Chinese stocks closed higher for the second consecutive day on Wednesday, bolstered by the buyback or shareholder stake increase plans announced by many A-share listed companies.
The benchmark Shanghai Composite Index rose 1.31 percent and closed at 3,186.81 points, while the Shenzhen Component Index closed 1.22 percent higher at 9,539.89 points.
The Beijing Stock Exchange (BSE) 50 Index saw a notable increase of 10.27 percent, reaching 1,206.75 points.
Meanwhile, the ChiNext Index and the STAR Market Composite Index also climbed by 0.98 percent and 3.78 percent respectively.
In the afternoon session, shares of Chinese companies operating duty-free stores saw a surge, and sectors such as low-altitude economy, deep-sea technology, computing power, AI applications, robotics, e-commerce, and consumer electronics led the gains.
From Monday to Tuesday, more than 200 A-share listed companies in China announced share buyback or shareholder stake increase plans, further boosting investor confidence.
Chinese shares close higher for 2nd consecutive day on Wednesday
Chinese President Xi Jinping's New Year message delivered on the New Year Eve has drawn positive responses from scholars and former officials from several countries, who say that the series of global initiatives proposed by Xi have provided fresh momentum for multilateralism and shared development at a time of growing uncertainty.
While the reactions touched on the broader vision outlined in Xi's New Year message, they also focused on the initiatives Xi has put forward over recent years, particularly the Global Development Initiative, the Global Security Initiative, the Global Civilization Initiative and the newly proposed Global Governance Initiative.
Highlighting the significant importance of these initiatives, they have emphasized the need for equality, inclusiveness and a fairer international order.
"We need a more just international order and a truly multilateral system. China stands almost alone today as a global force actively advancing genuine multilateralism. Therefore, these initiatives are most welcome," said Michael Schumann, chairman of the German Federal Association for Economic Development and Foreign Trade.
Former Lebanese Prime Minister Hassan Diab has placed the emphasis on dialogue and trust-building between civilizations.
"It is essential now more than ever to promote communication and understanding between China and the world to enhance cultural exchanges and build mutual trust. As President Xi has repeatedly emphasized, China supports principles of unity, inclusiveness and peacefulness. These values should guide our collective efforts to build bridges rather than walls," he said.
From a governance perspective, Russian scholar Ekaterina Zaklyazminskaya, head of the Center for World Politics and Strategic Analysis at the Institute of China and Modern Asia under the Russian Academy of Sciences, has viewed the Global Governance Initiative as a structured response to global challenges.
"The recently proposed Global Governance Initiative presents a comprehensive framework of ideas. It prioritizes establishing a more just international order, champions multilateralism, and upholds the principle of 'people first.' Through its concrete practices, financial assistance, and tangible support for multilateral bodies like the U.N., China has demonstrated that its commitments are substantive. China is taking tangible steps toward a fairer and more reasonable global governance system," she said.
Scholars from the Global South also have seen historical echoes in the initiatives.
"Some of the developed and developing countries have highly welcomed the Global Development Initiative, because this initiative emphasizes the need for partnerships -- partnerships that commit resources to end global poverty and pursue common and shared development. The Global Governance Initiative, in my view, echoes again the call that was made by Asian [and] African countries at the Bandung Conference in 1955 for equality, for mutual respect, for respect of territorial integrity, [and] for respect of sovereignty," said Bongani Maimele, director of international relations at South Africa's National School of Government.
"These initiatives are revolutionary in nature. They are reshaping the political philosophy of global governance. Today's world is far more complex than it was 80 years ago, and interdependence among nations has deepened. Therefore, we need new philosophical perspectives to examine our world and new models of engagement to foster a new type of international relations," said Sheradil Baktygulov, director of Kyrgyzstan's Institute of World Policy.
Int'l scholars praise Xi's initiatives, call for stronger multilateralism
