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For the last few years, a younger generation of Republicans — including Vice President-elect J.D. Vance — has tried to convince their party to (partially) rethink its traditional kowtowing to corporate interests. If they really want to be the party of the working class, it might not be enough to pour contempt on and . What if they combined that with a genuine skepticism of corporate power, and a willingness to use government to police monopolies and make sure markets work for everyone? It was an interesting idea. But even if Vance and his allies were sincere — and there are plenty of reasons to doubt that — the incoming Trump White House is going in another direction. Big business will have than in his first, and the dream of a Republican Party that cares about voters’ pocketbooks, not just CEOs’ salaries, . The idea that this administration will be “populist” in any meaningful sense looks more like a joke every single day. Already, Trump has to fill out Cabinet posts and advisory positions. He is dining with industry lobbyists and promising regulatory exemptions to big companies. And on Tuesday, that he would replace Lina Khan, , as chair of the Federal Trade Commission.Under Khan, the FTC has been at the center of some of the most important action on markets and monopolies over the last four years. Along with Jonathan Kanter, head of the Justice Department’s Antitrust Division, Khan has reinvigorated antitrust enforcement, challenging giant mergers and bringing lawsuits against tech companies for their exploitative practices. While not all of Khan’s antitrust actions have been successful, she has notched some notable victories. Earlier this year, between grocery giants Kroger and Albertsons, arguing the merger would raise prices and hurt workers. After a judge sided with the FTC and state regulators, Albertsons backed out of the deal. Though , her adversarial relationship with large corporations, and particularly with the tech industry, won her some fans on the right. “I look at Lina Khan as one of the few people in the Biden administration that I think is doing a pretty good job,” earlier this year. Sen. Josh Hawley, R-Mo., that her past criticism of Amazon was “precisely why she was a good choice for the FTC.” Hawley is just one Republican who has styled himself an anti-corporate crusader; he has to outlaw corporate political contributions, which he says would “hold Corporate America accountable for drowning out the voices of the American people.” Sen. Marco Rubio, R-Fla., Trump's pick for secretary of state, once a union organizing drive at an Amazon facility, though only because he thought the company was too “woke” and should be punished. The support for Khan from these “Khanservatives,” and the forlorn hope that Trump’s “populism” has anything to do with economics, led some to wonder if Trump might actually let Khan stay on. The conservative Wall Street Journal editorial board In July that “Mr. Vance may lobby Mr. Trump to reappoint her in a second term.” Instead, Trump has picked FTC Commissioner Andrew Ferguson as her replacement. In announcing Ferguson on his Truth Social platform, Trump wrote that “Andrew has a proven record of standing up to Big Tech censorship.” But this hostility emerges only when Ferguson believes tech companies are censoring conservatives. He recently praised X owner Elon Musk, that the platform’s “current turn toward free expression is due only to its new owner’s unusually firm commitment to free and open debate.” In fact, Musk regularly his own critics on X and trying to quash speech he doesn’t like. Ferguson’s , , demonstrates that he will broadly reverse Khan’s robust antitrust enforcement. In the one-page document, he promises to “reverse Lina Khan’s anti-business agenda” by repealing “burdensome” regulations (i.e. regulations that businesses don’t like) and stopping “Lina Khan’s war on mergers.” And lest Big Tech gets too worried, he pledges to “end the FTC’s attempt to become an AI regulator.” No one should be surprised that conservative support for Khan and opposition to Big Tech was never about the dangers of monopoly power or the well being of consumers. Republicans only get mad at companies when they perceive a threat to their partisan interests. Likewise, they’ll condemn corporate “wokeness” when companies celebrate Pride Month, but they don’t care if those same companies jack up prices, mistreat workers or pollute communities. For all the Khanservatives' claim to be reimagining their party’s stance toward corporations, they lack any broader conception of how much power corporations should have, how government should ensure the proper functioning of markets, or what constitutes genuine competition in the public interest. They’re happy to have the FTC, and the government in general, revert to a reflexive view that corporations should be able to do pretty much whatever they want — so long as it’s conservative officials who are determining where the lines are. Now Vance and his allies’ claims to populism will be truly tested. Are the corporate-oriented officials running key agencies in the new Trump administration going to reverse the Biden administration’s efforts in taking on corporate power? What about the FTC’s recently finalized “ ” rule, which will require that canceling a subscription or gym membership is as easy as signing up in the first place? What about its on “junk fees,” or its ban on onerous ? Based on Trump’s actions since the election, all these moves could be at risk. It’s not just the FTC — we could see the Trump administration end the efforts to get for airline passengers that Biden started, or follow up on threats to neuter the Consumer Financial Protection Bureau, which protects consumers from financial industry scams and mistreatment (Elon Musk he wants to “delete” the CFPB). Here’s the real measure of the phoniness of the Republican claim to populism: As the next four years progress, watch how often the administration takes the side of consumers when they come in conflict with corporate interests. My bet is on “almost never.” Perhaps Vance was sincere all the times he said he wanted a genuinely populist Republican Party that is skeptical of corporate power. But that’s almost certainly not what we’re going to get. Conservative ideology, and subservience to the moneyed interests that fund the GOP, will determine what Republicans do when they take power, just as they always have.Titans are their own worst enemy as they fail again to string together wins

BEIJING , Dec. 8, 2024 /PRNewswire/ -- At the end of 2024, we take a look back at the Chinese economy's performance this year. China's domestic GDP grew by 5.3 percent year-on-year in the first quarter, 4.7 percent in the second quarter and 4.6 percent in the third quarter this year, with an average growth rate of 4.8 percent in the first three quarters. Since September, as a package of incremental policies continues to yield its effects, China's economy maintains an upward trend. Overall, we are fully confident in achieving our economic growth goal this year. The country's economic performance has been hard-won. Externally, transformations around the world unseen in a century are unfolding at a greater pace, with global economic growth remaining sluggish, and the complexity, severity and uncertainty of the external environment on the rise. At home, domestic demand is insufficient, social expectations remain weak and there are difficulties associated with structural adjustments. The situation is severe and complex, and the task is difficult and weighty. However, under the strong leadership of the Communist Party of China Central Committee with Comrade Xi Jinping at its core, Chinese localities and government agencies are more confident and are taking solid steps to deliver outcomes. The results underscore that "fundamentals of the Chinese economy, and favorable conditions such as a vast market, strong economic resilience and great potential remain unchanged." Huge market, vast space Markets are the scarcest resource. The modernization achieved by 1.4 billion Chinese people has resulted in the addition of a new super-large market larger than those of all developed countries combined. The new development paradigm will enable China to fully unlock its market potential and create greater demand for other countries. With a new car rolling off production line on November 14 , China's annual production of new energy vehicles (NEVs) surpassed the 10 million milestone, becoming the first country in the world to do so. Behind the number is China's robust supply and demand. In the first 10 months, China's production and sales of NEVs grew by 33 percent and 33.9 percent year-on-year, respectively. China continues to take the lead in the electrification and intelligence transformation of the automotive industry, which is attributed to the supply, policy support and demand advantage in the ultra-large market. Markets bring valuable business opportunities. Take cars for example. By the end of June, China had 345 million cars, but the country's car ownership level per 1,000 residents is less than half of that in developed countries. Additionally, China's NEV ownership is only 24.72 million, which means continuous demand in the future. Markets breed competition advantages. China's vast market contributes to the formation of "economy of scale" and "economy of scope," which generates greater profits for enterprises and reduces innovations costs, and also helps provide a large number of application scenarios and boost the large-scale application of innovations. China leads the world in batteries, motors and electronic control technologies, while its intelligent cockpits and intelligent driving are internationally advanced. Thanks to the benign interactions between supply and demand, the industrialization of new technologies and new products is speeding up. Strong resilience, solid basis Resilience strengthens self-belief. China has come to where it is today after overcoming all kinds of difficulties and challenges. Foreign trade is an important barometer in this regard. In the first 10 months of the year, China's foreign goods trade rose by 5.2 percent year-on-year to reach a new high compared with the same period historically. The improvement in the quality and efficiency of the country's foreign trade against the backdrop of shrinking external demand reflects China's economic resilience. This resilience originates from China's solid manufacturing basis and industrial chain advantages. "We could not do what we do without them," Apple CEO Tim Cook said of Chinese suppliers during his third visit to the Chinese mainland this year, as over 80 percent of Apple's 200 major suppliers have set up factories in China . China has the world's most comprehensive industrial categories and a well-rounded industrial system, with the scale of manufacturing industry ranking top for 14 consecutive years. The high-end, intelligent and green development of the manufacturing sector continues to strengthen the stability of the country's industrial and supply chain. In the first three quarters, the manufacturing industry contributed 32.2 percent to the country's economic growth, up 11.2 percentage points. China moved up to 11th place in the ranking of the world's most innovative economies. The basis is solid, and risks and challenges are not to be feared. Resilience also comes from excellent policy adjustments. The nation has been strengthening counter-cyclical adjustments, accelerating the implementation of major national strategies and the development of securities capabilities in key areas while supporting large-scale equipment upgrades and trade-in policies for consumer goods with robust measures, boosting the stabilization of the property market and galvanizing the capital market. The government has also put forward a package of measures to dissolve local government debt risks. This year, a series of existing policies continue to produce effects and incremental policies are being effectively implemented, jointly helping the economy stabilize. Vast potential, strong momentum China's economy has vast potential and many advantages and favorable conditions for sustaining long-term development momentum. China has been the world's second-largest economy for many years, but still has vast development potential in terms of per capita and structure. China's per capita GDP remains relatively low, and the country's amount of infrastructure per capita is only 20-30 percent of that of developed countries. In 2023, China's urbanization rate, which measures the ratio of permanent urban residents relative to the total population, reached 66.2 percent by the end of 2023. Estimates show that each percentage point increase in the urbanization rate could drive 1 trillion yuan ( $137.55 billion ) in investment. Currently, both China's fiscal deficit ratio and government debt ratio are low, and the country's policy toolbox remains well-stocked. The potential also lies in elementary resources. China's human resources in science and technology ranked first in the country and the average length of education received by new entrants into the workforce has increased to 14 years, turning the demographic dividend into a talent dividend. In addition, overall sufficient social capitals, vast room for the highly efficient use of land and the vast unleashing of the potential of digital elements provide solid foundational support. This potential also comes from the huge market. The country's population of over 1.4 billion and middle-income population of over 400 million support a large-scale, diverse and huge domestic market. Accelerating the building of a unified national market will improve overall economic operation efficiency and continuously unleash the potential of domestic demand. Overall, China is a country with vast territory, a large population and unbalanced and uncoordinated development. This is a shortcoming, but also represents potential and a driving force for future development. Sparking vitality and building synergy through reform is essential to continuously unleashing development potential. From implementing regulations for fair competition reviews, accelerating the legislative process of the law on the promotion of the private economy and formulating normal communication mechanisms between governments and enterprises, to releasing a new national negative list for foreign investment and removing all market access restrictions for foreign investors in the manufacturing sector, China's reforms in key fields continue to deepen this year and high-level opening-up advances in an in-depth way. The third plenary session of the 20th Central Committee of the Communist Party of China adopted the Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization. Driven by reform of the economic system, China is correspondingly boosting reform in other fields, and the internal development momentum and vitality will continue to strengthen. Reviewing allows a clear understanding of the situation and better moving forward. While some major economies experience low growth rates and high inflation this year, China is expected to achieve its economic growth target of around 5 percent, and continue to contribute around 30 percent to world economic growth. This stable performance underlines the fact that China's economy will continue to remain on a positive trajectory over the long run. The story was originally published on the front page of the People's Daily on December 8, 2024 View original content: https://www.prnewswire.com/news-releases/global-times-peoples-daily-article-says-favorable-conditions-for-chinas-economic-development-remain-unchanged-302325568.html SOURCE Global TimesAP News Summary at 3:47 p.m. EST

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WINNIPEG - Mike O’Shea stood in front of reporters Friday and kept his cool while answering questions about the Winnipeg Blue Bombers’ 41-24 Grey Cup loss to the Toronto Argonauts last weekend. Read this article for free: Already have an account? To continue reading, please subscribe: * WINNIPEG - Mike O’Shea stood in front of reporters Friday and kept his cool while answering questions about the Winnipeg Blue Bombers’ 41-24 Grey Cup loss to the Toronto Argonauts last weekend. Read unlimited articles for free today: Already have an account? WINNIPEG – Mike O’Shea stood in front of reporters Friday and kept his cool while answering questions about the Winnipeg Blue Bombers’ 41-24 Grey Cup loss to the Toronto Argonauts last weekend. The head coach was asked if he made a mistake keeping injured quarterback Zach Collaros in the game, why star running back Brady Oliveira didn’t get the ball more and whether a flawed game plan led to Winnipeg’s third consecutive championship loss. “As an entire team, we didn’t have our best game,” O’Shea said in his end-of-the-season press conference. “We didn’t lack effort. We didn’t lack desire. “We didn’t have our best game as an entire team. Three phases. Coaches — everybody. Me especially.” O’Shea admitted he missed calling a timeout in the fourth quarter when there were only 11 Blue Bombers on the field instead of 12. “I don’t get the count over the headset as quickly as I probably need to, we can’t count. As I’m seeing a guy come off, that’s the right time for that timeout that I should have used,” O’Shea said. He also said he should have used a challenge flag earlier on a play he didn’t identify, and checked on his players more during the game. But hindsight wouldn’t change his decision to put Collaros back in the game after the index finger on his throwing hand was cut deep when it hit a defender’s helmet. “He absolutely deserves every opportunity to lead this team,” O’Shea said. “From what I saw and from chatting with him very briefly, I felt really comfortable with that. I didn’t think it was going to be easy, but I thought it’s Zach, so...” The injury to Collaros’s finger happened late in the third quarter when the Blue Bombers were trailing the Argonauts 17-10. The veteran left the game and returned with a bandaged finger that needed five stitches and a numbing agent. He wore a glove on the hand and told reporters earlier this week it was difficult to grip the ball. Collaros said he warned receivers in the huddle his throws might not have the usual zip and they should be prepared to come back for the ball. “(I) saw him delivering the ball on the sidelines. Then you see him deliver a couple balls out there and some of them are pretty damn good, right?” O’Shea said. “The awareness of Zach to say to the receivers, ‘hey, work a little harder for me,’ I think it’s natural and what should be said. I think they already know that.” When Collaros re-entered the game, he threw interceptions in back-to-back series. “On one of them he got rid of the ball and I thought it was a good ball and the defensive player made a good play,” O’Shea said of the picks. “One slipped right out of his hand or I don’t know if it got tipped or not. You’ve got to give him that opportunity.” Oliveira was questioning his lack of opportunities in the game when he spoke to reporters earlier in the week. The CFL’s newly minted most outstanding player and top Canadian only had 11 carries for 84 yards and one late touchdown. About 17 or 18 run plays were called, O’Shea said. “One starts off with a procedure penalty in the first and then six of those get pulled because there’s X number of guys in the box or the read says this is not a run play anymore, this is now a pass play,” he said. “You call that many runs and then a pile of them get pulled because of the structure of the defence. That’s OK with me at that point.” O’Shea said Bombers offensive co-ordinator Buck Pierce has been granted permission to talk to CFL teams with head-coaching job openings. The B.C. Lions are reportedly interested in Pierce. The Edmonton Elks also have a vacant head coach spot. If Pierce doesn’t become a head coach, O’Shea said he wants him to stay in Winnipeg. He believes Pierce had the offence “extremely well-prepared” for the Grey Cup. “I’m never going to question the play-calling, and I think what’s going on here is we’re questioning,” O’Shea said. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. “We’re trying to find blame and fault when that’s nowhere in our DNA of how we built this eight, nine, 10 years ago. We’re starting to try and find all these answers and question all these people that were 0-4 and 2-6 and then 10-1, and we just didn’t play our best game.” The Bombers finished 11-7 and claimed the West Division title that earned them a fifth consecutive trip to the Grey Cup. They won the championship in 2019 and ’21, but lost 28-24 to the Montreal Alouettes last year and 24-23 to Toronto in 2023. “We’re the same group that got there, that went on a phenomenal run after a bad start, and a bad start for a lot of reasons that we overcame,” O’Shea said. “I just, I don’t question any of it. I look for answers, too. I watch the film over and over and over again. And look to already make notes on how we’re going to be better, how we’re going to get back there again.” This report by The Canadian Press was first published Nov. 22, 2024. Advertisement AdvertisementCOPT Defense Properties ( NYSE:CDP – Get Free Report ) and Highwoods Properties ( NYSE:HIW – Get Free Report ) are both mid-cap finance companies, but which is the better investment? We will contrast the two companies based on the strength of their dividends, risk, analyst recommendations, valuation, institutional ownership, profitability and earnings. Analyst Recommendations This is a breakdown of recent ratings for COPT Defense Properties and Highwoods Properties, as provided by MarketBeat. COPT Defense Properties presently has a consensus price target of $30.86, suggesting a potential downside of 3.09%. Highwoods Properties has a consensus price target of $31.20, suggesting a potential downside of 2.41%. Given Highwoods Properties’ higher probable upside, analysts clearly believe Highwoods Properties is more favorable than COPT Defense Properties. Risk & Volatility Institutional and Insider Ownership 96.3% of Highwoods Properties shares are held by institutional investors. 1.1% of COPT Defense Properties shares are held by insiders. Comparatively, 1.6% of Highwoods Properties shares are held by insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a company is poised for long-term growth. Dividends COPT Defense Properties pays an annual dividend of $1.18 per share and has a dividend yield of 3.7%. Highwoods Properties pays an annual dividend of $2.00 per share and has a dividend yield of 6.3%. COPT Defense Properties pays out 96.7% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. Highwoods Properties pays out 149.3% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. Profitability This table compares COPT Defense Properties and Highwoods Properties’ net margins, return on equity and return on assets. Earnings and Valuation This table compares COPT Defense Properties and Highwoods Properties”s top-line revenue, earnings per share and valuation. Highwoods Properties has higher revenue and earnings than COPT Defense Properties. Highwoods Properties is trading at a lower price-to-earnings ratio than COPT Defense Properties, indicating that it is currently the more affordable of the two stocks. About COPT Defense Properties ( Get Free Report ) COPT Defense, an S&P MidCap 400 Company, is a self-managed REIT focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government (USG) defense installations and missions (referred to as its Defense/IT Portfolio). The Company's tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. As of December 31, 2023, the Company's Defense/IT Portfolio of 190 properties, including 24 owned through unconsolidated joint ventures, encompassed 21.7 million square feet and was 97.2% leased. About Highwoods Properties ( Get Free Report ) Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW), fully-integrated office real estate investment trust (REIT) that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Highwoods is in the work-placemaking business. We believe that by creating environments and experiences where the best and brightest can achieve together what they cannot apart, we can deliver greater value to our customers, their teammates and, in turn, our stakeholders. Receive News & Ratings for COPT Defense Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for COPT Defense Properties and related companies with MarketBeat.com's FREE daily email newsletter .

Shares of home goods retailer Williams Sonoma ( WSM 3.22% ) rallied 28.2% in November, according to data from S&P Global Market Intelligence . Williams-Sonoma reported third-quarter results on Nov. 20, with shares skyrocketing in the aftermath, accounting for most of the month's gains. While headlines results didn't seem like much to cheer about at first glance, they were well above expectations, with Wall Street cheering management's navigation of a tough consumer spending environment. Revenues decline, but margins go up Williams-Sonoma is a specialty retailer that owns several high-end home goods brands, including its Williams-Sonoma namesake, Pottery Barn, Pottery Barn Kids, West Elm, and Rejuvenation. As has been the case with virtually every discretionary and home goods retailer, Williams-Sonoma has seen sales declines amid post-pandemic inflation following the home goods boom during the pandemic. At first glance, investors might be confused as to why the stock was up so much after seeing the numbers, After all, revenue declined 2.9% to $1.8 billion, with comparable-store sales down a similar amount. Yet while revenue was down, the reported number still came in ahead of analyst expectations. Meanwhile, Williams-Sonoma was actually able to grow earnings per share by 7.1% in the quarter to $1.96, which also came in ahead of Wall Street's expectations. The impressive profit growth came as a result of higher gross margins , which expanded from 44.4% last year to 46.7%. Additionally, the company lowered its share count by repurchasing $533 million worth of stock in the quarter, increasing the year-to-date repurchase total to $707 million. Not only did repurchases ramp up, suggesting optimism on the part of management, but Williams-Sonoma's board of directors also authorized another $1 billion share repurchase program on the earnings release. Management also gave strong guidance, at least on a relative basis relative to prior figures. Williams-Sonoma now sees full-year revenues down between 3% and 1.5% for the full year, which would be an improvement over the third quarter, and sees operating margins improving by 40 basis points relative to the prior outlook. Williams-Sonoma is allocating capital well Amid the downturn in home goods sales, Williams-Sonoma appears to be strategizing well. Understanding the importance of preserving its brand power and its debt-free balance sheet, the company appears to be maintaining or raising prices to grow gross margin at the sacrifice of volumes and revenue growth. Clearly, investors are cheering the strategy and execution, as well as the generous shareholder returns. That being said, shares now seem to reflect an anticipation of a recovery in the year ahead, as they trade for 22 times earnings. While not overly expensive, that figure does seem to anticipate a better consumer spending environment in the future. After all, one can't generate earnings growth by raising prices exorbitantly or cutting costs forever.

BEIJING , Dec. 8, 2024 /PRNewswire/ -- At the end of 2024, we take a look back at the Chinese economy's performance this year. China's domestic GDP grew by 5.3 percent year-on-year in the first quarter, 4.7 percent in the second quarter and 4.6 percent in the third quarter this year, with an average growth rate of 4.8 percent in the first three quarters. Since September, as a package of incremental policies continues to yield its effects, China's economy maintains an upward trend. Overall, we are fully confident in achieving our economic growth goal this year. The country's economic performance has been hard-won. Externally, transformations around the world unseen in a century are unfolding at a greater pace, with global economic growth remaining sluggish, and the complexity, severity and uncertainty of the external environment on the rise. At home, domestic demand is insufficient, social expectations remain weak and there are difficulties associated with structural adjustments. The situation is severe and complex, and the task is difficult and weighty. However, under the strong leadership of the Communist Party of China Central Committee with Comrade Xi Jinping at its core, Chinese localities and government agencies are more confident and are taking solid steps to deliver outcomes. The results underscore that "fundamentals of the Chinese economy, and favorable conditions such as a vast market, strong economic resilience and great potential remain unchanged." Huge market, vast space Markets are the scarcest resource. The modernization achieved by 1.4 billion Chinese people has resulted in the addition of a new super-large market larger than those of all developed countries combined. The new development paradigm will enable China to fully unlock its market potential and create greater demand for other countries. With a new car rolling off production line on November 14 , China's annual production of new energy vehicles (NEVs) surpassed the 10 million milestone, becoming the first country in the world to do so. Behind the number is China's robust supply and demand. In the first 10 months, China's production and sales of NEVs grew by 33 percent and 33.9 percent year-on-year, respectively. China continues to take the lead in the electrification and intelligence transformation of the automotive industry, which is attributed to the supply, policy support and demand advantage in the ultra-large market. Markets bring valuable business opportunities. Take cars for example. By the end of June, China had 345 million cars, but the country's car ownership level per 1,000 residents is less than half of that in developed countries. Additionally, China's NEV ownership is only 24.72 million, which means continuous demand in the future. Markets breed competition advantages. China's vast market contributes to the formation of "economy of scale" and "economy of scope," which generates greater profits for enterprises and reduces innovations costs, and also helps provide a large number of application scenarios and boost the large-scale application of innovations. China leads the world in batteries, motors and electronic control technologies, while its intelligent cockpits and intelligent driving are internationally advanced. Thanks to the benign interactions between supply and demand, the industrialization of new technologies and new products is speeding up. Strong resilience, solid basis Resilience strengthens self-belief. China has come to where it is today after overcoming all kinds of difficulties and challenges. Foreign trade is an important barometer in this regard. In the first 10 months of the year, China's foreign goods trade rose by 5.2 percent year-on-year to reach a new high compared with the same period historically. The improvement in the quality and efficiency of the country's foreign trade against the backdrop of shrinking external demand reflects China's economic resilience. This resilience originates from China's solid manufacturing basis and industrial chain advantages. "We could not do what we do without them," Apple CEO Tim Cook said of Chinese suppliers during his third visit to the Chinese mainland this year, as over 80 percent of Apple's 200 major suppliers have set up factories in China . China has the world's most comprehensive industrial categories and a well-rounded industrial system, with the scale of manufacturing industry ranking top for 14 consecutive years. The high-end, intelligent and green development of the manufacturing sector continues to strengthen the stability of the country's industrial and supply chain. In the first three quarters, the manufacturing industry contributed 32.2 percent to the country's economic growth, up 11.2 percentage points. China moved up to 11th place in the ranking of the world's most innovative economies. The basis is solid, and risks and challenges are not to be feared. Resilience also comes from excellent policy adjustments. The nation has been strengthening counter-cyclical adjustments, accelerating the implementation of major national strategies and the development of securities capabilities in key areas while supporting large-scale equipment upgrades and trade-in policies for consumer goods with robust measures, boosting the stabilization of the property market and galvanizing the capital market. The government has also put forward a package of measures to dissolve local government debt risks. This year, a series of existing policies continue to produce effects and incremental policies are being effectively implemented, jointly helping the economy stabilize. Vast potential, strong momentum China's economy has vast potential and many advantages and favorable conditions for sustaining long-term development momentum. China has been the world's second-largest economy for many years, but still has vast development potential in terms of per capita and structure. China's per capita GDP remains relatively low, and the country's amount of infrastructure per capita is only 20-30 percent of that of developed countries. In 2023, China's urbanization rate, which measures the ratio of permanent urban residents relative to the total population, reached 66.2 percent by the end of 2023. Estimates show that each percentage point increase in the urbanization rate could drive 1 trillion yuan ( $137.55 billion ) in investment. Currently, both China's fiscal deficit ratio and government debt ratio are low, and the country's policy toolbox remains well-stocked. The potential also lies in elementary resources. China's human resources in science and technology ranked first in the country and the average length of education received by new entrants into the workforce has increased to 14 years, turning the demographic dividend into a talent dividend. In addition, overall sufficient social capitals, vast room for the highly efficient use of land and the vast unleashing of the potential of digital elements provide solid foundational support. This potential also comes from the huge market. The country's population of over 1.4 billion and middle-income population of over 400 million support a large-scale, diverse and huge domestic market. Accelerating the building of a unified national market will improve overall economic operation efficiency and continuously unleash the potential of domestic demand. Overall, China is a country with vast territory, a large population and unbalanced and uncoordinated development. This is a shortcoming, but also represents potential and a driving force for future development. Sparking vitality and building synergy through reform is essential to continuously unleashing development potential. From implementing regulations for fair competition reviews, accelerating the legislative process of the law on the promotion of the private economy and formulating normal communication mechanisms between governments and enterprises, to releasing a new national negative list for foreign investment and removing all market access restrictions for foreign investors in the manufacturing sector, China's reforms in key fields continue to deepen this year and high-level opening-up advances in an in-depth way. The third plenary session of the 20th Central Committee of the Communist Party of China adopted the Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization. Driven by reform of the economic system, China is correspondingly boosting reform in other fields, and the internal development momentum and vitality will continue to strengthen. Reviewing allows a clear understanding of the situation and better moving forward. While some major economies experience low growth rates and high inflation this year, China is expected to achieve its economic growth target of around 5 percent, and continue to contribute around 30 percent to world economic growth. This stable performance underlines the fact that China's economy will continue to remain on a positive trajectory over the long run. The story was originally published on the front page of the People's Daily on December 8, 2024 SOURCE Global Times

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Allegion PLC stock falls Wednesday, underperforms marketAs Syria’s notorious prisons empty, families search for the missingiShares MSCI South Korea ETF (NYSEARCA:EWY) Position Reduced by OneDigital Investment Advisors LLC