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'Beautifully timed' stimulus measures to boost China's tech-led development: German expert

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'Beautifully timed' stimulus measures to boost China's tech-led development: German expert

2024-10-11 15:11 Last Updated At:15:47

China's incremental policy toolkit and economic stimulus measures have already achieved sounding results in the stock markets, which will translate into a boost to the country's high-quality economic development cause in the coming months, said a German finance expert on Wednesday.

Hubertus Vaeth has been closely watching the developments as managing director of Frankfurt Main Finance, an initiative aimed at strengthening Frankfurt's position as a global financial center. In an online interview with the China Global Television Network (CGTN), he emphasized that the policy kit's detractors have been left with little ground to stand on amid an ongoing investment rally.

"You see, in the beginning, a lot of observers called it too little or too late, but they get quieter by the day. I say, it's a right mix, beautifully timed. The package, actually be, between the central bank and the government, has been unprecedented. It has a volume of 1.5 percent of the GDP, and comprises a lot of instruments which I believe will be very effective. So, from the early responses of the stock market, you could clearly say it's been a big success, and it's been a very important move. Why am I saying that? Since the beginning of the year, and one which is a critical monetary aggregate -- the monetary aggregate that comprises basically cash and term deposit and demand deposit -- these have been a negative territory for a wide, and these moves now clearly give such a shift to liquidity in the market, so that's a big boost," he said.

Chinese shares extended their winning streak on Tuesday, the first trading day after the week-long National Day holiday, with the benchmark Shanghai Composite Index up 10.13 percent to open at 3,674.40 points.

Vaeth expressed his expectations that massive gains in the financial sector will soon help accelerate China's efforts to build an economy based on innovation and advanced production -- what policymakers in the country call "new quality productive forces."

"Of course, now it's a liquidity-driven rally, and it's been historic by proportions. One week with a rally of 20 percent, that has been a very, very rare scene to experience. But obviously, they have to trickle down. It will be now a liquidity-driven rally, which hopefully will be supported by the trickling down of that impact into growth, into long-term economic effects. This will take a couple of months to really see, and when you see high quality, it has to be a massive shift away from a real estate-driven economy to technologically led recovery and clean-tech-led recovery," he said.

'Beautifully timed' stimulus measures to boost China's tech-led development: German expert

'Beautifully timed' stimulus measures to boost China's tech-led development: German expert

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Shenzhou-18 crew return to Earth after successful six-month mission in space

2024-11-04 04:16 Last Updated At:10:37

The three astronauts of China's Shenzhou-18 crewed spaceflight mission returned to Earth safely on Monday after completing their mission aboard the country's Tiangong space station.

The return capsule, carrying astronauts Ye Guangfu, Li Cong and Li Guangsu, touched down at the Dongfeng Landing Site in north China's Inner Mongolia Autonomous Region at 01:24 (Beijing Time), according to the China Manned Space Agency (CMSA).

Shenzhou-18 commander Ye Guangfu, who now holds the longest duration of stay in orbit among Chinese astronauts, was the first of the three crew members to emerge from the return capsule.

"I am proud of my motherland. I am grateful to the great motherland, the people of China, and the entire project team for making our dream of spaceflight a reality and ensuring our safe return. Our Shenzhou spacecraft family has continued the relay of space exploration, and I believe that the new record of time spent in orbit by Chinese astronauts will soon be set," he said.

"During this trip to realize our space dream, our crew members united as one, and collaborated effectively with the ground teams. The two extravehicular activities were completed smoothly, as were the in-orbit scientific research experiments," said Li Cong, the second astronaut to come out of the return capsule.

All three astronauts were out of the capsule by 02:15 (Beijing Time).

"Space is vast, magical and beautiful. We all enjoy the pleasure brought by weightlessness. Returning to Earth from space is a mixture of the excitement and joy of being back home, as well as a sense of attachment to space. The greatest feeling at this moment is that I am so proud of our great motherland," said Li Guangsu, the third astronaut.

The astronauts are all in good physical condition, and the mission is a complete success, according to the CMSA.

The Shenzhou-18 crew was sent into space from the Jiuquan Satellite Launch Center in northwest China on April 25. Prior to the return, the crew completed all planned tasks and handed over the space station to the Shenzhou-19 astronauts who got on board on Oct 30.

Shenzhou-18 crew return to Earth after successful six-month mission in space

Shenzhou-18 crew return to Earth after successful six-month mission in space

Shenzhou-18 crew return to Earth after successful six-month mission in space

Shenzhou-18 crew return to Earth after successful six-month mission in space

Shenzhou-18 crew return to Earth after successful six-month mission in space

Shenzhou-18 crew return to Earth after successful six-month mission in space

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