China Now 24-02: A recap of China's most important economic news in 2023
The China Now special program informs about this country's news. The first segment recaps China's most important economic news in 2023. The second segment covers rating technology and its influence in our lives in the near future. In Thinker's Forum, we have Ding Yifan, former Deputy Director of the Development Research Center of the State Council. teleSUR
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00:00 [MUSIC PLAYING]
00:03 Hello.
00:08 Tell Us Our English presents a new episode of China Now,
00:12 a Wave Media production that showcases
00:14 the culture, the technology, and politics of the Asian giant.
00:19 In this episode, we are going to review
00:21 the last recap of our economic news in 2023.
00:24 Let's see.
00:26 China Current is a weekly news talk show
00:28 from China to the world.
00:30 We cover viral news about China every week
00:33 and also give you the newest updates on China's
00:35 cutting-edge technologies.
00:37 Let's get started.
00:38 [MUSIC PLAYING]
00:41 Happy Chinese New Year.
00:49 I'm Chris.
00:49 Welcome to this special episode of China Current.
00:52 2023 was a year of rabbit in Chinese calendar.
00:55 Yet, as we all have seen, 2023 was nowhere near the tamed image
00:59 of a rabbit.
01:00 There was, or actually is, the upheaval in Palestine,
01:04 the ongoing war in Ukraine.
01:06 In China, there was earthquake in northwestern China,
01:09 the flood and heavy rain in northern China.
01:11 Many of these events are still impacting our lives,
01:14 and others may have become a little bit obscured
01:16 by this moment.
01:17 But either way, there are still factors that
01:20 shape 2023 as we know it.
01:22 So without further ado, here's your final episode
01:25 of Looking Back at 2023.
01:27 Top 5 economic news.
01:30 On December 5, American rating agency Moody's downgraded
01:34 its China's sovereign credit rating outlook
01:36 from stable to negative, while retaining a long-term rating
01:40 of A1 on the country's sovereign bonds.
01:43 Moody's cited growing risks of persistently lower
01:46 mid-term economic growth and a probably downturn,
01:49 which pose broad downside risks to China's
01:52 physical, economic, and institutional strengths.
01:55 This decision has drawn disappointment
01:58 from China's Ministry of Finance,
02:00 which called the matter disheartening.
02:02 In an interview, the ministry emphasized,
02:04 despite fluctuations in economic recovery
02:07 during different quarters, China has successfully
02:10 overcome risks and pressures resulting from the pandemic
02:13 and various domestic factors.
02:15 In the first three quarters of this year,
02:17 China's GDP grew by 5.2% year on year,
02:21 with domestic demand making a significant contribution
02:24 to this growth, particularly through consumer spending,
02:27 which contributed 83.2%, and capital formation,
02:31 which contributed 29.8%.
02:34 Regarding Moody's concerns about local government debt,
02:37 the Ministry of Finance stressed that it has established
02:40 an institutional framework to prevent and resolve risks
02:43 related to local government debt.
02:45 At the end of 2022, China's local government debt
02:48 stood at 35.1 trillion yuan, and total government debt,
02:52 including debt managed by the central government,
02:54 was 61 trillion yuan.
02:56 The government's statutory debt-to-GDP ratio of 50.4%
03:00 is below the internationally accepted 60% warning line
03:04 and lower than that of major market economies
03:06 and emerging markets.
03:08 Moody's downgrade of China's sovereign credit rating outlook
03:11 carries a significant implication.
03:14 However, China's Ministry of Finance remains confident
03:17 in the country's economic prospects and its ability
03:20 to deepen reforms and navigate risks and challenges.
03:23 On December 19th, Thailand's Royal 50-hour Group
03:27 filed a lawsuit seeking 10 billion Thai baht,
03:30 or around 286 million US dollars,
03:33 in compensation from China's Luckin Coffee.
03:36 The Royal 50-hour Group claims to have registered
03:38 the Luckin trademark in Thailand in 2020
03:41 for operating coffee shops before Luckin Coffee
03:44 expanded overseas.
03:45 The court initially ruled in favor of Luckin,
03:48 considering it a case of malicious registration,
03:50 but the Royal 50-hour Group contested the ruling
03:53 and ultimately won the case.
03:54 Luckin now awaits verification of details
03:57 in its statement announced on December 20th.
04:00 Luckin Coffee's overseas expansion reflects
04:02 the rapid growth of China's coffee industry
04:04 in recent years.
04:06 In a report released in early December,
04:08 China now has the most chain coffee shops in the world
04:11 with a 58% annual growth rate,
04:14 surpassing the US among the emerging coffee chains.
04:17 Luckin contributed significantly to the growth,
04:20 opening over 5,000 shops in a year.
04:23 In August, Luckin announced its quarterly revenue
04:25 of 852 million US dollars,
04:28 overtaking Starbucks' 822 million US dollars in China.
04:33 But China's coffee chains, including Luckin,
04:35 face uphill battles from time to time
04:37 in paving their way to the markets.
04:39 Before the trademark lawsuit in Thailand,
04:41 Luckin faced allegation of financial fraud in January 2020,
04:45 only a half a year after its NASDAQ leasing.
04:48 This led to 85% drop in its US stock price
04:52 and its mobile app crashed temporarily
04:54 due to overwhelming demand for coupon redemption.
04:57 With changes in management and releases of new products,
05:00 Luckin overcame the obstacles over the next few years
05:03 and now seeks to expand overseas.
05:06 However, for the Chinese coffee chains,
05:07 the trademark lawsuit only marks the beginning
05:10 of the challenges they may encounter in entering new markets.
05:14 The top news of this week is undoubtedly
05:16 the Central Economic Work Conference,
05:18 which will set the tone for economic policymaking
05:21 for the coming year.
05:23 As the crucial prelude for the conference,
05:25 a meeting of the Political Bureau
05:27 of the Communist Party of China Central Committee
05:29 started on December 8th.
05:31 This meeting provided an authoritative assessment
05:34 of the situation in 2023,
05:36 stating that China has employed various means
05:39 to achieve an upward trend in its economy.
05:42 In the first three quarters,
05:44 China's gross domestic product grew by 5.2% year on year,
05:48 maintaining a leading growth rate
05:50 among major global economies.
05:52 The chief representative
05:53 of the International Monetary Fund in China
05:55 mentioned that China remains the largest engine
05:58 of global economic growth,
06:00 contributing one third of the world's growth volume.
06:03 On December 11th,
06:05 the Central Economic Work Conference was commenced in Beijing,
06:08 where President Xi Jinping was in attendance
06:11 and delivered a significant speech
06:13 outlining the country's economic priorities
06:15 and strategies for 2024.
06:18 The conference acknowledged that 2023
06:20 represented a year of economic recovery and development
06:23 following the COVID-19 pandemic.
06:26 By deepening reforms,
06:27 enhancing macroeconomic regulation,
06:30 stimulating domestic demand,
06:32 optimizing economic structure,
06:34 boosting confidence and managing risks,
06:38 China's economy made steady progress
06:40 toward high-quality development.
06:42 Despite a positive trajectory,
06:44 the conference also noted several challenges
06:46 and difficulties that need to be overcome
06:48 to further promote economic recovery.
06:51 These challenges include insufficient effective demand,
06:55 excess production capacity in certain industries,
06:58 weak social expectations,
07:00 multiple risks, bottlenecks in the domestic circulation,
07:03 and an increasing complex
07:05 and uncertain external environment.
07:08 The conference emphasized the need
07:09 to enhance awareness of potential risks
07:12 and effectively address these issues.
07:15 Let's turn to Huawei.
07:16 Huawei France Deputy General Manager Zhang Minggang
07:20 recently revealed that Huawei's first overseas factory
07:23 has been set for France,
07:24 expected to begin production by end of 2025.
07:28 According to Zhang, the Huawei France factory
07:31 will be located in the town of Bruma
07:33 in the Rhineland region,
07:35 occupying about 80,000 square meters of land.
07:38 The 200 million euro project is forecast
07:40 to produce 1 billion euro worth of output annually,
07:44 delivering high returns while creating 800 jobs,
07:47 including 300 in the near term
07:49 and 500 longer term positions.
07:51 The plan is projected to manufacture
07:53 1 billion devices per year,
07:56 specifically 4G, 5G base station components
07:59 like chipsets and motherboards
08:01 to supply the greater European market.
08:04 Since entering France in 2003,
08:06 Huawei now operates six R&D centers
08:08 and one global design center in Paris alone,
08:11 enabling nearly 10,000 local jobs so far.
08:15 France was previously Huawei's largest overseas market
08:18 with 2.5 billion euro revenue in 2021,
08:22 though environmental hurdles has delayed
08:24 the factory announcement first made in 2019.
08:27 In nearly 20 years since entering France,
08:30 Huawei has established extensive operations
08:32 centered around six research hubs
08:34 and a global design center in Paris.
08:37 The firm achieved 2.5 billion euro sales in France by 2021,
08:41 created close to 10,000 jobs
08:43 and captured 20% share
08:45 of the French telecom infrastructure market.
08:48 On August 17th, Evergrande Group,
08:51 one of China's largest real estate developers,
08:53 has filed for bankruptcy protection in the United States.
08:57 Evergrande, which owes over $300 billion,
09:01 has been struggling with the liquidity crisis for months.
09:04 It has missed multiple bonds interest payments
09:06 since the beginning of this year.
09:08 The company's debt crisis has sent shockwaves
09:11 through China's property sector.
09:13 The Evergrande crisis has a significant impact
09:16 on global markets.
09:17 The potential fallout from a full-blown Evergrande default
09:21 could have far-reaching implications,
09:23 not just for the real estate sector,
09:25 but also for financial institutions and economies worldwide.
09:29 Thanks to mass urbanization,
09:30 real estate has been one of Chinese economy's
09:33 driving engines since the millennium.
09:35 Nevertheless, as the urbanization rates reaches over 60%,
09:39 the golden days for real estate companies seem to be gone.
09:43 The government has just issued policies
09:45 to stop housing speculation,
09:47 which used to occupy a large chunk
09:49 of the houses sold in the country.
09:51 The government's policy shift
09:53 marks the Communist Party's determination
09:55 in improving housing inequality.
09:57 Evergrande is not the only company
09:59 who found it hard to adapt to the new situation.
10:02 Country Garden, or ç¢§æ¡‚å› in Chinese,
10:04 is one of the largest
10:05 and most successful real estate developers in China.
10:09 According to various sources,
10:10 Country Garden is at risk of default
10:13 due to the lack of liquidity
10:14 and will be removed from Hong Kong's Hang Seng Index
10:17 on September 4th.
10:18 Top five technology news.
10:22 In an interview on December 6th,
10:25 Wang Zhicheng, deputy director
10:27 of China Academy of Information and Communications Technology
10:30 and head of the 6G Task Force,
10:32 revealed that China is on track
10:35 to achieve commercial use of 6G by 2030,
10:38 with standardization to be completed by 2025.
10:42 During the interview, Wang Zhicheng outlined
10:45 the envisioned future applications of 6G technology.
10:49 He highlighted three new scenarios,
10:51 the fusion of communication and perception,
10:54 the integration of communication and AI,
10:58 and a concept of ubiquitous connectivity,
11:00 which refers to the integration
11:02 of physical and virtual domains.
11:04 These scenarios are expected to connect
11:07 not only individuals,
11:08 but also various intelligent entities,
11:11 such as robots and metaverse environments.
11:14 Wang also mentioned that 5G could be further enhanced
11:17 to address industry-specific challenges,
11:19 which could pave the way for 6G advancements.
11:23 China began 6G technology trials in 2019
11:26 and has been conducting research
11:28 on system architecture and technical solutions.
11:31 These efforts are laying the groundwork
11:33 for future advances in 6G technology.
11:36 As China continues to make progress in 6G,
11:40 it is positioning itself at the forefront
11:42 of next-generation communication technology
11:44 to revolutionize connectivity
11:46 and unlock new opportunities for digital future.
11:51 On December 4th, a team from Chinese Academy of Sciences,
11:54 China's leading research institute,
11:56 announced significant progress in stroke treatment.
12:00 This achievement is attributed to the utilization
12:03 of brain-computer interface technology,
12:05 which has the potential to regulate neuronal discharge
12:08 and facilitate the recovery of damaged neurons
12:11 and brain circuits.
12:13 The team developed an implantable hydrogel neural electrode
12:16 capable of acquiring brain neural information
12:19 from the recipient and modulating neurons
12:22 based on this information.
12:24 Through electrode, the researchers conducted
12:27 eight-week-long monitoring of brain neural information
12:30 in a laboratory mouse,
12:31 successfully modulating stroke-affected
12:34 brain neural circuits.
12:36 This modulation effectively reduced
12:38 the infarct area of brain tissue
12:40 and facilitated the restoration of the mouse motor function.
12:44 Research on implantable BCI devices
12:47 emerged in the mid-1990s.
12:49 Despite certain technological disparities
12:51 between China and the US,
12:53 the emerging BCI technology presents an opportunity
12:56 for Chinese researchers to catch up
12:58 and even surpass their international counterparts
13:01 in a relatively short period.
13:03 As the technological competition
13:05 between the two countries intensifies,
13:07 humanity may witness another technological leap
13:10 similar to the one in the Cold War era.
13:13 If you believed Americans had put men on the moon
13:17 and it's been 50 years since the last man walked on the moon,
13:20 the hiatus is about to end now.
13:23 On July 12th, China unveiled its plan
13:25 to land humans on the moon by 2030.
13:28 The announcement was made at a space industry farm
13:30 in Wuhan, central China.
13:32 Zhang Haili, deputy chief engineer
13:34 of the China Manned Space Agency's engineering office,
13:37 reviewed the proposed plan.
13:39 First, two rockets will enter lunar orbit,
13:42 a lunar surface lander and a manned spacecraft.
13:45 After successful docking,
13:47 the astronauts will enter the lunar module
13:49 to descend to the lunar surface.
13:52 The double launch approach splits the task into two,
13:55 thus get around with challenge
13:56 of developing a heavy duty rocket
13:58 that is powerful enough to carry everything.
14:01 A manned lunar surface mission
14:03 will need both the human crew and lunar lander,
14:06 as well as oxygen, water, equipment
14:08 and other mission essentials,
14:10 all of which add to the weight of the payload being lifted.
14:14 Once the astronauts have completed
14:16 their scientific exploration
14:17 and collected samples from the lunar surface,
14:19 the lander will transport them
14:21 back to the orbiting spacecraft
14:23 on which they will return to the earth.
14:25 The US is so far the only country to put man on the moon.
14:30 The Apollo missions in the 60s and 70s
14:32 were highly successful,
14:33 marking the US victory in the space race.
14:36 The Americans have been talking
14:38 about getting back to the moon in recent years,
14:40 yet due to its de-industrialization policies,
14:43 the US had found it difficult to restart the lunar mission.
14:47 The successful execution of China's ambitious mission
14:49 will undoubtedly pave the way
14:51 for human exploration of earth's celestial neighbors.
14:55 And many observers have said that US will be the underdog
14:58 when the Chinese walk on the moon, a jealous watcher.
15:01 Well, I don't think so.
15:03 At least Americans will now have the witness
15:05 to testify that the Apollo mission
15:06 weren't just a huge stunt happened in LA studio.
15:11 Next up, in a significant recognition
15:13 of China's technological advancements,
15:15 the country's space station project and Harmony OS
15:18 have been selected as part of the global
15:20 top 10 engineering achievements for 2023.
15:24 The announcement was made by the Chinese Academy
15:26 of Engineering and other institutions in Beijing.
15:29 These achievements highlight groundbreaking projects
15:31 and technological innovations that have potential
15:34 to shape various industries and benefit society as a whole.
15:38 Among the notable engineering fits
15:39 included in the list are Chad GPT,
15:42 China Space Station, Exascos supercomputer,
15:46 Baihetang hydropower station,
15:48 dual asteroid redirection test,
15:50 the new malaria vaccine, Harmony OS,
15:53 Spot and Atlas robots, lithium ion power batteries,
15:56 unmanned aerial vehicles.
15:59 China's space station project
16:00 and the Harmony OS operating system
16:02 showcase the nation's commitment
16:04 to technological advancement and innovation.
16:07 These achievements further solidify China's presence
16:09 in the global engineering landscape,
16:11 highlighting the country's contributions
16:13 to science progress and technological breakthroughs.
16:17 As China continues to make strides
16:19 in various fields of engineering,
16:21 these accolades underscore the country's dedication
16:23 to pushing boundaries and shaping the future of technology
16:26 on a global scale.
16:28 Next up, AI.
16:29 According to official Chinese statistical data,
16:32 the market size of China's large language model sector
16:35 is anticipated to surge to 13.23 billion yuan by 2023,
16:40 with a remarkable growth rate of 110%.
16:44 The Ministry of Industry and Information Technology
16:47 reports that there are currently more than 19 LLM
16:50 research and development firms in China.
16:53 By 2023, the adoption rate
16:55 of generative artificial intelligence technologies
16:58 in Chinese enterprises is projected to hit 15%,
17:02 resulting in an estimated market scale
17:04 of around 1.44 trillion yuan.
17:07 Notably, the manufacturing, retail, telecommunications,
17:10 and healthcare sectors have witnessed rapid growth
17:13 in the utilization of generative AI.
17:15 Projections indicate that by 2035,
17:18 generative AI is poised to contribute nearly 19 trillion yuan
17:22 in economic value globally,
17:24 with China's share surpassing an impressive 30 trillion yuan.
17:28 Next up, according to the latest data
17:31 from China's Ministry of Industry
17:32 and Information Technology,
17:34 in the first 10 months of 2023,
17:37 China's lithium battery industry
17:38 sustained its growth momentum with total output
17:42 of 31% year-on-year nationwide.
17:45 Specifically, September to October,
17:47 national lithium battery production exceeded 185 GWh,
17:52 a 17% year-on-year increase.
17:55 This includes over 38 GWh of energy stored batteries
18:00 and around 76 GWh worth of power batteries
18:03 installed in new energy vehicles.
18:05 Total lithium battery output has reached 765 GWh
18:10 in January to October, rising 31% from the previous year.
18:15 Exports of lithium batteries also kept growing.
18:18 In September and October, total export value
18:21 hit 82.46 billion yuan, a 21% year-on-year increase.
18:26 Additionally, all lithium battery production segments
18:29 maintain high growth rates so far this year.
18:32 From September to October, output of key materials
18:35 like cathode, anode, separators, and electrolytes
18:39 reached 430,000 tons, 300,000 tons,
18:43 2.7 billion square meters, and 200,000 tons respectively,
18:48 with over 25% growth across the board.
18:51 Industry analysts attribute a sustained momentum
18:54 to increasing global demand for new energy vehicles
18:57 and energy storage applications,
18:59 with continuous technological improvements,
19:02 falling prices, and rising quality.
19:04 China's competitiveness in lithium batteries keeps rising.
19:08 Fostering this strategic emerging industry
19:11 remains a national priority
19:13 for enhancing manufacturing capacities.
19:15 All right, that's all for today's roundup.
19:18 Thank you for watching this special episode
19:19 of China Currents.
19:21 If you have any thoughts and comments about our show,
19:23 please reach us at email address below.
19:25 I'm Chris, looking forward to hearing from you,
19:27 and happy Chinese New Year.
19:30 And see you in the next episode.
19:32 - We will go for a short break now,
19:38 but we'll be right back.
19:39 Stay with us.
19:58 - Welcome back to China Now.
19:59 In this segment, we have threshold,
20:02 and we are going back to rating technology
20:04 and assess their influence on our lives
20:07 in the near future with our threshold standards.
20:10 Moreover, in Thinkers Forum, we have Ding Yifan,
20:13 the former deputy director
20:15 of the Development Research Center of the State Council,
20:18 to discuss the economic growth of China
20:21 compared to the rest of the world,
20:23 with different published statistics
20:25 of the world's economic growth in 2023.
20:28 Let's see.
20:29 - Happy Chinese New Year.
20:34 I'm Lisa, and this is Threshold in China.
20:37 Today, we are going back to rating technology
20:40 and assess their ability to influence our lives
20:43 in the near future with our threshold standards.
20:47 Today, I'm going to introduce two amazing outfits,
20:50 and they are perfect for the season.
20:53 (upbeat music)
20:55 Imagine wearing a thin and stylish sweater
21:00 that keeps you as warm as a thick down jacket.
21:03 Researchers at Zhejiang University
21:05 have developed a special fiber inspired by polar bear hair
21:10 that can make this a reality.
21:12 Polar bear hair has a unique structure
21:14 that provides excellent insulation in extreme cold.
21:18 It is comprised of an inner porous core
21:21 and an outer dense shell.
21:23 The core, with its high air-filled porosity,
21:26 acts as a great insulator,
21:29 trapping heat close to the bear's body.
21:32 Meanwhile, the outer shell provides a protective barrier.
21:36 This combination allows the polar bears
21:38 to thrive in temperatures that other creatures can't.
21:42 Inspired by the nature,
21:43 the scientists have created knittable fiber
21:46 with similar properties using aerogel technology.
21:50 Aerogels have long been recognized
21:53 as the ideal material for thermal insulation
21:56 due to their high porosity
21:58 and exceptionally low thermal conductivity.
22:01 However, their application in textile has been limited
22:05 due to their fragile nature,
22:07 and they are also hard to process.
22:09 The scientists overcame these challenges
22:11 by encapsulating the aerogel fiber with a stretchable layer
22:16 that mimics the core shell structure of polar bear hair.
22:20 To create these fibers,
22:22 the scientists started by making a very fluffy
22:24 and lightweight aerogel fibers,
22:27 kind of like making cotton candy,
22:29 but using a different material.
22:31 Then they covered these fibers
22:32 with a stretchy plastic layer,
22:34 creating what they call an encapsulated aerogel fiber, EAF.
22:39 This process made the EAF incredibly stretchy and strong.
22:44 They were even able to lift half a kilo of weight
22:47 with just one fiber.
22:49 These EAF have an impressive ability
22:52 to stretch up to 10 times their original length,
22:56 which is much more than regular aerogel fibers
22:58 with very limited stretchiness.
23:01 Even after being stretched and relaxed 10,000 times,
23:04 these EAF retain their ability to keep things warm,
23:09 and they're tough enough to be washed and dyed,
23:12 making them suitable
23:13 for various type of clothing and fabrics.
23:16 With this technology,
23:17 the researchers successfully knitted a sweater
23:19 that is only one fist as thick as a traditional insulation,
23:23 but just as warm.
23:25 The researchers believe that these fibers
23:27 could be useful in extreme environments
23:29 where excellent insulation is needed.
23:32 They also think that the method they used
23:33 to create the fibers is straightforward enough
23:36 for it to be easily scaled up for mass production.
23:40 So how good is it
23:42 according to the standards of the threshold rating?
23:44 Remember, we have three categories,
23:46 readiness, novelty, and potential impact or ripples.
23:50 The readiness category refers to the maturity of a technology
23:54 from lab demonstration, that is a one,
23:56 to mass production, which is a five.
23:58 The novelty score refers to how new the innovation is.
24:02 One means that there is a small differentiation
24:04 to existing technology,
24:06 and five means that innovation fulfills a new function.
24:10 Finally, the ripple scale, as we call it,
24:13 is our opinion of a technology's potential
24:16 for life-changing impacts
24:17 and how widely it can be applied elsewhere.
24:20 The BioMimic Polar Bear fiber is a great innovation,
24:24 but it does face some challenges.
24:27 To ensure its strength and durability,
24:29 the fiber is covered with thermoplastic polyurethane, TPU.
24:34 TPU is chosen for its excellent strength and flexibility.
24:38 However, there is a couple of drawbacks.
24:41 First, TPU is relatively expensive,
24:44 and second, TPU isn't resistant to UV light,
24:48 meaning that it can degrade and weaken quickly
24:50 when exposed to sunlight,
24:52 making it less suitable for long-term outdoor use.
24:56 These issues need to be addressed
24:58 before this technology can be widely used
25:00 in clothing industry.
25:02 Therefore, the development of this technology is ongoing,
25:06 and it has a readiness score of three.
25:08 While artificial furs and leathers
25:10 have been available for quite some time,
25:12 leveraging the unique structure of polar bear fur
25:16 for its superior quality is a significant advancement.
25:20 It is a novel idea with a score of four for innovation.
25:23 The potential impact of this technology is huge.
25:26 This could revolutionize fashion design
25:29 and help people survive in extreme conditions.
25:32 The impact is enormous,
25:33 so it is a score of five for its potential impact.
25:36 Now, let's move on to the second outfit.
25:41 (upbeat music)
25:43 In the hot summer,
25:47 we sometimes wish there is this technology
25:49 that allows us to walk around with an air conditioner, right?
25:52 Well, scientists are trying
25:54 and have came up with placing tiny devices inside of clothes
25:57 and that can help you warm or cold,
26:00 depending on the temperature.
26:02 Recently, researchers from Nankai University in China
26:05 have created a new wearable device
26:08 that address these limitations.
26:10 This device combines flexible solar panels
26:13 called OPV modules with special temperature controlled unit
26:18 called EC Thermal Regulation Unit.
26:21 The unique feature of this device
26:23 is that it does not need any external power source,
26:26 meaning that it powers itself using sunlight.
26:30 It can actively regulate our body temperature
26:32 and quickly make us feel warm or cold as needed.
26:36 It can even switch between warm and cold modes,
26:39 depending on our body's requirements.
26:42 This special clothing
26:43 known as OPVEC Thermal Regulatory Clothing,
26:46 short for OETC,
26:48 expands our thermal comfort zone
26:51 and make us feel comfortable
26:52 at a wider range of temperatures
26:55 from six to 25.1 degrees Celsius.
26:59 It works really fast to adjust to the temperature
27:01 and it uses very little energy
27:03 so that it can work all day long.
27:05 In the future,
27:06 this device could be used in many different situations.
27:10 It can be useful in extreme environments
27:12 like the polar regions or during space walks.
27:16 So how good is it according to the standard
27:18 of the threshold rating?
27:20 The OETC shows promise for harsh scenarios
27:23 where thermal regulation is crucial.
27:26 However, OPV modules, the solar panel
27:29 and their applications,
27:30 and their applications and clothing
27:32 is still in experimental stage
27:34 and not ready for mass production.
27:37 So we rate this technology a two for readiness.
27:41 On the other hand, in terms of novelty,
27:43 this idea deserves a rating of five.
27:46 It brings an innovative approach
27:48 to thermal regulation in clothing.
27:50 Similarly, the potential impact of OETC are significant.
27:54 It could revolutionize space mission,
27:57 polar exploration,
27:58 and even find applications in military gear.
28:01 Considering these potential ripple effects,
28:03 we rate it a five.
28:05 And that is all for today's threshold.
28:08 As usual, we welcome your feedback and thoughts.
28:10 Successively, different countries
28:16 have just published statistics
28:18 about the economy growth in 2023.
28:22 Actually, global economy growth in 2023
28:25 was not so brilliant.
28:28 The global growth lacks momentum.
28:31 So in that context,
28:33 China's GDP growth rate, statistically speaking,
28:37 is 5.2% in 2023.
28:41 Some sectors have experienced a very strong growth,
28:45 such as renewable energy or EV, electric vehicles.
28:50 China's EV export is number one in the world,
28:56 and the number has surpassed
28:58 all these other countries combined.
29:00 But all in all, China's growth is not very brilliant
29:04 because after the pandemic,
29:06 China's financial system
29:09 has suffered a lot during the pandemic.
29:11 And just after the pandemic,
29:14 our financial system has experienced
29:17 a sort of deleveraging.
29:21 Those deleveraging processes have hampered China's growth,
29:25 or China's firms' borrowing capacities
29:30 and investment capacity.
29:31 That's why China's growth is not so robust.
29:35 But globally speaking,
29:38 in 2023, the global economy
29:41 has experienced a triple low-tide development.
29:46 First, we know that economy growth has its cycles.
29:52 Global economy is coming to the low tide of its development.
29:57 The consumption is going down,
30:00 and the investment is going down also.
30:02 The second factor of this low-tide development
30:06 is because technologically speaking,
30:09 the global economy is meeting a sort of a bottleneck
30:12 of technology innovation.
30:15 The last high-tide economy development
30:17 has been triggered by the development
30:20 of internet-related technology.
30:22 There is an accumulation of these technologies
30:25 for almost 20, 30 years
30:29 before they reach a peak point
30:32 and with a lot of technology innovation.
30:36 Well, today, even we focus on AI development,
30:41 on quantum communication development,
30:43 all these technologies need some time to be matured
30:48 and to get larger application in our society,
30:52 to change our way of life, to change our production ways.
30:57 So it needs time.
30:59 The third factor is that the global economy
31:02 is expressing the end of a long period
31:05 of monetary policy releasing
31:08 or extra-accommodating monetary policy.
31:13 The world is coming into a period
31:15 of monetary policy tightening.
31:18 More and more central bank of the major economy
31:23 are tightening their monetary policies,
31:25 starting from Federal Reserve in the United States
31:28 and followed by European Central Bank,
31:32 Bank of England, Bank of Japan.
31:34 All these central banks are tightening
31:37 their monetary policies now.
31:39 In previous years, when the liquidity is so easy,
31:44 the capital was chasing new technology.
31:48 While today, those technology companies
31:51 will have much more difficulties
31:53 gathering new fundings from those capital market
31:58 because those capital market were looking
32:03 for those bond investments,
32:05 for those financial investments
32:07 that could get more better return
32:10 than investing in those technology companies.
32:14 While the global economy is slowing,
32:18 the stop line in global economy
32:20 is the rise of global funds.
32:22 If you look at the developing countries,
32:26 many of them are growing faster
32:28 and they are becoming so-called emerging economies.
32:32 I can quote a lot of example.
32:34 Indonesia is one of them.
32:36 In Africa, some countries are becoming
32:39 new emerging economies.
32:41 Turkey is also one of the important new emerging economies.
32:47 And the rise of global sales is to some degree
32:51 related to Chinese Belt and Road initiatives.
32:55 In 2023, we just commemorate
32:59 the 10th anniversary of Belt and Road initiative, BRI.
33:03 Since China launched BRI,
33:06 China has strengthened its investments
33:09 in those global sales countries.
33:12 Those investments in infrastructures
33:14 has improved greatly the environment of economy development.
33:19 That's why more and more those countries
33:23 becomes more performing in their global development,
33:27 in their economy structure,
33:30 and in their development rates.
33:32 Previously, in the 1970s,
33:36 when the G7 created the Group of Seven,
33:40 they represent almost more than 80% of global economy.
33:45 While today, the G7's GDP
33:48 represents only 30% of global economy.
33:52 Even BRICS countries, without its enlargement,
33:56 five BRICS countries represent
33:59 more than 31% of global economy.
34:03 So there is a sea change in global economy.
34:06 The rise of global sales will redefine
34:11 the global economy order,
34:13 and they will try to make a lot of things happen
34:16 in global economy.
34:18 In 2024, global economy will continue to experience
34:23 a very, very difficult phase of development.
34:27 For example, 2024 is a super election year.
34:34 Election will be conducted in more than
34:36 30 major economies in the world.
34:39 It will touch upon more than 3 billion people in the world.
34:44 The focus will be shift from economy development
34:50 to some extent to political fights
34:55 within their national framework.
34:58 That's why I'm afraid that 2024
35:02 will not be a strong economic growth year.
35:06 Apart from this, a lot of tensions are rising in the world,
35:11 let alone Ukrainian war and Gaza war.
35:17 There is a lot of tensions between Korean Peninsula,
35:20 for example, with military exercise
35:23 conducted by South Korea and the United States.
35:27 North Korea is launching some alarming voices.
35:32 And then North Korea said that facing
35:37 these kind of challenges, new challenges,
35:40 they will be prepared to counterattack.
35:44 And also across Taiwan Strait,
35:46 they have just elected someone who previously
35:51 had defined this position as a defender
35:54 of the separatists in Taiwan.
35:56 So that could also trigger some tensions
35:59 across Taiwan Strait.
36:01 All these tensions could be called
36:05 some geopolitical tensions.
36:07 These geopolitical tensions will also hamper
36:11 the global economy development.
36:13 So 2024 wouldn't be a very easy year for global growth.
36:18 Nevertheless, 2024 probably may witness
36:26 a stronger economic recovery in China.
36:31 Because starting from the second half of 2023,
36:38 Chinese government have taken some measures
36:41 to support Chinese economic recovery.
36:44 All these measures are making effect more and more.
36:49 Looking at China's consumption curve
36:53 is rising very, very quickly.
36:56 In many, many cities, we are witnessing return of tourists.
37:01 Tourists across countries are visiting many, many cities.
37:05 That created more opportunity for tourists,
37:08 for financial development, for consumption.
37:12 So all these will continue in 2024.
37:16 And 2024 will be supported by increasing consumption
37:22 in Chinese domestic market,
37:24 and probably by more investment in some new technology.
37:28 Because Chinese government is planning a coming back
37:33 in many key technology sectors.
37:35 - And this was another episode of China Now,
37:39 a show that opens a window to the present
37:42 and the future of the Asian giant.
37:44 I hope you enjoyed it.
37:46 Let's see you next time.
37:47 (upbeat music)
37:51 (upbeat music)
37:54 (upbeat music)