The ‘low altitude economy’ (LAE) is a PRC policy buzzword. Deemed an SEI (strategic emerging industry) at the December 2023 Central Economic Work Conference (CEWC), it appeared in the 2024 Government Work Report as a ‘new growth engine’.
The new Tariff Law manifests the principle of ‘taxation under the law’ for tariffs targeting both global markets and domestic interests. A ‘fundamental framework of taxation’ is set out in laws enacted by the NPC and its SC (Standing Committee)—as practised in advanced economies.
After years of pilots and regulatory fine-tuning, two initial batches of GM corn and soybean varieties were approved in October 2023 and March 2024. Corn varieties dominated the approvals, outnumbering soybeans 64 to 17. MARA forecasts corn imports falling 70 percent to 6.8 million tonnes by 2033.
Beijing officially portrays itself as a natural member of the Global South. Wang Yi 王毅 Foreign Minister told a major foreign policy press conference in March that the PRC ‘was, is and will be a steadfast member of the Global South.’ This aligns with Beijing's self-classification as a developing nation.