By Zhong Sheng, People’s Daily

On Oct. 25 and 26 local time, China and the United States held a new round of economic and trade consultations in Kuala Lumpur, Malaysia. 

Guided by the important consensuses reached by the two heads of state in their phone conversations since the beginning of this year, the two sides had candid, in-depth and constructive exchanges of views on important trade and economic issues of mutual concerns, and reached basic consensuses on arrangements to address respective trade concerns.

These outcomes did not come easily. They once again demonstrate that while it is natural for two major countries like China and the U.S. to have differences on economic and trade matters, these differences can be properly handled and the two sides can find the right way to get along as long as the two sides sit down for talks based on equality and constructiveness.

This round of consultations covered a wide range of topics, including the U.S. Section 301 measures on China’s maritime, logistics and shipbuilding sectors, extension of the suspension of reciprocal tariffs, fentanyl-related tariff and law enforcement cooperation, trade in agricultural products, and export controls.

These are issues of mutual concern that also bear on the stability of global industrial and supply chains. The two sides agreed to work out specific details and follow the domestic approval processes of each side.

While each side has long-term interests and concerns at stake, neither allowed these differences to obscure the bigger picture. Both remained solution-oriented, continued to make full use of the China-U.S. economic and trade consultation mechanism, and worked to create conditions for ultimately resolving issues. Such efforts not only help ease concerns but also benefit the development of both countries and the global economy as a whole.

To properly manage differences and advance cooperation, the most important task is to faithfully implement the important consensus reached between the two heads of state. 

Since the beginning of this year, Chinese President Xi Jinping and U.S. President Donald Trump have held several phone conversations, setting the tone and direction for improving and developing China-U.S. relations. 

Under this guidance, the two countries’ economic and trade teams have held five rounds of consultations and reached positive understandings. This fully demonstrates that to ensure the two giant ships of China and the U.S. sail forward together without veering off course or losing speed, it is essential to unwaveringly adhere to the strategic guidance of the two heads of state, fully implement the important consensus they have reached, and uphold the principles of mutual respect, peaceful coexistence, and win-win cooperation.

The economic and trade relations between China and the U.S. are mutually beneficial and win-win in nature. Cooperation benefits both sides, while confrontation harms both – a truth repeatedly proven over decades of bilateral relations. 

Maintaining the stable development of China-U.S. economic and trade relations serves the fundamental interests of both countries and peoples, and meets the expectations of the international community. Looking back at the five rounds of consultations, each positive signal from the talks has brought a welcome warmth to global markets.

As a responsible major country, China has demonstrated composure and wisdom, advocating a broad vision and a sense of responsibility in handling China-U.S. relations, firmly opposing “decoupling and severing supply chains,” and working to safeguard the security and stability of global industrial and supply chains. 

The U.S. side, for its part, has repeatedly stated that “it has no intention to decouple from China” and that “the U.S.-China economic and trade relationship is the most influential bilateral relationship in the world.”

With such a common understanding in place, the two sides should move toward each other, cherish every outcome achieved through consultations, build mutual trust, manage differences, and keep China-U.S. economic and trade relations on a steady, long-term path of mutually beneficial cooperation.

On its modernization journey, China remains committed to expanding high-standard opening up, which will create more opportunities for countries around the world, including the United States. 

The recently concluded fourth plenary session of the 20th Central Committee of the Communist Party of China reviewed and approved the proposals for formulating the 15th Five-Year Plan, outlining the blueprint for China’s development in the next five years. 

From a long-term perspective, China’s pursuit of socialist modernization is a step-by-step historical process of continuous advancement. By pursuing progress while ensuring stability, China can counter any external challenge with the certainty provided by its own development.

The plenary session emphasized the need to expand opening up at the institutional level, safeguard the multilateral trading system, and promote broader international economic flows. It also stressed the need to advance reform and development through greater openness and seek to share opportunities and achieve common development with the rest of the world.

The international community generally believes that, amid today’s uncertainties, China’s formulation and implementation of medium- and long-term plans demonstrate strategic foresight and strong stability, injecting valuable certainty into global development.

The hard-won outcomes of this round of consultations should be jointly cherished and safeguarded. China and the U.S. have both the capability and wisdom to find a path toward coexistence and common prosperity. 

When dialogue replaces confrontation and cooperation transcends differences, the two countries can find appropriate ways to address each other’s concerns, promote the healthy, stable, and sustainable development of their economic and trade relations, and deliver greater benefits to the peoples of both nations and the wider world.

(Zhong Sheng is a pen name often used by People’s Daily to express its views on foreign policy and international affairs.)

By Wang Yingjin

This year marks the 80th anniversary of Taiwan’s restoration to China. On October 25, 1945, at Taipei’s Zhongshan Hall, the representative of the Chinese government solemnly proclaimed that, as of that day, Taiwan and the Penghu Islands had officially been restored to China, and all land, people and administration were put under Chinese sovereignty. 

This marked the end of half a century of Japanese colonial occupation and the island’s return to the embrace of the motherland.

For China, Taiwan’s restoration extended beyond territorial recovery. It symbolized the Chinese nation’s rebirth after a century of humiliation inflicted by foreign aggression. 

Beginning with the Opium War, China endured repeated incursions and territorial losses. The forced cession of Taiwan and the Penghu Islands following the First Sino-Japanese War in 1895 left an indelible scar on the nation’s collective memory. Their return in 1945 not only erased the humiliation of the Treaty of Shimonoseki but also marked a significant step toward the restoration of national dignity.

Taiwan’s restoration was the fruit of the Chinese people’s unwavering struggle to defend national sovereignty and territorial integrity. Since ancient times, Taiwan has been an inalienable part of the Chinese territory. In 1895, the Japanese government forced the defeated Qing government to cede Taiwan and the Penghu Islands, placing them under colonial rule for half a century and compromising China’s southeastern maritime defenses. The restoration of Taiwan rectified this historical injustice and brought China’s territorial sovereignty back to its rightful state.

Taiwan’s restoration also strengthened Chinese national unity. Despite prolonged occupation, cross-strait bonds endured. During the Chinese People’s War of Resistance Against Japanese Aggression, more than 50,000 patriotic Taiwanese crossed the Strait to join their compatriots on the Chinese mainland in the fight against the invaders. The solidarity forged in this shared struggle became a powerful source of collective strength, contributing to national defense and postwar reconstruction.

From a global perspective, Taiwan’s restoration was an important outcome of the victory of the World Anti-Fascist war and an essential component of the postwar international order. It epitomized the triumph of the international anti-fascist united front and recognized China’s critical role as the main Eastern battlefield, where it fought for 14 years and made immense sacrifices in defense of human civilization and world peace. Allied support for Taiwan’s return to China acknowledged these sacrifices and reflected the anti-fascist coalition’s collective will.

The postwar international order legally mandated this restoration. Documents such as the Cairo Declaration and the Potsdam Proclamation, both carrying legal force under international law, explicitly required Taiwan’s return to China. The principles enshrined in these documents were later institutionalized through the establishment of the United Nations, built on core notions of “sovereign equality” and “non-interference in internal affairs.” Taiwan’s restoration served as a tangible manifestation of these principles and the postwar consensus.

The restoration of Taiwan also confirmed at the international level the illegitimacy of colonial rule. Together, the Cairo Declaration, the Potsdam Proclamation, and the Japanese Instrument of Surrender form a complete legal framework in international law, stipulating that territories seized through aggression must be returned to their rightful owners. This marked a decisive break from the imperialist logic of “might makes right” and helped enshrine a new norm for resolving territorial issues in the postwar world.

Today, as the world undergoes profound changes unseen in a century and the situation across the Taiwan Strait grows increasingly complex, commemorating the 80th anniversary of Taiwan’s restoration holds significant practical significance. It is essential to acknowledge the historical importance of this event in the process of the great rejuvenation of the Chinese nation and its lasting impact on the postwar international order.

On the one hand, such commemoration helps evoke the shared historical memory across the Taiwan Strait, strengthen national unity, and consolidate collective strength for national rejuvenation. On the other hand, it serves to reaffirm historical facts and counter the false narrative of the so-called “undetermined status of Taiwan” fabricated through U.S.-Taiwan collusion.

For the Chinese nation, Taiwan’s restoration stands as unequivocal historical evidence against the separatist fallacies of “Taiwan independence.” The Democratic Progressive Party (DPP) authorities’ distortion of textbooks, glorification of Japanese colonial rule, and promotion of “de-Sinicization” represent a deliberate departure from the historical truth of Taiwan’s restoration.

For the international community, Taiwan’s restoration exposes the absurdity of the so-called “undetermined status” narrative. Foundational international legal instruments such as the Cairo Declaration and Potsdam Proclamation clearly affirm China’s sovereignty over Taiwan. Taiwan’s return to China in 1945 is an undeniable historical fact. Any attempt to challenge this fact not only denies the victory of World War II but also undermines the integrity of the postwar international order.

(Wang Yingjin is the director of the cross-Strait relations research center of the Renmin University of China.)

By Zhang Boling

The recent release of the annual list of China’s top 500 Chinese enterprises not only highlights the increasing scale and quality of Chinese firms, but also the resilience and vitality of the country’s high-quality economic development.

For the 23rd consecutive year, the entry threshold for the list has risen. This year, 267 companies reported annual revenues exceeding 100 billion yuan ($14.04 billion), while 15 surpassed the 1 trillion yuan mark.

As primary economic actors, enterprises drive job creation, propel innovation, and shape industrial advancement. Serving as sector leaders, China’s top 500 enterprises function as a key indicator of broader economic performance. 

What sets this year’s data apart? Three notable trends offer insight into the underlying momentum of China’s economic transformation.

China’s market vitality is reinforced by dual-engine growth from both state-owned and private enterprises.

Among the top 500 companies, ownership distribution shows near parity: 251 state-owned enterprises (SOEs) and 249 private firms. This equilibrium reflects the complementary strengths of both models and demonstrates China’s adherence to its established policy of “unswervingly consolidating and developing the public sector while actively encouraging, supporting and guiding the non-public sector.”

SOEs continue to drive strategic advancements: CRRC Corporation Limited pioneers high-end rail technology, with the CR450 trainset establishing new global benchmarks. State Grid Corporation of China is constructing next-generation power system to support the transition to renewable energy. These initiatives underscore the strategic role SOEs play in critical sectors tied to national development and public welfare.

Meanwhile, private enterprises are injecting vitality into emerging industries. Automakers like BYD are driving innovation and leading global new energy vehicle (NEV) sales, while internet technology companies are transforming consumer behavior and supply chain ecosystems through digital innovation. The collaborative and competitive dynamics between SOEs and private firms enhance China’s overall capacity for innovation and resilience.

Synergy between manufacturing and services is redefining industrial competitiveness in China.

Revenue data shows a balanced economic structure: manufacturing contributed 40.48 percent and services 40.29 percent to the total revenue of the top 500 enterprises. This near-parity debunks the traditional view that manufacturing and services compete for dominance, instead demonstrating how manufacturing provides the foundation while services enhance value.

High-end equipment manufacturing has created demand for specialized services such as industrial design and operational management. Meanwhile, the booming NEV sector is fostering new business models in battery recycling and intelligent connectivity, opening a broad space for service-sector growth.

At the same time, digital technologies are accelerating the transformation of traditional manufacturing toward smart production. Supply chain finance is alleviating capital constraints for small and medium-sized enterprises, while upgraded logistics networks support lean operations and real-time delivery, enabling “zero inventory” manufacturing. The integration of manufacturing and services is creating a more efficient and globally competitive industrial system.

Coordinated domestic and international development expands growth potential.

The entry threshold for the 2025 list of the top 500 Chinese enterprises has risen by 11.76 percent from last year, while the overseas assets of listed companies reached 11.96 trillion yuan. The steadily rising transnational index of these firms, combined with solid domestic performance, reflects a development model that balances strong domestic development with expanding overseas presence.

Chinese companies are no longer simply exporting products but exporting value by embedding themselves deeper into global industrial chains. Smartphone manufacturers such as VIVO and Transsion have established significant market shares in emerging markets. This international expansion strengthens domestic development by building more resilient supply chains and enhancing industrial competitiveness.

This dual approach – anchored in domestic stability and bolstered by global engagement – enables Chinese enterprises to maintain strategic momentum amid global uncertainties.

From the complementary roles of public and private enterprises, to the convergence of manufacturing and services, and the interplay between domestic strength and international expansion, China’s top enterprises are powering the country’s economic transformation.

Looking ahead, continued optimization of resource allocation and stronger collaborative innovation will further empower Chinese companies to grow and lead industrial transformation, driving China’s economy steadily along the path of high-quality development.