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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 host.
Shane Biggum with you on this Friday, January 2nd, 2025.
You're listening to the Beijing Hour, coming to you live from the Chinese capital.
On today's program, people across China are reacting to President Xi Jinping's New Year's speech that highlighted innovation and high-quality development.
China's marking the seventh anniversary of President Xi's five-point proposal for completing reunification with the Taiwan region.
And Switzerland is in mourning after the New Year fire at a ski resort that resulted in at least 40 deaths.
In business, China's consumer trade and policy helped drive sales in 2025.
In sports, another tough matchup between Liverpool and Anfield in the EPL.
In culture and entertainment, China's New Year holiday box office rakes in half a billion yuan.
Now checking the day's top stories.
In his 2026 New Year message, Chinese President Xi Jinping highlighted that 2025 saw innovation driving high-quality development, with science and technology deeply integrated into industry and a stream of new inventions boosting productivity.
He called for further reforms, opening up and steps to promote sustainable high-quality growth.
He also emphasized that China remains committed to global engagement, saying the country is ready to work with all nations to advance world peace and build a shared future for humanity, even as parts of the world face turbulence and conflict.
People across China say President Xi Jinping's New Year message reflected their own experiences within the broader gains mentioned in the address.
Chen Mengfei reports on how the president's remarks resonated with different people.
In his 2026 New Year address, President Xi Jinping once again highlighted the dedication of the country's hardworking people.
In the remote mountains of Sizang, a group of young firefighters worked through the New Year saying the president's words gave them encouragement.
The President's New Year message deeply encouraged us here on the snowy plateau.
As firefighters, we patrol the forests year-round, carrying out fire prevention work to protect the ecological environment.
In doing so, we are putting into practice the principle that lucid waters and lush mountains are invaluable assets.
In the new year, we will continue to safeguard this land and the people who live here.
In 2025, innovation gained strong momentum across China, from large AI models to robotics.
The president highlighted the country's expanding innovation capacity as a key driver for high-quality development.
President Xi's emphasis on promoting technological innovation provides a strong confidence boost for China's manufacturing sector.
It reinforces our commitment to bringing China's efficient green energy solutions to the world, sharing the benefits of our high-quality development with global consumers.
We watched President Xi's New Year message at China's Qinling Station in Antarctica and felt deeply encouraged at the southernmost point of the planet.
Working together with the international community, we are using science to explore the unknown and to assist China's efforts in addressing climate change for the benefit of all humanity.
After listening to President Xi's 2026 New Year Address, we felt greatly encouraged and gained valuable guidance for our future development.
Over the past year, we have closely aligned our work with the Greater Bay Area's Integrated Development Strategy, completing a number of infrastructure projects related to the low-altitude economy in Guangzhou, Shenzhen and Zhuhai.
The 2026 APEC meetings will be held in the Greater Bay Area for the first time.
For our company, this presents an important opportunity to engage with the international community, and we are fully prepared.
2025 was another year of China's active global engagement.
In his speech, the president emphasized that China will continue to open its arms to the world.
The president's New Year message has given us strong motivation as we stand on the front line of serving Hainan's high-level opening up.
Across the island, a series of concrete initiatives make China's openness tangible.
In 2026, we look forward to welcoming more international visitors.
Currently, travelers from 86 countries can visit Hainan visa-free.
We welcome friends from around the world to experience Hainan and discover China.
Delivered on the evening of the last day of 2025, President Xi's message offered a moment for ordinary Chinese to look ahead and plan for 2026.
In 2026, I plan to bring more high-quality products from countries involved in the Belt and Road Initiative back to China and also to promote more Chinese-made goods in Central Asia and Europe.
The General Secretary's New Year message has greatly encouraged us grassroots officials.
This year, our village carried out some practical projects and also launched live streaming to help villagers sell their products and increase their income.
In 2026, we plan to use the money earned from live streaming to take the children to see the sea and show them the wider world.
In keeping with tradition, the president concluded his speech with an auspicious New Year wish, saying may your hearts be joyful, your work fruitful and everything you hope for come true.
That was Chen Mengfei reporting.
Chinese President's New Year address highlighted China's achievements during the 14th Five-Year Plan, which ended in 2025, and the country's aspirations for continued high-quality development.
International observers say this message reflects China's determination and high regard for the people's well-being.
French economist Camille Sari says the speech reflected China's steady advancement.
His New Year's speech was full of optimism and was also inspiring.
China is moving forward.
This is what President Xi wanted to emphasize.
What strikes me most in China is that every year I return, I see new constructions, new projects completed in record time.
Andrei Denisov is the first deputy chair of the Russian Federation Council Committee on Foreign Affairs and he notes that China's emphasized the quality of development.
During the period of the 14th Five-Year Plan, China became more confident in consolidating its position as one of the world's major economies and becoming the main face leading it.
More importantly, China has focused on the quality of economic development, which President Xi and the Chinese government have emphasized.
President Robert Lawrence Kuhn of the Kuhn Foundation, based in Los Angeles in New York, is impressed by the progress China's made in recent years.
In hearing President Xi's speech, what most impressed me was how much he covered within such a short space.
From the dreams to Chinese modernization, high quality development, new quality productive forces, science and technology, and innovation.
You see the whole thing in an organized approach that defines President Xi's vision for the country.
Other observers have also praised the global initiatives proposed by President Xi Jinping, as well as his development vision, shared with the global south.
Cross-regional journeys across China have risen 20 from a year ago to over 207 million on the first day of the New Year holiday.
Official figures show railway travelers posted the biggest jump, at nearly 68 to more than 18 million passenger trips.
Rail operators expanded capacity on busy routes and introduced special tourist trains, while newly opened lines and stations offered more options.
Road trips also grew by over 17% to 186 million.
Meanwhile, a growing number of international visitors have traveled to China to celebrate New Year's Day.
I am from Melbourne, Australia, and I'm coming to Guangzhou and Shenzhen in China.
I'm excited to see all the tall buildings, especially all the ones that light up and experience a new culture in China.
The atmosphere is really nice.
We feel very welcomed here.
It's a very international vibe.
Chinese authorities are expecting a daily average of more than 21 million cross-border trips during the three-day holiday.
That's a 224 increase.
Coming up, marking the anniversary of President Xi's proposal for national reunification.
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Nine minutes past the hour.
Friday marks the 7th anniversary of President Xi Jinping's five-point proposal for national reunification.
On January 2 2019, he addressed a gathering in Beijing commemorating the 40th anniversary of the Chinese mainland's message to compatriots in Taiwan, asserting that China must be and will be reunified.
Proposal emphasizes promoting national rejuvenation and peaceful reunification, exploring the one country, two systems framework, upholding the one China principle, deepening cross-strait integration and recognizing the enduring kinship between the people of Taiwan and the mainland.
Friday also marks the 25th anniversary of the Mini Three Links between the Chinese mainland and Taiwan.
The Mini Three Links refers to direct trade and postal and transport services between Fujian Province and Taiwan-administered Kinmen and Matsu Islands.
More than 26 million passenger trips have been made since the launch of the routes in 2001.
Over the ongoing three-day New Year break, passenger flow has surged.
Passengers from Taiwan welcome the new and smarter border check services.
Smart facial recognition is fast, convenient and efficient.
We used to wait in long lines, but now it's very convenient.
This is so convenient.
With many travelers around, I can enter quickly and handle my matters faster.
Meantime, events have been held to mark the 25th anniversary of the Mini-3 Lynx.
Zhang Yibing has more from one of the Lynx at Wutong Ferry Terminal in Xiamen.
Various events are being held in East China's Fujian Province to mark the 25th anniversary of the opening of the Mini-3 Lynx passenger routes.
In the capital city of Fuzhou.
The symposium is held to recall the history and promote the further links between both sides of the Taiwan Strait.
And in the city of Xiamen.
Here a ceremony has just been held by people from both the city of Xiamen and the Kinmen County.
And over the past 25 years, they have witnessed the history and presence of the passenger routes.
They exchanged gifts, symbolizing deeply rooted bonds between both sides and expressing hope for a common, better future.
Let us see some facts of the past 25 years.
On January 2, 2001, the many three linked passenger routes were opened.
On that day, some 680 Taiwan residents from Kinmen and Matsu Islands, administered by Taiwan, took ferries respectively, to arrive in the cities of Xiamen and Fuzhou on the mainland.
That ended a 52-year freeze in direct travel between both sides of the Taiwan Strait.
Starting from the modest start, they have contributed greatly to the overall start of the direct links of the sea, air and postal services between Chinese mainland and Taiwan.
According to the official statistics, over the past 25 years, The passenger routes have carried out carried more than 26 million trips between both sides of the Taiwan Street.
And the costs for travel, business and visiting relatives between both sides of the Taiwan Street have been effectively reduced.
And court street entry and exit procedures have continuously been simplified.
And now the Taiwan residents here need much shorter time for entry and exit, as short as just 10 seconds for scanning the face.
Many Taiwan residents, for example, took the route coming and out of the mainland to live and work, And during my interviews with them, they said they cherish these golden lines between both sides.
And they also said they hope the direct links can be further.
For example, in constructing the Southern Kingman Bridge, not far away from here, linking both sides more directly.
That was Zhang Yibing reporting.
And for more insights, Li Dongning spoke with Rong Ying, chair professor at Sichuan University.
President Xi's New Year address struck a strong note on Taiwan.
It said people on both sides of the strait are one and the same family, and also declared that China's reunification is unstoppable.
So what do you think this conveys to the world and to Taiwan as well?
And how does this set the tone for the overall cross-strait relations?
Yeah, I think President Xi's New Year's address is certainly very important.
I mean on the question of Taiwan.
I think the two messages are very much important, as we can see.
First and foremost,
That is, of course, Taiwan is part of China, the one China principle.
I think, despite the efforts or attempts by various I think forces, Taiwan independent separatist forces and its supporters are not going to change at all.
I think the fact that Taiwan is part of China, there's one China, in the world.
That is loud and clear.
I think the second message, if I can see, is that President Xi in his New Year's remarks also demonstrated, expressed the determination and the resolution that the complete reunification of China, that is a historical trend and would not stop by any forces at all.
This is, again, a very much important context where China is rising.
China is becoming more and more important and making great progress strides in its strive for Chinese modernization.
So national reunification of China will go side by side with the complete reunification of the mainland with Taiwan.
That is a very strong message.
And I think, in terms of that, Mini3Links plays a very good example here and is also the 25th anniversary of this Mini3Links.
So Professor, what exactly have the Mini3Links meant for ordinary people and local economies, and how do grassroots exchanges support the goals of reunification and cooperation?
Yeah, that is true.
I think 25 years ago, the launching of the three MiniLinks was indeed, I think, kind of innovative, creative ideas how to respond to the urgent needs and requirement of closer, strengthened communications and links between the two sides.
But 25 years later, we have seen the connections, the links as being has been deepened and, most importantly, I think, not only provide more conveniences in terms of trade.
Going beyond that, as we have seen,
And having said that, I have also to point out that there are attempts by the Taiwan authorities, representing by the DPPs, and they are making every possible effort, efforts to abstract or disrupt that effort.
That is something really bad.
So I think the trend and the demand of the peoples across the streets want to have more closer, integrated interactions.
That is something I think no forces can stop.
And that would also, with closer and more interactions, prepare the ground for better understanding, for more communication but, most importantly, I think, prepare the ground for final unification.
That was Rong Ying, chair professor at Sichuan University.
Coming up, Switzerland mourns the deadly fire that claimed at least 40 lives at a ski resort.
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17 past the hour.
Switzerland's in mourning after the deadly fire at a ski resort that killed around 40 people and injured more than 100.
President Guy Parmelin described it as one of the worst tragedies in the country's history and has ordered flags in the capital to fly to have staff for five days.
The fire broke out at a bar in the Cran Montana ski resort early Thursday during New Year's celebrations.
Officials have ruled out an attack but are still investigating the cause.
They've also said that identification of the victims could take weeks.
Johannes Plushberger has more from the scene.
We've heard that the search for victims is still ongoing, and especially the identification of victims, which authorities say could take up to weeks.
Why?
Well, experts say that due to the young age of the many victims, the many fatal casualties here, because this bar was popular among 15, 16 to 25-year-olds.
So, due to the young age, it's very difficult to identify these people, because if you compare this to a plane crash where, for instance, there's a list of passengers, there might be a body or teeth implants inside the victims, it would be easier to identify him.
Here it's very difficult because they're so young, they don't have any implants.
There probably wasn't even a guest list of this event.
So identification could take up to weeks.
Also, we've seen accounts on social media where relatives or parents are publishing pictures of their children, who they believe are among the victims.
It's really, really sad.
We've seen all those pictures of very young boys girls teenagers, who are believed to be among the victims, but the parents just don't know anything about their children, whether they are among them, these fatal victims.
Well, there was a vigil.
Many tourists, a fancy ski resort, a lot of tourists came, but also locals.
It feels like a very tight, close society here.
Everybody is very emotional and people are trying to stand together.
And a lot of people came here to light up candles, hold a vigil.
So it's one of the most tragic incidents and tragedies that Switzerland ever had to endure.
Authorities say,
That was Johannes Plushberger reporting.
Ukraine and Russia have accused each other of carrying out deadly attacks on New Year's Day.
Ukrainian President, Volodymyr Zelensky, said Russia launched over 200 attack drones against his country, damaging power infrastructure in several regions.
Sites vital to the Ukrainian armed forces were also hit.
In a video address, Zelensky made clear that Ukraine will not accept any unfavorable peace deal.
Guillaume Packer has more from Kyiv.
So it appears that Russia has unleashed, yet again, a massive barrage of drones against Ukraine and Ukraine's civilian infrastructure, namely the energy infrastructure in the country, once again.
So it appears that around 200 drones Ukrainian officials claim have been fired at the Ukrainian territory in multiple regions uh, including volin, but also kiev, and and again um thousands of civilians have been left without energy, even though the country was is obviously in the throes of a very, very cold and frigid winter indeed.
The ukrainian president has once again struck a rather defiant tone, emphasizing the resilience of the Ukrainian people and his commitment to ensure that Ukraine is not sidelined during negotiations and is not made to accept any unfavourable peace deal.
President Zelensky wanted to reaffirm the resilience of the people.
As for the strikes the alleged strikes on Vladimir Putin's residence, Ukraine officials have denied it almost immediately as it happened.
Claims by Sergei Lavrov, Russia's foreign minister, were immediately denied by President Zelensky.
And the CIA in the US came out and said that they had assessed that Ukraine had not in fact tried to strike Vladimir Putin's residence.
That was Guillaume Patek reporting.
Meantime.
Russia has condemned Ukraine for killing at least 24 people in an overnight drone strike on the Russian-controlled city of Kherson in southern Ukraine, calling the attack a war crime.
This comes as Moscow handed over what it called proof of Kiev's attempts to strike President Vladimir Putin's residence.
Dasha Chernyshova has more from Moscow.
The Russian authorities say the incident took place in Hadly, which is the village on the shore of the Black Sea in the Russia-controlled Kherson region.
And this is where a cafe and a hotel were struck by three Ukrainian drones after the flight of a reconnaissance drone to that area.
And this strike resulted in a strong fire which killed at least 24 people, among them one child who, according to local authorities, was burned alive.
And we understand that several more kids have been injured.
The number of those wounded varies, but this is between 30 and 50 at least.
And we are hearing that this attack took place just as people were celebrating the start of 2026, just as the clock struck.
It is an important holiday and obviously many Russian politicians are saying that this is specifically cynical to carry out this attack against the civilian population.
The international community should condemn this attack.
According to the narrative of the Russian officials,
And we've been hearing the Russian Ministry of Foreign Affairs saying that Kiev will have to pay for this and the Russian authorities will be demanding some sort of response from the international community.
We've also been hearing about other attacks taking place against the civilian targets in Russia.
We know about another child being killed by a drone strike in the Kherson region.
That's a five-year-old child.
His family has been wounded, mom and his grandparents, according to the local authorities.
And we are hearing about a major attack taking place in the territory of Russia's Tatarstan.
This is where the town of Almaty came under massive Ukrainian attack, attacking the early hours of January 1st.
And also we are hearing Russian Ministry of Defense saying that they have gotten the details of the Ukrainian attack against Putin's residence in the Novgorod region, suggesting that they have found some data on one of those drones where the end target was specified as one of the buildings on the territory of Putin's residence.
That was Dasha Chernyshova reporting.
Venezuelan President Nicolas Maduro has expressed his readiness, if Washington wants serious negotiations on an agreement to combat drug trafficking.
Maduro said many people, even within the United States, do not believe the narrative of drug manufacturing in Venezuela.
He stressed the need for both countries to hold a serious dialogue based on the facts.
The president also said Venezuela will accept US investment at any time, such as investment from the US oil company Chevron, if the United States needs Venezuelan oil.
In recent months, the US has maintained a significant military presence in the Caribbean, much of it off of Venezuela's coast and purportedly to combat drug trafficking.
That's a claim that's been denounced by Venezuela.
The United States has requested permission to install a radar system on the Maurice Bishop International Airport in Grenada, under the banner of anti-drug cooperation.
The move has triggered significant local opposition, with critics viewing it as a strategic expansion of US military intelligence in a region sensitive to its history of intervention.
Cao Xuan explores how this proposal is reviving painful memories about the US military intervention in the Caribbean island nation.
Over 40 years ago, the United States used the Maurice Bishop International Airport during its military invasion of Grenada.
Today, history seems to be repeating itself, as Washington once again targets this facility for a new radar installation.
Many locals are worried.
Physician Dr Therese Marichaud, believes the true intent of the radar has little to do with narcotics.
We know it was really there not for drug interdiction, but encircling Venezuela in a way that they have all points covered.
Political analyst Richard Morales from Panama warns that the installation could serve as a permanent excuse for US military activity.
This will become a pretext for the US to conduct deployments, intercept vessels and carry out operations in the region.
The ultimate goal is the invasion of Venezuela.
Grenada's geographic position, directly facing Venezuela, makes it what US military intelligence considers an ideal location for ground stations.
However, law professor Bauru Borba Cacera at the University of São Paulo warns that this deployment could cross legal boundaries.
But if it is used to spy on the Venezuelan government and the aircraft and ships in the Caribbean Sea, so this can be an abuse and this can be a violation of international law.
To understand the depths of local sensitivity, people only need to look at the Cuban memorial located right next to Maurice Bishop Airport, which honored 24 Cuban engineers killed during the 1983 US invasion.
Whether it was branding a civilian airport a solvent facility in the 80s or labeling nations as terrorist states today, many in the region see a clear pattern the creation of a security threat narrative to justify external intervention.
Professor Carsella notes that most Latin American countries with a US embassy have experienced some form of intervention over the past decades.
It means that in all Latin American countries where you have embassies of the United States, most of them have suffered interventions from America along the decades.
For Dr Terence Marishaw, the irony of the US returning to the same airport they once bombed is not lost.
When the Americans come today on that same airport and are trying to install a military-style radar on that same international airport, that evokes memories of the period of the revolution, when the airport was never intended for military purposes.
And now the Americans want to come today and use it for military purposes.
So just pure gut instinct, just pure Grenadian sentiment that says this isn't right.
This isn't right at all.
For decades, this airport has been Grenada's only gateway to the world, braying in tourists and development.
But today the debate over radar system has transformed from a technical issue into a profound choice about history and national sovereignty.
For the Beijing Hour, this is Cao Xuan.
At 29 past the hour, checking the forecast ahead of the break.
Beijing's down to minus 7 Friday evening.
It'll be sunny and plus 6 on Saturday.
Nanchang's cloudy overnight and tomorrow.
It's down to plus 1 with a high of 10 on Saturday.
Elsewhere in Asia, Islamabad will be overcast and 7 this evening, then cloudy and 16 degrees.
The intense down to 14, then sunny and 25.
Phnom Penh overcast with a low of 19, cloudy and 30 tomorrow.
In Africa, Nairobi is getting clouds and 26 degrees on Saturday.
Kampala is getting a light rainfall tonight and tomorrow.
It's down to 19 overnight, then 28 degrees for a high.
Juba will be overcast and 24 this evening, followed by cloudy conditions and 36 degrees Celsius.
It's time for a short break.
So far.
This hour, people across China are reacting to President Xi Jinping's New Year's speech that highlighted innovation and high-quality development.
China's marking the seventh anniversary of President Xi's five-point proposal for completing reunification with the Taiwan region.
And Switzerland's in mourning after the New Year fire at a ski resort that resulted in at least 40 deaths.
Shane Bigham with you.
Stay with us here on The Beijing Hour.
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What if those other heartbeats were to stop?
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We'll see you there 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 bigham, with you on this friday.
Still to come in business.
China's consumer trade and policy helped drive sales in 2025 in spores.
Another tough matchup between liverpool and ansfield in the epl.
In culture and entertainment, China's New Year holiday box office rakes in half a billion yuan.
To contact us, you can email radio at cgtn.com or follow our ex-account at cgtnradio.
Now checking the day's headlines, here's Zhou Hongyu.
Thank you, Shane.
A Chinese mainland official has called for efforts to promote peaceful development of relations across the Taiwan Strait and achieve national reunification.
The head of the State Council Taiwan Affairs Office was speaking in a New Year message to people in Taiwan.
Song Tao said the mainland will continue expanding exchanges and cooperation and promoting integrated development across the strait in 2026.
He also stressed the mainland's determination to oppose secessionist activities in Taiwan and external interference to maintain peace and stability in the region.
Song called on people across the Taiwan Strait to take on their historical responsibilities, working together to oppose secessionism and work for national reunification.
A Chinese Defense Ministry spokesperson has responded to international reactions to the PLA's recent exercises near the Taiwan region.
Zhang Xiaogang said the drills tested joint operations and demonstrated the Chinese military strength, warning that any provocations on the Taiwan question will be firmly countered.
The spokesperson emphasized that Taiwan is part of China and he called on other countries to respect the One China principle and seek support for separatist activities.
The spokesperson also said the PLA will continue training and remain ready to defend China's sovereignty, unity and territorial integrity.
The number of living registered survivors of the Nanjing massacre has dropped to 23.
That's according to the Memorial Hall of the Victims of the Nanjing Massacre by Japanese Invaders.
The hall says Pan Chaoying passed away on Thursday at the age of 95.
The Nanjing Massacre refers to a period of history and started when Japanese troops captured the then-Chinese capital on December 13 1937.
In the space of six weeks, the invaders killed around 300000 Chinese civilians and unarmed soldiers in one of the most barbaric episodes of World War II.
In 2014, China's top legislature designated December 13 as the National Memorial Day of the Victims of the Nanjing Massacre.
All 122 passengers and crew members evacuated safely after smoke entered the cabin of a Jin Air passenger jet at an airport in South Korea.
The incident occurred at Jeju International Airport on Friday as the airport prepared to fly to the Phon Han.
While boarding was underway, an internal alarm went off following the detection of smoke.
The cause of the smoke is believed to be a defect in the auxiliary power unit in the tail section of the plane, resulting in overheating.
The Gun Violence Archive reports that at least 40000 people were shot in the United States in 2025, leaving more than 14600 dead.
The non-profit organization recorded at least 407 mass shootings during the year.
Gun violence hit children and teenagers especially hard.
Gunfire killed 224 children aged 11 or younger and wounded over 460 others.
Among those aged 12 to 17, shootings killed more than 1,000 and injured over 2,700.
Although shooting deaths and injuries have declined since 2021, gun violence still killed or injured an average of more than 110 people a day.
Last year,
Sohran Mamdani has become the first Muslim leader of America's largest city by population.
In his inauguration ceremony, Mamdani reiterated his campaign promises to make New York City more affordable for working people.
These include freezing rents, taxing the wealthiest, providing free buses and child care, and launching a pilot of city-run grocery stores.
Mabdani, born in Uganda, became the first Muslim mayor of New York City after defeating former New York Governor Andrew Cuomo, in November last year.
People in Bulgaria have begun withdrawing euros for the first time after the country joined the eurozone as its 21st member.
ATMs in Sofia are dispensing new euro banknotes replacing the left, which will remain in circulation for cash payments in January, though change will be given only in euros.
The move marks deeper European Union integration for the Balkan nation, which joined the bloc in 2007.
Supporters hail euro adoption as a major pro-Western milestone, but public skepticism remains strong.
The change comes amid political turmoil following the government's resignation after anti-corruption protests.
While inflation was lowered to meet EU requirements, fears of price rises.
Budget uncertainty and concerns over national identity continue to fuel opposition.
Thank you very much.
That was Do Hongyu with headlines.
Coming up in business, China's consumer trade and policy helped drive sales in 2025.
The Beijing Hour, your window on China and the rest of the world.
37 past the hour.
With business now, here's Tianyu.
Thank you, Shane.
Hong Kong's stock market opened 2026 on a high note, with the Hang Seng index climbing more than 27 and the Hang Seng tech index up over 4 on Friday.
Gains were broad-based, led by semiconductors, defense and software sectors.
Last year the Hang Seng surged nearly 28, its best annual performance in eight years and the second strongest among major global markets.
The city's IPO market is expected to remain active, with Deloitte forecasting around 160 new listings in 2026, raising over HK300 billion or over US38 billion.
China's Commerce Ministry says sales under the Consumer Goods Trading Program topped 26 trillion yuan last year, or over US370 billion, benefiting more than 360 million people.
The program helped lift retail sales by about 1 percentage point, while accelerating industrial upgrading and green transition.
New energy vehicles made up nearly 60 of auto tradings, pushing their market share above 50 for nine straight months.
Authorities say the program will be renewed in 2026, as boosting domestic demand remains a top economic priority.
For a closer look at the trends shaping consumption in China.
Li Lu spoke with Du Jiayi, a research fellow at the Shanghai University of International Business and Economics.
So I don't start with Chinese President Xi's New Year address, in which he noted that cultural activities enrich spiritual life and boost tourism and spending.
So how do you think cultural empowerment work with new technologies, new consumer behaviors to upgrade the scale and quality of consumption?
Yes, President Xi's new address highlighted the importance of cultural activities.
When culture is built into tourism, retail or entertainment, consumption moves from functional demand to experience-oriented demand.
This naturally raises the quality of consumption.
Cultural empowerment plays a key role here.
Digital platforms, immersive experiences and smart infrastructure allow cultural content to reach far more people.
Technology amplifies culture.
Consumer behavior is changing as well.
Younger consumers are more willing to spend on experiences.
They also like to share those experiences online.
Social media turns cultural consumption into something visible and discussable, creating new demand and repeat interest.
Cultural and experience-based spending tends to be more stable and more tied to emotional value.
That makes consumption more resilient and sustainable over time.
Now, Ms.
Du, we are looking at some recent consumption trends, for instance, the emotional economy.
They all suggest shifting priorities.
How do you see this?
Do you think it is a lasting change in what consumers value and also what is the most critical adjustment industries must make to respond to that?
Yes, I believe this shift is likely to last.
When consumer priorities move from status to well-being, they don't easily reverse.
Emotional satisfaction, mental comfort and personal meaning matter as much as price and the function.
This is especially true for young consumers.
They are more cautious about how they spend.
I think for industry, this means products need stronger narratives.
Services need to feel warmer and more human.
Brands that succeed are the ones that understand how people feel.
We can see a lot of emotional or we call robust consumption is often found in very ordinary choices.
It can be as simple as a well-made cup of coffee in the morning or a comfortable piece of furniture at home.
They are not luxury purchases.
They are small, thoughtful upgrades that make our everyday life feel calmer and more cozy.
That was Du Jiayi, a research fellow at the Shanghai University of International Business and Economics.
The China Council for the Promotion of International Trade says Chinese companies expanded cooperation with Belt and Road partner countries in 2025 as trade and investment ties deepened.
Japanese media Nikkei Asia reports that, for the first time, Belt and Road countries accounted for a larger share of China's trade surplus than the United States, contributing about 45 in the first 11 months of the year.
Officials say China will continue business outreach to partner countries in 2026, as high-quality Belt and Road cooperation remains a key economic priority.
2025 was a banner year for China's film industry, with box office takings topping US$7 billion.
The strong performance also helped extend the global reach of Chinese cinema.
Alice Tiansen has more.
China's box office closed out 2025 at record levels, cementing its position as one of the world's most powerful film markets.
Strong domestic releases and sustained audience demand pushed annual revenue to new highs, extending China's box office growth streak.
Over the years, China has refreshed the box office records again and again.
No matter from a Hollywood blockbuster like Avengers Avatar, to now Zootopia 2, and for some chinese local productions like from the wandering earth, the gods of creation to noja 2, you know this market shows a great potential are still waiting for many filmmakers and students to explore.
Zootopia 2 became walt disney animation studios highest grossing movie, earning 146 billion dollars worldwide, with more than 500 million coming from china.
While Chinese audiences brought international box office success to some Hollywood productions, Chinese productions have also ramped up their reach abroad.
We heard about the story of Nanjing and of how the Japanese it was like a genocide back then that we weren't even aware of.
So really looking forward to it.
While China's box office is ending the year on a high, Hollywood is facing a very different reality.
Film LA data shows Los Angeles' share of US scripted production fell to just 183 in 2024, while on-location filming in the last months of 2025 dropped more than 22 year over year.
And that was Eddies Tiansen reporting from Los Angeles.
The Ministry of Ecology and Environment says China's national carbon market ran smoothly last year, with trading activity picking up steadily.
The market covered more than 3300 key emitters, and carbon quota trading rose 24 to 235 million metric tons, with turnover topping 146 billion yuan, or about US21 billion.
Officials say the market is increasingly helping cut emissions at lower cost, as China works towards bringing all major industrial sectors into the system by 2027.
Millions of Americans are expected to see sharp increases in their health insurance costs in 2026, after pandemic-era subsidies expire.
Those subsidies had helped push insurance coverage to a record high.
Efforts to extend the aid trigger the longest U.S. government shutdown in 2025.
Jim Spellman has more.
COVID era subsidies for health care plans brought through the Affordable Care Act, also known as Obamacare, have expired.
That means about 24 million Americans that are enrolled in these plans will lose those subsidies.
Almost everybody that now is in an ACA or Obamacare plan receives some form of subsidies.
The nonprofit KFF Health Policy Organization estimates that healthcare premiums on average will more than double for about 22 million Americans.
For example, a 60-year-old couple making 85000 a year would see yearly premium payments go up by more than 22000 a year.
That's just going to be too much for some households to bear.
Given the increases, the nonpartisan Congressional Budget Office estimates 4 million Americans will abandon health insurance altogether and face potentially devastating health care costs if they become sick or injured.
This was the main issue driving the 43-day U.S. government shutdown back in October and November.
A handful of Democrats finally agreed to open the government in exchange for a vote on health care subsidies in December.
But votes by both Democrats and Republicans failed.
No health care solution has emerged that both sides can agree on.
Another government shutdown definitely possible.
A new funding bill needs to be passed by January 30th to avoid another shutdown.
It wouldn't be as severe as the last shutdown because some programs are funded through the end of the year.
But it would still create difficulties for many Americans and inflict serious political damage on many of those congresspeople on Capitol Hill.
Congress expected to take up the subsidies issue when they return from the holiday break.
And there are lawmakers that have been working on a compromise that they hope to have in place before the deadline.
But there doesn't appear to be any consensus on how to address the expired subsidies.
Affordability expected to be a major issue in the congressional midterm elections coming later this year.
Neither party wants to be blamed for millions of voters seeing skyrocketing health care premiums.
And that was Jim Spellman reporting.
All right.
Thank you very much.
That was your business report.
And coming up, we have in sports another tough matchup between Liverpool and Anfield in the EPL.
Sideline Story brings you all things sports related.
The hottest topics, latest events, juiciest stories, all with a very personal take.
Subscribe to Sideline Story Podcast for heated sports discussions covering events that are happening in China and around the world.
47 past the hour.
With sports now, here's Yang Guang.
Thank you, Shane.
In the English Premier League, Leeds United helped Liverpool to a goalie's draw at Anfield for the second time in a month.
Liverpool created the better chances, but Ugoleki Tike missed an open goal with a header in the first half, when it seemed easier to score.
Liverpool boss Arne Slant expressed frustration after the draw.
If you look at the more bigger picture so you forget the 1v1s.
I think I said to them at half-time we can bring more bodies in the box than we in moments did in the first half when we did cross.
It would have been nice if there were more bodies in their box from us, not from them, but from us.
Leeds extended their unbeaten run to six games.
Elsewhere, Arsenal heads into the weekend with a four-point lead at the top of the Premier League, as Manchester City was also held to a goalie's draw at Sunderland.
Chelsea has partied ways with Enzo Morisca, who was named Manager of the Month for November.
The club has won just one of their last seven league games, causing them to fall out of the Premier League title race.
Mariska joined Chelsea in 2024 after leading Leicester City to Premier League promotion.
In his first season, he secured the UEFA Champions League qualification, the Conference League trophy and the club World Cup title.
Chelsea was third in November but has since slipped to fifth, 15 points behind leaders Arsenal at the halfway mark.
The club has not announced who will take charge ahead of Sunday's match against Man City.
The January transfer window is officially open and the City is closing in on Bournemouth forward, Antoine Simeone, in a deal worth around US87 million.
Meanwhile Juventus, AC Milan and Barcelona are reportedly monitoring the situation of City midfielder Bernardo Silva.
In other transfer news, Liverpool is interested in Mark Gehry, but move is expected to wait until summer as the Reds prefer to sign him on the free transfer.
International Olympic Committee President Kirsty Coventry ran in the new year with excitement.
Dear Olympic friends, as we welcome a new year, I want to thank you, the entire Olympic community, for the incredible support and encouragement you've given me during my first months as IOC president.
Over these six months, I've had the privilege of meeting many of you listening, learning and feeling the energy that drives our Olympic movement.
Your passion and commitment inspire me every day.
Coventry highlighted initiatives as she has led to keep the Olympics relevant in a changing world.
Through the Fit for the Future program.
The IOC has launched working groups to modernize the sports program, expand the Youth Olympic Games, overhaul marketing and partnerships and strengthen protections for the women's category.
At the FIS Ski Jumping World Cup in Oberstdorf Germany, Chinese athlete Zeng Ping made history by earning a silver medal in women's individual large hill final on Thursday.
Zeng, who previously placed sixth at the World Cup stop in Garmisch-Partenkirchen, achieved her best ever result in the series there.
The 21-year-old is currently leading the Chinese female athletes, competing for one of four Olympic qualification spots.
In the CBA, the Beijing Dogs ended Guangdong Southern Tigers' eight-game winning streak with a 105-74 home victory on Thursday.
Star forward Sun Fanbo returned from injury after nearly 250 days.
The 22-year-old, who spent part of the preseason with NBA's Brooklyn Nets, made seven of nine field goals, including four three-pointers.
I think it's more about motivating myself.
Just like if you had not worked for more than 200 days.
You would also be really excited to get back to work.
I don't think there's much more to say.
I consider myself lucky to be standing on the CBA court again, but I don't feel like I have returned to the form that I was in last year yet.
Beijing's international duo Eugene German and Omari Spellman each scored more than 20 points.
Guangdong struggled offensively with only two players reaching double digits.
Jared Salinger made just 4 of 12 shots for 11 points, while Edmund Sumner led all scorers with 35 points but had 7 turnovers.
And finally, in Formula 1, Ferrari has announced the departure of Joe Guan Yu after one year as the team's reserve driver.
The Chinese racer previously spent four years in the Ferrari Driver Academy, from 2015 to 2018, racing through Formula 4 and Formula 3 with the team.
He later moved up to Formula 2, where several race wins helped earn him a promotion to Formula 1 with Sauber, then backed by Alfa Romeo in 2022.
Coming up in culture and entertainment.
China's New Year holiday box office rakes in half a billion yuan.
People in China are chasing their dreams and leaving their mark.
Want to know how they beat the odds and made a difference?
Footprints brings you the true life stories of their journeys.
53 past the hour.
In culture and entertainment, China's New Year holiday box office has topped 500 million yuan, roughly 71 million US dollars, including pre-sales.
Leading the lineup are Zootopia 2, Avatar 3, and the Chinese thriller The Fire Raven.
Zootopia 2 has taken about 30 of the total earnings, while Avatar 3 holds around 25 of the holiday box office.
And Chinese films made a significant impact globally in 2025, screening in 46 countries and acting as a cultural bridge to enhance understanding of China.
In Canada, over 10 Chinese films of various genres screened in the country's largest cinema, receiving positive feedback.
I have seen a few Chinese animations, but I think one of the things that was most unique about them was the detail.
The quality of the animation brings up both.
And there's someone who hasn't been to China like me.
It's really like seeing animation and knowing about China.
It is impressive, honestly.
So I can see China's trying to make stuff with more international box office appeal.
I think it's an important thing for China to reach out to a broader international market.
I think that China has certain things like a history in that.
And of course, there's the action films that can reach a broader audience.
In December, Canada held a Chinese Film Week to encourage more moviegoers to expand their cinematic horizons and learn about Chinese culture.
Recently in China, a group of American high school students had the opportunity to take part in a musical journey.
Chen Yilin reports.
I followed a group of young American marching band musicians across China.
They're here to make music with your Chinese counterparts in Beijing and Shenzhen.
But I wanted to know what is the real chemistry when youth from two powerful nations choose to march and play side by side.
These American students are all devoted to the marching arts, a form that blends music, drills and spectacle.
The magic of music began working instantly.
We didn't talk about it before.
We just got together and said, hey, let's play some drums.
But soon I noticed something interesting happen.
The drum battle quickly transitioning to a giant group drum line.
Even if you don't speak the same language, you're definitely playing the same language and you trust each other to follow that instruction and create something really cool.
Even before the show began, the students were already buzzing with excitement, out here shaking.
I'm so excited and i just hope that everyone who's going to go on today has the best time.
Yeah, super excited, and i can't wait to like express who i am and what we do here in pi.
Ladies and gentlemen, I hope you enjoy the show.
The show must always go on.
We have a full house and let's have a great time.
I realized this isn't just a musical exchange between marching bands.
It's something deeper.
The giant group drum line that wasn't even organized.
That would stick with me because it's just powerful.
In the drum battle you could show off what you do, but as a full group you can achieve such a better sound.
Collaboration is more fun than competitiveness.
Every time we bring students here, it changes them for the better.
And it makes for a, I think in a very little way, a better world.
I think we need more in person, eyeball to eyeball, face to face.
And so I think that's why it's important that people connect in person.
That was a report on the cultural exchange experiences of some American high school students in China.
We're at 57 past the hour, checking the forecast before we go for the weekend.
Beijing down to minus 7 Friday evening.
It'll be sunny and plus 6 on Saturday.
Nanchang's cloudy overnight and tomorrow.
A low of plus 1, a high of 10.
Elsewhere in Asia, Islamabad's overcast and 7 this evening, then cloudy and 16 on Saturday.
Vientiane's down to 14 and then sunny and 25.
Phnom Penh's overcast and 19 this evening, then cloudy and 30.
In Africa, Nairobi is getting cloudy conditions and 26 degrees on Saturday.
Kampala is getting a light rainfall tonight and tomorrow, a low of 19 and then up to 28.
Juba is overcast and 24 this evening, followed by cloudy conditions and 36 degrees.
And that's it for this edition of the Beijing Hour.
Making news.
Today, people across China are reacting to President Xi Jinping's New Year's speech that highlighted innovation and high-quality development.
And China's marking the seventh anniversary of President Xi's five-point proposal for completing reunification with the Taiwan region.
On behalf of the staff, Shane Biggum, 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.
Find The Beijing Hour at precisely 6pm Beijing time.
We meet you on podcast and on air every weekday.
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He can't live without the Yellow River in his eyes.
The Yellow River is so noble and elegant.
Both my grandpa and dad made the living from the river.
Would you like to move away from the Yellow River?
I don't think I will.
I love it so much.
The Yellow River, the second longest river in China, is regarded as a shaping force in the history, economy and culture of northern China.
Today, about 100 million people live within its water basin, making up nearly 9 of the country's population.
How is climate change felt at its headwaters?
And what are the locals doing to cope with it?
What are the descendants of the boatmen doing?
What has kept some people from leaving their home village by the river?
And what has drawn others back?
Could the fading fishing community revive in a time of digital transformation?
From 2021 to 2024.
Our reporters visited the upper, middle and lower reaches of the Yellow River, talked to the herders farmers boatmen, fishermen and eco-activists who share a close bond with the river, and present their stories in pictures, podcasts and videos, or in our 12-part series, The Yellow River Mosaic, available only on CGTN Radio.
