Get the unmissable news stories of the day this is the Beijing hour Examining the events that impact and shape China and the rest of the world This is the Beijing hour one hour of news and information brought to you every weekday now Here's your home Shane make him with you on this Tuesday, March 11th 2025 you're listening to the Beijing hour coming to you live from the Chinese capital on today's program China's concluded its annual political season with a closing meeting at the Great Hall of the People in Beijing.
China's rising dominance in the field of artificial intelligence was a major theme at the two sessions meetings.
Officials from Ukraine and the US are meeting in Saudi Arabia to seek a way to end Ukraine's conflict with Russia.
In business, plunging stock markets in the United States.
And today we have part seven of the Yellow River Mosaic series telling stories of people whose lives are intertwined with that famous Chinese waterway.
And today, we learn from, or learn how a mountain village is dealing with its aging population.
Now checking the day's top stories.
This year's political season has concluded with the top legislature wrapping up its annual session in Beijing.
Chinese president Xi Jinping and other leaders attended the closing meeting of the third session of the 14th National People's Congress at the great hall of the people.
National lawmakers approved the government work report.
They also gave the green light to the central budget plan and the national economic and social development plan for the year ahead.
They also approved work reports from the country's legal system including the top court.
Innovation driven development is one of the key topics at this year's two sessions.
N .P .C. deputies have shared their insights on how technological innovation is driving new quality productive forces.
Lee Jun is the founder of electronics company Xiaomi.
Xiaomi will continue to pursue the path of scientific and technological innovation, take the road of high -end development, accelerate the cultivation and development of new quality productive forces, apply advanced artificial intelligence technology to all terminals and bring these side tech benefits to consumers' daily lives while playing our part in promoting Chinese modernization." High art group is focused on innovation in home appliance technology and has become one of China's leading high -end manufacturing brands.
CEO Zhou Yoonjie says they'll continue to expand into overseas markets.
We adhere to independent innovation, and multiple technologies were successfully released as international standards in 2020.
These standards have now been adopted by more than 20 countries and regions, including the United Kingdom and the European Union.
Currently, China has become a leader in global home appliance innovation, with seven out of every ten home appliance patents worldwide originating from China.
Deputy Ma Xinchun is the chairman of HG Tech, a leading company in China's laser industry.
He says that the next ten years will be a golden era for innovation in tech companies.
Now we can complete the laser welding of new energy vehicle body in just 43 seconds, which is also the fastest speed in the industry.
We can confidently say that China's laser industry has entered the world's first tier.
The 2021 Global Innovation Index listed China as one of the fastest growing economies in innovation over the past decade.
It also leads in having the most top 100 tech innovation clusters.
This year marks the final year for implementing China's 14th five -year plan, which covers the period between 2021 and 2025.
A lot has been discussed at the two sessions to ensure the full realization of national development targets.
And Gass Manikum walks us through some of the hot topics throughout this year's political season.
Several topics were on the table this year.
But if we are going to narrow it down, I would say stability, innovation, consumption, and people's well -being were highlighted a lot.
Now first, let's talk about stability.
China's GDP in 2024 reached more than $130 trillion or US $19 trillion.
US dollars and this is up 5 % from the year before.
The country continues to contribute around 30 % of global economic growth.
Last year, China created more than 12 million new urban jobs.
It's consumer price index saw a 0 .2 % increase while the disposable income per capita increased by 5 .1%.
Now, on the topic of innovation which you highlighted earlier, Chinese President Xi Jinping said, technological innovation and industrial innovation constitute the fundamental pathways for developing new quality productive forces.
China's top economic planning body, the National Development and Reform Commission, says it plans to increase investment for technological innovation, cultivate talent by persistently developing a high -quality workforce and foster an open and inclusive environment for innovation.
Now, when you talk about consumption, this is a crucial force driving economic growth.
The Chinese Commerce Ministry says it will introduce more practical and effective measures to expand consumption in both commodity and service areas.
It's planning to strengthen and expand the trade -ins of consumer goods with government subsidies covering more product categories.
In turn it hopes people will be more willing to spend.
Now lastly, people's well -being.
This is a key integral part of Chinese modernization.
Chinese President Xi Jinping has stressed the need to promote common prosperity for old people.
Now this year's draft government work report is talking about several of these measures like creating more jobs, boosting basic health services, improving social security and service policies, as well as raising the basic pensions for retirees, and pushing for reforms in elderly care services.
That was Gas Manicom, sharing some of the key words at this year's two sessions.
Just as Gass mentioned, stability is one of the most frequently cited words in this year's government work report.
For insights, Pandong spoke with chief researcher Li Yong at the DNC Think Tank.
Well I think stability is the foundation of the whole economic development program and in any economy.
The first and foremost priority is to maintain stability because Because stability can create a predictable environment, where businesses can plan, can invest with reasonable expectations.
So stability, you know, inject predictability, also inject confidence.
And associated with the effort to maintain stability, are the stabilizing policies.
Either aggressive or proactive, but if we look at this year's government work report, we can see a lot of stabilizing policies which has the embedded elements of maintaining stability.
We have to work with what has taken consideration of the external headwinds for example.
So, all the stabilizing policies aims to eliminate for example disruptions, interferences from the outside and build a kind of ability to absorb potential risks and to avoid the trajectory of the economic development from deviation.
So, Mr. Li, when you have a stable foundation, then it's time to look at things like innovation and reform.
I believe it's quite difficult to put them in parallel right now in China, right?
It's kind of an intertwined process.
How can we better understand this?
Well, I think we need to look at the equation, OK?
around innovation there's a kind of an innovation input.
The input has element of reform, you need to reform, change the existing framework for example, the existing paradigm and then the other side is the innovation output.
So with reform, with innovation input, we can expect the output to be improved production productivity, for example, the creation of new industries, new market demands, you know.
In the process, we see the upgrading of the economy, the upgrading of the science and the technological innovation and the industry innovation and all of those combined will contribute to economic growth.
And, you know, it will be the driver of our economy, you know, in order to maintain the level of development.
And if we can maintain the level of development, people's livelihood can also be assured.
That was Lee Yong at DNC Think Tank.
I'm coming up, China's focus at the political meetings on the country's artificial intelligence sector.
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Ten minutes past the hour, artificial intelligence has taken center stage at this year's two sessions.
China's pledging more support for the sector as the global race for AI supremacy heats up.
Mark Neill has more on the competitive global landscape that's increasingly dominated by Beijing In the competition to be the world's superpower in artificial intelligence, many analysts say two countries have extended their leads while another region has fallen behind.
We are talking about something close to an arm race.
Europe is the third, and the third position behind the United States and China.
They don't like it.
And I know why. The reason for them to be in the third position because they created the restrictions on before they even have the AI.
All the companies around in Europe are like, what are you guys doing?
Before this has started you're starting to put regulations in place.
Dhiraj Pandey, CEO of AI company Dev Rev, is exchanging ideas with some of the top minds in AI at the Constellation AI Forum in Silicon Valley.
He says although the US and China lead the race, strong competitors will emerge.
I would foresee that they'll be around the three countries, maybe three of the cities like Berlin and Bangalore, And maybe Sydney's actually coming up with things that are highly innovative as well.
In fact, experts here at the Forum point to the emergence of Chinese company Deep Seek as a major reason no one can be underestimated.
When we said, you're not going to get these chips to China, China's response is fine, and you're not going to get the chips from us.
And so we also may have created a more competitive product for them because they were innovating something that could work on lower powered chips.
Even though the AI debate is often framed as the US versus China, experts don't necessarily agree that it will remain that way.
The best talent in the world is not in the US, that's the bottom line.
The best talent isn't the US.
It's not, it's nowhere near the US.
The best talent there was not in the US.
We're shutting down the doors of the country.
Who has the best talent?
Israel, China, Nigeria...
And even within the US and China markets, the competitive landscape is changing at a breaking neck pace.
On February 17th, Elon Musk's XAI released the chatbot Grok 3, which outdid GPT -40 and some coding benchmarks.
But about 10 days later, OpenAI launched GPT 4 .5, which claimed to be the first model that feels like talking to a thoughtful person.
And DeepSeek's thunder is being stolen already, too.
On Thursday, Alibaba launched QWQ32B which claims to have outperformed DeepSeek's R1 chatbot while consuming considerably less power.
That was Mark Neale speaking with Industry Insiders on the race for AI dominance.
Manufacturers in China's luggage capital have shipped their products nearly every corner of the world, now with the rise of cross -border e -commerce.
Many are shifting away from bulk orders and traditional agents, focusing instead on smaller direct sales and online engagement.
Chung Tao has more.
At a warehouse in Baigou workers hustle to pack bags bound for North American warehouses.
With a strong manufacturing foundation, Baigou has become a global hub for luggage production.
Entrepreneurs like Wang Zhe are leading the charge, supplying affordable, high quality products worldwide.
But the landscape of foreign trade is shifting.
Large buck orders from major clients are declining, signaling a major transformation in the market.
Before we relied on foreign agents to sell our products, but that model isn't working anymore.
In recent years, consumers have become accustomed to shopping directly on their phones, especially in the last two years.
We can clearly see that this shift.
With the rise of social media and digital shopping platforms, e -commerce is reshaping the way businesses operate.
Wanzi says this transformation is having a profound impact on local manufacturers.
Our new approach is all about platforms.
We've set up inventory in the US, allowing us to shift directly to local warehouses.
This strategy helps us connect with Chinese entrepreneurs looking to start cross -border e -commerce businesses.
We cover all the investments.
Young grads only need a laptop to start their business.
We ship the products to the U .S.
and with just a few clicks, they can set up their shop and start selling, all while tapping into our overseas warehouses.
This shift is a game -changer for small businesses that were once at the bottom of the global supply chain.
In the past, many manufacturers had lead control over branding or pricing, relying on large buyers.
Now, digital platforms allow them to connect directly with global consumers.
Bai Guo's transformation has also caught the attention of policy makers.
director Tsaihao Peng, of the Baigo International Trade Centre, says the government is supporting the transition by investing in overseas warehouses which facilitates their operations.
We consolidate goods from multiple enterprises and distribute them through online platforms.
This allows us to control pricing and cut out the middleman.
For B2C sales, we engage directly with consumers.
On the B2B side, we can negotiate more effectively and set our own prices.
Entrepreneur Wonsa says cross -border e -commerce now accounts for less than 10 % of his total sales, but he predicts that by the end of the year, it will surpass 50%.
Bygo's embrace of e -commerce is more than just a business shift, it's transforming in the local economy and opening new doors for small manufacturers to build global brands.
For the Beijing Hour, this is Giang Tao.
Coming up, officials from the Ukraine and the US are discussing Ukraine's conflict with Russia.
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17 minutes past the hour.
Ukrainian officials are meeting a U .S.
delegation in Saudi Arabia to try and find a way to end the conflict with Russia.
Earlier, Ukrainian president Vladimir Solensky said Kiev's position in Tuesday's talks with the U .S.
will be constructive.
Solensky also expressed hope for practical outcomes from the negotiations.
Saudi Crown Prince Mohammed bin Salman has held separate talks with Solensky and U .S.
Secretary of State Marco Rubio in Jeddah.
Nadia Swan has details.
Odka Rubiya was speaking en route on his flight to Gedda.
He has now arrived in Gedda ahead of those talks and he sounded very, very positive indeed and he said he was very hopeful about good outcomes from this round of talks between the Americans and the Ukrainians here in Gedda.
He talked about resolving a very important issue about the pause in US military aid for Ukraine and also the pause in intelligence sharing with Ukraine as well, which has really been quite detrimental for them to prevent themselves from attacks against the Russians.
He was also talking about dealing with both Ukraine and Russia and seeing where they are and what they want, talking about trying to find out whether both sides are prepared to actually make concessions and how far they're prepared to go to make those really difficult decisions to achieve what they refer to as a sustainable peace deal in fact.
The other thing that he was referring to as well was a rare minerals deal that was due to be signed a few weeks ago between the US and Ukraine.
Now that didn't happen after a rather acrimonious meeting between President Trump and President Zelensky in the Oval Office at the end of last month.
So he said with reference to that deal there's a few more details to be worked out before that's actually likely to be signed.
This is a chance for Ukraine to repair those damaged relationships with that damaged relationship with the United States after those Oval Office talks.
So it's a way for President Zelensky to show that he is trying to improve that relationship moving forward.
Now, there's also a critical need, as I said earlier, for them to actually resume military aid and intelligence sharing from the United States so they can defend themselves against Russia.
That is really, really important for the Ukrainians as well.
That's what they're looking for.
Additionally, they want an air and a sea ceasefire as well from the ongoing Russian attacks that are causing devastation in many Ukrainian cities.
They're also looking for a prisoner exchange.
Saudi Arabia was key to mediating a prisoner exchange over the last three years between Russia and Ukraine.
So they're looking for another prisoner swap there.
And finally, they're really wanting security guarantees against future Russian aggression, and that's so far to something that the US hasn't actually committed to doing, but that's really that something that's very high on Ukraine's agenda.
That was Nadia Swann on the international efforts at ending the conflict between Kiev and Moscow.
Moscow says its air defense is shot down more than 300 Ukrainian drones, over 10 regions, overnight in what appears to be the biggest Ukrainian drone attack on Russia in three years.
Most of the drones were reportedly destroyed over the Kursk region across the border from Ukraine.
The attack, which killed at least one person and wounded several, came as a Ukrainian delegation prepares to meet America's top diplomat in Saudi Arabia.
There were no immediate comments from Ukraine officials on the attack, but Moscow Mayor Sergei Sibyanin said over 70 drones targeted the Russian capital, but defenses downed them as they were flying toward it.
Officials temporarily restricted flights at several airports in and around the city.
British Prime Minister Kirs Starmer and US President Donald Trump have spoken over the phone.
The call came ahead of the US -Ukraine meeting in Saudi Arabia.
According to Downing Street, Starmer said British officials spoke to Ukrainian officials over the weekend and the two sides remain committed to a lasting peace.
The Prime Minister said he hopes he'll be a positive outcome from the talks.
... lead to the restoration of USAID and intelligence sharing for Ukraine.
The two leaders also spoke about the economic deal they discussed at the White House.
Israel's negotiating team has traveled to Qatar for talks...
... aimed at extending the Gaza ceasefire.
The initial phase of the ceasefire ended on March the 1st.
Hamas has been urging immediate negotiations on the second phase...
...while Israel has been pushing for extending phase one.
Jonathan Regev has more from Tel Aviv.
Legation has been given a mandate to speak only about a possible extension of the first phase of the ceasefire.
This is something that has been reportedly brought up by the United States, by U .S.
envoy Steve Whitkoff, who will also be joining the talks in Doha, meaning extending the ceasefire for another month or so that will end roughly in mid -April, some five weeks from now or so, and so the delegation, the Israeli delegation, is meant to discuss that, extending that first phase for another five weeks or so, a ceasefire, of course, that would include the release of some Israeli hostages.
The reports speak of roughly half of the 59 hostages remaining.
Of course there could be many details, how many living hostages will be released, how many dead hostages will be released, But that, according to the reports, is the mandate given to the delegation.
Not anything past that.
Not discussing the second phase of the ceasefire, which would include the complete withdrawal of the Israeli forces from the Gaza Strip and an announcement of the end of the war.
On the other hand, this is exactly what Hamas is asking for.
Exactly that second phase.
How do you narrow the gap between the demands of Israel and the demands by Hamas?
The solutions should come from the Qataris, from the US, from the Egyptians.
But at least according to what Israeli sources are hearing, nothing passed the first phase.
This is what the Israeli delegation will be speaking about, how much progress can be made when these are the circumstances.
Again, not exactly clear.
That was Jonathan Regev reporting.
The United Nations has expressed concern over Israel cutting electricity to Gaza.
Hamas has called the Israeli move blackmail.
U .N. Secretary General Spokesperson Staufondu Jarek says the outage impacts tens of thousands of families.
This latest decision will substantially reduce the availability of drinking water in the Gaza Strip.
The facility is set to run on backup generators, which will reduce the water production capacity.
Restoring this connection is vital for tens of thousands of families and children.
Meantime all crossings in the Gaza have remained closed to cargo for nine consecutive days.
Dejarik says that the closures are severely hindering humanitarian aid deliveries.
We and our partners warn that fuel shortages are affecting aid operations.
We're currently examining how to prioritize the remaining stock.
The crossings are now closed, so we're, we're not sitting on the stocks.
We're trying to, my colleagues on the ground are trying to make extremely difficult decisions about how to best use these stocks to make sure they last the longest amount of time because we don't know how long this closure will last." Israelists stop supplying goods to the more than 2 million residents of Gaza, mirroring the siege that was imposed in the earliest days of the war.
The countries justified the move to pressure Hamas to release Israeli captives.
Ramey Amagari has more on the Gazan response to the latest Israeli move.
Actually, this decision is viewed by the Palestinian population and the Gaza Strip as one more means of a pressure practiced by the Israeli government and Israeli authorities on the population of Gaza, on the Gaza Strip in general, because of the stand -off over the ceasefire phases, the first phase, the second phase, the Israeli conflict over the, either the extension of the ceasefire deal as stated by Israel or going into a second phase of the deal.
Actually, this decision will impact largely the population of the southern Gaza Strip, particularly 2 ,200 ,000 Palestinians in the south of the Darol Balat town in Central Gaza Strip, because they used to get the desalinated water.
This was the only water plant we're operating in in the Gaza Strip since that over the past four months since late 2024 when Israel was able to connect it with electricity based on or upon the request of UNICEF and other international organizations." That was Ramy Al Magari on the plight of people in Gaza.
The Syrian interim government has reached a breakthrough deal to integrate institutions of the Kurdish -led Syrian Democratic forces with state institutions.
Under the unprecedented agreement, all SDF controlled civilian and military institutions will be integrated with the state, which will take over control of borders, airports, and oil and gas fields.
It also includes provisions to guarantee the rights of all Syrians, the official recognition of the Kurdish community as an integral part of Syria, a nationwide ceasefire, and protection for returning displaced Syrians.
The implementation is due by the end of the year, but it does not specify how the SDF's military operations will be integrated into Syria's Defense Ministry.
Tanker -carrying jet fuel for the U .S.
military has been hit by a container ship off Northeast England.
The cargo ship is reportedly loaded with highly toxic chemicals.
The collision on Monday ignited fires on both vessels, causing multiple explosions and forcing both crews to abandon ship.
Britain's Coast Guard said it's a called off the surge despite one crewmember remaining missing.
Lee Jan Walton has more from London.
The collision off the Yorkshire Coast involved two vessels.
The US flagged fuel tanker Stena Immaculate and the Portuguese flagged container ship Salon.
Marine traffic data indicates that the 180 -metre -long Stena Immaculate was anchors near Hull, but it was struck by the 140 -metre -long salon.
The US tanker, reportedly carrying jet fuel, had arrived from Greece and was waiting outside hell while the salon was sailing from Scotland to the Netherlands.
The owner of the American tanker confirmed that more than 20 crew members were on -board and have been safely rescued.
The alarm was first raised at 948 GMT and by 1020, the British Coast Guard had dispatched lifeboat and the rescue helicopter.
Videos on social media show thick smoke bellowing from the tanker, with reports of a massive fireball being seen.
There are growing concerns over environmental damage, with the tanker's owner confirming that jet fuel has spilled into the North Sea.
Greenpeace UK says the extent of the impact will depend on the quantity and type of fuel released.
Authorities are continuing to assess the situation while investigations into the course of the collision on Andawi.
That was Lee Jainhwa reporting.
We're at 28 past the hour.
Beijing down to six degrees on Tuesday evening.
It'll be sunny in 16 on Wednesday.
Nanchung's down to 10, then, moderate rainfall in 18.
Elsir in Asia, Islamabad's 13 overnight.
A slight rainfall in 25 degrees on Wednesday.
Vientiane dips to 22, then a slight rainfall in 37.
Phnom Penh is 25 overnight, then a slight rain in 35 degrees.
It's time for a short break.
So far this hour China's concluded its annual political season with a closing meeting at the Great Hall of the People in Beijing.
China's rising dominance in the field of artificial intelligence was a major theme at the two sessions meetings.
Officials from Ukraine and the U .S are meeting in Saudi Arabia to seek a way to end Ukraine's conflict with Russia.
Shane Bingham with you stay with us here on the Beijing Hour.
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Examining the events that impact and shape China and the rest of the world.
This is the Beijing Hour.
One hour of news and information brought to you every weekday.
Now here's your host, Shane Beggar with you on this Tuesday.
Still to come in business, plunging stock markets in the United States.
and today we have part seven of the Yellow River Mosaic Series, telling stories of people whose lives are intertwined with that famous Chinese waterway.
Contact us, you can email radio at cgtn .com or follow our X account at cgtn radio.
First of all, a Check of the Days headline news.
This year's political seasons concluded with the top legislature wrapping up its annual session in Beijing.
Chinese president Xi Jinping and other leaders attended the closing meeting of the third session of the 14th National People's Congress at the great Hall of the People.
National lawmakers approved the government work report.
They also gave the green light to the central budget plan and the national economic and social development plan for the year ahead.
They also approved work reports from the country's legal system, including the top court.
China's reiterated its support for all efforts conducive to a peaceful settlement of the Stakeholders can reach a just, lasting, and acceptable solution.
The Ministry also says China is willing to continue to work with the international community to play a constructive role in the political settlement of the crisis.
Ukrainian and U .S. officials are meeting in Saudi Arabia that follows a rare shouting match at the White House between the Ukrainian and U .S.
presidents. U .S. President Donald Trump's envoy to the Middle East reportedly plans to visit Moscow for a meeting with Russian president Vladimir Putin.
Bloomberg reports that Steve Whitekof plans to travel this week for what will be his second trip to Russia as Trump's envoy.
However, the report does not specify the exact time of this trip.
According to previous reports, Russia released a US citizen who'd been detained for three years after Whitekof's visit to Russia back in February.
South Korean acting president Choi Sungmuk has claimed that the America First policies of US President Donald Trump are now directed at his country.
President Trump has recently claimed in his congressional speech and other remarks that South Korea's tariffs are unfair, and has called for the abolition of subsidies promised to semiconductor companies, signaling all -out pressure.
Choi also said that Seoul and Washington had begun talks on tariffs, energy cooperation and shipbuilding before reciprocal tariffs take effect on April 2.
The government will only consider national interests and respond with a cool head and flexibility, and will devote all our efforts to finding a mutual ring agreement between South Korea and the United States.
The U .S. president announced a global regime of reciprocal tariffs on all U .S.
trading partners starting from April 2.
Second, Trump threatened to impose all outpressure on South Korea.
Media reports say the Japanese trade ministers failed to secure exemptions from U .S.
President Trump's planned tariffs on steel, automobiles, and other imports.
Yeojie Mutto met senior U .S.
officials in Washington, including Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnik.
Mutto said U .S. officials acknowledged Japan's importance to the American economy, but they did not offer guarantees regarding tariff exemptions.
Trump's 25 % tariffs on steel and aluminum imports are set to take effect this week, with a similar levy on imported cars, expected by April 2nd.
Citi has downgraded US equities from overweight to neutral while upgrading Chinese stocks to overweight.
The bank highlighted the appeal of Chinese stocks, setting the strengths of China's tech industry along with government support and attractive valuations.
It emphasizes how the deep -seek initiative showcases China's technological advancements.
A Switzerland -based air quality monitors as most of the world still suffers from polluted air.
Cities like Beijing, Seoul, and the Polish city of Ribnik have made notable improvements.
IQAir analyzed more than 40 ,000 air -quality monitoring stations across 138 countries.
CEO Frank Hammes says around 17 % of cities worldwide meet air pollution guidelines.
The key findings for this year's report is that we've seen some improvements in many parts of the world.
Unfortunately those improvements were relatively small.
So we're seeing that slight improvements are being made.
Mostly those are coming though from the very developed countries, right?
Where you see the transition from combustion engines in transportation to electric vehicles, I think we're seeing some of that and where we see some of the power generation now switching over to cleaner sources too.
The report identifies Chad, the DR Congo, Bangladesh, Pakistan, and India as having the world's worst air pollution.
A volcano in Guatemala has put 30 ,000 people at risk and forced 300 families out of their homes.
Authorities have shut down a key road connecting communities after the started.
If the activities continue officials expect the plumes of ash and smoke to rise to 6 ,000 meters above sea level and affect areas as far as 40 kilometers from the eruption.
The disaster agency expects the flow volcanic materials to intensify.
Volcano is one of the most visited tour response in Guatemala.
Ms. Chezhein Bigham from the Chinese capital coming up in business plunging stock markets in the United States.
36 past the hour and with business now here's Wang Zihang.
Thank you, Shane. Stock markets in the Chinese mainland closed higher on Tuesday.
The Shanghai composite was up 0 .4%, while the Shenzhen component was up 0 .3%.
Stocks related to military electronics and minor metals led the gains.
In Hong Kong, the benchmark Hang Seng index ended the session flat.
Meantime, Tokyo stocks fell on Tuesday.
The benchmark Nikkei stock index closed down over 0 .6 % from the previous day.
US stocks plunged on Monday as uncertainties over tariffs and the possible federal government shutdown drove fears of a US recession.
The S &P 500 had its biggest one -day drop since December 18, and the tech -loaded Nasdaq slid 4%, its biggest single -day drop since September 2022.
Mitch McCann reports from New York.
After a volatile and troubling week for the US stock market last week, there wasn't much good news to report to begin the week on Monday in New York, with massive losses across the indices that we've been looking at.
The Dow Jones fell a whopping 890 points on Monday, the S &P 500 was down 2 .69 % and the NASDAQ was also down 4%.
This is similar to what we saw last week with widespread drops across the board.
The question is what's causing this and why has it happened and the biggest reason perhaps is uncertainty over Donald Trump's on -again, off -again implementation of tariffs and the confusion that's causing that also fears over a recession.
Mr Trump was asked in an interview by Fox News Business which aired on Sunday night in the US, what are the prospects of a recession in the coming months here in the US.
And he replied, I hate to predict things like that, there is a period of transition because what we're doing is very big.
So instead of saying no, there's not going to be a recession, he said we are in a period of transition.
Now analysts at JPMorgan Chase, which is the largest banking company in the United States, said in a recent report that there was a quote, materially higher risk of a global recession this year because of US policies.
It's also been reported that strategists at Goldman Sachs said the chances of a recession this year are around 20 % and and they've cited policy changes as a key risk.
There was Mitch McCann reporting, now for more insights Jung -Jin Fung spoke to Professor John Gong from the University of International Business and Economics.
Well Professor, President Trump says the U .S.
economy is undergoing a pure transition and he cannot answer the question whether he will sunk into a recession.
What's your take on that?
Well, I think that part of it, statement is very true.
I think what he's doing exactly is nothing short of essentially a bloodless revolution, in my view.
I mean, he is transforming the federal government, is cutting budgets, he's trying to restructure the revenue sources for the federal government.
I mean, this is gonna introduce a profound change.
And I think in that process, a recession is very likely, in my view, because he's laying people left and right in the federal government.
And also, you know, by introducing tariffs, the tariffs that, you know, he thinks is the most beautiful word in the dictionary.
I think he's going to stick with the tariff.
The U .S. inflation is going to increase without any doubt, in my view.
So I think, you know, these two factors are mostly contributing to a very groomed prospect for the U .S.
economy. And I think probably inflation is indeed round the corner.
But investors are so worried about the economy that led to a very big sell off on Wall Street down jones.
There's a P500, NASDAQ lost between 2 % to 5%, it also dragged down Asian stock market.
So how worried should we to the US recession or to a downfall probably on the US stock market?
Yeah. Well, I mean, the equity market in the United States is really steam.
I think ever since he took office, I mean, if you compare the performance with a month ago, Dow Jones has already experienced a six or seven percent drop already.
I think the market sentiment has turned.
The narrative has changed.
I think we're starting to see more money pouring into the Hong Kong stock exchange for example.
So I think moving forward it looks like the boom market in the United States, the very loud stretch of boom market is running out of steam.
Dow Jones is in store for a major correction probably and some of it it can be directly attributed to Donald Trump's policy.
That was Professor Jong -ong at the University of International Business and Economics.
The government in the Canadian province of Ontario has officially applied a 25 % surcharge on all electricity exports to three US states.
Ontario Premier Doug Ford said he will not hesitate to increase the charge or even shut off energy exports entirely should the trade will persist.
The additional tax will affect 1 .5 million homes and businesses in Michigan, Minnesota and New York.
The official data shows Germany's industrial production increased by 2 % in January from a month earlier, indicating a tentative rebound in economic activity at the start of the year.
The Federal Statistical Office said the rise was largely driven by a strong recovery in the automotive sector.
The German Economy Minister cautioned that a state -sustained rebound in industrial production remains unlikely, citing a sharp decline in incoming orders and rising geopolitical uncertainties.
Data from the statistics office show that new orders in German industry fell by 7 % in January compared to the previous month with domestic orders plunging by 13%.
Data shows that Japan's GDP grew by annualized 2 .2 % in the fourth quarter last year, marking a downward revision from the preliminary estimate of 2 .8%.
For the full 2024, Japan's economy expended 1 tenth of a percent unchanged from the initial estimate.
Consumer spending, which accounts for more than half of GDP, was revised down to flat from the initial estimate of a 0 .1 % increase for Q4.
Weak demand in mainstream accommodations and automobiles contributed to the downward revision.
The Economic Revitalization Minister said Japan's economy remains on a gradual recovery path supported by strong wage hikes in spring labor negotiations and improving employment and income conditions.
However, he cautioned that the downward risk from the global economy, US policy decisions, and the impact of inflation on consumer spending, require close monitoring.
China's auto industry posted a strong performance in February.
Total auto output reached more than 2 .1 million units, up nearly 40 percent, while sales climbed 34 percent.
Authorities attributed the industry's strong momentum to the implementation of an expanded trading scheme for automobiles.
Technological advancement and product upgrades also contributed to the rising demand.
Tuesday's data also highlighted the continued strong performance of new energy vehicles.
Sales surged 87 % to over 890 ,000 units in February, accounting for about 40 % of total new vehicle sales last month.
A Chinese -invested optical cable manufacturing company has opened in Hungary.
Chinese telecommunications giant Fiberhome said it is the company's first industrial entity in Europe.
It said The Hungarian facility aims to be a high -end optical communication manufacturing hub in Europe.
It said the site will integrate production, research, development and logistics to serve the broader European market.
Chinese Ambassador Gong Tao said the company completed the project and started cooperation in less than a year.
Hungarian officials said the arrival of high -tech investments boosts economic resilience, competitiveness and diversification in their country.
And finally, China has launched a national innovation center for high -end equipment testing in Beijing.
It aims to advance intelligent inspection technologies to support the country's smart manufacturing sector.
The center is under the State Administration for Market Regulation with support from the China Aerospace Science and Industry Corporation.
It seeks to create a collaborative platform that integrates industry, academia and research.
All right. Thank you very much.
That was Wang Zihang with Business.
And you're listening to the Beijing Hour just ahead, we have Part 7 of the Yellow River Mosaic Series, telling stories of people whose lives are intertwined with the famous Chinese waterway.
The middle and lower reaches of the Yellow River in central China are among the places where population ageing is getting increasingly challenging.
All the actors and actresses, since the villagers aged from 15 to 90.
They just play their younger selves.
Taking party in the performance has brought sparks back to their lives.
Hear the story of the empty nesters living in a secluded mountain village in the middle reach of the river.
In Episode Six of our 12 -part series, the Yellow River mosaic, when the kids are gone.
It's 46 minutes past the hour.
You're listening to the Beijing Hour.
It's time for a special series, The Yellow River Mosaic.
A population aging poses growing challenges in the middle and lower reaches of the Yellow River.
And today we go to Qu 'n N 'yau Wa, a village nestled in the mountains on the West Bank of Jinshan Grand Canyon and see how they deal with their aging population.
Here's Wu Jiao with the episode titled When the Kids Are Gone.
September the 27, 2021, at Ch Nihua, a mountain village along the middle reach of the Yellow River.
Caring sediment from the lowlands plateau, the Yellow River gets muddier near Ch Nihua village.
From this point, it runs all the way down calmly to the south of Jinshan Grand Canyon.
I felt a bit uneasy when we arrived, because the village is surrounded by mountains as if it's cut off from the outside world.
But my attention was soon drawn to a gathering crowd of people dressed like the local farmers from the mid -1900s.
All the villagers have their roles to play.
We're very happy to act on the stage.
Fifty -five -year -old Widilei runs a small restaurant.
After cleaning up the table after we finished breakfast in her restaurant, she changed into her Lois Plateau farmer's costume of the 1950s.
The performance features the traditional lifestyle and culture, typical of the Middle Rangers of the yellow river.
Acting in open air at the foot of the mountain, the actors and actresses were mostly middle aged and elderly villagers.
They wore no makeup.
Their weathered, rough faces were the center of attention.
Carrying holes, plows and carrying poles, they walked across the stage along with their All the actors and actresses of villagers aged from 50 to 90.
They just play their younger selves.
It's a show of their real lives.
For most of them, as their kids have left to work in the city, taking part in the performance has brought sparks back to their lives.
58 -year -old Gao Zhenfong is the organizer of the show.
He said the performance is normally put on the weekend, but up to four or five shows are given every day during peak seasons.
Each actor or actress makes 20 yuan or roughly three U .S.
dollars for the 70 -minute performance.
They also performed upon request.
The tourists that told us that, together with some 50 co -workers, she booked the show before they arrived in the village on their team building trek.
On the inside and to the rhythm of their walking shanty, a group of younger farmers were carving out terrace fields for farming.
They pound the ground with a piece of round, flat stone.
A few others passed by pushing a hand cart.
Down the stage, several older villages were grinding grains on two millstones.
When the performance was over, everybody went back to their normal farm work.
I took part in each of the performances." With a broad smile, 72 -year -old Gao Nongfeng had a chat with us after he had changed into his work uniform as a cleaner.
I couldn't quite understand his dialect so the villagers around us all joined our and explained that both he and his wife acted in the show.
He dance to the younger, the well -known traditional folk dance.
Of the 130 performers, 80 of them are 70 years old or even older.
Most are empty nesters as their children have moved out to working cities.
Tse -nol -wa has registered population of 1 ,000.
Only half of them live there while most young people have left the village.
Those aged 65 and above now make up more than 30 percent of its remaining population.
In fact, the middle and lower reaches of the Yellow River in Central China are among the places where population aging is getting increasingly challenging.
You cannot say that the senior villagers are too old to do anything.
Don't underestimate them.
Nobody knows their land better than they do.
They are very honest, down to earth, and they understand how to make full use of the resources available.
After this Fine. Panzhe now were two years old, a key figure in the transformation of Ch Enginereois, he led the empty nesters out of loneliness and distress, and turned the village into a tourist destination.
Old items, ancient villages, and veteran farmers are all precious resources.
They first set up a folklore museum in 2009, exhibiting 50 ,000 old objects that generations of villagers had used in their daily lives.
A tour of the museum became the best way to get a sense of the lives of the lowest plateau farmers in the mid -1900s and earlier.
With an ever -increasing number of visitors coming to the museum, Gao Yondong and his fellow villagers like Gao Jun -Fong created the show, featuring their old country life and put it on stage in 2015.
We did that to create jobs and help the villagers earn some money.
Gao Junfong said the village mainly relies on tourism -related businesses for revenue.
He added that each of those aged 70 and above who regularly participate in the performance makes at least 10 ,000 yuan through performing and selling their farm produce every year.
In addition, they each get an annual pension of 2 ,000 yuan from the government.
event. The development of the tourism industry also brought extra income to younger people like Chiare Lien, who chose to stay in the village and run small businesses.
I can make a profit of at least 200 yen on a normal day.
During holidays when more tourists Come to visit, I can make 10 times as much or even higher." But this is not good enough for Gao Yongdong, who initiated the tourism program.
His goal is to attract more younger people to come back to the village.
Industries are essential to vitalizing the countryside.
We are trying to develop tourism to boost agriculture and manufacturing.
But any village would need its people to stay before it can push for development.
Most people aged between 50 and 60 have already come back.
Each of them can earn 20 ,000 to 30 ,000 yuan every year.
When yearly income doubles or becomes even higher, more people will return.
However, some villagers still choose to leave, simply for one reason.
Ten families have moved out this year in search of a better education environment for their kids.
We have a kindergarten year, but the education quality is not as good as that in the urban the area.
Gao Yongdong expects the government to provide more help in regards to rural education and healthcare.
I hope the government will give more importance to improving education and medical services.
On one hand, not every family can afford to send their kids to study in the city.
On the other, some villagers may live a better life at home, but they still choose to live for the sake of their kids' education.
Among the six villages we visited along the middle reaches of the Yellow River, almost all of the families chose to send their kids to study in the city.
46 -year -old Lian Li hopes her children will settle down there in the future.
We invite them to develop their careers where more opportunities are available.
Though rural tourism is booming here, it's still a village after all.
Since those leaving the village still outnumber those who have come back, GaoPortang said they have to search for ways to keep their well -received country life performance rolling.
We're upgrading the infrastructure in the village to attract back those doing odd jobs away from the village.
We also plan to recruit people from neighboring villages.
Please come again in three years.
I'm sure you'll find a different trinewa.
And that was When the Kids Are Gone from our multimedia series, The Yellow River Mosaic.
You can also visit radio .cgtn .com for more videos and photos of the series and subscribe to The Yellow River Mosaic on your favorite podcast platform.
We're at 58 past the hour.
Check in the forecast before we go for the day.
Beijing's down to 6 degrees on Tuesday evening.
It will be sunny in 16 on Wednesday.
Anshang's down to 10 degrees, then moderate rainfall in 18.
Elsewhere in Asia, Islamabad's down to 13, then a slight rainfall in 25 degrees Celsius on Wednesday.
The entian dips to 22, then a slight rain in 37.
Phnom Penh's at 25 overnight, then some rainfall in 35.
In Africa, Nairobi will get a slight rainfall in 26 degrees on Wednesday.
That's it for this edition of the Beijing Hour.
Making news today, China's concluded its annual political season with a closing meeting at the Great Hall of the People in Beijing.
And China's rising dominance in the field of artificial intelligence was a major theme at the two sessions.
On behalf of the staff, this is Shane Vigam in the Chinese Capital.
Hoping you'll join us for the next edition of the Beijing Hour and open a window to the world together.
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