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CGTN: Why is deepening reform so important for China?

Published

2 months ago

July 17, 2024

BEIJING, July 17, 2024 /PRNewswire/ — In the National Museum of China, there is a special collection of 109 official seals. The seals, which are from Binhai New Area in Tianjin Municipality, were scrapped in 2014 after the local government set up an administrative examination and approval bureau and incorporated hundreds of examination and approval units into one department, replacing 109 official seals with one official seal.

In 2014, though the concept of building a socialist market economy had been introduced more than two decades earlier, doing business remained a challenging endeavor. A lawmaker from Tianjin Municipal People’s Congress revealed that a single investment project, from acquiring land to completing all administrative approval procedures, required more than 30 government approvals and over 100 seals. The entire process took a minimum of 272 working days.

The 109 seals displayed in the national museum demonstrated China’s determination to deepen institutional reform. Over the years, to facilitate businesses, China’s State Council has canceled or delegated to lower-level authorities the power of administrative approval for over 1,000 items and slashed the number of investment items subject to central government approval by over 90 percent.

Why deepening reform matters

China launched reform and opening up in 1978. Over the past 46 years, China has transformed from a poor and underdeveloped economy into the world’s second-largest economy.

“Reform and opening up is a major reason why China is able to catch up with the times,” Chinese President Xi Jinping said at a symposium in 2023. He added, “To promote Chinese modernization, we must further comprehensively deepen reform and opening up, continuously liberate and develop social productive forces, and unleash and enhance social vitality.”

China kicked off the third plenary session of the 20th Central Committee of the Communist Party of China in Beijing on Monday. The meeting will focus on further comprehensively deepening reform and advancing Chinese modernization.

Wang Chunguang, a researcher at the Chinese Academy of Social Sciences, said that China has now entered a “deep water” zone in its reform process, facing more complex and urgent tasks than before, such as the diminishing effectiveness of previous reforms, an unclear path of future reform, and shifting international relations. Failing to address the various challenges in society, the economy, culture and politics via further reform, China’s modernization will be significantly constrained.

Fan Weiqing, an associate professor at Wuhan University, said that as a new round of sci-tech revolution and industrial transformation takes shape around the world, and as sci-tech competition becomes fiercer, deepening reform is also vital for China’s technological innovation, which is “decisive” for the country’s future.

“To resolve the series of outstanding contradictions and challenges facing China’s further development, we must deepen reform and opening up,” said Xi. He attaches great importance to deepening reform. One year after he took the helm as the general secretary of the Communist Party of China Central Committee in 2012, the central government adopted a decision to comprehensively deepen reform, with the goals of improving and developing the socialist system with Chinese characteristics and modernizing China’s governance system and capacity.

How is China deepening reform?

Since then, China’s leadership has put forward a road map for deepening overall reform, and the country has also rolled out over 3,000 reform plans covering Party and state institutional reform, rural land reform, state-owned enterprise reform, financial reform, green transformation and medical system reform.

Of all the reforms, economic reform is the central focus. Xi has advocated letting the market play the “decisive” role in resource allocation, which is a strong signal of policy adjustment, as the word “decisive” was “basic” in the previous official statement.

Under Xi’s instruction, China established a private economy development bureau to assist private enterprises, promoted financial reforms to facilitate financing for private enterprises, advanced state-owned enterprise (SOE) reform to further improve the modern enterprise system, and implemented the system of a negative list for market access, allowing entry into areas not explicitly prohibited by the list.

The results of the reforms have been remarkable. A three-year action plan for SOE reform (2020-2022) converted over 165,000 SOEs into limited liability companies, or companies limited by shares, and some 38,000 SOEs established boards of directors. From 2012 to 2023, the number of private enterprises in China more than quadrupled, and the number of private enterprises as a proportion of the total number of enterprises increased from less than 80 percent to over 92 percent.

A World Bank report released in 2020 stated that due to its steady and strong reform, China has witnessed an unprecedented improvement in its business environment, and it was included among the top 10 global reformers for two years in a row.

https://news.cgtn.com/news/2024-07-16/Why-is-deepening-reform-so-important-for-China–1vhwv3kKVkk/p.html

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COCA Celebrates Q2 2024 with Record-Breaking Milestones and New Launches

Published

1 month ago

August 7, 2024

CISION (PR Newswire)

HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.

Launch of Physical Cards

COCA has introduced its highly anticipated physical cards, which are now available globally and compatible with Apple Pay and Google Pay. These cards allow users to make transactions with ease, earning cashback rewards on their purchases. This significant launch marks a step forward in integrating crypto with everyday financial activities, enhancing user convenience and financial flexibility.

Wallet Growth Milestone

The company has reached a significant milestone with 510,000 active wallets, reflecting a 102% growth quarter-on-quarter. This surge in active wallets highlights the increasing trust and adoption of COCA’s platform, as more users join the COCA community to manage their crypto assets securely and efficiently.

Transaction Volume Surge

In Q2 2024, COCA processed over USD 450,000 in transactions through its platform, demonstrating the robust usage and popularity of its financial services. This impressive transaction volume underscores COCA’s commitment to providing smooth and efficient crypto payment solutions.

Integration with Revolut

COCA has made it easier for users to fund their wallets by integrating with Revolut. This new feature allows seamless loading of crypto assets, enhancing the overall user experience and accessibility of COCA’s services.

Award Recognition

COCA has been honoured with the “Best Startup” award in the Financial Revolution category at CONF3RENCE & BLOCKCHANCE 2024. This award is a testament to COCA’s innovative approach and significant impact on the future of finance, recognizing its efforts in driving forward the digital financial ecosystem.

New Strategic Partnerships

COCA has formed strategic partnerships with industry leaders such as Wirex Pay and GoMining. These collaborations aim to provide users with enhanced rewards and a superior overall experience. The partnerships signify COCA’s dedication to expanding its ecosystem and delivering greater value to its users.

Welcoming Pavel Matveev

COCA is excited to announce the addition of Pavel Matveev, Founder of Wirex, to its team as a Strategy and Product Advisor. Pavel’s extensive experience and visionary approach are expected to drive COCA’s strategic initiatives and product development, contributing to the company’s continued growth and innovation.

Season 2 Point System Launch

Season 2 of COCA’s popular point system has launched, offering users the opportunity to earn points through various activities, including trades, referrals, holding assets, and spending with COCA cards. With a prize pool of USDT 3500 and 5 Wirex Pay Nodes, this season promises exciting rewards and increased user engagement. The season ends on August 9th, so users are encouraged to participate actively.

NFT Giveaway

In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.

For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.

Website: coca.xyz

COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.

About COCA

COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.

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Stake and Earn with KuCoin’s Innovative GemPool Platform

Published

1 month ago

August 7, 2024

CISION (PR Newswire)

VICTORIA, Seychelles, Aug. 7, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to announce the launch of GemPool, its innovative new platform that allows users to acquire token airdrops as a reward for staking their crypto assets. This unique product is designed to provide early access to emerging crypto projects while offering rewards for their existing holdings at zero cost. By staking respective tokens in separate pools, users can farm new tokens and gain a foothold in the latest developments within the cryptocurrency market.

GemPool also offers flexible staking terms, allowing users to stake and un-stake their assets anytime within the designated period without lock-up restrictions. This flexibility ensures that users can manage their assets according to their preferences and market conditions. Additionally, GemPool provides zero-cost rewards, enabling users to earn tokens while holding their existing cryptocurrencies. By staking their tokens, users contribute to the growth of promising new projects, supporting innovation and development within the crypto space. With completion of tasks offered, users are eligible to earn multiplier bonus and receive more rewards.

Users can participate by staking KCS, USDT, or other specified assets in designated pools. The rewards are earned according to the respective yields of the pools, ensuring a fair and exciting experience for all users.

For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

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Trust Wallet Launches Gamified Education Platform and Loyalty Program to Enhance and Reward Web3 Learning

Published

1 month ago

August 7, 2024

CISION (PR Newswire)

DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.

Users can engage in task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and decentralized applications (dApps), and expose them to exciting opportunities within Web3. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.

In the future, Trust Points will offer additional gamification features, such as unlocking achievements, badges, and levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.

On the motive for launching Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet, stated: “The complex technology and fast-paced industry can be intimidating for both new and seasoned users. The introduction of Quests on Trust Wallet further solidifies our commitment to making it easier for millions to navigate Web3, aligning perfectly with our mission to build a seamless Web3 hub and open ecosystem for all.”

Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Trust Points and Quests are just the first iteration of a much-needed reward system for our community. Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”

Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests

About Trust Wallet

Trust Wallet is the self-custody, multi-chain Web3 wallet and Web3 gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, buy, sell, and stake crypto to earn rewards, all in one place and without limits.