Economy

New energy vehicles (NEVs) accounted for more than half of China's new car sales for the first time by October, according to data released Tuesday by the China Association of Automobile Manufacturers (CAAM). The data showed that NEV sales reached 1.715 million units in October, representing 51.6 percent of total new car sales. NEV production for the month stood at 1.772 million units, up 21.1 percent year on year, while sales rose 20 percent from a year earlier. NEVs Make Up

Starting on Wednesday, many primary and secondary schools in China's Zhejiang, Guangdong, and Sichuan provinces began their first-ever autumn breaks, which drove up airfares.  Statistics that industry information provider Umetrip sent to the Global Times on Thursday showed that from November 12-23, the average price (excluding tax) for domestic round-trip tickets to Sichuan, Zhejiang, Guangdong, and Hubei was approximately 700 yuan ($98.41), an increase of about 7 percent yea

China's foreign exchange reserves totaled 3.3433 trillion U.S. dollars at the end of October, an increase of 4.7 billion U.S. dollars, or 0.14 percent, from the end of September, official data showed on Friday. The State Administration of Foreign Exchange stated in a statement that the U.S. dollar index rose and global financial asset prices generally increased last month, influenced by factors such as macroeconomic data, monetary policies and economic outlooks in major econo

Chinese Premier Li Qiang reaffirmed China's commitment to advancing high-quality growth and expanding its high-level opening up to the world, during a keynote speech at the opening ceremony of the eighth China International Import Expo (CIIE) and the Hongqiao International Economic Forum in Shanghai on Wednesday. Li emphasized that China will steadily broaden institutional openness and accelerate the opening of its services sector through comprehensive pilot programs. He unde

U.S. coffee giant Starbucks Coffee Company announced on Tuesday that it has entered into an agreement to form a joint venture with Boyu Capital, a leading alternative investment firm, to operate Starbucks retail in China. Under the agreement, Boyu and Starbucks will operate a joint venture with Boyu holding up to a 60-percent interest in Starbucks' retail operations in China, while Starbucks will retain the remaining 40-percent interest in the joint venture, and continue to o

China has agreed to suspend additional export controls on rare earth metals and end investigations into U.S. chip companies, marking a significant step toward easing tensions in the ongoing trade conflict with the United States. The White House released a fact sheet late Saturday detailing the agreement reached last week between Chinese President Xi Jinping and U.S. President Donald Trump in South Korea. As part of the deal, the United States will pause certain reciprocal ta

Leaders and experts from around the world gathered in Beijing on Monday for the Annual Conference of the Financial Street Forum 2025, spotlighting the need for a resilient, inclusive, and sustainable global financial system. The four-day forum, running through Oct. 30, comes amid rapid innovation, shifting global financial landscapes, and mounting economic challenges. Organizers called for strengthened collaboration, accelerated transformation, and a more forward-looking appr

China’s foreign exchange (forex) regulator is preparing to launch a series of new policies aimed at driving innovative growth in trade, according to Zhu Hexin, deputy governor of the People’s Bank of China and head of the State Administration of Foreign Exchange (SAFE). Zhu made the remarks on Monday at the Annual Conference of the Financial Street Forum 2025 in Beijing. Zhu said SAFE will soon implement policies to support a cash-pooling program that integrates domestic and

After a five-year hiatus, flights between China and India are resuming as Indian airline IndiGo started services from Kolkata to Guangzhou, South China's Guangdong Province on Sunday night, a move that is expected to further unleash the potential for economic and trade cooperation between China and India. The Sunday flight departs at 10 pm and arrives in Guangzhou at 4:05 am on Monday. IndiGo told the Global Times on Sunday that the flight, which primarily serves individual t

China's cumulative installed power generation capacity had reached 3.72 billion kilowatts by the end of September 2025, marking a year-on-year increase of 17.5 percent, official data showed on Sunday. Solar power generation capacity amounted to 1.13 billion kilowatts by the end of last month, surging 45.7 percent compared to the same period last year, according to the National Energy Administration (NEA). Wind power generation capacity reached nearly 582 million kilowatts by

China is moving to further curb disorderly price competition, as authorities seek to restore healthy market order, protect fair competition, and bolster the country's transition toward high-quality development, said officials and experts. In a joint notice released on Thursday, the National Development and Reform Commission and the State Administration for Market Regulation stressed that China "supports fair, open, and lawful market competition". They called on businesses to

China's express delivery volume had surpassed 150 billion parcels as of Oct. 11 this year, reaching the milestone 37 days earlier than in 2024, according to the State Post Bureau. An official from the bureau said the postal and express delivery industry, with its network covering the entire nation and reaching the globe, has provided solid support for facilitating a smooth circulation of the national economy. This achievement fully demonstrates that the country's consumer mar