【CONTENTS】
I. China-Maldives free trade agreement to take effect
II. China-Singapore Free Trade Agreement Further Upgrade Protocol to come into force
III. Upgraded China-Singapore FTA to boost business opportunities: Singaporean ministry
IV. Xinhua to deepen cooperation with Sri Lankan media, think tanks
V. China confident in promoting continuous economic recovery in 2025: official
VI. Chinese clean energy firms boost global green shift
I. China-Maldives free trade agreement to take effect
BEIJING, Dec. 31 (Xinhua) -- The China-Maldives Free Trade Agreement (FTA) is set to take effect on Jan. 1, 2025, China's Ministry of Commerce (MOC) said in a statement on Monday.
The FTA was announced by Chinese Commerce Minister Wang Wentao and the Maldives' Economic Development and Trade Minister Mohamed Saeed, according to the statement, which also noted that the two ministers held a video conference on the same day.
The vast majority of China's industrial exports to the Maldives, including ships, electrical equipment, furniture and agricultural products, will benefit from the FTA after its implementation.
The vast majority of the Maldives' aquatic exports to China will also enjoy zero tariffs, according to the statement.
The implementation of the FTA is expected to provide a solid institutional guarantee for the improvement of the trade and investment liberalization and facilitation levels between the two countries, significantly promote the development of bilateral economic and trade relations, and continuously improve the well-being of businesses and people in both countries.
(2024-12-31 Source: Xinhua News Agency)
II. China-Singapore Free Trade Agreement Further Upgrade Protocol to come into force
BEIJING, Dec. 31 (Xinhua) -- The China-Singapore Free Trade Agreement (CSFTA) Further Upgrade Protocol will enter into force on Dec. 31, 2024, China's Ministry of Commerce said on Monday.
In alignment with high-standard international economic and trade rules, the protocol will open the services trade and investment markets between China and Singapore to a greater extent, according to a statement from the commerce ministry.
In terms of market access, both parties have made commitments to opening their services and investment markets based on a negative list model, marking China's first completion of free trade agreement upgrade negotiations using this model, the ministry said.
Regarding regulations, both sides have established high-standard institutional arrangements in areas such as services trade, investment and telecommunication, while also expanding cooperation in emerging fields like the digital economy, it said.
The implementation of the protocol is expected to unleash further cooperation potential in the services trade and investment areas between the two countries, continuously enriching the development of an all-round high-quality future-oriented partnership between China and Singapore, according to the statement.
Negotiations on the CSFTA Further Upgrade Protocol began in 2020, and the protocol was signed in December 2023.
(2024-12-31 Source: Xinhua News Agency)
III. Upgraded China-Singapore FTA to boost business opportunities: Singaporean ministry
SINGAPORE, Dec. 30 (Xinhua) -- The China-Singapore Free Trade Agreement Further Upgrade Protocol, set to come into effect on Tuesday, will benefit businesses in three key areas, Singaporean Ministry of Trade and Industry said in a statement on Monday.
First, Singaporean investors and service providers will enjoy more liberal and transparent rules, leveling the playing field for investment and trade with China, the ministry said.
Second, Singaporean businesses will benefit from expanded market access to China through a "negative list" approach, which means that, by default, all sectors will be open to investors, except those specifically listed, it said.
Third, the introduction of a standalone Telecommunications Services Chapter will enhance transparency in domestic regulatory processes, foster competition, and encourage industry participation in collaborative activities for innovation and development, the ministry said.
The protocol, announced by China and Singapore in 2023, was agreed to enter into force on Dec. 31 in November.
China has been Singapore's largest merchandise trading partner since 2013, accounting for 13.9 percent of Singapore's total merchandise trade with the world in 2023, the ministry reported.
(2024-12-31 Source: Xinhua News Agency)
IV. Xinhua to deepen cooperation with Sri Lankan media, think tanks
BEIJING, Jan. 2 (Xinhua) -- Xinhua News Agency looks forward to deepening cooperation with Sri Lankan media and think tanks to promote the development of bilateral ties, Xinhua President Fu Hua said Thursday.
Fu made the remarks when meeting with Majintha Jayesinghe, Sri Lankan ambassador to China, in Beijing.
Both sides expressed their willingness to promote enhanced communication and cooperation between media and think tanks of the two countries through multilateral mechanisms such as the World Media Summit, aiming to tell the stories of the China-Sri Lanka friendship and cooperation, and to strengthen bonds between the two peoples, particularly the youth of the two countries.
(2025-01-03 Source: Xinhua News Agency)
V. China confident in promoting continuous economic recovery in 2025: official
BEIJING, Jan. 3 (Xinhua) -- When setting economic growth targets for 2025, China will consider both needs and possibilities and ensure coherence with medium and long-term planning, an official with the country's top economic planner said on Friday.
A senior National Development and Reform Commission official, Yuan Da, told a press conference that China's economy will face many new difficulties and challenges in 2025. The external environment is becoming more complex and severe, with deepening adverse impacts.
However, Yuan believes there are "positive factors." China's economy has a stable foundation, multiple advantages, strong resilience and great potential. Further comprehensive deepening of reforms, development of new quality productive forces, and boosting the domestic circulation of the economy will stimulate the internal momentum of economic development.
The effects of policies introduced last year will continue to be evident, and there remains ample space for macro policies this year. Coupled with richer macro-control tools, these can provide strong support for achieving the 2025 economic growth targets, Yuan said.
"We are full of confidence in promoting the continuous recovery of the economy in 2025, and also fully confident in completing the goals and tasks of the 14th Five-Year Plan with high quality," the official said.
(2025-01-03 Source: Xinhua News Agency)
VI. Chinese clean energy firms boost global green shift
BEIJING, Dec. 31 (Xinhua) -- Across the sweeping expanse of Kazakhstan's desert, rows of photovoltaic panels glisten like a shimmering lake under the sun's brilliance. This impressive sight belongs to the Kapchagay 100MWp Solar Power Station, a large single photovoltaic power plant developed by Universal Energy, a leading Chinese clean energy provider.
To date, Universal Energy has completed eight renewable energy projects in Kazakhstan, significantly reducing local electricity costs. According to Nan Yi, the company's chairman, these plants meet the energy needs of around one million households and cut carbon dioxide emissions by 1.6 million tonnes annually.
The company is part of a larger picture of Chinese renewable energy firms expanding their global footprint. Despite headwinds in a year marked by mounting protectionism, these companies have accelerated their international ventures, injecting much-needed momentum into global green transition.
Exports of new-energy vehicles (NEVs) reached 1.17 million units in the first 11 months of 2024, a remarkable 24.6 percent increase compared to the same period in 2023.
Chinese energy storage firms secured over 115.63 GWh of overseas orders from January to October.
As the world's largest producer of solar photovoltaic modules, China accounts for approximately 80 percent of global module manufacturing and has driven a more than 80 percent reduction in the price of solar panels over the past decade, according to Heymi Bahar, a senior analyst with the International Energy Agency.
He said this has played a key role in helping countries worldwide expand their solar photovoltaic deployments.
In 2024, confronted with rising trade barriers from the EU and the United States, numerous Chinese firms are deepening their presence in emerging markets across Asia, the Middle East, and Africa, backed by the Belt and Road Initiative.
Chinese companies' non-financial outbound direct investment in Belt and Road partner countries expanded 5.1 percent from the previous year to a total of 30.17 billion U.S. dollars from January to November, according to the Ministry of Commerce.
A case in point is that in July 2024, the Saudi Public Investment Fund announced partnerships with Jinko Solar, TCL Zhonghuan, and wind turbine maker Envision Energy, to localize the manufacturing and assembly of solar and wind power equipment.
These collaborations align with the world's largest oil producer's ambitious goal of having renewable energy comprise over 50 percent of its energy mix by 2030.
China's new energy industry also helps forge a win-win model for green and low-carbon energy transitions. In Kenya, for example, the 50-megawatt Garissa solar power station developed by the China Jiangxi Corporation for International Economic generates an average of over 76 million kilowatt-hours of electricity annually. It reduces approximately 64,000 tonnes of carbon dioxide emissions each year.
The project has freed local residents from frequent power outages and promoted local industrial and commercial development, creating numerous job opportunities.
Moses Masika Wetangula, speaker of Kenya's National Assembly, said China has always been a reliable partner, and its support is critical for Africa's development.
With deeper engagement in global markets, Chinese companies have accelerated the "going global" strategy by relocating industrial chains and factories abroad. This approach aims to establish comprehensive industrial ecosystems overseas, bringing advanced technology to these countries and fostering improved local industrial frameworks.
A notable example is Chinese NEV giant BYD, which signed a preliminary sales and purchase agreement in January 2024 with Szeged, Hungary, for land to establish its first European factory. The facility will include an advanced car production line tailored for localized European markets and will be put into operation in 2025.
BYD chairman Wang Chuanfu said BYD is ready to bring highly advanced technologies and automated manufacturing lines to Hungary to facilitate local EV development. He added that BYD will produce localized products for European markets by collaborating with Europe to achieve the goal of global sustainable development.
Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto said that BYD's manufacturing plant was the largest and the most important investment project in Hungary's history, which will strengthen Hungary's economic position and foundations for long-term growth.
As the global energy landscape undergoes rapid transformation, the demand for renewable energy is projected to grow steadily. Chinese renewable energy enterprises have a big role to play.
(2025-01-02 Source: Xinhua News Agency)
