Experts from China and Zambia emphasized the importance of localizing industrialization in the African country and expanding the continent's transport network through the revitalization of the TAZARA railway, because these factors are essential for achieving modernization in Zambia and other African countries.
China and Zambia held a ceremony on Tuesday to mark 60 years since the establishment of their diplomatic relations. The two countries are cooperating in various fields for decades.
Regarding how to promote the African country's modernization, Ye Hailin, dean of the China-Africa Institute under the Chinese Academy of Social Sciences, noted that localizing industrialization in Zambia is crucial. By focusing on "small and beautiful" livelihood projects that address the real needs of Zambian and African people, genuine modernization can be achieved and people's life improved.
"In my personal opinion, the most important thing for China-Zambia cooperation is that, in the industrialization process, we should encourage industrialization to be localized in Zambia to produce more products that match the demands of Zambian and African people. Also, I would like to re-emphasize one of the key words that President Xi [said when he] made a speech during the opening ceremony of the FOCAC Beijing Summit: we will encourage a thousand 'small and beautiful' projects to match the demands of the African people. This means that all modernization process, including industrialization process, should match the demands of the people. Not only in the general aspect, talking about how much we already match for trade volume or something like this. We should go into people's daily life. That's the point," said Ye.
Infrastructure construction has always played a major role in China-Africa industrial cooperation. In September, China, Zambia, and Tanzania signed an agreement to revitalize the decades-old China-aided TAZARA railway. Zambian international relations expert Njunga Mulikita emphasized the significance of this project, noting that the improved transport routes will enhance transportation in Eastern and Southern Africa and drive regional development.
"It's a very auspicious development. It's part of the Belt and Road Initiative. It also will be a catalyst for regional integration in Eastern and Southern Africa. It will enhance regional prosperity, African unity, so forth and so on. I think it was just last week that the Minister of Transport announced that Zambia, Burundi, and other countries were joining the Central Corridor facility. That's TAZARA, basically. This plan is very good. It's very auspicious for the region. Also, it is consistent with the African Continental Free Trade Area, that is all about linking the continent through transport corridors and transport routes, so forth and so on," said Mulikita.
Experts emphasize localized industrialization, railway revitalization in China-Zambia cooperation
China's stock market demonstrated robust performance in 2025 with new records in various sectors.
Against the backdrop of global liquidity easing and evolving industrial policies, the A-share market experienced a landmark year. Multiple key metrics - including total market capitalization, trading volume, as well as margin trading and short selling balances - achieved historic breakthroughs, demonstrating remarkable vitality and resilience.
In terms of overall performance, as of Dec. 31, 2025, the total market capitalization of A-shares reached approximately 118.91 trillion yuan, marking a net increase of 25.30 trillion yuan from the year's opening level of 93.61 trillion yuan. This represents a growth rate of 27.03 percent, according to data from financial information provider Wind.
In 2025, major A-share indices extended their annual gains compared to 2024.
On Dec. 31, 2025, the Shanghai Composite Index stood at 3,968.84 points, marking an annual increase of 18.41 percent - the largest annual gain since 2020. The Shenzhen Component Index rose 29.87 percent for the year, while the ChiNext Index surged 49.57 percent. The Beijing Stock Exchange 50 Index recorded an annual gain of 38.80 percent, while the STAR Market 50 Index rose 35.92 percent for the year.
As major indices rose, market trading activity intensified. Throughout 2025, the A-share market recorded a total trading value of approximately 420 trillion yuan, marking a growth of over 60 percent compared to the previous year and nearly doubling the 2023 annual value. It also marked the first time in history that the annual trading value surpassed the 400 trillion yuan threshold.
The margin trading and short selling scale in the A-share market expanded rapidly in 2025. As of the year end, the outstanding margin trading and short selling balance in the A-share market increased by 690.7 billion yuan during the year to reach 2.5 trillion yuan, setting a new historical high.
Notably, the growth in the balance was primarily driven by the increase in the financing balance. Although the short selling balance also increased in 2025, its cumulative growth for the year was less than 10 billion yuan, with the absolute value of the short selling balance remaining at a low level in recent years.
As market sentiment continued to heat up, major sectors in the A-share market saw increases. Key industry sectors rose to varying degrees, with over half posting annual increases exceeding 30 percent.
Boosted by sharp rises in precious metal prices, the nonferrous metals sector delivered standout performance throughout 2025. Defense and military, telecommunications, machinery and equipment, automotive, power equipment, and electronics sectors also ranked among the top annual gainers. Sectors like food and beverages, coal, and banking showed relatively weaker annual performance but still managed modest gains.
Against the backdrop of a broad market rally, individual stocks also rose, with many delivering standout performances. Data indicates that over 4,200 A-shares saw price increases in 2025, accounting for more than three-quarters of the total. Specifically, after excluding newly listed stocks, over 500 A-shares still doubled in value, with more than 100 stocks achieving annual gains exceeding 200 percent.
China's stock market demonstrates strong performance with multiple new records in 2025
