The EU's planned tariff hike on Chinese electric vehicles (EVs) faced a widespread backlash over the weekend. Chinese experts said on Monday that this move won't halt the robust growth of the Chinese EV industry on the global stage, but it could ultimately stifle technological innovations in Europe.
"The European Commission's proposal to impose definitive countervailing duties on imports of battery electric vehicles (BEVs) from China has obtained the necessary support from EU Member States for the adoption of tariffs," the EU said in a statement on Friday.
Major European automakers, including Volkswagen, BMW and Mercedes-Benz, have said that imposing tariffs on Chinese EVs is a mistaken approach and sends a fatal signal to the European automotive industry. Volkswagen CEO Oliver Blume has suggested credit for investments instead of punitive tariffs.
"Instead of punitive tariffs, this should be about mutually giving credit for investments," Blume recently said in an interview with German media outlet Bild am Sonntag.
The China Chamber of Commerce to the EU on Friday expressed deep disappointment and strong dissatisfaction with the EU's adoption of protectionist trade measures.
The chamber strongly suggests the EU to approach the final measures with caution, delay the implementation of tariffs, and prioritize resolving disputes and trade tensions through consultations and dialogue, according to an announcement sent to the Global Times.
Chinese experts said that the EU's move is a typical case of trade protectionism that uses political tools to meddle in economic activities, which in the long term will hinder the bloc's industrial growth and stifle its technological innovations.
The bloc's move contradicts the principles of global market dynamics and disrupts the economic order. Such measures not only hurt both sides - China and Europe - but also threaten the stability of global supply chains, Jian Junbo, a deputy director of the Center for China-Europe Relations at Fudan University's Institute of International Studies, told the Global Times on Monday.
China's EV industry has gained a significant advantage globally, and if Europe resorts to raising tariffs to isolate itself from this competitive technology, it risks missing a critical opportunity for growth, Jian said.
China's EV industry adheres to market principles and emphasizes robust competition, a spokesperson for China's Commerce Ministry said on Friday.
The EU's protectionist actions seriously violate World Trade Organization rules and disrupt normal international trade. Such measures not only obstruct trade and investment cooperation between China and Europe but also delay the EU's green transition and affect global efforts to combat climate change, the spokesperson noted.
As the Israeli-Palestinian conflict has stretched on for a year, the conflict has spread further in the Middle East to countries including Lebanon, Yemen, Iran and Syria, with tens of thousands of people killed. The international community has tried to prevent the escalation of the conflict but to no avail, and now worries are growing over a full-scale war in the Middle East, analysts said.
The worsening situation in the region has been one of the hottest topics in the UN in the past one year. The General Debate of the 79th session of the United Nations General Assembly (UNGA) concluded on September 30, with UNGA President Philemon Yang calling on Israel, Hamas and Hezbollah to urgently conclude a ceasefire.
The UN Security Council (UNSC) has also held many meetings since the outbreak of the conflict last year, but failed to stop the crisis from escalating, and observers said the key reason is that the major powers that are capable of stopping the war cannot reach consensus, as the US has used its veto power to stand against other members from adopting a resolution of immediate and sustainable cease-fire, and its one-sided support to Israel has allowed the later to continue and expand its operations in the region and seriously undermine the UN mechanism to safeguard peace.
On Monday, the Israeli military announced that it conducted strikes on Hamas targets across the Gaza Strip to mark the anniversary of the October 7 attacks. Meanwhile, southern Beirut experienced significant explosions for another night as Israeli forces continued their bombardment of the Lebanese capital. Additionally, at least 10 individuals were injured in Haifa, Israel, due to a rocket attack from Hezbollah, Al Jazeera reported.
The conflicts are causing heavy casualties almost every day. According to data released by the Gaza Ministry of Health on Sunday, in past 24 hours, the Israeli military operation has caused 45 deaths. Since October 7, 2023, over 40,000 people have been killed.
Lebanese people are now also becoming the victims of the war. According to the International Organization for Migration under the UN, in September 2024, large-scale cross-border attacks escalated in Lebanon, causing over 1,000 deaths and 6,352 injuries in less than two weeks. This brings the total to more than 1,800 killed and 9,100 injured since October 2023. The casualties include civilians, healthcare workers and humanitarian staff.
Israel's military operations have also triggered responses from other countries. Iran launched approximately 180 missiles at Israeli targets on October 1, claiming it was in response to Israel's alleged assassinations of several high-profile figures, including Hamas and Hezbollah leaders, and a senior Iranian military commander. Israel also claimed that it will strike back with Iran said it will return with harsh and destructive response if Israel takes any further action to attack Iran.
"The possibility of a full-scale war in the Middle East exists, but the chances have not dramatically increased, as countries involved are all unwilling to see the situation spiral out of control, and they have taken actions from their own interests and perspectives to maintain stability and prevent escalation," Gong Xiaosheng, a former special envoy of the Chinese government on Middle East issue, told the media in a recent interview. "For regional countries like Lebanon, Syria, and Egypt, there is a strong reluctance to get involved in the conflict; and for Israel, the sooner it can resolve this conflict, the better it will be for Israel's national interests and its people."
It is hard to say whether Israel will further escalate the war on a larger scale, Gong said, as such actions do not align with Israel's interests and would exceed its military capabilities. Especially with the US in the midst of presidential election, going too far on this issue would not be in line with American interests either.
The Israeli-Palestinian negotiations are currently at a stalemate, and there is very little room for maneuvering based on the points of contention between the two sides. Ultimately, Israel is not likely to compromise on the condition of releasing all hostages, but the methods and timing of their release can be negotiated, Gong suggested.
Wang Jin, an associate professor at the Institute of Middle Eastern Studies at Northwest University in Xi'an, told the Global Times the conflicts in the region could stretch further, because there is no clear, feasible and reliable peaceful solution at this moment. Maybe Israel can maintain its military advantages and strike its neighbors as frequent as it wants given the support from the US, but a completely secure and safe environment requires something else, Wang said.
Escalation hard to prevent
In the past one year, members of the international community, including China, have paid a lot of efforts for peace. Following the historic handshake between Saudi Arabia and Iran in Beijing in 2023, another epoch-making event, the signing of the Beijing Declaration by 14 Palestinian factions on ending division and strengthening unity, seems to affirm China's role as a "peacemaker." Experts said this will contribute to not only the internal peace of Palestine but also the future peaceful solution of the Palestine-Israel issue.
The US has also tried to mediate the conflict, but it prefers to do so through the mechanism dominated by itself, and this approach has failed to win trust from groups like Hamas and Hezbollah, as the US is not a fair mediator, experts said.
Although regional countries and other members of the UNGA and UNSC have called for peace and concrete efforts in humanitarian aids and conflict mediation, the problematic role played by Washington has undermined these efforts, said Liu Zhongmin, a professor at the Middle East Studies Institute of Shanghai International Studies University.
According to Reuters, the US on February 20 again vetoed a draft UNSC resolution, blocking a demand for an immediate humanitarian ceasefire as it instead pushes the 15-member body to call for a temporary ceasefire linked to the release of hostages held by Hamas.
Thirteen council members voted in favor of the Algerian-drafted text, while Britain abstained. This was the third US veto of a draft resolution since the start of the latest round of Palestine-Israel conflict. Washington also used its veto to block an amendment to draft resolution in December.
Li Zhenjie, an associate research fellow at the Institute for studies on the Mediterranean Rim at Zhejiang International Studies University, told the Global Times that now the crisis is not only in the Gaza Strip, but has spread into multiple "eyes of storm" in Israel-Lebanon border areas, the Red Sea, Iran and Syria. This has increased the difficulty of conflict mediation.
The US decision to veto has paralyzed the UN's function to stop the conflict, and there is no mechanism that can effectively prevent Washington from abusing its power, Li noted.
"The 'sunk cost' of immediately stopping the war is becoming greater day after day for Israel. The Israeli government knows that if the situation goes out of control, the US will be forced to intervene," Li said. "Therefore, for the Israeli government, there is nothing to be worried about, and it's already immune to criticism and protests worldwide against it."
The current situation proves that the US-dominated "rule-based international order" actually played by no rules but is only based on the interests of US hegemony, experts said.
Chinese experts said on Monday that India should not perceive China as a rival for its military development, after the chief of the Indian Air Force claimed ahead of the Indian Air Force Day on Tuesday that China is outpacing India in technology, defense production and infrastructure.
India "lags behind" China in military technology and "is way behind" in defense production, the Times of India quoted Indian Air Chief Marshal AP Singh as saying on Friday in a run-up to the Indian Air Force Day.
Singh said that with China "steadily eroding" India's air combat advantage along the frontier by deploying a greater number of aircraft, his force is also upgrading its forward airbases and advance landing grounds. At the same time, he is asking Hindustan Aeronautics Limited for faster delivery of indigenous Tejas fighters and the private sector to play a much bigger role in defense production.
In a separate report on Monday, India Today said that the Indian Air Force demonstrated its ability to "shoot down Chinese spy balloon-type objects" in a controlled exercise a few months ago using a Rafale fighter jet under the Eastern Air Command's area of responsibility.
The exercise comes against the backdrop of growing concerns over Chinese surveillance activities using similar high-altitude balloons, the India Today report claimed.
The Indian Air Force is sensationalizing China's reasonable and legitimate national defense development, using China as an excuse to gather more funding and put more pressure on India's domestic defense industry, a Chinese military expert who requested anonymity told the Global Times on Monday.
Many of India's indigenous defense projects have been facing challenges including long development cycles, slow production rates and high costs, the expert said
The current situation along the China-India border is generally stable, and the hype by the Indian Air Force is not conducive to the improving bilateral ties, the expert said.
China and India held in Beijing on August 29 the 31st Meeting of Working Mechanism for Consultation and Coordination on China-India Border Affairs, where the two sides agreed to work together to turn the page on the border situation at an early date, according to a press release by the Chinese Foreign Ministry on the same day.
India has the right to develop its national defense, including its independent defense industry, but such development should not be based on perceiving China as a rival, as China does not have the intention to engage in an arms race with India, observers said.
Shandong Taishan midfielder Valeri Qazaishvili (right) scores against Central Coast Mariners of Australia during their AFC Champions League Elite League Stage first-round match in Jinan, East China's Shandong Province on September 17, 2024. The Chinese team won 3-1. Photo: VCG
A wild Asian elephant was rescued from an abandoned water pit in a village in Jinghong, Southwest China's Yunnan Province on September 17, after rescuers used an excavator to free the trapped animal, according to a report by the Xinhua News Agency on Monday.
The elephant, confirmed by the rescue team as an adult female, fell into the pit while foraging.
The pool, constructed by villagers as a reservoir, is about two meters deep, and its length and width are just large enough to match the size of the elephant, making it difficult for the animal to turn around. After several attempts to climb out, the elephant's energy was severely depleted, and digging an opening in the pool is considered the best option.
After excavation, a gap was made in the pool, allowing the elephant to slowly and steadily climb out. Once rescued, the elephant didn't leave right away. Instead, it stared at the operator of the excavator for a full two minutes.
From the time the report of the trapped elephant was received to the moment the elephant climbed out of the pool, the operation took five hours. A 30-minute monitoring period followed after the rescue, during which the elephant was observed reuniting with its herd to the nature reserve.
Asian elephants, a critically endangered species, are a national priority for protection in China. Conservation efforts have seen their numbers grow from fewer than 150 in 1976 to over 300 today, despite global population declines.
The EU voted on Friday to impose definitive countervailing duties on imports of battery electric vehicles (BEVs) from China.
An European Commission (EC) statement indicated that its proposal to impose the tariffs obtains the necessary support from EU member states during a vote on Friday. The tariffs will last for five years.
Citing diplomats, AFP reported that 10 countries, including France and Italy, supported the imposition of tariffs of up to 35.3 percent, in addition to the existing 10 percent tariff. Five countries, including Germany and Hungary, voted against the proposal, while 12 countries abstained.
“This outcome is disappointing. Such trade protectionism undermines the principle of mutual benefit and the win-win results that have characterized China-EU economic and trade relations over the past decades,” Yang Chengyu, an associate research fellow at the Institute of European Studies of the Chinese Academy of Social Sciences, told the Global Times on Friday.
Experts believe that the divided attitudes within the EU reflect concerns that protectionist practices, which limit competition, could have adverse effects on related sectors within the bloc, impacting technological innovation, the green transition, and consumer interests. Moreover, such measures could affect perceptions of the EU's commitment to market openness and free trade. This situation underscores that, instead of industry and economic considerations, a range of political factors have influenced the tariff decision, Cui Hongjian, a professor at the Academy of Regional and Global Governance with Beijing Foreign Studies University, told the Global Times on Friday.
The China Chamber of Commerce to the EU on Friday expressed deep disappointment with this voting outcome and is strongly dissatisfied with the EU's adoption of protectionist trade measures. The Chamber strongly encourages the EU to approach the final measures with caution, delay the implementation of these tariffs, and prioritize resolving disputes and trade tensions through consultations and dialogue, according to an announcement sent to the Global Times.
Such tariffs will not strengthen the resilience of local industries in Europe or other markets; instead, they risk deterring Chinese investments, undermining the competitiveness of the European market, and diminishing the vitality of the global EV supply chain, the Chamber said.
The tariff vote has also drawn opposition from member states and the vehicle industry.
German carmakers Volkswagen and BMW on Wednesday urged Germany to oppose EU's tariff plan for Chinese EVs.
IG Metall, the powerful German labor union, along with employee representatives from the nation's major carmakers, said in a statement on Thursday that Germany should vote against the introduction of EU tariffs on Chinese EVs.
"We say unequivocally: tariffs are the wrong approach because they will not improve the competitiveness of the European automotive industry," they said in a joint statement.
Besides Germany, Spain has urged the EU to seek a compromise and negotiate with China.
Instead of imposing tariffs, the EU should "keep negotiations open ... beyond the binding vote" to reach a deal on prices and the relocation of battery production to the bloc, Spain’s Economy Minister Carlos Cuerpo wrote in a letter to European Commission Vice President Valdis Dombrovskis, as reported by Reuters.
In parallel, the EU and China continue to work hard to explore an alternative solution that would have to be fully WTO-compatible, adequate in addressing the injurious subsidization established by the Commission's investigation, monitorable and enforceable, the statement from the EC said.
In addition to concerns about the long-term effects of tariffs on the EU's auto industry, there are growing concerns regarding their impact on China-EU economic and trade relations, which have already been strained by ongoing trade tensions.
In fact, trade tensions between China and the EU are not limited to electric cars; investigations launched by Brussels are also targeting Chinese solar panels and wind turbines.
Experts believe that it seems unreasonable for China to have no response to EU's such protectionist moves. Cui called to prevent a detrimental cycle of mutual retaliation when articulating China's position. “We need to express our opposition to the EU's approach while also emphasizing our commitment to the broader framework of economic and trade cooperation between China and the EU,” he said.
Chinese tennis star Zheng Qinwen eased past 71st-ranked Kamilla Rakhimova of Russia with 6-1, 6-1 in the second round of a highly anticipated match at the China Open on Saturday.
The match attracted more than 12,000 fans to the 15,000-capacity Diamond Court at the National Tennis Center in Beijing.
Making her debut at this year's China Open thanks to a first-round bye as the fifth seed, Zheng said she was satisfied with her performance on Saturday after suffering frustrations since the US Open.
Speaking of the large crowd at the China Open, Zheng said she was happy but has to keep a balanced mindset.
"I was surprised to see so many fans at the venue today, and I really appreciate everyone's support," Zheng told the Global Times. "I approach everything with a more balanced mindset now, especially during matches."
Thanks to her Olympic gold medal win, along with an Olympic mixed doubles silver medal by Zhang Zhizhen and Wang Xinyu, tennis' popularity in China has quickly risen back to prominent level. "I'm really happy to see tennis gaining popularity in China. Both our men's and women's players are making steady progress, with more of us breaking into the world top 100.
"I've always believed that Chinese tennis will rise to the top of the world. I'm confident that Chinese players can compete on the global stage and secure their place among the best from the world in the future."
Saturday's match was only Zheng's second appearance in the tournament after a surprising first-round exit in 2023. Zheng is currently ranked No.7 in the world, going up from world No.23 at this time same time in 2023. Zheng will take on Nadia Podoroska of Argentina in the third round.
Zheng has expressed a desire to shift her focus away from the overwhelming glow of her Olympic gold medal in the women's singles and instead focus on her WTA Tour events.
"Cognitive Warfare" has become a new form of confrontation between states, and a new security threat. With new technological means, it sets agendas and spreads disinformation, changing people's perceptions and altering their self-identity. Launching cognitive warfare against China is an important means for Western anti-China forces to attack and discredit the country.
Some politicians and media outlets have publicly smeared China's image by propagating false narratives in an attempt to incite and provoke dissatisfaction with China among people in certain countries. These means all serve the US strategy to contain China's rise and maintain its hegemony. The Global Times is publishing a series of articles to reveal the intrigues of the US and its allies' China-targeted cognitive warfare and expose its lies and vicious intentions.
In the 18th installment of the series, the Global Times focuses on a recently passed act by US Congress, which is widely regarded as a funding mechanism for the US to badmouth China in the international community. As a latest case in the US’ high-profile cognitive warfare against China, this article discusses in detail the aspects of China that this act may seek to defame and slander, as well as where the substantial sum of $1.6 billion will ultimately be directed.
Spending vast amounts of taxpayer money to discredit another country seems inglorious, yet it has appeared more than once in public official documents of the US. Recently, the US Congress passed the H.R. 1157 to authorize more than $1.6 billion in five years to badmouth China, which has sparked questions and criticism both within the US and internationally.
According an act passed on September 9, the Congress authorized appropriations for the “Countering the People’s Republic of China Malign Influence Fund,” which planned to appropriate $325,000,000 for each of fiscal years 2023 through 2027 - $1.625 billion in total - to counter the so-called “malign influence” of China. Or in other words, to counter any aspects that the US perceives as unfavorable from China.
For many years, the US government has expended vast human and material resources globally to support so-called “independent media” and civic organizations, inciting anti-China sentiment due to a deep sense of crisis and fear regarding China's rapid development, said Wang Yiwei, a professor at the School of International Relations at Renmin University of China.
“American politicians are desperate to maintain a world order in which they are the hegemonic monopoly, even if this order exists only in the discourse and propaganda narratives they construct,” Wang told the Global Times.
A widely questioned bill
$1.6 billion is a staggering amount, allegedly double the annual operating expenditure of a major media outlet in the US like CNN.
Behind the huge amount, content of the act is filled with clichés attacking the China’s political system under the guise of threatening US’ “national security” “economic security” and disrupting “international order.” Specifically, it mentioned the Belt and Road Initiative (BRI) as a main target, saying some of the money will be used in supporting civil society and independent media to counter against BRI’s “malign influence.”
The term “malign influence” is vague and subjective, leaving a lot of room for interpretation, said Diao Daming, a professor at the School of International Studies, Renmin University of China. “Additionally, this act involves a massive funding arrangement spanning several years, suggesting that [the US] is planning a big layout to suppress, contain and discredit China on a global scale in the coming years,” Diao told the Global Times.
Unsurprisingly, some scholars and opinion leaders within the US have questioned and criticized the act. Marcus Stanley, director of studies at US think tank Quincy Institute for Responsible Statecraft, said the definition of “malign influence” in the bill is extremely broad. “For example, program funds could support any effort to highlight the ‘negative impact’ of Chinese economic and infrastructure investment in a foreign country,” Stanley wrote in his article House passes $1.6 billion to deliver anti-China propaganda overseas on September 11.
In a September 27 opinion piece titled Wars, Propaganda Wars and Funding Them, US novelist and journalist Eve Ottenberg said that China’s BRI connects the world through beneficial infrastructure investments, while the US does something vaguely similar though far less helpful with its 800 foreign military bases.
“…the contrast between the two approaches at planetary linkage has reflected rather poorly on Washington in the Global South,” wrote Ottenberg. “Hence this target in the US propaganda war: take down BRI, no matter how much good it’s doing, because it’s a bad look for Uncle Sam.”
In addition, the transparency of this bill has also been widely questioned.
This just passed act authorized to appropriate $325,000,000 “for each of fiscal years 2023 through 2027,” it required an annual summary “not later than September 30, 2023” and “annually thereafter for five years.” It suggested the fund had been put into use probably as early as October 2022, long before it was officially allowed to.
The act doesn’t seem to contain any requirement that US government financing to foreign media be made transparent to citizens of foreign countries, Stanley pointed out. Thus, it’s possible that the program could in some cases be used to subsidize covert anti-Chinese messaging, he said.
Where the money flows to?
H.R. 1157 didn’t explicitly mention who would operate the massive fund.
Nonetheless, based on the act itself, some analysis of US scholars, and open documents of certain US institutions, it is likely that the money has flowed, or will flow, to a few infamous US government affiliated or backed organizations, such as the State Department’s Global Engagement Center (GEC), and federal agency the United States Agency for International Development (USAID), which may use this money to support the overseas media and organizations engaged in anti-China activities.
USAID has been reported to fund subversive and opposition forces in many countries. The agency is largely involved in the $1.6-billion fund, as the act directly mentioned that the administrator of USAID must designate a senior official as the “assistant coordinator” of the program.
USAID’s website shows that making grants to foreign media and civil society organizations is a key part of its efforts. Under this guise, USAID was found to have repeatedly funded both domestic and overseas groups to smear China.
In November 2023, for instance, a research lab at US-based William & Mary’s Global Research Institute named AidData released a report slandering the BRI. AidData’s website shows USAID is its major partner and funder.
According to a document from the US Department of State in April 2020, GEC is an institution set to “lead, synchronize, and coordinate efforts of the Federal Government to recognize, understand, expose, and counter foreign state and non-state propaganda and disinformation efforts aimed at undermining United States national security interests.”
At a congressional hearing in March 2020, Lea Gabrielle, the US special envoy and coordinator of GEC, bluntly said that their efforts include “increasing awareness of the problematic aspects of the Belt and Road Initiative,” and they had programs “to build global resilience to PRC disinformation through media training and support to investigative journalists.” She also mentioned the US government-back media literacy programs that support pro-US media outlets and individuals.
Ironically, a main way GEC supports and trains overseas media and journalists to counter “China disinformation,” is by paying them to create and spread lies attacking China.
In September 2021, Zimbabwe’s largest daily newspaper The Herald revealed that the US was funding and training local reporters to write anti-China stories and discredit Chinese investments, the Xinhua News Agency reported in October that year.
Noting that a local workshop drawing about a dozen private media journalists was held on 14-15 September 2021, The Herald article said that the journalists were asked to portray Chinese companies as “causing harm to communities, environment and workers,” and to produce and spread such content in the media, receiving payment of $1,000 per story from the US embassy through its proxy. Carefully woven delusions
H.R.1157 was introduced by Republican Barr Andy, a member of a so-called House select committee on the strategic competition between the US and China.
Diao believed that introducing such an act is an attempt by some anti-China some politicians to take credit, and also a sort of an “exam answer sheet” submitted by the committee to assert itself. “After all, it is not certain that there will be such a committee in the next Congress,” he told the Global Times.
This was not the first time in recent years that the US allocated a large budget for cognitive warfare against China. In the Strategic Competition Act of 2021, Congress authorized $1.5 billion over the five years for a “Countering Chinese Influence Fund,” to globally counter the so-called 'malign influence' of China.
Wang pointed out that in the information age, when most people in many countries struggle to discern the truth among vast amounts of information, the US government attempts to spread false information in the international community, manipulating public opinion to discredit China, having a detrimental impact on the international discourse environment.
Yet these slanders are not as effective as some in the US hope they would be, with an increasing number of global visitors coming to see a real China in person today under the recently loosened entry policy?
The US has launched too many absurd public perception campaigns for the international community to ignore, Wang said. “Many countries have already seen through the true nature of the US and are beginning to resist its rampant behavior. The delusions carefully woven by the US will no longer succeed as easily,” he told the Global Times.
As the world's second-largest and one of the fastest-growing economies, China has a vibrant and vast market, and continues to provide new opportunities for the world through new developments. As China continuous to develop, its biomedical industry is undergoing an important phase. Strategic opportunities are attracting more multinational pharmaceutical companies to expand their footprint in China, demonstrating the strong pull of the country's market. Following Bayer's first innovation center's establishment in Beijing in 2023, Bayer Co.Lab China, a global life sciences co-creation platform, celebrated its grand opening in Shanghai on September 26. At this point, Bayer's "innovation double engine" in China's cutting-edge life sciences sector has been officially completed, giving the Chinese market a "vote of confidence" with its actions, marking a new step forward in Bayer's innovation strategy in China. Guests unveiled Bayer Co.Lab China, from left: Friedemann Janus, Senior Vice President, Head of Regional Business Development & Licensing, Co.Lab and Divestitures, Pharmaceuticals Division at Bayer; Wu Qiang, Member of the Standing Committee of the CPC Pudong New Area Committee, Deputy Governor of Pudong New Area, and Deputy Director of the China (Shanghai) Pilot Free Trade Zone Administration; Sebastian Guth, Chief Operating Officer of Bayer Pharmaceuticals; Zhu Zhisong, Member of the Standing Committee of the CPC Shanghai Municipal Committee, Secretary of the CPC Pudong New Area Committee, and Director of the China (Shanghai) Pilot Free Trade Zone Administration; Juergen Eckhardt, Head of Business Development, Licensing and Open Innovation at Bayer AG's Pharmaceuticals Division; Seth Ettenberg, President and Chief Executive Officer of BlueRock Therapeutics; and Gustavo Pesquin, Chief Executive Officer of AskBio.
The "Bayer Yizhuang Open Innovation Center" aims to deepen the integration of production, academics and research. It seeks to accelerate pioneering fields of the biomedical industry, such as cell and gene therapies, and help upgrade the local biopharmaceutical industry. As part of Bayer's global strategic innovation ecosystem, the Bayer Co.Lab co-creation platform will provide exclusive space and tailored support services for Chinese startups, promote open innovation and collaboration in the biotech ecosystem and play an important part of Bayer's efforts to promote local R&D and innovation throughout the whole chain. Bayer Co.Lab China will empower eight to 10 start-ups, focusing on state-of-the-art innovations, including cell and gene therapies, oncology and new technology platforms. Previously, Bayer Co.Lab has been strategically deployed in innovation hotspots around the world, such as the United States, Japan and Germany.
Open collaboration empowers source innovation in whole chain
Bayer Co.Lab China relies on the dominant position of China's local pharmaceutical industry cluster and the resources of the whole industry chain. It is located in Shanghai Innovation (SH-INNO), which hosts first-class universities and top scientific research institutions. With the open, shared and collaborative innovation of the industrial ecosystem around SH-INNO, Bayer Co.Lab will provide end-to-end full-chain support for residents, helping local companies improve their sci-tech innovation-sourcing capabilities in advanced areas, such as cell and gene therapies, and empower local innovation.
Co.Lab China will not only provide an ideal co-creation space for residents but will also leverage Bayer's global R&D network and expertise to help biotech startups connect to a global innovation collaboration network, providing international perspectives and resources. Bayer Co.Lab China hosts a wealth of internal and external expert resources to accelerate innovation transformation through professional guidance and consultation. As an important component of Bayer's open innovation strategy, Co.Lab China will not only inject new momentum into Bayer's global R&D and innovation but also will become an important window for the globalization of China's innovation.
"China has become an important source of innovation in global life sciences," said Juergen Eckhardt, Head of Business Development, Licensing and Open Innovation at Bayer AG's Pharmaceuticals Division. "We are honored to bring the Bayer Co.Lab platform to China, and we hope that through multiparty collaboration, we can quickly identify and drive early-stage innovations to jointly explore solutions to major health problems and unmet medical needs, so that more ideas can be put into practice in China." Expand footprint, dive into innovation and development of China's pharmaceutical industry
Bayer has long regarded the Chinese market as one of the most resilient growth engines in the world. With more than 140 years of experience in China, Bayer has continued to expand its innovation footprint. In 1995, Bayer Pharmaceuticals established a production and packaging plant in Beijing - the company's first of its kind in China - and continued to invest heavily in expansion, greatly increasing the Beijing site's production capacity. In 2009, Bayer established a global R&D center for prescription drugs in Beijing. Through this R&D center, China is included in more than 80 percent of Bayer's pivotal multicenter clinical trials, including early and late-stage clinical development programs. After nearly 30 years of development, Bayer is the only biomedical company in Beijing with an output value exceeding 10 billion yuan （$1.42 billion） for 11 consecutive years. It is also one of the few foreign-funded enterprises in Beijing that has both a "world-class product supply center" and a "global R&D center".
In addition, by deepening its strategic partnerships with well-known local academic institutions, especially Tsinghua University and Peking University, Bayer is committed to accelerating the transformation of basic research results into new drug R&D, and helping to improve China's pharmaceutical R&D and innovation capabilities. To date, Bayer has carried out more than 100 joint research projects with these two universities. These partnerships have become a model of collaborative development and innovation of "industry-university research" in China's domestic pharmaceutical and medical sectors.
The scale of China's biomedical market ranks second in the world, and the pipelines of pharmaceutical innovation ranks among the top of the world's second echelon. Its drug research and industrial development are entering a new stage of innovation and are consequently leapfrogging. As for cell and gene therapies, oncology and other innovative areas, China has shown great potential and innovative vitality, and occupies an increasingly important position in the global pharmaceutical industry chain.
Based on a deep understanding of China's pharmaceutical innovation potential and a strong recognition of local innovative forces, Bayer's Co.Lab's growth in China marks another major move by Bayer to increase its investment in innovation in the country, demonstrating its firm determination to take root in the Chinese market. Bayer will continue to enhance local collaboration to accelerate innovation and co-creation in China, work with more local companies to promote innovation and development in the medical and health industry in China and even the world, further stimulate the innovative vitality of China's pharmaceutical industry and attain a stronger footing in the global pharmaceutical innovation stage.
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About Bayer
Bayer is a global company with core competencies in health and agriculture in the life sciences sector. The company is committed to helping people and the planet thrive through products and services that help people overcome the major challenges posed by a growing and aging global population. Bayer is committed to driving sustainability and making a positive impact on its business. At the same time, the Group is also improving profitability and creating value through technological innovation and business growth. Globally, the Bayer brand stands for trustworthiness, reliability and quality. In fiscal 2023, Bayer will have approximately 100,000 employees and sales of 47.6 billion euros. R&D investment, excluding special projects, amounted to EUR 5.8 billion. See www.bayer.com for more information.
China's Shanghai Composite Index surged more than 100 points, closing above 3,000 points on Thursday, the first time above the key benchmark since July 2, following a series of pro-growth policy measures rolled out by policymakers that help lift up investor confidence.
The rally came after a key Communist Party of China (CPC) leadership meeting on Thursday that stressed the need to boost the country's capital market, while actively promote medium- and long-term funds to enter the market, the Xinhua News Agency reported.
The Political Bureau of the CPC Central Committee held a meeting on Thursday to analyze and study the current economic situation and make further arrangements for economic work. It was noted at the meeting that the fundamentals of the Chinese economy and the favorable conditions such as a vast market, strong economic resilience and great potential have remained unchanged, Xinhua said.
All three major stock indices for the A shares posted gains of over 3 percent, with the Shanghai Composite Index rising by 3.61 percent, the Shenzhen Component Index up by 4.44 percent, and the ChiNext Index rising by 4.42 percent.
This marks the third straight day that all three indices finished with gains.
Trading volume at the Shanghai and Shenzhen bourses reached a total of 1.1625 trillion yuan ($165.6 billion) on Thursday, 5.1 billion yuan higher than a day ago.
More than 5,100 stocks reported gains in prices, with more than 100 stocks reaching their daily upper limit. The real estate companies led the rally, followed by liquor, food, banks and securities companies.
"With multiple favorable policies being released, we are witnessing a remarkable rally in market expectations. Three consecutive days of gains suggest the A-share market is now entering a new upward phase," Yang Delong, chief economist at Shenzhen-based First Seafront Fund, told the Global Times on Thursday.
Chinese financial regulators on Tuesday released a slew of favorable policies to support the capital market which has lifted investor confidence.
China will issue a guideline to encourage medium and long-term funds to enter the capital market, the country's top securities regulator said on Tuesday. The China Securities Regulatory Commission (CSRC) plans to release six measures to promote corporate mergers and acquisitions, and work with various parties to facilitate the circulation of private equity and venture capital funds.
And, China's central bank, the People's Bank of China, will introduce new monetary policy tools to support the stock market's growth. The central bank will set up a swap program allowing securities, funds, and insurance companies to secure liquidity using asset collateral, said Pan Gongsheng, governor of the People's Bank of China, on Tuesday.
