The meeting made clear, based on the requirements set out in the 2021 joint notice issued by ten government agencies, that stablecoins are considered a form of virtual currency. At present, they cannot adequately meet requirements for customer identification, anti-money-laundering compliance, or related regulatory standards. They also carry significant risks of being used for money laundering, fraudulent fundraising, and illegal cross-border capital transfers.
When Keir Starmer met Xi Jinping recently, reporters said the British prime minister was shocked at his Chinese counterpart calling Crystal Palace Palace, liking Manchester City and Arsenal and supporting Manchester United. The reasons can be guessed. Fan Zhiyi was popular at Selhurst Park in the late 1990s, Sun Jihai was a cult hero at Maine Road and Manchester United had Dong Fangzhuo. The president of the world's second most populous country and second biggest economy didn't, however, mention Everton.
China's approach to AI is architecturally different. Where Western tech companies have largely pursued AI as a product category - chatbots, copilots, and standalone tools that can be sold to enterprises - China has treated AI as infrastructure: a utility layer woven into the fabric of commerce, logistics, government services, and daily life.
The 15th iteration of the five-year plan, an economic roadmap for 2026 to 2030, also set targets for inflation, the fiscal deficit ratio and urban unemployment. China has set the longterm goal of becoming a moderately developed country by 2035 and raising gross domestic product (GDP) per capita to $20,000.
The lowered growth figure reflects China's economic slowdown, triggered in part by the collapse of the country's property sector, which once accounted for between 25 and 30 percent of GDP. The growth target is quite realistic, the Economist Intelligence Unit's China economist Tianchen Xu said, noting the figure reflected China's trend towards more conservative expectations.
While recognizing our achievements, we are also clear-eyed about the difficulties and challenges we face. The government is striving to balance two goals: reviving the flagging economy by boosting domestic spending while also furthering top leader Xi Jinping's ambitions to build China into a global power in AI, robotics and other advanced technologies and one that is not dependent on the U.S. or others for high-end semiconductors and other components.
China's official discourse centres on the idea of peaceful rise, the commitment to non-interference in internal affairs, respect for sovereignty and territorial integrity, and economic partnerships based on mutual benefit. Beijing insists that relations with Washington should not slide into conflict, calling for a system of global governance built on cooperation rather than confrontation. Yet the geopolitical landscape reveals a wide gap between this discourse and reality. Donald Trump's return to the White House has brought back rhetorical escalation and increased geopolitical pressure.
About 1.4 billion people began marking the Lunar New Year on Tuesday amid fireworks as China enters the Year of the Fire Horse, one of 12 animals in the Chinese zodiac. Known as the Spring Festival in China, the new year, based on the lunar calendar, also brings about the world's largest annual human migration, called Chunyun, as millions travel across the country for family reunions.
In China, consumerism appears to outweigh nationalism regardless of how testy relations have become in recent diplomatic spats with countries like Japan and the United States. It has been common practice for the ruling Communist Party to whip up nationalist sentiment and deploy propaganda condemning countries deemed to be violating China's stance on territorial issues as Taiwan and Tibet. At times, Beijing targets companies that make ideological missteps in their maps or advertising.
It wasn't until Whitmarsh had been herded into the main hall that he grasped what he'd signed up for: 'a geopolitical event, not an intellectual one,' as he put it, with hosts including Greece and China's ministries of culture.
