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Chinese FM summarizes five highlights of China's diplomacy in 2024

China

China

China

Chinese FM summarizes five highlights of China's diplomacy in 2024

2024-12-17 19:02 Last Updated At:19:37

Chinese Foreign Minister Wang Yi said on Tuesday that China's diplomacy in 2024 had created a sound external environment for China's high-quality development and injected valuable stability into a volatile world.

Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, shared five highlights of China's diplomacy over the past year when addressing a symposium on the international situation and China's foreign relations in 2024 held in Beijing.

He said first, China's head-of-state diplomacy had written a magnificent new chapter and led the trend of the times for peace, development and win-win cooperation.

Second, new breakthroughs have been made in building a community with a shared future for humanity and promoting global solidarity.

Third, Chinese modernization provides new opportunities for the world and promotes the development trend of modernization in other countries.

Fourth, it has set a new example in cooperation with other developing countries and built on the trend of unity in the Global South.

Fifth, new progress has been made in deepening the comprehensive diplomatic agenda and strengthening the trend of building a new type of international relations.

Chen Bo, president of the China Institute of International Studies, said that major-country diplomacy with Chinese characteristics embarked on a new journey in 2024.

"Taking Xi Jinping's diplomatic thought as the fundamental guide, major-country diplomacy with Chinese characteristics, by focusing on the central task of the Communist Party of China and the country and making efforts in shaping a new paradigm of China's relationship with the world, provides a more favorable international environment and offers solid strategic support for building a great country and moving toward national rejuvenation on all fronts through Chinese modernization," said Chen.

Wang Fan, president of China Foreign Affairs University, said that the world is marked by change and disorder with decoupling and severing industrial chains threatening the global market over the past year.

"Throughout the entire year, China's diplomacy has undeniably played a very constructive and positive role in promoting international stability. We are especially delighted to see the expansion of BRICS countries, the expanding cooperation within the Shanghai Cooperation Organization, and the thriving development of the Global South. I believe that in the year of 2024, China has continued to stand out as a prominent country. We have made our due contributions to promoting global cooperation for mutual benefit, fairness, and justice," said Wang.

Chinese FM summarizes five highlights of China's diplomacy in 2024

Chinese FM summarizes five highlights of China's diplomacy in 2024

Both Gold and silver prices hit record highs on Monday, driven by geopolitical tensions and market expectations for further U.S. Federal Reserve rate cuts.

Spot gold prices breached 4,420 U.S. dollars per ounce during the intraday trading on Monday, while gold futures contract on the New York Mercantile Exchange (NYMEX) briefly surpassed 4,450 U.S. dollars per ounce, both hitting all-time highs.

In addition, the silver futures contract on NYMEX climbed above 69.5 U.S. dollars per ounce on Monday, surging nearly three percent, also reaching a record high.

Bloomberg News reported that escalating geopolitical tensions and market expectations for further Fed rate cuts were the primary drivers behind the soaring gold prices.

Traders anticipate the Fed will cut rates twice in 2026 following last week's release of a series of U.S. economic data.

Meanwhile, U.S. President Donald Trump has consistently advocated more accommodative monetary policies.

Persistent geopolitical tensions in recent weeks have also heightened the safe-haven appeal of gold and silver.

Bloomberg projected on Monday that both gold and silver are poised for their strongest annual gains since 1979.

Due to purchases of central banks and inflows into exchange traded funds (ETFs), gold prices have surged by about two-thirds this year.

Gold-backed ETFs have recorded five consecutive weeks of increased inflows.

World Gold Council data shows that, except for May, the total holdings of these funds have increased month on month this year.

Beyond central banks, investors have also played a significant role in the gold price rally.

Fueled by concerns over the value of sovereign bonds and their denominating currencies, investors have been fleeing these assets.

The Wall Street Journal reported in October that investors who were concerned about the outlook for currencies like the U.S. dollar were aggressively buying alternative assets such as gold.

Goldman Sachs released a research report on December 18, forecasting that gold prices would rise to 4,900 U.S. dollars per ounce by the end of 2026.

Gold, silver prices soar to new record highs as investors hunt for safety

Gold, silver prices soar to new record highs as investors hunt for safety

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