"The new government, with a clear bias and ideological perspective, will cause serious harm to Argentina's economy," said former Argentine ambassador to China Sabino Vaca Narvaja in an exclusive interview with the Global Times on Thursday.

He criticized the decision of Javier Milei, Argentina's newly elected president, not to join the BRICS (Brazil, Russia, India, China, and South Africa) framework and emphasized the importance of the New Development Bank established by BRICS countries for Argentina in building a new financial system based on production and development. He found the Milei government's decision "puzzling." In addition, this decision also offends important partner countries that strongly supported Argentina's BRICS membership, damaging Argentina's national interests, he said.

In August 2023, the BRICS summit in South Africa undertook a historic expansion, welcoming six new members: Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, Egypt, and Argentina. The membership was originally scheduled to take effect from January 1, 2024.

However, on December 30, 2023, Milei announced that Argentina would not join the BRICS.

According to media reports, Milei has sent a letter to the leaders of the BRICS nations, stating that the current timing for Argentina to join the organization is "inappropriate." Analysts said that the purpose behind the Milei's government's decision is to seek financing from the US through the IMF or private investors.

Milei's decision came at a time when Argentina is facing a deepening economic crisis, and it has sparked criticism from numerous professionals in economic and diplomatic sectors within Argentina. Narvaja is among the critics.

Narvaja served as Argentine ambassador to China during the presidency of Alberto Fernandez, a left-leaning government that actively sought membership of the BRICS for Argentina. The Fernandez government believed that joining the BRICS would present a significant opportunity for Argentina to enter emerging markets.

Narvaja told the Global Times that if Argentina could join the expanded BRICS, it would boost the country's economic development.

He emphasized that many economies within the BRICS and Argentina have highly complementary economic structures. Moreover, the combined economic scale of the BRICS is surpassing that of the G7, with more than 50 countries worldwide expressing willingness to join the bloc, which is led by emerging economies.

Narvaja said that in the past few years, the BRICS nations have played a crucial coordinating role during times of crisis. This includes providing supplies and vaccines to other countries and offering loans to emerging economies through the New Development Bank. With the expanded membership, the BRICS will encompass 45 percent of the world's population, and over 80 percent of new consumers will originate from these countries.

Meanwhile, the BRICS nations possess abundant natural resources, including oil, gas, and strategic minerals, contributing around 44 percent of global crude oil production. All these factors are highly significant for Argentina's economic prospects, he said.

"The New Development Bank is crucial for Argentina in building a new financial system based on production and development. It can provide financial instruments, including counter-cyclical funds and development loans, which could bring many benefits to Argentina. The proposal to conduct investments and trade in local currency will also play a significant role in the global economy," the former Argentine diplomat told the Global Times. He noted that Argentina requires substantial infrastructure investment and needs to increase exports and foreign exchange income, so the new government's decision to reject joining the BRICS framework is truly perplexing.

At a time when Argentina needs foreign exchange to meet debt obligations and investment to enhance its potential export capacity, this move is truly astonishing, Narvaja said. "This harms our country's interests," he added.

"Many of our production sectors and local economies are heavily reliant on trade with China. China is also a major investor and lender for Argentina's infrastructure," he emphasized.

Moreover, apart from the economic aspect, China and Argentina mutually support each other on many crucial political issues, he noted.

China is currently Argentina's second-largest trading partner, the primary market for agricultural product exports, and the third-largest source of investment. Bilateral trade between China and Argentina reached approximately $25.5 billion last year, and despite adverse conditions such as the COVID-19 pandemic, bilateral trade has defied the odds and increased by 54.7 percent over the past six years. In 2022, the Fernandez administration officially joined the Belt and Road Initiative (BRI), and in 2023, it signed a cooperation plan with China under the framework of the BRI. Analysts widely believe that Argentina's collaboration with China contributes to the upgrading of its infrastructure and facilitates the repayment of debts to the IMF.

The China-Laos Railway has facilitated over 30 million passenger trips since its operation in December of 2021, official data showed on Thursday, highlighting China's deepening cooperation with the neighboring countries under BRI.

As of Tuesday, the railway had transported a total of 30.2 million passenger trips and 34.24 million tons of cargo, with cross-border shipments exceeding 7.8 million tons, according to China Railway. This robust performance is showing a thriving trend in both passenger and freight transport along this strategic route.

The China-Laos Railway is experiencing a continuous rise in passenger volume. In the Chinese section, daily passenger trains have increased from 35 to 51, with daily passenger traffic peaking at 103,000 from the initial 20,000, China Railway said.

The Laotian section also expanded its daily passenger trains from four to 12, with daily passenger throughput peaking at 12,808 from the previous 720.

Travelling with the China-Laos Railway is a wonderful and exciting experience, as the railway now offers multi-language services and cost-effective tickets, and it has greatly facilitated our travel, a tourist surnamed Kong, told the Global Times on Thursday.

During this year's Spring Festival travel season, tourism along the China-Laos Railway has boomed. The total number of passengers transported along the entire line reached 2.96 million, representing a year-on-year growth of 39 percent.

The China-Laos Railway shows strong and steady growth in cross-border freight transportation. From January 1 to March 12 this year, the railway completed cross-border freight transportation of 1.064 million tons, a year-on-year increase of 33.9 percent.

China welcomes a move by Hungary to facilitate visa for Chinese citizens visiting the country for investment and cooperation purposes, and welcomes visa facilitation by more countries, a spokesperson of China's Foreign Ministry (FM) said on Tuesday.

The announcement by Hungary related to issuing 5-year, multiple-entry visas for Chinese citizens on business trips is another example of the high-level development of China-Hungary ties, and China welcomes the move," Foreign Ministry spokesperson Wang Wenbin told a routine press conference on Tuesday in Beijing.

Wang noted that bilateral cooperation have yielded fruitful results under the China-Hungary comprehensive strategic partnership.

After China implemented a pilot policy which include visa-free entry for Hungarian tourists and business people, Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto recently announced that Hungary would issue long-term visas to Chinese citizens visiting the country for investment and business cooperation.

"We believe these new measures will further strengthen people-to-people exchanges, deepen mutually beneficial cooperation in various fields, and promote high-level development of the bilateral ties," Wang said. "China also welcomes more countries to offer visa facilitation for Chinese citizens to boost cross-border travel and cooperation."

China announced last week that it will adopt a visa-free policy for Switzerland, Ireland, Hungary, Austria, Belgium and Luxembourg on a trial basis, starting on March 14.

This followed visa-free entry trial for ordinary passport holders from France, Germany, Italy, the Netherlands, Spain and Malaysia, effective from December 1, 2023.

As human society steps into the era of artificial intelligence, it is believed that with intensified and collective efforts, China will carve out a technological path that aligns with its national conditions, enable the safe development of General Artificial Intelligence (AI) and benefit the whole humankind, a Chinese national political advisor said during the two sessions.

General AI has emerged as the strategic high ground in global technological competition. “To win this crucial technological race, which is of paramount importance to our nation, the key lies in nurturing the talent,” Zhu Songchun, director of the Beijing Institute for General Artificial Intelligence and a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), said at a group interview held by the second session of the 14th CPPCC National Committee on Sunday.

General AI stands as a typical representative of the new quality productive forces. The “general” in General AI refers to AI’s ability to perform an infinite number of tasks in daily physical and social scenarios, autonomously discover tasks as if it has a “mind of its own,” and possess autonomous value-driven motivation, Zhu said.

Zhu introduced “Tongtong,” the world’s first prototype of a general intelligent humanoid robot being showcased in Beijing. “She has the complete neural and value system of a three or four-year-old child and is currently undergoing rapid iterations. In the future, she will be integrated into various aspects of our lives, such as pouring tea and providing warm companionship,” he said.

Behind the most ordinary abilities in daily life are actually the core technical issues that General Artificial Intelligence needs to research, Zhu said, emphasizing that achieving General AI hinges on giving machines a “mind of their own.”

During this year’s two sessions, AI has emerged as one of the hottest topics. The annual Government Work Report released on Tuesday also highlighted that a stream of innovations emerged in frontier areas such as AI and quantum technology in 2023.

While for major tasks in 2024, the Government Work Report stressed to step up research and development and application of big data and AI, launch an AI Plus initiative, and build digital industry clusters with international competitiveness.

China’s AI industry has entered a period of rapid development. According to data released by the China Academy of Information and Communications Technology, the core AI industry in China reached a scale of 508 billion yuan ($70.69 billion) in 2022, an increase of 18 percent year-on-year. Preliminary statistics indicate that the scale reached 578.4 billion yuan in 2023, with a growth rate of 13.9 percent.

China's chunyun for 2024 - the Spring Festival travel rush - will officially conclude on Tuesday. An estimated 9 billion passenger trips are expected to have been made during the 40-day rush, with bustling scenes seen across China from busy markets to hustling railway activity, which are vivid displays of economic vitality.

The consumption boom during the Spring Festival holidays coupled with thriving trade cooperation represented by the uninterrupted China-Europe freight train services will significantly contribute to the country's steady economic growth in the first quarter of 2024, with sustained momentum for the rest of the year, observers said.

On Sunday alone, 182.45 million trips were made, up 14.4 percent year-on-year and up 4.5 percent compared with the same period in 2019, official data showed. During the first 33 days of the holiday, 7.02 billion trips were made, and cargo transportation remained efficient and orderly, Transport Minister Li Xiaopeng told a press conference on February 28.

The strong consumption rebound during the holidays promoted the revival of involved industries and will significantly support GDP growth for the first quarter, Wang Peng, an associate researcher at the Beijing Academy of Social Sciences, told the Global Times on Monday.

Wang said that booming holiday consumption has laid a solid foundation for driving up the economy's development for the whole year while boosting market confidence.

The spending power on display during the holidays is still a major potential growth point for continued economic development, Cong Yi, a professor at the Tianjin University of Finance and Economics, told the Global Times on Monday.

Both Wang and Cong highlighted the growing demand for consumption upgrading as Chinese consumers now pursue high-quality products with elevated services and experiences and are relatively less price sensitive.

The upgrading demand will inspire market players to ramp up product and service quality for sustained operations in the long term.

Analysts pointed to the integration of the cultural, sports and tourism sectors as another new engine for propelling holiday consumption, on top of the already booming domestic and international tourism.

From diverse Spring Festival celebrations combining China's intangible cultural heritage with local attractions to the 14th National Winter Games boosting ice-snow consumption, the integration of the cultural, sports and tourism sectors led to fruitful and innovative results during the holidays, Jiang Yiyi, a deputy head of the School of Leisure Sports and Tourism at Beijing Sport University, said on Monday.

During the eight-day Chinese Lunar New Year holidays, 474 million domestic trips were made, up 34.3 percent year-on-year, and the total domestic tourism spending jumped by 47.3 percent year-on-year to about 632.69 billion yuan ($87.88 billion), according to data released by the Ministry of Culture and Tourism.

Jiang attributed the continuous expansion in tourism to rising outbound tourism, and China's strengthened efforts and stepped-up policy support underscored the country's firm determination to promote high-quality opening-up.

In a latest move, the mutual visa-exemption agreement between China and Thailand officially took effect on Friday, with bookings for two-way travel surging on the same day.

"China retains its strength as a major global market with huge spending power. Achieving success in the Chinese market first will be the foundation for foreign players to claim global success," Cong said, adding that the Chinese market has stepped up its competitiveness.

International cargo trade during the holidays thrive. For instance, customs at Manzhouli Port in Inner Mongolia inspected and cleared 94 China-Europe freight trains entering and exiting the border, up 17.5 percent from the Spring Festival holidays in 2023.
In 2023, some 17,000 China-Europe freight trains were dispatched, up 6 percent year-on-year, carrying 1.9 million containers, up 18 percent, Liu Ruiling, a member of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), said during an interview ahead of the opening of the second session of the 14th CPPCC National Committee in Beijing.

"More than 85,000 China-Europe cargo trains ran as of February this year, linking China with 217 cities and 25 countries in Europe," said Liu, who is also the general manager of the International Land Port in North China's Hebei Province.

Wang said that China would actively engage in more international economic cooperation and competition and diversify its cooperation partners, while consolidating international cooperation in emerging and innovative industries such as green finance.

China's leading digital economy with its large-scale data resources, diverse data types and rich application scenarios have provided advantages for the country's artificial intelligence (AI) sector, Qi Xiangdong, chairman of Qi An Xin Technology Group, who is also a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), told the Global Times on Friday.

Qi said that AI depends on data, and China's rapidly developing digital economy provides a large source of data. He added that the total scale of China's digital economy reached 50.2 trillion yuan ($6.97 trillion) in 2022, and the breadth and depth of digital integration in the real economy has expanded.

Qi An Xin launched China's first industrial-grade large-model security AI product - Q-GPT a cybersecurity robot - which has numerous practical applications, Qi said.

Qi noted that he looks forward to the country accelerating the integration of cybersecurity and AI technology, promoting the application of innovative products in the field of "AI + security," and continuously improving China's ability to cope with cybersecurity risks and uncertainties.

Technical workers assemble DC charging piles for electric vehicles in a factory in the Hefei Circular Economy Demonstration Park in Hefei, East China's Anhui Province, on February 28, 2024. Photo: VCG

Chinese Commerce Minister Wang Wentao met with Australian Minister for Trade and Tourism Don Farrell on Monday, calling for strengthened cooperation in China's joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The meeting marks a new attempt towards building closer bilateral trade ties.

During the meeting held in Abu Dhabi, Wang expressed hopes of ensuring practical outcomes from the 13th WTO Ministerial Conference, and he emphasized the continuous improvement and resilience of China-Australia relations, highlighting stability and positive momentum in economic and trade cooperation.

Both sides exchanged views on bilateral economic and trade relations and issues of mutual concern, with a focus on creating a favorable environment for business collaboration.

Farrell praised Australia's strong and dynamic economic and trade relationship with China, noting the growth in bilateral trade and investment in 2023. He welcomed Chinese investment and assured fair treatment for all international investors, including those from China.

Farrell also expressed interest in expanding Australian exports to China, aiming to elevate bilateral trade to new heights.

Recent developments have seen progress in various economic and trade areas, with the Chinese Ministry of Commerce (MOFCOM) initiating a review investigation into anti-dumping measures and countervailing tariffs on Australian wine. The move could potentially lead to the lifting of tariffs on Australian wine.

Against the backdrop of China's growing foreign investment, there has been a notable increase in newly established foreign-invested enterprises in January, with a significant rise in investments from Australia, which saw a staggering 186 percent year-on-year increase, according to MOFCOM.

Furthermore, Wang has expressed China's willingness to cooperate with multiple countries on joining the CPTPP. During a meeting with New Zealand's Trade Minister Todd McClay on Sunday, he highlighted China's intention to work with New Zealand in the process of joining CPTPP and the Digital Economy Partnership Agreement.

The 13th WTO Ministerial Conference provided China with an opportunity to engage with relevant countries with economic and trade talks, and advancing partnership in the CPTPP, Huo Jianguo, a vice chairman of the China Society for World Trade Organization Studies in Beijing, told the Global Times on Monday.

China is willing to work with other CPTPP members in reaching trade cooperation agreements, promoting the development of the organization, Huo noted.

The Democratic Progressive Party (DPP) authorities on the Taiwan island aim to reduce reliance on the Chinese mainland, which won't bode well for the island, the head of the Association of Taiwan Investment Enterprises said on Saturday, urging both sides across the Taiwan Straits to strengthen cooperation for mutual economic development.

At a gathering of business leaders on Saturday, marking China's traditional Lantern Festival, Ding Kunhua, honorary chairman of The Association of Taiwan Investment Enterprises, highlighted the interdependent relationship between the Chinese mainland and Taiwan. "The policies of the Democratic Progressive Party to reduce dependence on the mainland could cause unbearable disaster for Taiwan", Ding said, according a cctv.com report.

Facing rising global uncertainty, Ding emphasized the complementary structure of the economies and industries of the two sides, while praising Chinese people's hardworking, intelligent, and resilient nature, and stressed the need for collaboration and mutual development, stating that only through cooperation can the economies thrive.

The gathering was attended by approximately 200 representatives across the Taiwan Straits, several business representatives from Taiwan spoke at the event, expressing hopes and confidence for expanding businesses in the Chinese mainland, according to a report by the Xinhua News Agency.

Attending the event include Chairman of the General Chamber of Commerce Lai Chengyi, Delta Group's Chairman Hai Yingjun, and Minth Group's founder Qin Ronghua, who expressed their commitment to deepening cross-Straits industrial cooperation and sharing opportunities under high-quality development.

Affected by various political and economic reasons, trade across the Taiwan Straits experienced a significant decline in 2023, dropping by 10.7 percent to reach 1,885.2 billion yuan ($262 billion). Specifically, Taiwan's exports to the mainland decreased by 10.5 percent to 1,403.3 billion yuan, according to data from the General Administration of Customs (GAC).

The slump in cross-straits commerce further altered Taiwan's economic expectations for 2023. The projected GDP growth rate of the island for 2023 is only 1.4 percent, marking a 14-year low.

Chinese stocks soared on Thursday on the back of a series of newly-announced supportive macro policies, with the Shanghai Composite Index growing up 3.03 percent to climb above the 2,900-point mark.

Analysts express confidence over the performance of both Chinese economy and its stock market in the long term, which will continue to defy doomsayers and inject certainty to the global economy in 2024.

On Thursday, the Shenzhen Component Index inched up 2 percent to 8,856.22, and the tech-heavy ChiNext index was up by 1.45 percent to 1,720.78.

Net purchases through northbound trading, or money invested from Hong Kong into the Chinese mainland market, reached 6.29 billion yuan ($888 million), public data showed.

More than 4,800 stocks reported growth, with nearly 100 shares rising by their daily ceiling. Shares related to State-owned enterprises, finance and real estate led the rally.

Late on Wednesday, the People's Bank of China (PBC) and the National Financial Regulatory Administration said they will allow developers to use bank loans pledged against commercial properties such as offices and shopping malls to repay loans and bonds, in the latest move to expand funding support for the real estate sector.

Pan Gongsheng, governor of the PBC, said at a press conference on Wednesday that China will cut the reserve requirement ratio (RRR) by 50 basis points from February 5, which is expected to inject 1 trillion yuan in long-term liquidity to bolster the economy.

"We have plenty of room for monetary policy maneuvers. We will strike a balance between short-term and long-term, stabilizing growth and preventing risks, internal and external equilibriums, while strengthening countercyclical and cross-cycle policy adjustments to build a sound monetary and financial environment for economic growth," Pan said.

Following a number of policies to boost market confidence, more than 40 Chinese listed companies unveiled share buyback and purchase plans on Thursday, domestic media outlet Yicai.com reported.

Among the companies that disclosed share purchase plans, 11 companies plan to conduct stock buybacks worth tens of millions yuan. Sichuan Hebang Biotechnology Co plans to buy back shares worth 400 million yuan, according to the report.