The official in charge of the Department of Boundary and Ocean Affairs of the Foreign Ministry urgently summoned the Philippine ambassador to China on Tuesday to lodge solemn representations over the Philippines' deliberate provocation at Ren'ai Jiao and its attack on Chinese Coast Guard (CCG) law enforcement personnel.
The Chinese side pointed out in a statement that Ren'ai Jiao is part of China's Nansha Islands and is Chinese territory. Law enforcement activities conducted by the CCG in the waters near Ren'ai Jiao are lawful and legitimate, according to the statement released by the Foreign Ministry.
Philippines' illegally grounded warship deployed two rubber boats that approached and rammed CCG vessels in a dangerous manner, said the Chinese statement. Philippine personnel also maliciously harassed and assaulted Chinese law enforcement officers, endangering the safety of Chinese personnel, said the statement.
The nature of these actions was egregious. The Chinese side stressed that the Philippines initiated the provocation but has instead sought to shift the blame, distort the facts, and maliciously hype the incident. China expressed strong dissatisfaction and lodged a solemn protest.
China demands that the Philippines immediately stop its provocations and cease its hype and public smear campaign. China will take measures to firmly safeguard its territorial sovereignty and maritime rights and interests, according to the statement.
A CCG spokesperson announced that out of humanitarian considerations, the Chinese side on Tuesday morning permitted the transfer of injured personnel from the illegally "grounded" Philippine vessel at Ren'ai Jiao of China's Nansha Islands.
China lodges representations over Philippines’ deliberate provocation at Ren’ai Jiao
China lodges representations over Philippines’ deliberate provocation at Ren’ai Jiao
China lodges representations over Philippines’ deliberate provocation at Ren’ai Jiao
A wave of state-owned enterprises, listed companies, and major insurers have announced share buybacks, stake increasess, and dividend payouts over the past two days, signaling strong confidence in China's capital market.
On Monday, four of the country's largest insurers -- China Pacific Insurance, Ping An, the People's Insurance Company of China (PICC) and New China Life Insurance (NCI), issued rare coordinated statements voicing firm support for the capital market.
The statements came alongside a fresh round of buyback and stake-increase initiatives from major central state-owned enterprises (SOEs).
Insurers said they are prepared to increase investments in technology and new businesses, with plans to expand equity holdings and support projects that drive innovation and operational efficiency.
"China's economy is resilient and robust. New growth drivers represented by high-end manufacturing and the digital economy are accelerating. The dividends of industrial upgrading and technological innovation are being realized at the listed company level, providing solid fundamental support for the steady and healthy development of the capital market. In recent years, the PICC has steadily increased equity allocations, actively participated in the long-term stock investment pilot, and established a 10-billion-yuan private securities investment fund. We have also stepped up investment research in technological innovation, green and low-carbon development, healthcare, and other areas, and are committed to building a long-term, stable, and balanced equity investment portfolio," said Cai Zhiwei, vice president of the PICC.
"We play our role as long-term and patient investors. While investing in value stocks, we are also actively keeping an eye on new industries, new quality productive forces, new technologies, new energy, and new infrastructure. We believe these are very important forces that China can rely on to compete globally in the future," said Sheng Ruisheng, board secretary and chief brand officer of Ping An Insurance.
China Aluminum led the way with a share purchase plan valued up to 2 billion yuan, an equivalence of about 295 million U.S. dollars.
NARI Technology announced a repurchase program ranging from 500 million to 1 billion yuan.
These moves followed Sunday's announcements from state-owned investment firms China Reform Holdings and China Chengtong, which disclosed cumulative purchases of 50 billion yuan and nearly 10 billion yuan in central SOE stocks.
Citigroup has raised its rating on Chinese stocks to "overweight" from "neutral," signaling greater confidence in Chinese assets for the second half of this year.
In a research note released Monday, Citi analysts said China's equity market is well-positioned to gain from a favorable global backdrop and a recovery in corporate profits.
The report noted that investment opportunities in emerging markets are undergoing structural changes. Citi sees more room for upside if geopolitical risks subside, global liquidity improves, and macroeconomic conditions stay supportive.
The bank also forecasts strong earnings growth for MSCI Emerging Markets Index companies this year, with China and the Republic of Korea expected to be among the best performers.
Chinese state-owned firms, insurers step up measures to boost market confidence
