CMG: Top 10 Business News Stories from China and Around the World in 2024
On Friday, China Media Group unveiled its list of the top 10 business news stories from China and across the globe for 2024.
TroibNews 
The China Media Group on Friday revealed the top 10 business news stories from China and across the globe for 2024. Here’s a summary:
**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 aimed at further comprehensive reform to promote Chinese modernization during its third plenary session. The objective is to largely achieve socialist modernization by 2035, outlining key reform measures for the next five years.
2. **Country Advances High-Quality Development**
China's high-quality development has made consistent progress, with expectations to meet key economic and social development targets. The nation's contribution to global economic growth is approaching 30 percent.
3. **More Proactive Fiscal and Monetary Policies Proposed**
During the Central Economic Work Conference, China introduced several significant policies, for the first time advocating for a more proactive fiscal policy and a shift to moderately loose monetary policy in 14 years.
4. **Macroeconomic Stimulus Measures Introduced**
China's macroeconomic policies have become more active and effective, with strengthened counter-cyclical adjustments. A comprehensive package of incremental policies has enhanced public confidence and supported a strong economic recovery.
5. **High-Level Opening-Up Expanded**
China has continued to broaden its high-level opening-up by fully relaxing and optimizing visa-free transit policies for foreigners and eliminating all foreign investment restrictions within the manufacturing sector.
6. **Grain Production Hits New Record**
China's grain harvest exceeded 706.5 million metric tons for the first time, ensuring national food security while also contributing to global food security.
7. **New Quality Productive Forces Developed**
New quality productive forces are showing steady development, with annual production of new energy vehicles surpassing 10 million units. This indicates China's transition from being a major automobile producer to an automotive powerhouse. The launch site for Hainan's commercial spacecraft completed its first mission, finalizing the full industrial chain of the commercial aerospace sector.
8. **Retirement Age Raised**
In response to changing demographic trends, China is working to maximize its human resource potential by preparing to raise the statutory retirement age, marking a significant change for the first time in over seventy years.
9. **Capital Market Reform Promoted**
China has made fresh efforts to attract medium and long-term capital to the market, implementing related monetary policy tools and encouraging listed companies to enhance market value management to revitalize the capital market.
10. **Technological Innovation Yields Results**
China achieved numerous scientific and technological breakthroughs, including the Chang'e 6 mission to return samples from the far side of the moon, the commissioning of the deep-ocean drilling ship Dream, 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 emerged as a significant factor in global governance, with China announcing eight initiatives to support cooperation within the Global South, aiding its development and revitalization.
2. **The 2024 FOCAC Summit Held in Beijing**
The 2024 Summit of the Forum on China-Africa Cooperation took place in Beijing. China proposed to enhance bilateral relations to the level of strategic ties and introduced ten partnership actions to collaboratively advance modernization with Africa.
3. **BRICS Expanded**
The 16th BRICS Summit followed the historic expansion of the bloc, marking a new phase in the cooperation mechanism's evolution. China, an essential player in BRICS collaboration, announced eight initiatives to promote high-quality cooperation.
4. **Belt and Road Projects**
Key Belt and Road Initiative projects have enhanced global connectivity, with the inauguration of the Chancay-Shanghai direct shipping route and the commencement of construction on the China-Kyrgyzstan-Uzbekistan railway.
5. **US Fed Cut Rates**
The US Federal Reserve executed three rate cuts, keeping a robust dollar. Concurrently, numerous currencies depreciated sharply, with the Japanese yen dropping to its lowest value against the US dollar in nearly 38 years.
6. **Gold Price Soared**
Central banks globally have boosted their gold reserves, attracting investors to gold investment products, which resulted in international gold prices reaching an all-time high.
7. **Generative AI Saw Major Progress**
The launch of the text-to-video generation software Sora signifies a significant advancement in the capabilities of large-scale AI generation models.
8. **Geopolitical Tensions Hurt Global Economy**
Conflicts in Russia and Ukraine have escalated, while Syria is experiencing increased internal and external crises. Growing geopolitical tensions have widened economic disparities globally.
9. **Climate Change Disrupts Global Economy**
This year has been the hottest on record, with rapidly advancing global warming leading to frequent extreme weather events that have caused substantial loss of life and property.
10. **US Debt Crisis Intensified**
Rising expenditures alongside inadequate revenues have propelled US government debt to unprecedented levels, surpassing $36 trillion.
James del Carmen for TROIB News
**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 aimed at further comprehensive reform to promote Chinese modernization during its third plenary session. The objective is to largely achieve socialist modernization by 2035, outlining key reform measures for the next five years.
2. **Country Advances High-Quality Development**
China's high-quality development has made consistent progress, with expectations to meet key economic and social development targets. The nation's contribution to global economic growth is approaching 30 percent.
3. **More Proactive Fiscal and Monetary Policies Proposed**
During the Central Economic Work Conference, China introduced several significant policies, for the first time advocating for a more proactive fiscal policy and a shift to moderately loose monetary policy in 14 years.
4. **Macroeconomic Stimulus Measures Introduced**
China's macroeconomic policies have become more active and effective, with strengthened counter-cyclical adjustments. A comprehensive package of incremental policies has enhanced public confidence and supported a strong economic recovery.
5. **High-Level Opening-Up Expanded**
China has continued to broaden its high-level opening-up by fully relaxing and optimizing visa-free transit policies for foreigners and eliminating all foreign investment restrictions within the manufacturing sector.
6. **Grain Production Hits New Record**
China's grain harvest exceeded 706.5 million metric tons for the first time, ensuring national food security while also contributing to global food security.
7. **New Quality Productive Forces Developed**
New quality productive forces are showing steady development, with annual production of new energy vehicles surpassing 10 million units. This indicates China's transition from being a major automobile producer to an automotive powerhouse. The launch site for Hainan's commercial spacecraft completed its first mission, finalizing the full industrial chain of the commercial aerospace sector.
8. **Retirement Age Raised**
In response to changing demographic trends, China is working to maximize its human resource potential by preparing to raise the statutory retirement age, marking a significant change for the first time in over seventy years.
9. **Capital Market Reform Promoted**
China has made fresh efforts to attract medium and long-term capital to the market, implementing related monetary policy tools and encouraging listed companies to enhance market value management to revitalize the capital market.
10. **Technological Innovation Yields Results**
China achieved numerous scientific and technological breakthroughs, including the Chang'e 6 mission to return samples from the far side of the moon, the commissioning of the deep-ocean drilling ship Dream, 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 emerged as a significant factor in global governance, with China announcing eight initiatives to support cooperation within the Global South, aiding its development and revitalization.
2. **The 2024 FOCAC Summit Held in Beijing**
The 2024 Summit of the Forum on China-Africa Cooperation took place in Beijing. China proposed to enhance bilateral relations to the level of strategic ties and introduced ten partnership actions to collaboratively advance modernization with Africa.
3. **BRICS Expanded**
The 16th BRICS Summit followed the historic expansion of the bloc, marking a new phase in the cooperation mechanism's evolution. China, an essential player in BRICS collaboration, announced eight initiatives to promote high-quality cooperation.
4. **Belt and Road Projects**
Key Belt and Road Initiative projects have enhanced global connectivity, with the inauguration of the Chancay-Shanghai direct shipping route and the commencement of construction on the China-Kyrgyzstan-Uzbekistan railway.
5. **US Fed Cut Rates**
The US Federal Reserve executed three rate cuts, keeping a robust dollar. Concurrently, numerous currencies depreciated sharply, with the Japanese yen dropping to its lowest value against the US dollar in nearly 38 years.
6. **Gold Price Soared**
Central banks globally have boosted their gold reserves, attracting investors to gold investment products, which resulted in international gold prices reaching an all-time high.
7. **Generative AI Saw Major Progress**
The launch of the text-to-video generation software Sora signifies a significant advancement in the capabilities of large-scale AI generation models.
8. **Geopolitical Tensions Hurt Global Economy**
Conflicts in Russia and Ukraine have escalated, while Syria is experiencing increased internal and external crises. Growing geopolitical tensions have widened economic disparities globally.
9. **Climate Change Disrupts Global Economy**
This year has been the hottest on record, with rapidly advancing global warming leading to frequent extreme weather events that have caused substantial loss of life and property.
10. **US Debt Crisis Intensified**
Rising expenditures alongside inadequate revenues have propelled US government debt to unprecedented levels, surpassing $36 trillion.
James del Carmen for TROIB News
