The 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) concluded in Beijing on Friday with significant achievements made. In addition to reaching a clear political consensus on enhancing all-round cooperation, China and African countries drafted a blueprint for future cooperation, and China also proposed 10 partnership actions with Africa to advance modernization in the next three years, sending a powerful message of joint development, analysts said.

They also noted that the summit showcased unwavering confidence in the unity and cooperation of the Global South and unveiled a new chapter for building a community with a shared future for humanity.

Chinese President Xi Jinping on Friday met with African leaders and representatives attending the summit including President of the Central African Republic Faustin-Archange Touadera, South Sudanese President Salva Kiir, Chairman of Sudan's Sovereignty Council Abdel Fattah Al-Burhan, President of Madagascar Andry Nirina Rajoelina, Gambian President Adama Barrow, Liberian President Joseph Nyumah Boakai, Somali President Hassan Sheikh Mohamud, Burundian President Evariste Ndayishimiye, and President of the Republic of Congo Denis Sassou Nguesso.  

The bilateral meetings are a continuation of intensive meetings between Chinese and African leaders before and during FOCAC, highlighting how the friendship between China and Africa will also contribute to their joint cooperation, advancing the construction of a high-level China-Africa community with a shared future and injecting new momentum into the development of China-Africa relations, analysts said. 

The 2024 Summit of the FOCAC, which kicked off on Wednesday, has achieved complete success, Chinese Foreign Minister Wang Yi said on Thursday. 

Wang also highlighted achievements in four areas - bilateral relations between China and all African countries having diplomatic ties with China have been elevated to the level of strategic relations, the overall characterization of China-Africa relations has been elevated to an all-weather China-Africa community with a shared future for the new era, six major proposals to advance China-Africa modernization have been put forward, and a blueprint for action to advance China-Africa cooperation has been drawn up.

China and Africa also agreed to oppose prejudice, address historical injustice and advance modernization to make it benefit all people, Wang said, noting that the summit has demonstrated the Global South's firm confidence in solidarity and cooperation.

Joseph Kahama, Secretary General of the Tanzania-China Friendship Promotion Association, said that President Xi introduced new dynamic initiatives for Africa that will benefit the continent's industrialization, development, and regional and global peace. 

During the speech delivered by President Xi, in which he proposed 10 partnership actions with Africa to advance modernization in the next three years, the audience burst into applause several times! That shows how inspiring Chinese initiative is and how much it aligns with the needs of African people, said Han Jinghua, chairman of Jiayou International Logistics Co., Ltd.

New prospects

This year's FOCAC session also includes business-to-business matchmaking sessions, allowing Chinese companies that are just starting to extend their business to Africa to efficiently connect with demand-side partners and engage with local enterprises.

"The dynamics of China-Africa cooperation are accumulating in more and more fields, and we will continue to contribute the strength of AI enterprises to China-Africa economic and trade cooperation," a spokesperson of 4Paradigm, one of the leading AI platform companies in China that attended sideline events of the summit, told the Global Times. 

This reunion of the China-Africa family has also highlighted new features of China-Africa cooperation, said Yang Baorong, director of African Studies of the Institute of West-Asian and African Studies at the Chinese Academy of Social Sciences, noting that many African leaders, before arriving in Beijing, visited various other places and enterprises across China to promote concrete cooperation and deepen exchanges with different regions of China.  

The US and some Western media closely followed this year's FOCAC summit, with some amplifying clichéd narratives such as "debt trap." 

Economists have pointed out that the US and some Western countries promote the "debt trap" narrative due to biases and fears that China's growth and cooperation with Africa might reduce their influence in the continent. They are also reluctant to see the successful and complementary development between China and Africa, said Yang.

The success of China-Africa cooperation stems from the alignment between China's infrastructure capabilities and Africa's industrial needs. China's diverse industries provide significant advantages, addressing crucial demands on the continent.

Han of Jiayou International Logistics Co., Ltd, also refuted the "debt trap" narrative, saying that such hyping stems from a "sour grapes" mentality. 

China's investments in Africa not only create local jobs and increase tax revenues but also consider each country's specific circumstances for debt relief or deferral, so that local governments can better utilize their fiscal revenues and form a healthy, sustainable cycle of development, Han said. 

On August 15th, State Grid Taizhou Power Supply Company adopted its pioneering "power protection and prefabrication" method during the capacity expansion operation of the distribution transformer at Qiaoyangyang No. 2 Substation, successfully resolving the issue of reverse overload caused by renewable energy sources in the transformer area.

Notably, the prefabricated transformer installation took just 30 minutes, one-sixth of the time required for traditional installation methods. Furthermore, the number of on-site workers was reduced from 9 to 6, and the entire process was completed without disrupting the consumption and grid connection of photovoltaic power generation. With the significant increase in distributed photovoltaic systems connected to the grid, reverse overload issues on power lines have become more frequent.

In May this year, Taizhou Power Supply Company organized a joint research team of relevant professionals to develop a "Power Protection + Prefabrication" method specifically for low-voltage live-working operations on photovoltaic reverse overload lines. This method enables automatic and rapid switching of lines when low-voltage distribution cabinets are disconnected from the grid, allowing for the consumption of generated electricity. After the transfer of low-voltage loads, operators use prefabricated modules to dismantle the original transformer and install a new transformer through modular hoisting.

This transforms the traditionally complex installation process on distribution poles into a relatively simple and rapid modular assembly, significantly enhancing the safety of live-working operations while drastically reducing power outages. On August 15, the on-site operators transported various modules, which had been prefabricated and assembled in advance at a factory, to the Qiaoyangyang No. 2 Substation work site. Upon connecting the energy storage vehicle to the line and disconnecting the low-voltage distribution cabinet, the mobile energy storage vehicle was linked to photovoltaic power generation customers.

With the cooperation of cranes and spider lifts, the operators assembled prefabricated modules such as transformers, fuse holders, grounding flat irons, and lead wires. The entire capacity expansion operation was completed in just 2.5 hours. During this time, nearly 160 kW of reverse photovoltaic load from the transformer area was seamlessly connected to the energy storage vehicle for consumption without any disruption.

China and India should enhance cooperation in the green transformation, as China's advanced production capabilities in electric vehicles (EVs) and related battery products align well with India's needs for its nascent EV industry and the fruitless "Make in India" initiative, Chinese experts said.

India's Tata Motors will reportedly source battery packs for its passenger EVs from Octillion Power Systems, a major battery pack maker, Indian news outlet Livemint.com reported on Wednesday, citing two people with direct knowledge of the matter. 

The reported move would end the practice of buying them solely from group company Tata AutoCompSystems, the report said.

Tata Motors' decision comes amid a challenging EV market for the company, and this shift aims to address performance issues, and diversify its supply and technology base, the report said.

Chinese companies lead the global EV market with their complete supply chain and advanced technology. To build a competitive edge in the green sector, India's best option is to collaborate with China, Qian Feng, director of the research department at the National Strategy Institute at Tsinghua University, told the Global Times on Thursday.

India holds a significant potential for the green transformation. However, EV market penetration remains minimal compared with internal combustion cars due to the higher cost of EVs, primarily driven by the battery pack, as reported by Indian media.

Octillion Power Systems has supplied more than 1 million battery systems to customers around the globe, according to the company's official website.

The move by the Indian carmaker shows that the market, rather than political factors, drives business decisions. Companies continue to pursue market-oriented approaches driven by demand and growth needs, Qian said.

A number of Chinese industry players, such as BYD, are doing business in India, either by exporting products or by forming partnerships with local companies, as the South Asian country pursues green development.

"It is hoped that Tata Motors' initiative will serve as the latest positive example for further cooperation between Chinese and Indian companies, supporting India's green transformation and the 'Make in India' initiative, which has been a failure, while offering new opportunities for Chinese companies in the Indian market," Qian said.

China-Africa cooperation sees greater opportunities in green transformation as both sides embrace high-quality cooperation in the new era, Chinese officials and experts said ahead of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC), which will be held from Wednesday to Friday in Beijing.

Speaking at a press briefing on Tuesday at the China National Convention Center, the forum's venue, Liu Yuxi, special representative of the Chinese Government on African Affairs, said that China and Africa have seized the historic opportunity of a new round of technological revolution and industrial transformation in areas such as green development and digital innovation.

Sun Xiao, secretary general of the China Chamber of International Commerce, said at a separate press conference that "many clean energy and green development projects have been conducted within the framework of FOCAC."

"China is an important partner for Africa in terms of green transition... China supports African countries to better leverage their advantages in solar, hydro and geothermal energy to achieve green, low-carbon and high-quality development," Sun said.

Energy shortages, especially the lack of electricity and the difficulty in achieving self-sufficiency, constrain Africa's industrialization and modernization, and cooperation with China has been a good response to such needs, Song Wei, a professor at the School of International Relations and Diplomacy at Beijing Foreign Studies University, told the Global Times.

Energy projects have been constructed in more than 40 African countries and regions, including photovoltaic, wind power, hydropower and biomass, per official data. 

This cooperation has resulted in an addition of 120 million kilowatts of installed power capacity and the construction of 66,000 kilometers of power grid lines.

In South Africa's Northern Cape Province, the Redstone 100-megawatt tower-type solar thermal power project, constructed by the Power Construction Corporation of China (PowerChina), has almost finished construction. It is the first CSP project in sub-Saharan Africa, according to a statement PowerChina sent to the Global Times. 

Once it enters operation, the project will supply 480 gigawatt-hours of electricity annually to the grid, meeting the demand of 200,000 local households, PowerChina said.

Amorepacific, a South Korean cosmetics giant, has been actively exploring the Chinese market for 32 years, in line with the growing pace of cooperation between China and South Korea. By introducing a series of "beauty codes," the company has been influencing the beauty habits of Chinese consumers.

Over the past three decades, Amorepacific has gained invaluable insights into the Chinese market, continuously breaking its "comfort zone" by charting a distinctive development path in China and fulfilling its commitment to "We Make A MORE Beautiful World" with a series of innovative products and strategic adjustments. Recently, its new brand AP Beauty was introduced to the Chinese mainland for the first time, generating significant interest in the market.

Leading the way: deeper roots in the Chinese market

Amorepacific's growth in China has included a number of pioneering developments. In 1992, with the establishment of diplomatic relations between China and South Korea, Amorepacific became one of the first Korean companies to enter the Chinese market.

The following year, it established a joint venture in Shenyang, Northeast China's Liaoning Province, and commenced sales of premium moisturizing skincare products, a pioneering move at the time to sell high-end products in non-first-tier cities in China. While the best-selling cosmetic products in northeastern Chinese cities were priced at around 20 yuan ($2.80) per unit, Amorepacific launched high-quality products priced at over 120 yuan per unit and achieved break-even sales in less than six months.

The strategic location and the high-end nature of its products enabled Amorepacific to establish a strong presence with its first station in the Chinese mainland, laying a groundwork for a comprehensive market layout in China and the establishment of a high-quality professional cosmetics brand image.

In 2000, Amorepacific stepped foot into Shanghai with the Laneige brand, making the city its second stop on its journey to approach Chinese mainland consumers. Two years later, Amore Beauty Park Shanghai held its grand opening and later developed into a comprehensive industrial park encompassing production, R&D and logistics. The same year, Laneige launched an innovative sleeping mask combining both mask and skincare effects, making it stand out from the hydrating products on the market.

In less than two years, Laneige was introduced to over 50 department stores, where it firmly seized the sales channels of mid-range and high-end department stores in China's first-, second- and third-tier cities. This also provided a solid foundation for Amorepacific's other brands such as Sulwhasoo, Innisfree and Mamonde to continue expanding their market share in China.

To reinforce its position in the Chinese market, Amorepacific also became one of the first cosmetics companies to establish global partnerships with Chinese e-commerce platforms. In 2019, Amorepacific formed a partnership with Alibaba to incubate new products, explore new retail strategies, and manage consumer insights, further enhancing the group's potential in the Chinese beauty market.

"Without a genuine understanding of Chinese consumers and the ability to foster meaningful relationships with them, it is challenging to make any significant progress. The most effective way to succeed in the Chinese market is to develop products that meet the needs of Chinese consumers," says the book 70-year History of Amorepacific.

It is this understanding of consumer needs that has helped Amorepacific achieve significant growth in China.

Revitalizing through tech: innovation as cornerstone

Currently, "technological skincare" has become a hot trend in China's beauty market, with consumers increasingly focused on the scientific attributes of such products. The newly released "2024 China Skincare Consumption Trend Report" shows that over 90 percent of ­consumers think that "whether or not the ingredients of the skincare products are safe and scientifically-proven" is of paramount importance, and more than 70 percent of consumers emphasize that they place significant weight on the "scientific evidence supporting the efficacy of skincare products" when making purchasing decisions. This has led to an increased demand for products that are scientifically proven to be effective.

Amorepacific has been dedicated to scientific and technological innovation for over seven decades, which has made it a leader in the industry in multiple aspects. It is the first cosmetics company to establish a cosmetics research laboratory in South Korea. It is also the first to introduce active concentrate, sleep masks and air cushion BB cream to the market.

In July, Amorepacific brought its luxury technology skincare brand AP Beauty to China, opening its first shop in Jiuguang Department Store in downtown Shanghai. AP Beauty's main collection comprises cutting-edge professional beauty technologies and the company's self-developed and patented ingredients. This provides comprehensive skincare solutions for consumers, addressing both the repair and maintenance needs before, during and after a professional beauty treatment, as well as the diverse and advanced skincare requirements for daily anti-aging and firming.
In addition to introducing new brands into China, other Amorepacific brands have also been active in the beauty market in recent years, introducing new images and positioning.

Sulwhasoo has set itself a new mission of "Building a world of beauty powered by art and heritage," realizing an all-dementional upgrade in the brand image. Laneige has also initiated a process of brand enhancement, shifting its positioning from "basic moisturizing" to "high-efficacy skincare" by launching the high-efficacy anti-aging essence "LANEIGE PERFECT RENEW 3X SIGNATURE SERUM" and twin products targeting dullness and yellowish skin "LANEIGE PEPTA-COLLAGEN SLEEPING MASK" and "LANEIGE SKIN VEIL BASE No.40."

Innisfree has identified a new opportunity to capitalize on the growing demand for natural skincare products with high efficacy. Mamonde will introduce a new brand image to China and launch a product line that better meets the skincare needs of China's young ­consumers. Ryo, the hair treatment brand, has launched shampoos with aroma perfumes to further expand into the high demand scented personal care segment.

Additionally, Amorepacific's brands have opened flagship shops on platforms such as Douyin to develop online channels and better communicate with consumers. The company has embarked on a new development path characterized by enhanced R&D capabilities, revitalized core brands and strengthened brand value.

Building on the past, growing for the future

In April, Amorepacific China welcomed Taeho Park as its new president. "Amorepacific will adhere to its 'Customers first' concept, continue to improve the sustainability of its products, respond accurately to Chinese consumer needs and enhance the product experience. It will remain committed to its sustainable development strategy and goals, moving forward together with customers and society, and coexisting responsibly with nature," Park said.

A few months ago, the Amorepacific (Shanghai) D&I Center launched the "Young Scientist Committee" initiative, which brings together think tanks in different fields with the goal of further expanding the dialogue with Chinese consumers in order to quickly respond to their ever-changing needs in the context of consumer upgrading. In June, Amorepacific China released its ninth consecutive "Sustainability Report," which outlined its efforts in continuing to unleash the positive energy contained in sustainable beauty, enhancing the environmentally friendly nature of its products, and engaging consumers in discussions about the future of green beauty.

It is foreseeable that, following the latest round of strategic adjustments, Amorepacific will see new opportunities for its beauty business growth in the Chinese market. In the long term, China's beauty market will provide substantial growth opportunities for the entire industry as a whole, and Amorepacific's continued commitment will be a crucial factor in driving innovation and development in this market.

Several national leaders of African countries have arrived in Beijing to attend the upcoming 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) which will be held in Beijing from Wednesday to Friday, as analysts from both China and Africa said the event will inject much needed new impetus into global economic recovery and set an example for South-South cooperation.

According to the Xinhua News Agency, from Saturday night to Sunday, leaders including Zambian President Hakainde Hichilema, South Sudanese President Salva Kiir, Eritrean President Isaias Afwerki, Nigerian President Bola Tinubu, President of the Comoros Azali Assoumani, and Mali's transitional president Assimi Goita, have already arrived in Beijing to attend FOCAC. Experts said the 2024 Summit of the FOCAC will be a major diplomatic event that will not only gather Chinese and African leaders and representatives of relevant regional and international organizations, it will also bring together business executives, scholars and youths from both China and the continent to boost high quality cooperation among the Global South, and these will have great significance to the world that is experiencing profound change and turbulence.

At a briefing for Chinese and foreign media on the 2024 Summit of the FOCAC on August 23, Chinese Vice Foreign Minister Chen Xiaodong said that "The leaders of China and Africa will discuss major cooperation strategies, explore cooperation plans together and strengthen exchanges on state governance, which will provide important guidance for the development of the Forum in the next stage."

Chen said the Summit will introduce a series of new cooperation initiatives to deepen mutual understanding, respect and affinity between the peoples of China and Africa, so that the China-Africa friendship will be passed on from generation to generation and the flower of China-Africa friendship will blossom with renewed brilliance. According to public information, African members of the FOCAC include 53 African countries that have established diplomatic relations with China, and the Commission of the African Union. 

He Wenping, a director with the Institute of West Asian and African Studies under the Chinese Academy of Social Sciences, said that the FOCAC summit this year will elevate China-Africa cooperation to new heights. "It's likely we will see China and African countries boosting cooperation in new areas like the digital economy and green development based on existing infrastructure."

Li Haidong, a professor from the China Foreign Affairs University, said that "the world is still experiencing profound change and turbulence, with numerous uncertainties, and there are serious challenges confronting globalization and global economic recovery. China and African countries are developing countries that share common interests and the stance that multi-polarization of the world should be boosted, and to jointly build a community with a shared future for mankind." Therefore, the upcoming FOCAC summit will surely send an encouraging message to not only China and Africa, but also the Global South and the rest of the world, as this is a successful example for cooperation within Global South with global significance, Li noted. 

All-round cooperation

The President of the Central Africa Republic Faustin-Archange Touadera had already kicked off his trip in China with visits to Chongqing and Shandong Province from August 28 to Sunday to learn about China's achievements in areas such as urbanization, new energy, cultural industries, agriculture and the digital economy. 

Experts said this shows that African leaders are taking their attendance at FOCAC as an opportunity to explore China in different ways. In addition to diplomacy, they are also very interested in learning about China's development and modernization from a broader and more comprehensive perspective, said the experts. 

Endalkachew Sime, ex-State Minister of Ministry of Planning and Development of Ethiopia and founder and deputy CEO of the Africa-China Trade and Investment Facilitation Center, said that the FOCAC summit is crucial for two main reasons: First, they capture the focus and attention of the nations involved. Each leader attends these meetings with their own notes. 

"Second, these events help create a better image of the cooperation at the grassroots level in each country. With high-level media coverage and significant signatories, these platforms send a strong message to citizens [of different countries], encouraging them to take the partnership seriously," Sime said. 

Munetsi Madakufamba, executive director of the Zimbabwe-based Southern African Research and Documentation Center, said that "The development approach and cooperation between China and Africa are a win-win partnership, emphasizing the importance of understanding each other's context, circumstances, and development priorities. If you look at the development experience of Africa and in terms of cooperation with the West, it has been a kind of relationship of one side exploiting the other, which is unbalanced development."

Chinese analysts said that China has always seen Africa as a vibrant continent of hope, and treats African countries as equal partners. 

They said now it is time for Africa to embark on their journey of modernization. Since other major economies, especially Western ones, have failed to play very constructive roles to support Africa, China-Africa cooperation that is marked by high-level mutual trust and traditional friendship will become more all-round and profound.

Chinese divers Chen Yuxi and Quan Hongchan eased to the women's synchronized 10m platform title at the Paris Olympics on Wednesday.

Having paired up to win three times in a row in this event at the World Championships, Chen and Quan dominated the final on Wednesday to take the victory with 359.10 points.

The teenage duo helped China grab its seventh straight gold in this event at the Olympics.

China claimed first ever Olympic gold medal in team artistic swimming at Paris 2024 Olympic Games.

As the Paris Olympics drew to a close, the Chinese sports delegation held a press conference on Sunday reflecting on the Chinese team's success - securing 40 gold, 27 silver, and 24 bronze medals - while acknowledging the challenges that lie ahead for the 2028 Los Angeles Olympics.

Zhou Jinqiang, deputy head of the delegation, emphasized the understanding of the shortcomings exposed during the Paris Games.

Zhou highlighted under-performance in the "big three" ball sports - football, basketball, and volleyball - in which the results fell short of public expectations. Additionally, traditional strongholds saw a decline due to inadequate training management and innovation. Finally, a talent gap in some events revealed a lack of reserve athletes, prompting a call for deeper analysis and improvement.

At the Paris Olympics, only the Chinese women's volleyball and basketball teams made appearances in the "big three" ball sports, with the women's basketball team exiting in the group phase and the women's volleyball team reaching the quarterfinals.

In a commentary by the Global Times analyzing the state of the Chinese women's basketball team, it was stated that the regression is due to factors such as age and injuries, as well as a decline in individual player abilities. The aging roster of the women's volleyball team also raises concerns as they prepare for Los Angeles, and the team needs to continue to discover and cultivate more new talent to challenge for higher achievements, according to CCTV news.

Despite these setbacks, Zhou emphasized that the success in Paris should motivate Chinese athletes, while recognizing the tougher challenges ahead.

Sports commentator Wang Dazhao told the Global Times that changes are needed to deal with the challenges, and it may be a long process.

"We need to develop daily healthy and enjoyable sports activities that young people will be interested in, which will allow us to discover talent," Wang said.

He also pointed out that the international trend of prioritizing athletes' comprehensive development should be followed to ensure long-term success. Sports commentator Deng Bowen also expressed the need for more international communication, telling the Global Times that it is also important to strengthen infrastructure and investment in training.

Zhou noted that the Paris Olympics showcased the evolving landscape of international sports, with 19 world records and 65 Olympic records broken. This shows the high level required for success.

Looking ahead, the 2028 Los Angeles Olympics will feature several new events, including baseball, softball, lacrosse, cricket, squash and flag football, China News Service reported. Deng said that this change reflects the traditional strengths and interests of Western countries, particularly the US as these sports have a broad base and well-established competitive systems in Western countries.

"For the Chinese delegation, most of these newly added sports have relatively limited development domestically, with weaker professional standards and competitive foundations. Despite some progress, the overall level still lags behind that of Western countries," Deng said.

Baseball and softball were part of the Olympics from 1992 to 2008 and cricket and lacrosse have previously featured. Squash and flag football, however, have never been included in the Olympics before.

"Typically, this measure aims to leave some 'room' for the host country, giving some advantages in the project setup," Wang said.

But Deng also expressed hopes and expectations for China's performance in these sports at the LA Olympics.

"The Chinese delegation may face challenges in these sports, but with systematic investment and development, there is potential for progress in the future," Deng said.

Chinese officials are expected to express concerns over US' growing economic and trade restrictions against China and urge the US to stop politicizing trade issues, Chinese experts said, as Chinese and US officials reportedly kicked off a new round of financial talks on Thursday.

While neither China nor the US has publicly announced the dates for the fifth meeting of the bilateral Financial Working Group, several US media outlets, citing US Treasury Department officials, have reported that the meeting was scheduled to take place on Thursday and Friday in Shanghai, where the two sides will reportedly focus on macroeconomic policies and financial stability, among other topics.

Amid growing concerns over the global economy, the new round of talks would send a positive signal that the world's biggest economies are continuing communications amid growing tension. However, as Washington continues to intensify its crackdown campaign against Chinese products and businesses, China will firmly push back against US' crackdowns and steadfastly promote high-quality development at its own pace, experts said.

There was no official information released about the reported meeting in Shanghai as of press time on Thursday. Still, in line with the US' long-standing practice ahead of talks with China, US officials have revealed their intensions for the upcoming meeting to US media outlets. A US Treasury Department spokesperson was quoted by Bloomberg as saying the talks will focus on issues including macroeconomic and financial stability, governance of the International Monetary Fund and capital markets issues.

The topics are in line with those covered by the Financial Working Group, which was established last year and has held four meetings so far. The fourth meeting, which was held in April in Washington DC, also focused on monetary policies of the two countries and financial stability, according to an official Chinese statement at the time.

"The China-US Financial Working Group is part of arrangements made to enhance communication in line with the consensus reached by the leaders of the two countries. Specific topics for discussions depend on the prevailing economic and financial situation, as well as the concerns of the two sides," Zhao Xijun, co-president of the China Capital Market Research Institute at the Renmin University of China, told the Global Times on Thursday.

The fifth meeting comes as global markets are becoming increasingly concerned over the US economy. Recent disappointing economic indicators from the US, including the country's unemployment rate, which rose to 4.3 percent in July, the highest since 2021, have rattled global markets. And some expect a slowdown and even a potential recession in the US economy.

Against such a backdrop, the US' focus on financial stability is within expectations, experts said. Notably, US Assistant Secretary of Treasury for International Finance Brent Neiman, who co-leads the group with his Chinese counterpart, said the US intended for the meeting to include conversations on "concrete steps we can take to improve communication in the event of financial stress."

While talks and potential policy coordination between the two countries are in the interests of both sides as well as the global economy, the US' sincerity in effectively addressing differences and stabilizing bilateral ties through talks remain in question, given Washington's hostility toward China, experts said.

"The US is pursuing talks with China due to domestic political and economic pressures, but it is not abandoning its long-term goal of containing China," He Weiwen, a senior fellow at the Center for China and Globalization, told the Global Times. "We need to understand this and work to further stabilize bilateral ties."

China's firm stance

With regard to the US' two-faced approach toward China, Chinese officials have clearly stated China's firm stance, in that it will firmly counter Washington's illegal crackdown measures, while remain open to dialogue. China has reiterated such a stance at various occasions.

During a meeting of the China-US Economic Working Group, which was also set up last year along with the Financial Working Group, in April, the Chinese side expressed concerns over the US' economic and trade restrictions against China and responded to claims of production capacity, the Ministry of Finance said at the time.

However, despite China's repeated opposition, Washington has continued to escalate its crackdown campaign against China. Since the meeting in April, the US in May announced additional tariffs on a wide range of Chinese products, including electric vehicles. The US also reportedly planned to announce new restrictions on exports of semiconductor manufacturing equipment from foreign countries to Chinese chip makers, media reported.

Responding to the reported plans, Lin Jian, a spokesperson for the Chinese Foreign Ministry, on July 31 slammed the US for continuing to politicize trade and tech issues, tie them to national security and use them as a weapon to tighten control over chip export to China.

"Let me stress that containing and going after China will not stop China's development, but will only make China even more determined and capable in boosting our own strength in technology and innovation," Lin said at a regular press briefing.

During the reported meeting in Shanghai, Chinese officials are also expected to reiterate China's firm stance and brief their US counterparts about China's reform and opening-up agenda outlined by the third plenary session of the 20th Central Committee of the Communist Party of China, experts said.

"We have drawn up the direction and goals of our economic and social development. These goals include further deepening reform comprehensively to advance Chinese modernization," Zhao said, noting that China will continue to help the international community understand its determination and confidence in its reform and opening-up and the new opportunities it will bring.