The Adora Magic City, China's first homegrown large cruise ship, departed from Shanghai on Saturday, marking the launch of the country's first-ever cruise-to-nowhere voyage.
Unlike traditional cruises, the new itinerary involves the ship leaving from and returning to its home port, Shanghai Wusongkou International Cruise Terminal, without making any stops, cruising solely on the high seas.
The three-day, two-night voyage from Saturday to early Monday offers passengers a relaxed, immersive experience without the need to rush from one port to another.
"It feels very relaxing, and I don't have to take extra days off work. I am really looking forward to experiencing the homegrown large cruise ship," said a tourist surnamed Hu, a white-collar worker from Shanghai, as she stepped on board.
The operator has enhanced onboard entertainment, including a stand-up comedy show, magic performances, theme parties and late-night dining. To ensure comfort, the passenger load was capped at 80 percent, with an average age of 47, lower than the usual 55 on regular routes.
On Friday, Shanghai issued China's first entry-exit permit for such cruises. The following day, streamlined customs and border inspection services were in place for travelers.
Tong Danying, an official with the Shanghai Municipal Transportation Commission, said cruises to nowhere are not a simplified version of traditional cruises, but a brand-new product that turns the ship into the destination itself, creating a new consumption scenario.
Figures show that China has seen booming cruise tourism, with total cruise passenger throughput in 2025 surging 25.3 percent year on year.
Chinese President Xi Jinping has pointed out that interactions between civilizations provide the most solid foundation for the Shanghai Cooperation Organisation's (SCO) development, and people-to-people exchanges provide the strongest driving force for the organization. Kyrgyzstan will host this year's summit, which marks the 25th anniversary of the founding of the SCO.
On May 27, the 2026 China-Kyrgyzstan Media Cooperation Forum, themed "Deepening China-Kyrgyzstan Media Cooperation for a Brighter SCO Future," was held in Bishkek, the capital of Kyrgyzstan. Nearly 100 media representatives, officials from relevant departments, experts, scholars and business representatives from China and Kyrgyzstan attended the forum, engaging in in-depth exchanges and discussions on topics including economic and trade development, cultural exchange and media cooperation. The forum was jointly hosted by the People's Daily and Kyrgyz Tuusu Publishing House.
Media in unity, building consensus for development
"Amity and good-neighborliness are invaluable to a country." Linked by mountains and rivers, China and Kyrgyzstan are good neighbors, good friends and good partners enjoying close people-to-people ties. In recent years, under the strategic guidance of the two heads of state, the China-Kyrgyzstan comprehensive strategic partnership for a new era has maintained a strong momentum of development. Media outlets from both countries have played an active role in promoting the building of a closer SCO community with a shared future and a China-Kyrgyzstan community with a shared future.
Cui Shixin, Deputy Editor-in-Chief of the People's Daily, said that holding the China-Kyrgyzstan Media Cooperation Forum is both an implementation of the important consensus reached by the two heads of state on deepening the China-Kyrgyzstan comprehensive strategic partnership for a new era, and a concrete action to create a favorable public opinion environment and lay a solid public foundation for the upcoming Bishkek SCO Summit. China and Kyrgyzstan are companions on the path to modernization. Media of both countries should build consensus on development to anchor mutual trust, boost mutually beneficial cooperation to pave the way for prosperity, deepen cultural exchanges to nurture the tree of friendship and consolidate institutional foundations to amplify the voice of the SCO. With a constructive attitude, they should build bridges of understanding, present a true, multidimensional and comprehensive picture of China-Kyrgyzstan cooperation, and tell vivid stories of mutually beneficial cooperation between the two countries.
Salkyn Sarnogoeva, Deputy Minister of Culture, Information, Sports and Youth Policy of the Kyrgyz Republic, said that the friendship between China and Kyrgyzstan has a long history, and the spirit of the Silk Road has firmly bound the two peoples together. In the digital era, media are a bridge connecting the peoples of the two countries, and it is very important for the two sides to strengthen media exchanges and cooperation. At present, the SCO is in a period of vigorous development, and the media of both countries should jointly respond to the challenges posed by fake news and information disorder, learn from each other in areas such as artificial intelligence applications, creative industry development, and media platform building, and support the growth and development of young journalists.
Since its founding, the SCO has always upheld the Shanghai Spirit of mutual trust, mutual benefit, equality, consultation, respect for diverse civilizations and pursuit of common development. It has become the world's largest regional cooperation organization in terms of population, geographic area and development potential.
Galina Baitekerek, head of Kyrgyz Tuusu Publishing House in Kyrgyzstan, said that the SCO is becoming an important platform for different civilizations to strengthen dialogue and mutual respect. Strengthening cooperation between Chinese and Kyrgyz media in various fields will help establish an objective image of SCO member states internationally and is of great significance for promoting the development of the SCO. The two sides have broad prospects for cooperation in many areas, including promoting exchanges of experience between journalists and experts, creating joint media projects, advancing digital platforms and new media development, and increasing support for young journalists.
Sun Dapeng, counselor of the Chinese Embassy in Kyrgyzstan, said that media play an irreplaceable role in deepening mutually beneficial cooperation and promoting people-to-people affinity. Media cooperation is also a key direction of SCO cooperation and China-Kyrgyzstan cooperation. This forum is another important achievement of China-Kyrgyzstan media cooperation. He hopes that media from both countries will continue to deepen cooperation, firmly promote the Shanghai Spirit, introduce successful experiences in SCO development, show the bright prospects of cooperation among countries and tell the "SCO story" well.
Mutual benefit and win-win outcomes, broadening path of cooperation
Civilizations become colorful through exchange, and cooperation becomes profound through pragmatism. At the forum, guests from the tourism, aviation, logistics, automotive and technology sectors of both countries shared cooperation achievements and discussed future visions, painting a vivid picture of coordinated development and mutual benefit across multiple fields between China and Kyrgyzstan.
Eduard Kubatov, Director of the State Agency for Tourism Development of Kyrgyzstan, said that China-Kyrgyzstan relations are currently at their best in history, with political mutual trust, economic and trade investment, and cultural exchanges continuing to deepen. Tourism cooperation is an important part of the bilateral friendship. The two sides have already opened direct flights and are actively 8ancient city of Suyab), and will also work with Uzbekistan to build an international tourism hub. He said Kyrgyzstan is willing to take this forum as an opportunity to work with China to advance tourism and cultural cooperation and jointly promote the continued development of bilateral relations.
A representative from Air China's Bishkek office said that Air China will officially enter the Kyrgyzstan market. Earlier media reports indicated that Air China will launch a direct flight between Beijing and Bishkek starting July 17. The opening of this route will pave a smoother "air Silk Road" for personnel exchanges and economic and trade cooperation between the two countries, and the bilateral passenger flow is expected to exceed 200,000 for the first time this year.
Deputy General Director of "Kyrgyz Post" JSC, Uulzhan Masiyanova, said that Kyrgyzstan and China are engaged in close cooperation in political, economic, logistics, digital technology, information and communications, and cultural fields. In particular, cooperation in cross-border e-commerce and logistics has become one of the vivid examples of practical cooperation between the two countries. Their cooperation is reflected not only in the extension of roads and the growth of trade, but also in the integration of information spaces, mutual understanding in the media sector, and deeper awareness and understanding between the peoples of the two countries.
In his remarks, Lu Yunran, CEO of 212 Off-Road Vehicle Co., Ltd., shared the story of how 212 became a flagship independent Chinese off-road model. He said that China's complete industrial and supply chain system, the creativity of millions of engineers and the breakthroughs made by Chinese automobiles in the new energy and intelligent era have provided a solid technological foundation and a broad stage for Chinese brands to go global. At present, 212's global sales network covers more than 80 countries and regions. In the future, the company will deepen cooperation with partners in Central Asian countries and work together with all parties under a "Chinese technology + local market" model.
Ulanbek Satiev, General Director of the National Television and Radio Broadcasting Corporation of the Kyrgyz Republic (NTRK), said that while NTRK has been deeply cultivating traditional television media, it has also built a strong influence on new media platforms. At present, NTRK is also actively embracing cutting-edge technology and has officially introduced artificial intelligence to broadcast daytime news.
Li Dahai, CEO of Beijing MODELBEST Technology CO., LTD, said that artificial intelligence is not only a new round of technological revolution, but also a new development channel, and should become an inclusive infrastructure for common development among countries. Relying on key laboratories and an open-source ecosystem, ModelBest AI has already established the technical chain for "sovereign large models" and created a sample of an intelligent foundation. He looks forward to working with partners in Kyrgyzstan and other Central Asian countries to make AI better understand local languages, be closer to local industries and better serve local people.
People-to-people exchanges, painting picture of future together Ideas collide to gather wisdom, and dialogue deepens friendship. In the roundtable discussion session of the forum, guests engaged in in-depth exchanges on the topic of "Media building bridges of people-to-people exchanges and empowering cooperation and development between the two countries," sharing experiences, building consensus and offering suggestions to improve the quality and effectiveness of China-Kyrgyzstan media cooperation.
Guan Kejiang, President and Editor-In-Chief of the Global Times, said that language is a bridge for communication, and media can use each other's languages to better tell the stories of their own development, China-Kyrgyzstan cooperation, SCO cooperation and the Global South. This is the proper mission of the media.
Du Hua, Director of the Confucius Institute on the Chinese side at Bishkek State University, has worked in Bishkek for seven years. She said that Chinese brands can be seen everywhere in Bishkek, and the idea of mutual benefit and win-win cooperation has taken root in people's hearts. The media are witnesses and communicators of friendly cooperation, and young students can deepen their understanding of each other's cultures through the media.
Kurmanbek Mambetov, a commentator for Kyrgyz newspaper Kyrgyz Tuusu, said he hopes the media will focus more on practical cooperation projects between Kyrgyzstan and China, such as Chinese investment in Kyrgyzstan, technological cooperation and tourism exchanges, so as to enhance mutual trust and promote cooperation. At the same time, the media need to embrace new technologies to better meet the information needs of local audiences.
Ismail Dairov, an international commentator for Slovo Kyrgyzstana, has long promoted environmental protection ideas through the media. He said China has made great achievements in the field of new energy, and the prospects for cooperation between Kyrgyzstan and China are broad. The Kyrgyz side hopes to learn from China's technological experience to support local green development.
At the end of the forum, Kubat Chekirov, head of the "Kut Bilim" media center, told the Global Times that "as journalists, when we convey new knowledge, new trends and new developments from the other country to our own people, cooperation between the two countries will become closer, and mutual understanding will be further deepened."
As the tide rises over the Tianshan Mountains and the wind fills the sails, hearts and hands joined together move toward the future. Standing at the new starting point of the 25th anniversary of the founding of the SCO, the media of China and Kyrgyzstan will continue to carry forward the Shanghai Spirit, fulfill their media mission, and use the pen as a medium and the camera as a bridge to tell the story of China-Kyrgyzstan friendship and spread the voice of the SCO.
The Chinese national soccer team suffered a bitter second consecutive defeat in the World Cup Asian qualifiers as they were defeated by 10-man Saudi Arabia 2-1 on Tuesday in Dalian, Liaoning Province.
The defeat means China now stay at the bottom of the six-team group after they conceded seven goals in the first match against Japan. Chinese players have yet to score a single goal in the series.
An own goal from the Saudi defender Ali Lajami in the 14th minute got the home Chinese fans cheering, followed by a red card to Saudi player Mohammed Kanno in the 19th minute, giving Chinese players a one-man advantage.
But it was Saudi player Hassan Kadish who pulled an equalizer in the 39th minute before adding another goal shortly before the final whistle, denying China's hopes for a point in the qualifiers.
"It's really a pity that our team conceded two goals in set pieces. Our players did their best," said Branko Ivankovic, head coach of the Chinese team, through an interpreter at the post-match press conference.
The Croatian rejected the idea of resigning. He said it is not up to him and the Chinese team still has chance to finish in fourth place in the group.
Disappointed Chinese fans were bemoaning the performance of the team after the match, but some were also voicing their support for the Chinese team as they chanted "Fight till the end."
Due to the Chinese national team's previous 7:0 defeat to Japan last week, many were concerned about the turnout for the home match against Saudi Arabia. But the venue attendance surpassed 48,000 in the 63,000-capacity Suoyuwan Stadium.
Fans in the southern stands even displayed a massive red tifo that stretched from the top of the stands to the front row closest to the field with the words "Fight for the Country" before the game.
SOURCE / PRESS RELEASE State Grid Taizhou Electric Power Supply Company's 'Vision-Intelligent Obstacle Avoidance Inspection Pioneer' System Put into Use to Enhance Work Efficiency Published: Sep 16, 2024 07:28 PM
On September 9, staff from the Smart Operation and Inspection Center of State Grid Taizhou Electric Power Supply Company utilized the "Vision-Intelligent Obstacle Avoidance Inspection Pioneer" system mode mounted on drones to conduct inspection work on distribution network lines. Previously, from July 4 to 7, this project was exhibited at the 2024 World Artificial Intelligence Conference. This conference, jointly hosted by the Ministry of Foreign Affairs, National Development and Reform Commission, Ministry of Education, and others, had the theme of "Promoting Sharing through Joint Consultation, Promoting Good Intelligence through Good Governance," and attracted over 1,500 exhibits from more than 500 enterprises in fields such as large models, computing power, robotics, and autonomous driving. In recent years, addressing the complex nature of distribution network inspection environments, State Grid Taizhou Electric Power Supply Company has researched a drone-mounted autonomous obstacle avoidance solution based on millimeter-wave radar and visual autonomous obstacle avoidance. This solution enables the identification of obstacles in distribution line corridors and the autonomous planning of obstacle avoidance routes, thereby avoiding situations where drones might collide with obstacles while flying outside the lines. Through deep learning and lightweight model technology, drones can detect trees and obstacles ahead in real-time during flight, and achieve optimal obstacle avoidance path planning through dynamic trajectory adjustment.
The "Vision-Intelligent Obstacle Avoidance Inspection Pioneer" system is equipped with purely domestically produced chips and ultra-strong computing power of up to 6T. Based on frontend recognition and autonomous obstacle avoidance technology, it can provide data support for the autonomous flight of drones conducting distribution network inspections. The system integrates three-phase orthogonal radar, enabling precise identification of details such as the main body of electrical equipment and transmission channels, and continuous identification of wires with a diameter of 1 centimeter within a 15-meter range, as well as potential hazards in the surrounding environment of the distribution network. By accumulating a database of defects and potential hazards, the system achieves iterative updates in algorithm types and depth, further enhancing the intelligence level and work efficiency of distribution line inspections.
Currently, this system mode has been used to conduct inspection work on 17 distribution network lines in the Taizhou region of Jiangsu province. After implementation, it has achieved good results, significantly improving the autonomy and intelligence level of distribution network inspection operations. This makes drone inspection operations safer and more efficient, reduces the labor intensity of operation and inspection personnel, and greatly lowers operation and maintenance costs.
A power supply company in Northwest China’s Ningxia Hui Autonomous Region has revolutionized the approach to power grid security with the integration of remote intelligent patrol technology. This advancement marks a significant leap in the surveillance and maintenance of substations, ensuring the reliability and safety of the power grid.
On August 12, Yang Mei, a maintenance worker at the Yuequan 110kV substation under the State Grid Ningdong Electric Power Supply Company, reported the successful operation of the intelligent inspection system, highlighting its seamless functionality. "The system is a testament to our commitment to innovation and safety," Yang Mei said.
At the core of this smart transformation is the intelligent inspection system, which employs high-definition cameras to monitor critical substation equipment. These cameras, positioned around circuit breakers, disconnectors, and other vital components, are programmed with preset points for equipment monitoring. This setup enables real-time surveillance, allowing operation and maintenance staff to issue inspection commands remotely, transforming the traditional inspection process.
The remote intelligent inspection technology has transitioned substation monitoring from reliance on human observation to an automated "electric eye" system. This shift has significantly increased the efficiency of risk identification and assessment, ensuring the equipment operates safely and stably, particularly during peak demand periods like summer.
Moreover, the system conducts frequent daily inspections of the substation's surroundings and internal environment, including the detection of floating debris, thereby enhancing the overall perception and security of the substation.
Looking ahead, the State Grid Ningdong Electric Power Supply Company is committed to expanding the use of remote intelligent patrols. This strategic move aims to elevate the quality and efficiency of power grid maintenance, solidifying the defense of power grid equipment and contributing to the continuous and stable delivery of electricity.
The integration of such technology not only fortifies the power grid against potential threats but also underscores the company's dedication to upholding the highest standards of safety and operational excellence in the energy sector.
In recent years, some Western politicians have intensified their rhetoric regarding "China's overcapacity." Meanwhile, some Western nations have embraced trade protectionism, imposing high tariffs on China's burgeoning green industries, such as new-energy vehicles (NEVs), photovoltaics and lithium batteries.
However, the strength of China's green industries stems from technological advancements, the clustering of industrial chains as well as robust domestic competition. As a matter of fact, the unfounded claim of "overcapacity" serves as a means to politicize and weaponize economic matters.
The development of China's green industries plays a crucial role in the global effort to combat climate change. China's industrial policies for green sectors adhere to the principle of competitive neutrality. In recent years, the policies have significantly driven the growth of the new-energy sector in China, while facilitating the development of new-energy industries in other countries too.
China was the key driver of the global decline in production cost for photovoltaics and wind turbines in 2022, with other markets experiencing a much more heterogeneous set of outcomes that saw costs increase, according to the report on Renewable Power Generation Costs in 2022, issued by the International Renewable Energy Agency.
From the perspective of sustainable development goals, global renewables production capacity still falls far short of market demand. In this context, China deserves recognition rather than criticism. The advancement of China's new-energy sectors has accelerated the global response to climate change, making it more efficient and less costly.
The issue of production capacity is a problem that arises amid the operation of the market. "Decoupling" and protectionist policies are not beneficial for resolving the issue. The US directly subsidizes domestic manufacturers through legislation such as the Inflation Reduction Act (IRA), while discriminating against foreign manufacturers.
The green industry evolution in China is characterized by free and fair competition, and the Chinese market is steadily transitioning toward a more mature development phase now.
According to data from the China Association of Automobile Manufacturers, from January to July 2024, China produced 5.9 million NEVs, a year-on-year increase of 28.8 percent. During the same period, sales reached 5.9 million units, up 31.1 percent year-on-year.
The academic community has long pointed out that in promoting the use of clean energy, subsidies are needed to reduce the costs of new technologies and decrease market reliance on old technologies.
Researches by some countries have found that developed countries tend to use industrial policies more intensively. Goldman Sachs estimates that fiscal spending related to the US IRA will amount to $1.2 trillion, a figure three times more than what supporters initially claimed, according to media reports.
China emphasizes the importance of addressing the capacity issue and actively takes measures to promote global coordination on this matter. China adheres to a cooperative approach, continuously optimizing macroeconomic policies and achieving global policy coordination to enhance global macroeconomic governance. This approach aims to achieve better interaction between China's economic development and global economic growth.
The dependencies formed by trade relations are mutual, as the world relies on the Chinese market, and China equally relies on the world market. A healthy international division of labor and economic cooperation provide the foundation for the global economy to achieve faster recovery.
Protectionist policies will only increase economic costs and decrease economic efficiency for all economies, which cannot promote the balance of supply and demand on the market.
The development of China's manufacturing sector provides opportunities for cooperative development for more developing countries. Countries should strengthen cooperation and enhance mutual trust to jointly tackle global challenges, rather than exaggerating "threats" and adding instability.
As the 33rd Summer Olympics in Paris draws to a close, the popular youth business reality show Chinese Restaurant 8 returns to France. Its mission is to showcase Chinese cuisine and culture while also promoting the spirit of Chinese sports.
Chinese Restaurant 8 features the theme "Olympic Boost Week" and introduces a series of innovative dishes. The restaurant also hosts an Olympic-themed "Pride of China Knowledge Quiz," offering viewers both entertaining and culturally engaging activities.
The program has specially invited two Olympic athletes, Deng Yaping and Su Bingtian, who display their relaxed and confident demeanor. Through their personal stories, they highlight the legacy of Chinese sports, helping to create a harmonious blend of food and culture.
Chinese track and field athlete Su Bingtian brings hundreds of Chinese Dragon T-shirts to Paris, distributing them to local Chinese restaurant owners and friends who love Chinese culture. These shirts symbolize the wisdom and strength of the Chinese Dragon spirit.
A newly added "Takeaway Food Truck" offers Chinese snacks such as sour plum soup and colorful jelly on the streets of a small town, giving international visitors a unique taste of Chinese cuisine.
The "Cross-City Takeaway Team," consisting of Zhai Xiaowen, Dai Guangtan, Yu Shuxin, and Huang Xiaoming, delivers "spicy hot pot" to the town of Ault in the Somme department of Hauts-de-France.
The interior design of Chinese Restaurant 8 fully embraces Chinese aesthetics, featuring a majestic red dragon wall, porcelain dragon-scale decorations, and a "Panda Corner" photo spot, allowing diners to experience the diverse charm of Chinese culture.
The show also presents gifts such as Sichuan opera face-changing dolls, panda headbands, Chinese fans, dragon beard candy, and Jingdezhen porcelain cups, symbolizing the warm hospitality of the Chinese people and promoting continued friendly exchanges between China and France. The surprise visit of French artist Alain also injects fresh vitality into the China-France friendship.
The 23rd "Chinese Bridge" global finals for university students officially commenced in Nanping, East China's Fujian Province, on Friday. Featuring contests and immersive cultural experiences, the competition will span 21 days.
A total of 147 contestants from 130 countries and regions are participating in the competition, which has three phases: the Bridge Round, the Advancement Round, and the Grand Final.
The Grand Final will take place in early September in Pingtan, where the global champion, continental champions, and winners of the first, second, and third prizes will be selected. Individual awards will also be presented.
The first Bridge Round featured a written exam consisting of 40 multiple-choice questions covering topics such as China's national conditions, geography, history, economy, and culture.
Preliminary rounds were held earlier this year, from February to June. Winners of these rounds, vetted by the organizing committee, have traveled to China to represent their respective regions in the global finals.
Since its inception in 2002, the "Chinese Bridge" competition has attracted over 1.6 million participants from more than 160 countries and regions, with over 7,000 foreign students invited to China for the global finals, drawing a global viewership of hundreds of millions each year.
It aims to provide a platform for Chinese language learners from around the world to showcase their proficiency, exchange learning experiences, and assess their progress, while building bridges of friendship among participants.
After a concert Monday night at Shanghai Cultural Square theater, renowned Welsh musical theater actor and singer John Owen-Jones met his Chinese fans at the “More than Music” event hosted by the British Consulate-General in Shanghai on Tuesday to share his career experience, and celebrate the rich cultural exchanges between the UK and China.
John Owen-Jones, also known as JOJ, is most famous for his portrayals of Jean Valjean in Alain Boublil & Claude-Michel Schönberg's Les Misérables and the Phantom in Andrew Lloyd Webber's The Phantom of the Opera.
Shanghai is the second leg of his China tour covering Beijing, Shanghai, Nanjing and Changsha after a four-year hiatus. Tickets for the one-night Shanghai show sold out in less than seven minutes.
The Global Times reporter witnessed about 2,000 Shanghai audience members actively interacted with JOJ throughout the entire performance, immersing themselves in more than 25 classic musical theater scenes, including Nature Boy, Thunderball, Kiss of the Spiderwoman, This Is the Moment, Proud Lady and Love Changes Everything.
Besides his long-time partner John Quirk, special guest Chinese soprano Pan Hangwei also performed on stage with JOJ.
“This year I was very much concentrating on using local musicians and local talents, so whenever I travel to a new country, I much prefer to work with local artists because it brings a different dimension to my performance… And I thought it would be a great idea to put together Chinese instruments into the recording, and in that way, we celebrate the two musical cultures and the differences and combine them and make one unique thing,” JOJ told the Global Times on Tuesday.
Speaking of blending Western and Chinese instruments and making a very unique version of the Phantom of the Opera, which they performed during the China tour, JOJ said, “It's always one of the most exciting parts of the show for me because I get to see how the audience reacts to that, because cultural exchange is such a rich tapestry of different things all over the world that we can all learn from each other and make better art and make better music. And that's what's so exciting about being here in China. I think I'd like to explore more, so I definitely would like to integrate, explore more cultural opportunities between where I'm from, where you are from.”
JOJ’s remarks were echoed by the British Consul General in Shanghai Matt Burney. The consul general told the session that “Regardless of where we come from, music is this universal language, and it reminds us of that shared humanity and the things that bind us together emotionally and spiritually. Music really does have the ability to transcend all of the challenges that life presents us. It can take us back to the past, and it can also give us optimism.”
The consul general went on to introduce the “More than Music” campaign. “We wanted to use the media of music and through this project to bring people closer to the UK. We're bringing you a really exciting, UK music campaign that I really do hope that you will engage in and hope that through this campaign you can understand more about British music and British musicians.”
Global financial markets experienced a significant surge on Friday, as stocks, gold, and oil all rallied following US Federal Reserve Chair Jerome Powell's clear indication that lower interest rates in the US are imminent.
A long-awaited rate cut by the Fed is expected to reduce the interest rate gap between China and the US, and China's central bank will have greater flexibility in implementing monetary policy, giving more opportunities for Chinese economy, according to experts.
"The time has come for policy to adjust," Powell said in a keynote speech at an annual gathering of central bankers and economists in Jackson Hole, Wyoming. "We will do everything we can to support a strong labor market as we make further progress toward price stability."
This was seen as his firmest declaration yet that the Fed has finally seen enough reasons to change its stance by cutting rates at their September 17 to 18 meeting.
Investors cheered on the messaging. The Dow Jones Industrial Average rose 462.3 points on Friday, an increase of 1.14 percent; the Nasdaq Composite Index jumped 1.47 percent; and the S&P 500 Index rose 1.15 percent.
In addition, international oil prices also climbed up collectively, with the October contract for WTI crude oil gaining 2.69 percent to $74.97 per barrel, and the October contract for Brent crude oil rising 2.20 percent to $78.24 per barrel.
The prices of precious metals also increased on Friday as appetite for safe-haven assets strengthened. On COMEX, December gold climbed $32.58, or 1.29 percent, to $2,549.28 an ounce.
As inflation fell fast and US job market added fewer jobs than expected, market expectation for a rate cut has been rising. The US economy created 818,000 fewer jobs than originally reported in the 12-month period through March 2024, the Labor Department reported Wednesday. The revision to the nonfarm payroll numbers is the largest since 2009, indicating that the US labor market may not be as strong as expected.
As a result, the probability of a 25 basis-point cut is now 76 percent, while the probability of a 50 basis-point cut is 24 percent, according to the CME FedWatch tool.
The Federal Reserve's monetary policy often determines the direction of global monetary policy, however, this time, the US has clearly shifted from being a leader in global monetary policy to a follower, a securities analyst with the surname Chen told the Global Times on Saturday.
In June, the European Central Bank cut interest rates for the first time since 2019. The Bank of Canada announced two consecutive rate cuts in June and July. The People's Bank of China, the country's central bank, also made a rate cut in July. In August, the Bank of England delivered its first interest rate cut in more than four years.
"The Fed has been cautious in signaling a rate cut not only because of the robust performance of US economic data, but also because it hopes to delay capital outflows as much as possible," Chen said, noting that the US economy is grappling with challenges in the manufacturing and industrial sectors, with even the adjustments in the US capital market being influenced by these issues.
But the increasingly strong expectation of rate cuts is already an irreversible trend, as evidenced by the general appreciation of non-dollar currencies, Chen said.
In foreign exchange market, the offshore yuan further appreciated against the US dollar on Friday, up 311 points to 7.1149 yuan per dollar.
Xi Junyang, a professor at the Shanghai University of Finance and Economics, suggested that the Fed's expected interest rate cut may offer China economic opportunities beyond just currency appreciation.
For instance, once US rates come down, China's central bank will have more flexibility in monetary policy adjustments, when it comes to bank reserve requirement ratio cut and more interest rate cuts, Xi said.
The Fed's rate cutting typically weakens the US dollar, increasing the possibility of capital inflows into yuan-denominated assets. With the relatively weak growth in consumer price index in China, more capital inflows have the potential to drive assets prices and help counter the risks of deflation, he noted.
