CMG: Top 10 China & global business news stories in 2024

The China Media Group (CMG) on Friday presented the top 10 business news stories from China and around the world in 2024. Here is a roundup:

Top 10 China business news stories

1. Resolution on deepening reform adopted

The 20th Central Committee of the Communist Party of China adopted a resolution on further deepening comprehensive reform to advance Chinese modernization at its third plenary session. The resolution set the goal of basically achieving socialist modernization by 2035, mapping out major reform measures for the next five years.

2. Country advances high-quality development

China's high-quality development progressed steadily, with major economic and social development targets expected to be achieved. The country's contribution to global economic growth approached 30 percent.

3. More proactive fiscal and monetary policies proposed

China's Central Economic Work Conference introduced a number of significant favorable policies, proposing a more proactive fiscal policy for the first time and a shift to a moderately loose monetary policy for the first time in 14 years.

4. Macroeconomic stimulus measures introduced

China's macroeconomic policies have played a more active and effective role. Counter-cyclical adjustments have been strengthened. A comprehensive package of incremental policies has boosted public confidence, supporting a robust economic recovery.

5. High-level opening-up expanded

China has continued to expand high-level opening-up, fully relaxing and optimizing visa-free transit policies for foreigners and removing all foreign investment restrictions in the manufacturing sector.

6. Grain production hits new record

China's grain harvest surpassed 706.5 million metric tons for the first time, safeguarding national food security and contributing to global food security.

7. New quality productive forces developed

New quality productive forces developed steadily. Annual production of new energy vehicles exceeded 10 million units, marking China’s transition from a major automobile producer to an automotive powerhouse. The Hainan commercial spacecraft launch site completed its first mission, marking the completion of the full industrial chain of the commercial aerospace sector.

8. Retirement age raised

In response to evolving demographic trends, China worked to maximize human resource potential by preparing to raise the statutory retirement age, marking a significant adjustment for the first time in over seven decades.

9. Capital market reform promoted

China made new efforts to attract medium and long-term capital into the market, implemented related monetary policy tools, encouraged listed companies to strengthen market value management in order to revitalize the capital market.

10. Technological innovation yields results

China made abundant scientific and technological breakthroughs, including the Chang'e 6 mission to return samples from the far side of the moon, the commissioning of Dream, the deep-ocean drilling ship, the operation of the Qinling Station in Antarctica and the opening of the Shenzhen-Zhongshan Link.

Top 10 international business news stories

1. Global South cooperation advanced

The Global South has become a major force of global governance. China has unveiled eight initiatives to support Global South cooperation, which will support the development and revitalization of the Global South.

2. The 2024 FOCAC Summit held in Beijing

The 2024 Summit of the Forum on China-Africa Cooperation was held in Beijing. China proposed to elevate the bilateral ties to the level of strategic relations and unveiled 10 partnership actions to jointly advance modernization with Africa.

3. BRICS expanded

The 16th BRICS Summit was held following the historic expansion of BRICS, marking a new stage in the development of the cooperation mechanism. China, as a crucial force in BRICS collaboration, announced eight measures to advance high-quality BRICS cooperation.

4. Belt and Road projects

Signature Belt and Road Initiative projects have fostered global connectivity. The Chancay-Shanghai direct shipping route was inaugurated, and construction has begun on the China-Kyrgyzstan-Uzbekistan railway.

5. US Fed cut rates

The US Federal Reserve implemented three rate cuts, maintaining a strong dollar. Meanwhile, multiple currencies depreciated sharply, with the Japanese yen sinking to its lowest against the US dollar in nearly 38 years.

6. Gold price soared

Central banks worldwide increased their gold holdings while investors flocked to gold investment products. International gold prices reached an all-time high.

7. Generative AI saw major progress

The text-to-video generation software Sora was launched, marking a significant leap in the capabilities of large-scale AI generation models.

8. Geopolitical tensions hurt global economy

The Russia-Ukraine conflicts have intensified while Syria faced escalating internal and external crises. Escalating geopolitical tensions have exacerbated global economic divides.

9. Climate change disrupts global economy

This year has been the hottest on record, with accelerating global warming triggering frequent extreme weather events that caused significant loss of life and property.

10. US debt crisis intensified

Ballooning expenditures and insufficient revenues have driven US government debt to unprecedented levels, surpassing $36 trillion.