Editor’s Note: Despite the recent outbreak of the COVID-19 pandemic, China still has been able to achieve economic development. Meanwhile, with the arrival of spring, spring farming is in full swing across China. Let’s see what’s happened in China this week.

1. China's vision on economic governance inspiration for global development

How to best handle the relationship between the "visible hand" of the government and the "invisible hand" of the market is a challenge facing policymakers in China and beyond. When the "invisible hand" fails to move the economy forward, as observed in some Western countries, China has adopted a "two-hands" approach to drive growth.

The economic philosophy of Chinese President Xi Jinping, widely known as "Xiconomics," emphasizes the market's decisive role in allocating resources; at the same time, Xiconomics allows the government to perform its functions better. Guided by Xiconomics, China has promoted the sound interaction between an efficient market and a capable government, offering inspiration to economies worldwide struggling to improve governance.

2. Chinese premier stresses spring farming to ensure grain security

Chinese Premier Li Keqiang has stressed the importance of spring farming in guaranteeing the country's grain security and stabilizing economic and social development.

Facing complicated and grim international circumstances, sharp price rises, and increasing volatility in the agricultural product market, China's development and agricultural production face new challenges, said Li. China has sufficient inventories and supplies of grain and important agricultural products. Yet ensuring China's grain security based on the country's own efforts should be kept firmly in mind, said Li, calling for guaranteeing stable domestic production and supply to cope with uncertainties in the external environment.

He urged efforts to advance spring farming to ensure that China's grain output for 2022 stays above 650 billion kg.

3. More China Eastern Boeing 737 wreckage and remains of victims found, possibility of damage to the stored data of first black box not ruled out

More aircraft wreckage and human remains of the victims were found on Thursday at the crash site in the forested mountain in South China's Guangxi Zhuang Autonomous Region, the fourth day after the plane with 132 people on board crashed on Monday afternoon.  

Chinese officials also said the possibility of damage to the storage unit of the black box they have already found -- a cockpit voice recorder -- cannot be ruled out. The officials said they are going all-out in search of the second black box.

4. State Grid launches 2 major projects

State Grid Corp of China started construction of two ultrahigh voltage power transmission projects on Thursday to further facilitate the country's ongoing green energy transition.

With a total investment of 10.9 billion yuan ($1.7 billion), the projects－an ultrahigh voltage power transmission line linking Fuzhou with Xiamen in Fujian province and a line linking Zhumadian in Henan province with Wuhan in Hubei province－are expected to be put into operation by 2023, said the company on Thursday during a news conference.

China vows to continue accelerating domestic grid network construction this year with a focus on ultrahigh-voltage power transmission networks amid efforts to further ensure power supply stability and boost green power consumption in the country. Analysts said the projects will further ensure China meets its carbon neutrality target.

5. Why do younger Chinese consumers have a supreme fondness for ‘guochao’ products?

According to a report on the development of domestic consumer brands in 2020 released by AliResearch, a research initiative under Alibaba, domestic brands have already captured an online market share of 72 percent. According to statistics from Baidu, Chinese consumers increased their attention towards domestic brands over the past 10 years by 528 percent.

“Guochao” is a concept involving emerging domestic brands and designs inspired by Chinese culture. Liu Liming, an associate researcher with the School of Communication and Design at the Guangzhou-based Sun Yat-sen University, said “guochao” also represents a value and a lifestyle among younger consumers, and the rise of “guochao” provides an opportunity to popularize the values of traditional culture and Chinese-style aesthetics.

Editor: Li Qiaoqiao