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CGTN: Why is deepening reform so important for China?

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BEIJING, July 17, 2024 /PRNewswire/ — In the National Museum of China, there is a special collection of 109 official seals. The seals, which are from Binhai New Area in Tianjin Municipality, were scrapped in 2014 after the local government set up an administrative examination and approval bureau and incorporated hundreds of examination and approval units into one department, replacing 109 official seals with one official seal.

In 2014, though the concept of building a socialist market economy had been introduced more than two decades earlier, doing business remained a challenging endeavor. A lawmaker from Tianjin Municipal People’s Congress revealed that a single investment project, from acquiring land to completing all administrative approval procedures, required more than 30 government approvals and over 100 seals. The entire process took a minimum of 272 working days.

The 109 seals displayed in the national museum demonstrated China’s determination to deepen institutional reform. Over the years, to facilitate businesses, China’s State Council has canceled or delegated to lower-level authorities the power of administrative approval for over 1,000 items and slashed the number of investment items subject to central government approval by over 90 percent.

Why deepening reform matters

China launched reform and opening up in 1978. Over the past 46 years, China has transformed from a poor and underdeveloped economy into the world’s second-largest economy.

“Reform and opening up is a major reason why China is able to catch up with the times,” Chinese President Xi Jinping said at a symposium in 2023. He added, “To promote Chinese modernization, we must further comprehensively deepen reform and opening up, continuously liberate and develop social productive forces, and unleash and enhance social vitality.”

China kicked off the third plenary session of the 20th Central Committee of the Communist Party of China in Beijing on Monday. The meeting will focus on further comprehensively deepening reform and advancing Chinese modernization.

Wang Chunguang, a researcher at the Chinese Academy of Social Sciences, said that China has now entered a “deep water” zone in its reform process, facing more complex and urgent tasks than before, such as the diminishing effectiveness of previous reforms, an unclear path of future reform, and shifting international relations. Failing to address the various challenges in society, the economy, culture and politics via further reform, China’s modernization will be significantly constrained.

Fan Weiqing, an associate professor at Wuhan University, said that as a new round of sci-tech revolution and industrial transformation takes shape around the world, and as sci-tech competition becomes fiercer, deepening reform is also vital for China’s technological innovation, which is “decisive” for the country’s future.

“To resolve the series of outstanding contradictions and challenges facing China’s further development, we must deepen reform and opening up,” said Xi. He attaches great importance to deepening reform. One year after he took the helm as the general secretary of the Communist Party of China Central Committee in 2012, the central government adopted a decision to comprehensively deepen reform, with the goals of improving and developing the socialist system with Chinese characteristics and modernizing China’s governance system and capacity.

How is China deepening reform?

Since then, China’s leadership has put forward a road map for deepening overall reform, and the country has also rolled out over 3,000 reform plans covering Party and state institutional reform, rural land reform, state-owned enterprise reform, financial reform, green transformation and medical system reform.

Of all the reforms, economic reform is the central focus. Xi has advocated letting the market play the “decisive” role in resource allocation, which is a strong signal of policy adjustment, as the word “decisive” was “basic” in the previous official statement.

Under Xi’s instruction, China established a private economy development bureau to assist private enterprises, promoted financial reforms to facilitate financing for private enterprises, advanced state-owned enterprise (SOE) reform to further improve the modern enterprise system, and implemented the system of a negative list for market access, allowing entry into areas not explicitly prohibited by the list.

The results of the reforms have been remarkable. A three-year action plan for SOE reform (2020-2022) converted over 165,000 SOEs into limited liability companies, or companies limited by shares, and some 38,000 SOEs established boards of directors. From 2012 to 2023, the number of private enterprises in China more than quadrupled, and the number of private enterprises as a proportion of the total number of enterprises increased from less than 80 percent to over 92 percent.

A World Bank report released in 2020 stated that due to its steady and strong reform, China has witnessed an unprecedented improvement in its business environment, and it was included among the top 10 global reformers for two years in a row.

https://news.cgtn.com/news/2024-07-16/Why-is-deepening-reform-so-important-for-China–1vhwv3kKVkk/p.html

View original content:https://www.prnewswire.com/news-releases/cgtn-why-is-deepening-reform-so-important-for-china-302198982.html

SOURCE CGTN

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Trip.com Group Sincerely Accepts Administrative Penalty Decision Issued by the State Administration for Market Regulation of the People’s Republic of China

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July 25, 2026

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SINGAPORE, July 25, 2026 /PRNewswire/ — Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) today announced that it has received the administrative penalty decision issued by the State Administration for Market Regulation of the People’s Republic of China.

Trip.com Group sincerely accepts the decision and will adopt rectification measures in accordance with applicable laws and regulations to implement the decision’s requirements. The Company will strengthen its long-term governance mechanisms and strive to contribute to the sustainable development of the travel industry.

Trip.com Group’s management team will host a conference call at 8:00 AM U.S. Eastern Time on July 27, 2026 (or 8:00 PM Hong Kong Time on July 27, 2026).

The conference call will be available on Webcast live at: http://investors.trip.com.

All participants must pre-register to join this conference call using the participant registration link below:
https://register-conf.media-server.com/register/BIb78e08d8f18340c4882a7e4ab961906b.

Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly.

For further information, please contact:
Investor Relations
Trip.com Group Limited
Email: iremail@trip.com

View original content:https://www.prnewswire.com/news-releases/tripcom-group-sincerely-accepts-administrative-penalty-decision-issued-by-the-state-administration-for-market-regulation-of-the-peoples-republic-of-china-302834599.html

SOURCE Trip.com Group Limited

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NAVER Partners with Brookfield and NVIDIA to Expand Korea’s National AI Factory Infrastructure Buildout

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3 hours ago

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July 25, 2026

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SAN FRANCISCO, July 25, 2026 /PRNewswire/ — NAVER, Brookfield and NVIDIA announced an expansion of Korea’s sovereign AI factory infrastructure. New investments will increase the initial NVIDIA DSX™ AI factory deployment from 55 megawatts to 200 megawatts.

Announced during Korea President Jae Myung Lee’s AI Summit visit to San Francisco, the planned 200-megawatt expansion will be built with the NVIDIA DSX platform at NAVER’s GAK Sejong hyperscale data center in Sejong, South Korea. The expanded infrastructure will provide Korea- and U.S.- based AI innovators with access to production-scale AI compute for building next-generation models, agents and AI-powered services.

Under the terms of the agreements, Brookfield will fund up to $9 billion as the exclusive capital partner, NVIDIA will invest $1 billion and NAVER will fund the remaining amount to finance the $10 billion project.

This builds on NAVER’s June announcement to extend its GAK Sejong data center with NVIDIA DSX, with a long-term path to gigawatt-scale sovereign AI infrastructure serving Korea’s enterprises, industries, government organizations and global AI cloud customers. Combining Brookfield’s capital with NVIDIA’s computing platform, the investment supports NAVER’s AI factory deployment.

“NVIDIA’s strategic investment and our infrastructure supply agreement with Brookfield have propelled NAVER’s vision for the AI Factory business into a robust execution phase,” said Haejin Lee, Founder and Chairman of NAVER. “Leveraging the solid partnerships with our global partners, we will drive technological innovation, foster a sovereign AI ecosystem, and spearhead efforts to strengthen South Korea’s AI competitiveness.” 

AI Factory Expansion and Open Model Collaboration to Fuel AI Innovators

NAVER, as an NVIDIA Cloud Partner, provides deep expertise in operating hyperscale infrastructure powered by the full-stack NVIDIA AI platform. The 200-megawatt AI factory, featuring NVIDIA Vera Rubin and Blackwell platforms, will establish a dedicated resource pool for emerging AI companies, providing the compute, software and support needed to develop and deploy competitive AI models and applications at scale.

This expanded infrastructure also builds on NAVER and NVIDIA’s collaboration on open model development for agentic and physical AI. NAVER is advancing its HyperCLOVA X models to be based on NVIDIA Nemotron™ 3 Ultra open models with its proprietary data and training expertise. NAVER is also the first Korean company to join the NVIDIA Nemotron Coalition, contributing to open model development across pretraining, post-training and reinforcement learning.

NAVER plans to launch an AI agent platform in Korea in the second half of the year, powered by NVIDIA Agent Toolkit software including NVIDIA NemoClaw™ blueprints. NAVER is also developing a Seoul World Model using proprietary urban street-view and spatial modeling data, built on NVIDIA Cosmos™ world foundation models.

About NAVER

Founded in 1999, NAVER is Korea’s largest Internet company and one of the world’s top tech companies. Leading cutting-edge technologies, NAVER operates the No.1 search engine in Korea and holds various business portfolios encompassing commerce, fintech, cloud, AI and robotics.

NAVER recorded sales of KRW 12.04 trillion (USD 8.18 billion) in 2025. TEAM NAVER continues to enhance its business portfolio and expand its global presence across Japan, North America, and Europe, while pursuing innovation through continuous research and development in future technologies.

View original content:https://www.prnewswire.com/news-releases/naver-partners-with-brookfield-and-nvidia-to-expand-koreas-national-ai-factory-infrastructure-buildout-302834577.html

SOURCE NAVER

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Beijing Review: Walking Through Time: China and U.S. Youths Explore Dali’s Past and Future

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July 25, 2026

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BEIJING, July 24, 2026 /PRNewswire/ — On July 17, a China-U.S. youth delegation came to Dali of Yunnan Province. By examining how Dali’s rich history intersects with modern development, the delegates explored new pathways for rural development.

They visited Dali Old Town, tried their hand at making the Bai people’s Three-Course Tea and also explored the ancient town of Xizhou, where they learned how modern tourism and indigenous life coexist.

In Yunnanyi Village, they explored its history as a stop along the Tea Horse Road and learned about the role it played during the Second World War (WWII).

Tyler James Smith

“I think it’s a very underappreciated part of World War II history. Hearing these stories of different countries working together despite cultural differences is incredibly inspiring.

I also think there are many stories like these that haven’t been widely told, simply because World War II is such a complex period in history. That’s why I think it’s so meaningful to visit museums like this and experience these stories firsthand.”

At Xiangyun Economic and Technological Development Zone, they visited a local new energy company to see how green, low-carbon development is driving regional growth.

Valerie Marie

“I recently started studying energy transitions. I know China has been really big in the renewable energy sector. So actually getting to hear more about [China’s] 2060 [pledge], learning more about carbon neutrality [goals], as well as other zero-carbon goals, was cool.”

During their stay in Dali, they also strolled along the Erhai Lake Ecological Corridor.

Bai Yiwen

“I’d describe this journey as “to be continued,” because my own connection with Yunnan is far from over. For the U.S. delegates, this was only their first visit, so they’ve only had a glimpse of what Yunnan has to offer. I hope they will have more opportunities to come back to China, explore other cities in Yunnan, and discover even more of its people, culture and traditions.”

After Dali, the delegates will visit Beijing for more tours and exchanges. The event was co-hosted by China International Communications Group (CICG) Center for the Americas and the U.S.-based International Student Conferences.

https://x.com/beijingreview/status/2080104404552663067?s=46&t=yfVMVdMyE2zKAFrYaLoV-g

https://www.facebook.com/share/v/1EtGCCKzy4/?mibextid=wwXIfr

https://www.tiktok.com/@cachinachic/video/7665536913532587294?is_from_webapp=1&sender_device=pc&web_id=7227134149436605995

https://youtu.be/jGONWTqwduc?is=KfL-Zn3HyVYE-KEm

Contact: Jiaweibellapeng@163.com

View original content:https://www.prnewswire.com/news-releases/beijing-review-walking-through-time-china-and-us-youths-explore-dalis-past-and-future-302834587.html

SOURCE Beijing Review

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