25% approving of his handling of the cost of living and 29% backing his economic stewardship – his lowest ratings across both presidencies and lower than any economic approval recorded by Joe Biden, according to the poll.

The war's economic fallout is also emerging as a significant headwind for Republicans ahead of congressional midterm elections in November. With Republicans currently holding slim majorities in both chambers, rising gasoline and grocery prices are amplifying voter frustration over household costs at a time when the party in power traditionally faces midterm losses.

Anxious to contain the political toll, Trump has pushed for a swift end to the conflict. He insisted that Washington had held "very good" talks with Tehran, a claim Iranian officials have repeatedly denied, while also sending a ceasefire proposal that was rejected by Iran as one-sided. These contradictions have left the conflict's trajectory uncertain. Israel, which appears to favor a sustained military campaign, has further clouded prospects for a near-term resolution.

On February 28, the White House maintained that airstrikes were required to counter Iranian threats. Yet one month on, the strategic military campaign has translated into tangible monthly costs for many US families through elevated energy bills and caution in spending.

(Graphics by Zhao Hong)

Editor's note: Sun Pin, an assistant professor at the School of Applied Economics, Renmin University of China, and an affiliated researcher at the Center for Research on Global Energy Strategy at the university. The article reflects the author's opinion and not necessarily the views of CGTN.

The Boao Forum for Asia (BFA) Annual Conference 2026 is held from March 24 to 27, bringing together around 2,000 representatives from more than 60 countries and regions under the theme "Shaping the Future Together: New Dynamics, New Opportunities, New Cooperation."

At a time of profound changes in the global landscape, the forum sent a clear message to the world: Asia will not retreat in the face of headwinds. Instead, it will respond with closer regional cooperation, deeper industrial integration and a stronger commitment to openness. In doing so, Asia is offering something increasingly valuable to an uncertain world a sense of certainty.

New direction for Asia-Pacific cooperation

This year's forum addressed a central question: as global growth slows, geopolitical risks rise and protectionism intensifies, how can the Asia-Pacific sustain both growth and stability? 

As Ban Ki-moon, BFA chairman and former UN Secretary-General, noted at the plenary session, the world is now standing at a historical crossroads, with uncertainty continuing to mount. That has made one issue especially prominent at this year's forum: how the Asia-Pacific can preserve cooperation and development amid growing turbulence.

The signals coming out of Boao suggest that regional cooperation is moving from broad consensus toward more action-oriented efforts. The old growth model, driven largely by low-cost factors and external demand, is gradually losing momentum. In its place, artificial intelligence (AI), green transformation and the digital economy are rapidly emerging as new pillars of regional growth.

At the same time, the meaning of regional cooperation is also evolving. It is no longer confined to trade and investment facilitation. Increasingly, it is reflected in coordinated industrial and supply chains, aligned rules and standards, and the collective ability to withstand external shocks. In other words, regional cooperation is no longer just a development agenda. It has also become a key mechanism for stabilizing expectations and strengthening resilience.

Ban also described the Boao Forum for Asia as one of the few international organizations still committed to rebuilding trust, fostering solidarity and reviving cooperation. That observation is telling. The more turbulent and complex the external environment becomes, the more Asia needs platforms like Boao to deepen communication, build consensus and advance cooperation.

As outside pressures intensify, the Asia-Pacific has not turned inward. Instead, it has placed greater emphasis on regional integration as a way to hedge against risk. Whether in trade, green transition, digital development, or financial cooperation, the direction is the same: toward a more resilient and sustainable path of development.

At the forum, Ban formally released the Initiative of the Boao Forum for Asia on Promoting Asian Regional Cooperation, calling on Asian countries to turn challenges into opportunities while effectively guarding against external risks, and to further strengthen endogenous growth and economic resilience. This further highlights the forum's clear shift from building consensus to promoting implementation.

That is precisely the deeper significance of Boao. It not only reaffirms the importance of cooperation, but also turns the broad principle of "strengthening cooperation" into more practical questions: how to cooperate, in which areas and through what mechanisms.

How China can deepen Asia-Pacific supply chain integration

China played a particularly important role at this year's forum. It is not only one of Asia's key economies, but also one of the strongest drivers of regional cooperation. The real question is how China can turn the consensus reached at Boao Forum into concrete momentum for cooperation.

First, China's vast domestic market means stable demand. One of the biggest global uncertainties today comes from volatile external demand. In this context, a Chinese market with enormous domestic demand potential is itself a major stabilizer for the regional economy. The more stable and expansive China's demand is, the stronger the internal circulation of Asia-Pacific industrial chains will become.

Second, China can drive regional industrial upgrading through innovation and new quality productive forces. Asia-Pacific cooperation can no longer remain at the stage of traditional manufacturing-based division of labor. It must move toward higher-end, smarter and greener development. China's continued investment in AI, advanced manufacturing, digital infrastructure and new energy is not only strengthening its own competitiveness; it is also creating new space for technology spillovers, industrial coordination and application-based cooperation across the region.

Third, China can enhance the security and sustainability of regional supply chains through green transformation. Energy security and green development are increasingly intertwined. China's advances in clean energy, green manufacturing and low-carbon infrastructure are serving not only its own transition, but also opening new possibilities for regional cooperation.

Finally, China can move cooperation from intention to mechanism through high-level opening up. Deep industrial and supply chain integration cannot rely on spontaneous business interaction alone. It also requires institutions, platforms and rules. By continuing to expand high-level opening up, China can provide a more stable and predictable institutional environment for regional cooperation.

Ultimately, China's leadership in regional development is not defined by economic size alone. It also depends on whether China can continue to provide several forms of support that the region needs most: market demand, innovation momentum, green development experience and open platforms.

From broad consensus to practical levers

The Boao Forum has already pointed to the direction of Asia-Pacific cooperation. The next step is to turn that direction into practical pathways.

Industrial chain coordination will become the main axis of regional cooperation. The region's future competitiveness will depend not simply on cost advantages, but on whether it can build industrial networks that are more stable, more efficient and more technologically advanced.

Connectivity will also expand beyond traditional infrastructure. In the future, cooperation will not be judged only by whether goods can move smoothly, but also by whether data can flow efficiently, whether energy networks are reliable and whether service systems are better connected. That means digital and green connectivity will matter just as much as physical connectivity.

At the same time, financial and payment cooperation will become an important foundation for deeper integration. Long-term industrial cooperation and trade growth require financial systems that are safer, more efficient and lower in cost.

Green and digital sectors are also likely to become the most widely shared engines of new growth. Areas such as AI, green energy and the blue economy combine strong development potential with broad room for cooperation. They are well positioned to become the next major growth drivers for the region.

In short, Asia-Pacific cooperation is moving beyond broad declarations. It is entering a more practical phase, shaped by industrial coordination, connectivity, financial support and green-digital transformation.

The central message of this year's Boao Forum is clear: even as global uncertainty rises, the Asia-Pacific still has the capacity to move forward, and it is beginning to form a more practical path for doing so.

For China, sustaining regional leadership is not just about maintaining its own growth. More importantly, it is about turning its market advantages, innovation capacity, open platforms and green transition experience into shared drivers of regional development.

Only in this way can the voice of Boao truly move from forum discussion to real-world impact. And only in this way can the "certainty" that Asia provides become one of the most valuable public goods in an age of "uncertainty."

Editor's note: Zhou Jianjun is an assistant researcher at the Institute of State System Research and the School of Economics, Zhejiang University. The article reflects the author's opinions and not necessarily the views of CGTN.

The Hainan Free Trade Port's island‑wide special customs operations mark a major step in China's institutional opening‑up and carry profound strategic significance for shaping a new landscape of opening‑up. Since the launch of island-wide special customs operations over three months ago, a series of encouraging achievements have laid a solid foundation for the sound and stable development of the Hainan Free Trade Port.

From "pilot base" to "strategic hub": Setting a new benchmark for opening‑up

The Hainan Free Trade Port has evolved beyond a mere pilot zone for new forms of opening‑up; it has become a strategic hub for China to benchmark against high‑standard international economic and trade rules and to explore institutional opening‑up. Since Hainan launched full‑island independent customs operations on December 18, 2025, the scope of zero-tariff goods has expanded from about 1,900 tariff items to approximately 6,600, raising coverage from 21% to 74%. Imported goods that undergo at least 30% value‑added processing in Hainan can enter the Chinese mainland tariff‑free. 

The category of eligible beneficiaries has broadened from independent legal persons to encompass all types of enterprises and public institutions, attracting a large influx of domestic and foreign companies. This development is not merely an expansion of policies but represents the systematic implementation of the institutional framework featuring "first‑line liberalization and second‑line regulation". In 2025, Hainan's provincial legislature reviewed and adopted 12 pieces of free trade port-related legislation to codify institutional innovation. The governance model that balances "greater openness with effective management" provides a replicable "pressure test" for aligning with high‑standard international economic and trade norms nationwide, thereby establishing a new benchmark for external opening‑up in China.

From "factor flows" to "value creation": Unlocking new drivers of high‑quality development

Since the start of independent customs operations, explosive growth in foreign trade has validated the shift in the free trade port's development focus from factor flows to value creation. By the end of February 2026, Hainan's total goods trade import and export value reached 65.49 billion yuan, an increase of 29.1% year‑on‑year, outpacing the national average growth rate by 14.1 percentage points. Besides, exports grew by 55.4%, ranking first nationwide. More significantly, the number of enterprises with actual import and export performance rose to 2,108, up 48.5%, of which 1,944 were private enterprises; these firms accounted for 75.2% of the province's total foreign trade value, underscoring the full unleashing of endogenous dynamism and creative vitality among market entities. 

At the same time, multi-functional free trade accounts (EF Accounts) have witnessed continuous growth. By the end of 2025, 11 banks in Hainan had launched EF account services, with 810 accounts opened and transaction volumes reaching 350.9 billion yuan, injecting fresh liquidity into the real economy through financial opening‑up. The People's Government of Hainan Province has set a GDP growth target of around 6% for 2026, while key indicators such as industrial value-added above designated size, service imports and exports, and actual use of foreign capital are already among the fastest growing in China. The free trade port's policy orientation is evolving from "facilitation" to "value creation", providing sustainable endogenous momentum for high‑quality development.

From "China's gateway" to "Global pivot": Building a new node in global free trade

Amid ongoing geopolitical tensions and profound restructuring of the global trading system, the Hainan Free Trade Port is poised to become a strategic hub connecting China's domestic market with global markets. The special customs operations have significantly enhanced Hainan's international connectivity: The province has established 92 overseas passenger air routes to 45 cities in 23 countries and regions, including Hong Kong and Macao. By February 28, 2026, Hainan had recorded 653,000 inbound and outbound passenger trips through its international ports of entry and exit, up 35.1% year on year, while visa‑free entries grew 53.7% to 158,000. 

What's more, Hainan has established trade relations with more than 220 countries and regions, and export growth to ASEAN, African, and Latin American markets has expanded substantially, diversifying its foreign trade markets. Against the backdrop of full implementation of the Regional Comprehensive Economic Partnership and the development of the China‑ASEAN Free Trade Area 3.0, Hainan's role as a "springboard" into global markets, supported by zero‑tariff policies and rules of origin, is becoming ever more prominent, enhancing its position in the global trade network.

From "single-point breakthrough" to "regional coordination": Driving regional integrated development

The strategic value of the Hainan Free Trade Port lies not only in "single-point breakthroughs" but also in driving regional economic cooperation and industrial upgrading through coordinated integration. The cooperation between the Hainan Free Trade Port and the Guangdong‑Hong Kong‑Macao Greater Bay Area has become a flagship example of major national development strategies in action. In 2025, actual investment from Hong Kong in Hainan reached 18.4 billion yuan, up 21.5% year on year. The Guangdong–Hainan Advanced Manufacturing Cooperation Industrial Park has launched 47 projects, and an integrated model of industry and supply chain with "Hainan policy resources, Guangdong manufacturing, and Hong Kong services" as the core is taking shape.

With institutional innovation dividends fueling progress, the Hainan Free Trade Port contributes to upgrading industrial chains regionally and nationwide, enhancing its role in serving the country's strategic agenda and becoming a new engine of regional integrated development.

How can companies build stronger risk resilience amid the Middle East crisis? Let's hear from business leaders at the Boao Forum 2026.

During this year's Boao Forum, CGTN rolled out "Global South asks, Boao answers"—a special series in collaboration with leading media from the Global South. Bringing pressing questions from across the Global South to the forum floor, the series invites business leaders to respond—highlighting Boao perspectives and shared expectations for future cooperation.

‪Producer: Tian Runtong

‪Managing Editor: Peng Xiaoyun

‪Reporter: Sun Shangyi‬, Xu Yumeng

Editor: Li Jie, Li Xinrui, Tian Yulin

Lifelike robots. A huge robotic hand. Homemade aircraft. ALL Handcrafted. China's "Handcraft Economy" is turning individual creators into entrepreneurs—powered by industrial supply chains, fast logistics, and startup-friendly policies. 

Amid global uncertainties, leveraging the strengths of regional integration has become particularly important. At the Boao Forum for Asia, CGTN host Michael Wang spoke to Michele Geraci, former undersecretary of state of the Italian Ministry of Economic Development, Denis Depoux, global managing director of Roland Berger and Jonathan K S Choi, chairman of the Hong Kong Chinese General Chamber of Commerce, to get their perspectives on boosting integration in Asia and how to leverage China's advantages in emerging technologies to enable growth in the region.

Amid global energy volatility, World Energy Council Secretary General Angela Wilkinson has called for greater cooperation and dialogue. She noted that energy supply is becoming more diversified and highlighted China's efforts to scale up renewables and build a new power system—moves that are strengthening energy security and overall stability. CGTN's Yu Bokun spoke with Wilkinson to gain her insights.

Artificial intelligence is one of the key focuses at the Boao Forum for Asia Annual Conference 2026. According to the event's flagship report, Asian Economic Outlook and Integration Progress, Asia, with its vast digital population, diverse application scenarios, comprehensive industrial chains, and systematic policy support, has gradually overtaken Europe and America as the center of AI development. This shift is reflected in the deployment of multiple AI-powered robot staff both inside and outside the conference venue. Our reporter Xu Yumeng finds out where these easily overlooked workers are.

A spokesperson for China's Ministry of Commerce on Friday expressed strong dissatisfaction with and firm opposition to recent US Section 301 investigations targeting multiple economies, including China.

The Office of the United States Trade Representative launched two probes on March 12 and 13 (Beijing Time), citing so-called "overcapacity" and "failure to effectively prohibit imports of forced labor products," respectively, the spokesperson said.

China is strongly dissatisfied with and firmly opposes the moves, and will take corresponding measures to resolutely safeguard its legitimate rights and interests, the spokesperson noted.

(Cover: File picture of the Ministry of Commerce of the People's Republic of China. /VCG)

Asia's positive economic outlook took center stage at the Boao Forum for Asia (BFA) Annual Conference 2026. Its flagship report, The Asian Economic Outlook and Integration Progress Annual Report 2026, projects the region's GDP to grow by 4.5% in 2026, reinforcing Asia's role as a key engine of global growth.

Confidence in Asia's prospects was further underscored by the robust participation of political and business leaders from around the world at the conference in Boao, south China's Hainan Province. Attendees gathered to gain deeper insights into China's trade and investment policies and explore opportunities in the world's second-largest economy.

Addressing the plenary, Zhao Leji, chairman of the National People's Congress Standing Committee, described the forum as a prestigious platform for promoting exchanges, collaboration and common development among Asian nations and the wider world. He noted that China stands ready to work with all parties to inject greater vitality and stronger impetus into the region's development.

Enhancing cooperation amid shared challenges

According to the flagship report, Asia's share of global GDP (in purchasing power parity terms) is expected to rise from 49.2% in 2025 to 49.7% in 2026, reaffirming its central role in the world economy. Meanwhile, intra-regional trade dependence increased from 56.3% in 2023 to 57.2% in 2024, signaling deepening economic integration.

In contrast, the global economy faces a sluggish recovery, rising unilateralism and protectionism, and mounting pressure to restructure industrial and supply chains. The Organization for Economic Co-operation and Development (OECD) projects global growth to slow to 2.9% in 2026, down from 3.3% in 2025.

In a virtual keynote speech, Kim Min-seok, South Korea's prime minister, called for greater solidarity among Asian countries in the face of uncertainty driven by regional conflicts, technological disruption, supply chain shifts and demographic changes.

Over the past decades, Asian economies have strengthened regional cooperation and advanced along a path of mutual benefit. In 2025, trade between China and the Association of Southeast Asian Nations (ASEAN) reached 7.55 trillion yuan (around $1.99 trillion), up 8% year on year, according to the General Administration of Customs of China (GACC).

Chi Fulin, president of the China Institute for Reform and Development, noted that this growth reflects increasingly close ties between China and ASEAN under the framework of the Regional Comprehensive Economic Partnership (RCEP).

Sharing opportunities for a better future

At China's annual Two Sessions in March, the country sent a clear signal of its commitment to opening-up, multilateral cooperation and mutual benefit. In 2025, China's total goods imports reached a record 18.48 trillion yuan, accounting for roughly 10% of the global total and reinforcing its position as the world's second-largest import market, according to GACC.

China continues to translate the advantages of its vast domestic market into opportunities for global businesses. With an average annual growth rate of 5.4% and an economy exceeding 140 trillion yuan, it contributes around 30% of global growth and remains a vital engine of the world economy, Zhao said.

Meanwhile, China's push to develop new quality productive forces – particularly in artificial intelligence and robotics – is creating fresh opportunities across industries. A range of intelligent robots showcased at the forum drew significant attention from participants.

In his remarks, Singaporean Prime Minister Lawrence Wong said China is contributing to global development through its growing strength and taking on greater responsibilities in the international system. He added that Singapore remains confident in China's long-term prospects and supports its deeper participation in regional economic frameworks.

Marking its 25th anniversary and coinciding with the launch of China's 15th Five-Year Plan (2026–2030), the forum comes at a pivotal moment. In his speech, Zhao called on participants of the forum to forge ahead with concerted efforts and enhance cooperation to address global challenges, bring win-win results and create a better future.

Democrats and Republicans traded blame on Wednesday as major US airports continue to see hours-long security lines due to staffing shortages among Transportation Security Administration (TSA) agents amid a prolonged Department of Homeland Security (DHS) shutdown.

"Senate Republicans have now blocked TSA funding 9 times. They are solely responsible for the chaos travelers are experiencing," Senate Minority Leader Chuck Schumer wrote on X.

US President Donald Trump, meanwhile, lashed out at Democrats.

"Blame the Democrats for the Airport's mess. They want our Country to do badly. They want our Country to fail," Trump wrote in a post on Truth Social.

Democrats have called for reforms to immigration enforcement following the fatal shootings of two US citizens by federal agents in Minneapolis in January, but Republicans have repeatedly rejected their demands, resulting in a deadlock in negotiations.

In an interview with CNN on Tuesday, independent Vermont Senator Bernie Sanders could not name a single benefit from the Democrats' partial shutdown of the DHS.

Sanders said that Democrats are making a political point with the prolonged shutdown that ICE is "out of control," but could not name any specific thing that has been achieved.

The DHS funding expired on February 13. This has left the department's operations – including the TSA, the Coast Guard, and the Federal Emergency Management Agency – severely strained. 

Over the past few weeks, wait times at some major airports have significantly increased due to TSA staffing shortages, causing complaints and chaos.

(With input from Xinhua)

U.S. President Donald Trump told reporters on Monday, March 23, that peace talks were underway between his country and Iran. Following the statement, oil prices dropped below $100, as the markets seemed to react positively to the news. However, not long after Trump's claims, Iran denied that any peace talks were taking place, prompting the market to surpass $100 a barrel once again. So was it all a ruse to profit from oil prices? Or are there serious attempts to end the conflict?

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

The more turbulent and uncertain the global economy becomes, the more important it is to heed the voices of countries in the Global South, an expert said on Wednesday at the Boao Forum for Asia (BFA) Annual Conference 2026.

Zhang Donggang, Party secretary of Renmin University of China, made the remarks at a sub-forum focusing on the role of the Global South during the BFA annual conference, which is being held from March 24 to 27 in Boao, south China's Hainan Province.

Noting that the world today is faced with profound questions such as "what is happening to the world and where humanity is heading," Zhang said education bears the responsibility of shaping the future of mankind.

He stressed that the rise of the Global South is an irreversible trend, adding that countries in the Global South, as important members of the international community, should strive to play a leading role in promoting harmony among civilizations.

This year's conference in Boao is themed "Shaping a Shared Future: New Dynamics, New Opportunities, New Cooperation."

According to the organizers, about 2,000 representatives from more than 60 countries and regions are attending the event, along with over 1,100 journalists from around 150 media organizations covering the conference.

Editor's note: Xue Tianhang is an associate researcher at the Institute for National Strategy and Regional Development, Zhejiang University. The article reflects the author's opinions and not necessarily the views of CGTN. It has been translated from Chinese and edited for brevity and clarity.

The Boao Forum for Asia (BFA) Annual Conference 2026, currently being held from March 24 to 27 in Boao, Hainan Province, comes at a crucial moment for the region and the world. Marking its 25th anniversary, the forum has evolved into one of the most influential platforms for dialogue and cooperation in Asia. This year's theme, "Shaping a Shared Future: New Dynamics, New Opportunities, New Cooperation," reflects both the region’s confidence and its sense of responsibility amid mounting global uncertainties and intensifying geopolitical tensions, particularly the renewed frictions in the Middle East.

Two recent flagship studies released during the forum provide valuable context for the discussions taking place at Boao. Findings from "The Asian Economic Outlook and Integration Progress Annual Report 2026" and "The Sustainable Development: Asia and the World Annual Report 2026 — Sustainable Development in Asia amid Global Transformation" shed light on how Asia continues to drive global recovery while grappling with the growing pressures of sustainability, inclusiveness, and external uncertainty.

The Asian Economic Outlook and Integration Progress Annual Report 2026 projects Asia's GDP to expand by 4.5% in 2026, maintaining its role as the main driver of global growth. In terms of purchasing power parity, Asia's share of global GDP is expected to rise from 49.2% in 2025 to 49.7% in 2026, reaffirming its central position in the world economy. 

Regional integration also continues to strengthen. More than four years after the Regional Comprehensive Economic Partnership (RCEP) came into effect, the agreement has proven instrumental in lowering trade barriers, improving supply chain resilience, and promoting innovation-led cooperation. The report notes that intra‑regional trade dependence increased from 56.3% in 2023 to 57.2% in 2024, signaling deepening connectivity among Asian economies.

As the region's largest economy, China continues to play a pivotal role in supporting this trend. By advancing its opening‑up policies and fostering investment linkages, China is sharing its development dividends with neighboring countries. The Asian Infrastructure Investment Bank (AIIB), for instance, has mobilized over $200  billion in infrastructure investment — demonstrating how collaborative initiatives can translate shared vision into practical development outcomes.

The Sustainable Development: Asia and the World Annual Report 2026 — Sustainable Development in Asia amid Global Transformation identifies key challenges that will shape Asia's next phase of growth. These include external pressures from climate change and geopolitical instability, the concurrent challenges of aging populations and rapid urbanization, widening internal development disparities, and a tightening financing environment. 

The report argues that maintaining stable growth will depend on sustaining peace and cooperation across the region. Frameworks such as RCEP and the China-ASEAN Free Trade Area remain essential vehicles for advancing multilateralism, openness, and shared development. By aligning regional economic integration with sustainability goals and innovation in areas such as green energy and digital technology, Asia can consolidate its progress and continue to act as a key stabilizing force in an uncertain global landscape.

Global fertilizer and food supplies are under threat as the Middle East conflict escalates. See the posters for details! 

China's top legislator Zhao Leji on Thursday delivered a keynote speech at the plenary of the Boao Forum for Asia Annual Conference 2026.

Please see the attachment for the translation of the full text of the speech.

Full text: Keynote speech by China's top legislator Zhao Leji at plenary of Boao Forum for Asia Annual Conference 2026

The Hainan Free Trade Port (FTP) in south China's Hainan Province saw a surge in transactions involving zero-tariff goods during the first 100 days of its island-wide special customs operations, according to official data released on Thursday.

Since the landmark move, the FTP's total import and export value has exceeded a combined 80 billion yuan (about $11.6 billion), representing a 32.9% increase year on year. Under the zero-tariff policy, 186 transactions were completed, with goods totaling nearly 1.7 billion yuan, an increase of 146% over the previous year. These zero-tariff transactions resulted in 271 million yuan in customs duties being exempted.

The data was released at a press conference a day before the 100-day mark.

On December 18 last year, China launched island-wide special customs operations in the Hainan FTP, the world's largest FTP by area, allowing freer entry of overseas goods, expanding zero-tariff coverage, and introducing more business-friendly measures.
 

Read more:

Key things to know about Hainan FTP island-wide special customs operations

Why special customs operations launched in Hainan FTP is pivotal

A key component of the 2026 Zhongguancun Forum, the 2026 China Science Fiction Convention will be held from March 27 to 29 at Shougang Park in Beijing's Shijingshan District.

The five-day Zhongguancun Forum commenced on Wednesday under the annual theme "Deep Integration of Technological and Industrial Innovation." The event is expected to feature over 100 events and bring together more than 1,000 guests from over 100 countries and regions.

Marking the 10th anniversary of the China Science Fiction Convention, the 2026 edition will feature 16 high-level forums and industry promotion activities. The sessions will delve into core topics such as the industrialization of sci-fi films, the integration of technological innovation, the development of industrial ecosystems, and targeted capital empowerment. 

The aim is to build a strategic platform that connects global insights and mobilizes industrial resources to foster a new ecosystem for the sci-fi industry. Notable events include the Sci-Fi Film Development Forum and the Sci-Fi Industry Development Forum, which will explore advancements across the sci-fi industry's various sectors.

Meanwhile, industry promotion activities, such as the Beijing Future Digital Space Innovation Pilot Zone Industry Leadership Forum, will focus on facilitating resource integration and translating outcomes into practical applications.

In addition to establishing a coordinated mechanism for investment promotion and strengthening collaboration on project partnerships, the convention has also set up a platform for exchange and cooperation across the entire industry chain. For the first time, the event introduces the "Future Digital Neighborhood," showcasing the achievements of the Beijing Future Digital Space Innovation Pilot Zone. 

Since the implementation of the "Several Measures to Support the Development of the Beijing Future Digital Space Innovation Pilot Zone" in 2025, nearly 40 companies have established operations in the zone, with another 15 companies in the process of registration. Companies in the zone have secured over 1 billion yuan (about $145 million) in funding, reflecting sustained momentum for industrial development.

The convention will also offer a variety of public-facing experiential activities. The Beijing International Sci-Fi and Future Industry Expo will create an immersive futuristic experience, while the Beijing Sci-Fi Carnival will feature an immersive narrative game spanning the entire Shougang Park. 

Through scenario-based and interactive experiences, these activities aim to ignite public enthusiasm for sci-fi culture. By leveraging sci-fi as a medium, the convention seeks to innovate by integrating it with technology, culture, industry, and hands-on experiences, working with all stakeholders to advance the development of China's sci-fi industry.

China's Ministry of Commerce on Thursday urged Japan to reflect on and correct its mistakes to pave the way for normal economic and trade cooperation between the two countries.

Speaking at a regular press briefing, spokesperson He Yongqian emphasized that China remains committed to high-standard opening up and is dedicated to building a market-oriented, law-based, and internationalized first-class business environment.

The spokesperson cited the latest survey by the Japanese Chamber of Commerce and Industry in China, which shows that Japanese enterprises operating in China generally report sound business conditions, maintain high satisfaction with China's business environment, and plan to continue deepening their presence in the Chinese market.

The spokesperson said that stable and healthy economic and trade relations between China and Japan serve the shared interests of both peoples.

On Wednesday, three drones and one tracked robot were used to spray lime sulfur on jujube trees in an intelligent air-ground operation in Ruoqiang County, China's Xinjiang Uygur Autonomous Region. This new approach triples efficiency and eliminates missed or repeated spraying. As the "Hometown of Chinese Jujubes" with over 15,000 hectares of plantations, Ruoqiang is now accelerating its shift from manual to smart plant protection.

The test flight for Bayingolin Luntai Airport was completed on Tuesday by Chengdu Airlines using the domestically produced C909 aircraft, marking a key step before it becomes the 29th civil transport airport in Xinjiang Uygur Autonomous Region. The 4C-standard facility aims to handle 300,000 passengers annually by 2030. With planned routes to Urumqi, Beijing, Chengdu, and Xi'an, the airport will fill the county's aviation gap and strengthen the aviation network in southern Xinjiang.

Editor's note: Michael G. Wang is an anchor at CGTN. The article reflects the author's opinion and not necessarily the views of CGTN.

The Boao Forum for Asia remains one of the best platforms in the world to hear ideas you won't hear anywhere else. And at a panel I moderated on Wednesday on climate governance, one idea stood out.

Qian Zhimin, the former chairman of State Power Investment Corporation (SPIC), one of China's largest power companies, made the case for building an Asian carbon market. When SPIC was formed about a decade ago, clean energy was roughly 40% of its installed capacity. By the end of 2025, that number reached 74%. This was a fossil fuel giant that transformed itself into a clean energy leader.

He gave the panel some numbers. Qian said the EU carbon market traded some 535 billion euros last year. He argued that if Asia built a comparable market, it could theoretically be worth 4.3 trillion euros, or over eight times larger.

Now, that comparison requires a big asterisk.

It assumes Asia matches European carbon prices. Asian carbon prices cannot realistically converge with European ones any time soon. That would be too costly for developing economies in this region that still need to prioritize industrialization, infrastructure, and lifting living standards.

But the idea doesn't require price convergence to be powerful.

The scale of Asia's carbon emissions, if paired with a carbon price of between 10 to 20 euros a tonne, a lot lower than the roughly 70 euros a tonne in the EU, means an active Asian carbon market could still be larger than Europe's.

China has built the world's largest and fastest-growing clean energy system, but the rest of Asia, understandably constrained by fiscal realities and competing development priorities, still has some ways to go. A functioning Asian carbon market could provide an engine that depends less on government budgets or foreign aid to invest in clean technologies or lower emissions: the market itself generates the investment signal.

The era of carbon pricing in my part of the world may just be beginning. And Asia, whether it realizes or not, is sitting on the largest untapped carbon market in the world.

The Middle East conflict threatens global energy security and commodities supply. Prices are already surging globally, and the impact is spreading from building materials to textiles and clean fuels.

What began as a regional crisis in the Middle East is fast becoming a broader economic strain, hitting ASEAN and Europe through higher energy bills and supply disruptions.

A recent report by Maybank said the current strain is spilling over into Asia through energy and supply channels, and could deliver a "stagflationary shock" to ASEAN—dampening growth while pushing up inflation.

ASEAN economies remain highly dependent on Middle Eastern energy. About 95% of the Philippines' and 88% of Vietnam's crude oil imports come from the Gulf. Singapore, Indonesia and Thailand rely heavily on Middle Eastern diesel supplies, while roughly 49% of Vietnam's natural gas is sourced from Gulf states.

The report also flagged risks to agricultural inputs. Around 67% of Thailand's nitrogen fertilizer and 74% of its urea imports come from the Gulf. Any disruption to energy or fertilizer supplies could lift farming costs and feed through to higher food prices.

Maybank cut its 2026 growth forecast for six major ASEAN economies—Indonesia, Malaysia, the Philippines, Singapore, Vietnam and Thailand—to 4.5% from 4.8%. The Philippines and Vietnam saw the largest downgrades, each by 0.4 percentage point. Inflation across the six economies is now projected at 2.7%, up from a previous estimate of 2.2%.

In Europe, a surge in energy prices triggered by the Middle East tensions is adding a fresh headwind. After years of sluggish growth, the region had been counting on a recovery this year, but rising oil and gas costs, limited fiscal space and industrial strain are clouding the outlook.

In Britain, economic activity has slowed as higher costs curb demand. Data released by S&P Global on Tuesday showed the country's flash composite Purchasing Managers' Index (PMI) fell to 51.0 in March from 53.7 in February, the lowest level in six months. The services sector cooled sharply, with the PMI dropping to 51.2 from 53.9, while manufacturing slipped to 51.4, a three-month low. Factory output growth slowed to near stagnation.

S&P Global surveys showed new orders in the UK private sector fell for the first time in four months in March. Businesses cited rising uncertainty, higher costs and tighter financing conditions linked to the prolonged Middle East conflict, which have dampened both corporate and consumer spending.

Pressure on European industry is also mounting. Energy-intensive sectors such as chemicals face rising costs, prompting some firms to consider cutting capacity or shifting production to regions with cheaper energy.

Some companies have already trimmed their outlooks. Swiss chocolatier Lindt lowered its guidance for the year, partly citing uncertainty tied to the Middle East situation. Germany's Volkswagen said rising geopolitical risks could weigh on sales of premium brands such as Porsche and Audi.

The spillover is only beginning to bite. 

How will the rapid advancement of artificial intelligence affect the labor market, manufacturing, and business systems in the coming years? Let's hear from business leaders at the ongoing Boao Forum for Asia.

During this year's Boao Forum, CGTN rolled out "Global South asks, Boao answers"—a special series in collaboration with leading media from the Global South. Bringing pressing questions from across the Global South to the forum floor, the series invites business leaders to respond—highlighting Boao perspectives and shared expectations for future cooperation.

‪Producer: Tian Runtong

‪Managing Editor: Peng Xiaoyun

‪Reporter: Sun Shangyi‬, Yu Hongyu, Aaron Liu

‪Editor: Li Jie, Li Xinrui

No farmers in sight, but the fields are anything but quiet.

Self-driving tractors, automated irrigation, drones spraying crops... Machines are doing the work, while farmers monitor from a screen.

This is China's tech-powered spring farming. Watch how it works!

Editor's note: Lin G. is a CGTN economic commentator. The views expressed in this article are the author's own and do not necessarily reflect the editorial positions of CGTN.

In late March, just days after the conclusion of China's annual Two Sessions, Beijing and other Chinese cities entered what could almost be called forum season. Within a single week, a series of major international gatherings—policy forums, industry conferences, and technology summits—took place across the country.

Yet, the way these events were covered by international media revealed a particular pattern. Much of the reporting focused not only on the technological transformation currently unfolding within China itself, but also on how governments, corporations, and global markets are responding to it.

A prominent example was the China Development Forum (CDF) in Beijing, which brought together senior Chinese policymakers and leaders of major multinational companies such as Apple and Volkswagen Group. International coverage of the event largely highlighted how global businesses view China's competitive environment.

This perspective was captured in remarks from the leadership of Mercedes-Benz Group. "If you want to play football, you wanna play in the Champions League. The Chinese market is the Champions League of the automotive industry," said Ola Källenius, chairman of the Board of Management of Mercedes-Benz Group AG, during the forum.

A similar pattern could be seen in reporting on the Boao Forum for Asia, where discussions about regional cooperation and economic integration attracted widespread international attention. Industry events such as SEMICON China were also widely cited for the scale of China's semiconductor manufacturing expansion, often framed through projections of how China's growing capacity could reshape the global chip supply chain.

Taken together, these reports painted a picture of how the world is reacting to China's rise in technology and industry. But they said little about how that transformation is actually taking shape inside China itself.

An overlooked signal from a week of forums

Against this backdrop, another major technology event opened in Beijing: the ZGC Forum, also known as the Zhongguancun Forum. Compared with the global attention devoted to the other forums, it has received far less coverage from international media. Yet it may offer one of the most direct windows into how China's technology ecosystem operates—and how scientific breakthroughs are translated into industrial innovation.

At first glance, the forum looks like a typical science and technology conference. Each year it announces a list of major Chinese scientific breakthroughs. Recent announcements have included progress in areas such as controlled nuclear fusion, semiconductor memory technologies, and new discoveries from lunar samples returned by China's Chang'e missions.

Many of these breakthroughs appear highly technical and far removed from everyday life. Some may not translate into commercial products for years. 

But the real significance of the forum lies not in the announcements themselves—it lies in what happens around them.

The theme of the forum highlights this directly: "Full Integration Between Technological and Industrial Innovation."

During its five-day program, the event plans more than twenty matchmaking sessions connecting research teams, investors, and industrial partners. Over 500 technology projects are presented to potential investors and manufacturers. Venture capital firms, state-backed funds, and industrial groups attend in record numbers.

In other words, the forum functions less as a scientific conference and more as a marketplace for turning science into industry. This reflects a distinctive mindset that runs through China's technology ecosystem.

The mentality behind China's innovation push

What the Zhongguancun Forum reveals is not just new technology—it reveals a particular innovation mentality.

China's approach places extraordinary emphasis on rapid commercialization. Once a technological direction appears promising, enormous effort is devoted to transforming it into real products, platforms, and industries as quickly as possible.

Consider the current race in artificial intelligence. Globally, some of the most advanced models still come from the United States. But in terms of actual usage and deployment, Chinese models are expanding rapidly.

A more concrete example can be seen on OpenRouter, a platform widely used by developers to access and compare different AI models.

OpenRouter regularly publishes rankings based on actual model usage on its platform, measured by the total number of tokens processed through its API. In other words, the rankings reflect how frequently developers are calling and using different models in real-world applications.

The results are revealing.

While many observers still regard several American models as technologically leading, the usage rankings tell a more complex story. In OpenRouter's top ten models by token usage, a majority are Chinese models—roughly seven out of the ten.

The reason is straightforward: Chinese developers have pushed their models into the market with an unusually aggressive strategy. Many are free to use, open-source, or priced at extremely low levels, dramatically lowering the barrier to experiment with them.

Chinese companies such as StepFun, DeepSeek, MiniMax, Z.ai, and Moonshot AI appear prominently in these usage rankings. What makes this even more striking is that these companies are not tech giants, but young startups.

From a conventional business perspective, the strategy can look puzzling. Even in China, this is widely understood as a high-risk bet. Offering free or extremely cheap models does not guarantee success, and not every company pursuing this strategy will survive.

Yet the fact that so many companies and investors are willing to take this gamble reveals something deeper about the mentality of China's technology ecosystem.

Why are these companies willing to pursue such aggressive strategies?

The answer lies partly in the investors behind them.

Many of these startups are able to push their models into the market at little or no charge because their investors are willing to keep funding them. In other words, investors are consciously supporting a strategy of spending heavily on technology even at a loss.

To understand why this happens, one has to look at the structure of China's investment system.

China's venture capital ecosystem is no longer purely private in the way that it is in many Western economies. In a large number of funds, the capital itself is mixed. Part of it comes from private investors, but another significant portion often comes from government-guided funds, many of which are established or backed by local governments.

This hybrid capital structure changes how investment decisions are made.

Private capital still cares about returns, of course. But government-guided funds often evaluate projects using an additional dimension: strategic value. In other words, investors may consider not only whether a company can eventually generate profit, but also whether its technology contributes to broader national or regional development priorities.

These priorities are not abstract. China's long-term economic planning framework—most visibly expressed through its Five-Year Plans—sets clear strategic directions for technological development. The 15th Five-Year Plan places particularly strong emphasis on areas such as artificial intelligence, advanced manufacturing, and next-generation digital infrastructure.

Local governments, which frequently provide the capital for government-guided funds, are politically incentivized to align their investments with these national strategic priorities. This creates a very different investment environment from a purely market-driven system.

If a startup is developing technology that fits into these strategic directions, it may continue to receive support even when its financial statements do not show profits. That support can take many forms. Investors may continue to inject capital. Local governments may offer preferential policies. Some companies receive free office space or access to government-supported industrial parks. Others benefit from assistance in connecting with suppliers, manufacturers, or potential clients along the industrial chain. In many cases, local governments actively help coordinate these relationships, helping young companies integrate into broader industrial ecosystems.

From the outside, many of these practices may appear economically irrational. Yet within China's innovation system, these strategies make sense.

And over time, this system can help narrow the gap between scientific discovery and real-world industrial application. Technologies that initially appear distant from everyday economic activity may gradually find pathways into manufacturing systems, consumer markets, or digital platforms.

In a sense, the process resembles the famous response by physicist Michael Faraday in the nineteenth century when he was asked about the practical value of his early experiments in electromagnetism. Faraday reportedly replied: "What use is a newborn baby?"

A newborn baby does not yet generate value. Raising it requires years of investment, patience, and resources. But someone must be willing to raise the child.

China's innovation ecosystem, in many cases, has shown a remarkable willingness to do exactly that.

Looking beneath the surface

For international observers, forums such as the China Development Forum or the Boao Forum provide valuable insight into China's economic diplomacy and global partnerships. But they mostly reveal the outer layer of China's technological rise.

To understand the engine itself, one must look deeper—into events like the Zhongguancun Forum, where research institutes, venture capital firms, industrial groups, and policymakers converge to turn experimental technologies into commercial realities.

The lesson is simple: understanding China's innovation trajectory requires not only listening to its global dialogues, but also observing the mechanisms through which ideas become industries—mechanisms that are often less visible, yet from an insider's view may ultimately prove far more consequential.

Global economic growth is projected to ease to 2.9% in 2026 from 3.3% in 2025, before edging up to 3.0% in 2027, the Organization for Economic Cooperation and Development (OECD) said in its latest Economic Outlook on Thursday.

The report said that the evolving conflict in the Middle East will test the resilience of the global economy. A prolonged period of higher energy prices would add markedly to business costs, raise consumer price inflation and have adverse consequences for growth.

Prior to the escalation of the conflict, global growth remained resilient due to strong AI-related investment and production as well as favourable fiscal conditions, the report said.

Since the conflict in the Middle East, surging energy prices and heightened uncertainty have raised costs and dampened demand, offsetting earlier growth momentum, the report added.

A Los Angeles jury on Wednesday found Meta and Google negligent for designing addictive apps and for failing to warn of their associated dangers, and liable for harm caused to a young user. The landmark verdict could pave the way for numerous lawsuits against social media companies on similar grounds.

The plaintiff, a now-20-year-old woman identified as K.G.M. or Kaley, was awarded $4.2 million in damages from Meta and $1.8 million from Google.

Kaley said she became addicted to YouTube and Instagram as a minor, citing attention-grabbing features such as infinite scroll and algorithmic recommendations. She sued Google and Meta for personal injury, blaming the apps engineered by the two companies for leading to depression and suicidal thoughts.

"Today's ⁠verdict is a referendum – from a jury, to an entire industry – that accountability has arrived," her legal team said in a statement.

Meta and Google both disagree with the ruling and plan to appeal, according to spokespeople from the two companies.

The trial, which began in February and involved testimony from tech executives, including Mark Zuckerberg, was a test case for thousands of similar consolidated cases brought against tech companies by more than 1,600 plaintiffs, including 350 families and over 250 school districts, NBC reported. 

Snap and TikTok were also defendants of the suit, but both agreed to settle on undisclosed terms before the trial. 

Wednesday's decision was not the only legal setback for Meta this week. A jury in New Mexico on Tuesday found Meta liable for violating state law in a lawsuit brought by the state's attorney general, accusing the company of enabling child sexual exploitation on its platforms, including Facebook, Instagram and WhatsApp. The jury ordered Meta to pay $375 million in civil penalties after deliberating for less than a day.

More US states are mounting legislation targeting tech companies, as the US Congress has refused to pass federal-level regulations on social media usage. At least 20 states enacted laws last year on social media usage and children, Reuters reported, citing the National Conference of State Legislatures, a nonpartisan organization that tracks state laws.

(With input from agencies)

The Chinese Ministry of Commerce on Wednesday released the findings of an investigation into Mexico's restrictive measures against China and other non-free trade agreement (FTA) partners, stating that these measures constitute trade and investment barriers.

The investigation was initiated by the ministry on September 25, 2025, pursuant to China's Foreign Trade Law and its rules on foreign trade barrier investigations.

A spokesperson for the ministry stated that the investigation found that Mexico's measures, including import tariff hikes on products from non-FTA partners, have restricted and impeded the entry of Chinese products, services and investment into the Mexican market, thereby undermining the competitiveness of Chinese enterprises.

As a result, the ministry has determined in accordance with the law that Mexico's restrictive measures constitute trade and investment barriers against China, the spokesperson said in response to a question from the media.

The ministry is authorized to implement corresponding measures to resolutely safeguard the interests of Chinese industries, the spokesperson noted.

Martin Sorrell, the founder of S4 Capital, has warned that global business leaders are navigating an era of profound uncertainty, with geopolitical tensions, shifting alliances and technological bifurcation reshaping the economic landscape. 

Speaking at the China Development Forum in Beijing, the veteran advertising executive told CGTN's Guan Xin that the world is moving away from the globalization model of recent decades toward a more fragmented, multipolar system. 

The conflict in the Middle East, coupled with shipping disruptions in the Strait of Hormuz, has led to volatility in oil prices. This could accelerate the reshaping of the global energy supply landscape and further boost the role of new energy industry. Investors are now turning their focus to China, where the energy transition is clearly outlined in the country's development blueprint.

What new opportunities will the special customs operations of Hainan Free Trade Port bring for business cooperation between China and other Asian countries? Let's hear about it from business leaders at the ongoing Boao Forum 2026.

At this year's forum, CGTN has rolled out a special series titled "Global South asks, Boao answers" in collaboration with leading media from the Global South. Bringing pressing questions from across the Global South to the forum floor, the series invites business leaders to respond — highlighting Boao perspectives and shared expectations for future cooperation.

‪Producer: Tian Runtong

‪Managing Editor: Peng Xiaoyun

‪Reporter: Sun Shangyi‬

‪Editor: Li Jie, Li Xinrui

China welcomes companies from the United States to continue expanding their presence in the Chinese market and prosper together with China, according to Minister of Commerce Wang Wentao.

The minister made the remarks on Monday during a meeting with a delegation of US-China Business Council member companies, led by board chair Rajesh Subramaniam and president Sean Stein. The two sides exchanged views on China-US economic and trade relations, the development of US companies in China, among other topics.

Despite differences and frictions in bilateral economic and trade cooperation, it is crucial to respect each other's core interests and major concerns and to properly address differences through dialogue on an equal footing, Wang said.

China hopes that the United States will work with China to maintain the stable, healthy and sustainable development of bilateral economic and trade relations, he added.

Amid a turbulent global landscape, China's economic development provides stability and certainty, Wang said, emphasizing that the country will promote high-quality development, steadily advance high-level opening up, and continue improving its business environment.

He also added that the outline of China's 15th Five-Year Plan (2026-2030) offers not only a new blueprint for the country but also fresh opportunities for global development.

During the meeting, delegates from the US side highlighted the importance of continued, practical communication between China and the United States and expressed hope for further development of bilateral economic and trade ties.

Hainan, China's southern tropical island, is the venue of the Boao Forum for Asia. It's not only the permanent host of a world-class economic forum, but has also been the pioneer of China's zero-tariff policy. Since December 18, 2025, how has Hainan FTP fared? Check it out! 

China and the Philippines can cooperate to achieve peace and prosperity, Jaime A. FlorCruz, Ambassador of the Philippines to China, said in an interview with CGTN. He added that no single country or region can exist independently without exchanges and cooperation with other regions.

A press conference for the 2026 Boao Forum for Asia (BFA) annual conference and the launch of its flagship reports was held on Tuesday in Boao, south China's Hainan Province.

Zhang Jun, secretary general of the BFA, briefed the media on preparations and arrangements for the annual event, running from March 24 to 27.

Two flagship reports on the economic outlook for Asia, integration progress and the region's sustainable development were released during the press conference.

Asia remains the world's primary growth engine, with its economy forecast to expand by 4.5% in 2026, according to the report titled "Asian Economic Outlook and Integration Progress Annual Report 2026."

Asia's share of global GDP is projected to continue its upward trajectory, rising from 49.2% in 2025 to 49.7% in 2026 on a purchasing power parity basis, it said.

The foundations of Asian trade integration have continued to strengthen, the report noted, citing data that intra-regional trade dependence edged up from 56.3% in 2023 to 57.2% in 2024, as major economies across the region increasingly orient their trade ties toward one another, it said.

"China and ASEAN continue to stand out as the region's twin 'anchors of stability'," the report pointed out.

Digital transformation has emerged as a new engine for sustainable development in Asia, according to the other report, titled "Sustainable Development: Asia and the World Annual Report 2026 – Sustainable Development in Asia amid Global Transformation."

Asia has taken the initiative to explore future-oriented development models through digital technologies, striving to translate its diverse economic structures into overall competitiveness and regional resilience, said the report.  

The digital economy has become a key driver of economic growth in Asia, the report notes, citing figures showing that by 2025, Asia's digital economy had reached a scale of $27 trillion, accounting for 46% of GDP.

Specifically, artificial intelligence (AI) has become a vital driver of social and economic progress across Asia, the report noted.

This year's conference in Boao is themed "Shaping a Shared Future: New Dynamics, New Opportunities, New Cooperation."

According to the organizers, about 2,000 representatives from more than 60 countries and regions will attend the event, along with over 1,100 journalists from around 150 media organizations covering the conference.

With total industrial output surpassing 810 billion yuan, China's film industry has become a powerful engine driving domestic demand and boosting consumption. But for younger audiences, simply watching a movie is no longer enough. They want to step inside the story – to play it, live it, and become part of it. Click to explore how immersive games are reshaping youth consumption. 

China's inclusion of "tourism nation" building in its 15th Five-Year Plan for the first time marks a pivotal policy shift that luxury hospitality and retail leaders are hailing as a catalyst for long-term growth. In an exclusive interview with CGTN' Guan Xin, Sonia Cheng, CEO of Rosewood Hotels Group and executive vice chairman of Chow Tai Fook Jewellery Group, outlined how her companies are positioning themselves as "global cultural connectors" to promote Chinese soft power and attract international visitors through bespoke experiences that celebrate local heritage in modern ways. 

As China enters its 15th Five-Year Plan period and the EU advances its Digital Decade goals, Luigi Gambardella, president of the ChinaEU Digital Association, calls for a fundamental shift in China-Europe tech cooperation – from treating each other as mere markets to becoming integrated innovation partners. 

In an exclusive interview with CGTN's Guan Xin, Gambardella highlights industrial internet, artificial intelligence(AI)-powered smart manufacturing and physical AI as key synergy areas, while urging both sides to embrace "co-creation" models where European and Chinese companies jointly research, develop and market products for global audiences from day one.

China stands at a pivotal moment in its economic transformation as it enters the 15th Five-Year Plan period, shifting from export-driven growth to boosting domestic consumption while redefining its global partnerships amid a chaotic international landscape, according to Denis Depoux, the global managing director at Roland Berger. 

In an exclusive interview with CGTN's Guan Xin, Depoux shared insights on Beijing's policy priorities, the evolving China-EU relationship and his advice for Chinese companies navigating an increasingly fragmented world – from transforming their "going global" strategies to becoming "born global" through local investments and strategic partnerships.