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From community renewal to sustainable transit: two Latin American scholars draw on the people-centered planning embedded in China’s urban development_我的网站
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Editor's Note:
Chinese President Xi Jinping has pointed out, "to understand China today, one must learn to understand the Communist Party of China (CPC)." With the rapid development of China's economy and society, and the steady advancement of the Chinese path to modernization, the notable achievements of the CPC have drawn extensive international attention and scholarly interest. Against this backdrop, the Global Times has launched the "CPC in Global Eyes" column, focusing on the feelings, perspectives and insights of international friends from various fields regarding the CPC's historical path and achievements.
They include those who have toured China, who deeply study the CPC in academic fields, who work, live, study, seek employment or do business in various fields in China, and who pay close attention to the CPC's policies and trends, although they haven't visited the country in person. Through their vivid personal experiences, we aim to present a multifaceted overseas view of the CPC.
In the 16th installment of this series, we followed two Latin American scholars as they toured Chinese cities, witnessing how the CPC's people-centered, long-term development vision is translated into tangible everyday improvements - and reflecting on what China's experience might offer for state capacity building in Latin America.
Standing before the glass at the Shanghai Urban Planning Exhibition Center, Ecuadorian scholar María Imelda Robalino gently traced the edge of the giant city model with her fingertips, her eyes reflecting the orderly contours of this megacity stretching toward the horizon. The clear lines linking green spaces along the city's iconic Huangpu River, dense residential neighborhoods and industrial parks drew the public administration scholar, who has long studied urban expansion in Latin America, into deep thought.
Beside her, Mariana Escalante, a Mexican scholar in China studies, gazed at the scrolling timeline of Shanghai's long-term urban plans on a screen and expressed her admiration for the CPC and the Chinese government's all-out efforts in development and construction. "It's very impressive that they're taking care of all the factors that influence Chinese people, not just development and the economy, but also the environment and the well-being of the people," she told the Global Times at the exhibition center.
In June, a delegation of more than 20 think tank scholars from about 15 Latin American countries, including Argentina, Brazil, Mexico and Ecuador, started their tour in China. Over the course of more than 10 days, they visited cities including Beijing, Shanghai and Nanjing, and went into urban planning exhibition centers, residential communities, Party schools, eco-friendly power plants and university think tanks. Robalino and Escalante were among them. Like many others in the group, they came with a shared purpose: to see for themselves what Chinese modernization under CPC leadership actually looks like.
"I always emphasize the importance of seeing and experiencing China with my own eyes, in addition to learning about it through documents, academic research or news reports," Escalante told the Global Times.
From plans to everyday life
For Escalante, this trip to China was far from her first encounter with the country.
A professor at the National Autonomous University of Mexico and founder of Mexican Association of Sinology, she has visited China many times before - yet each journey still brings fresh discoveries. "China is a country that changes at an impressive speed, so I try to visit as often as possible," she told the Global Times. "Every trip allows me to observe new processes, and compare what I study in texts with how policies are implemented."
Robalino approached her China visit with a broader set of expectations. Her institution, Ecuador's National Institute of Advanced Studies, has a Center for Chinese Studies, and this trip was meant to deepen existing academic ties. As a scholar of public policy and innovation, she also hoped to observe firsthand how China builds state capacity.
With different expectations, the delegation set off on a "dialogue" spanning mountains and seas. In Shanghai, the Latin American scholars visited the city's urban planning exhibition center and also stepped into one of its most local residential communities. If the former showed them how a metropolis is "planned" into being, the field visit to Block 228 Changbai New Village Subdistrict, or Changbai 228, revealed how planning is translated into everyday life - through the leadership and support of CPC organizations at every level.
On an afternoon in early June, the delegation stepped into Changbai 228 in Shanghai's Yangpu district. Since its completion in 1952, it has served as a warm home for the city's industrial workers. More than seven decades later, through urban planning, it has been transformed into a mixed-use community that preserves historical memory while offering modern services.
As the delegation walked through the neighborhood, they passed one amenity after another: a convenience commercial center, an affordable sports and health center, a restaurant, and subsidized rental housing. Inside a local Party-mass service center, some residents were dancing, while music drifted out into the hall. At the entrance, several scholars paused and, unable to resist, began clapping along to the beat.
"From the Shanghai Urban Planning Exhibition Center, I was able to observe how the state plans and envisions the development of the city; at Changbai 228, I was able to observe the results of that action from the perspective of the community and everyday life," Robalino told the Global Times. What intrigued her most was "how a planned intervention can become a space that does not feel rigid or imposed, but instead becomes a place for connection and coexistence." To her, the case revealed one of the less visible dimensions of public action: what happens after planning, during implementation, when public decisions become part of people's daily lives.
Escalante was equally struck by what Changbai 228 revealed about the CPC's people-centered philosophy. "What attracted my attention most at 228 was the close connection between urban renewal and the everyday well-being of residents," she said.
"Urban space should not be organized solely around commercial consumption. Changbai 228 includes commercial services, but it also has public and community spaces where people can meet, rest or take part in activities, without consumption necessarily being at the center of the experience." In Escalante's view, the CPC's people-centered approach had taken on tangible form. "Development should not be understood only in economic terms or in terms of economic gain, but also in terms of the people."
An immersive understanding
Having visited China in person and seen firsthand how CPC policies are implemented in everyday life and put at the service of the people, these Latin American scholars with a strong interest in China gained a more immersive understanding of some of the Party's core concepts.
Several of the projects the scholars visited enabled them to observe how these concepts are translated into concrete policies and projects, Escalante said. She pointed to some terms often mentioned by the CPC and the Chinese government, such as "people-centered development," "common prosperity" and "Chinese modernization."
"People-centered development" means that development should not be measured solely by economic growth, infrastructure construction or technological progress, but also by its ability to improve people's livelihoods and quality of life, she added.
The scholar further pointed out that, "common prosperity" adds another layer to this vision: growth and modernization should benefit a broader swath of society, and development should help reduce social and regional inequalities. "What is the point of achieving high levels of economic growth or technological development if a significant part of the population is left outside its benefits?"
As for "Chinese modernization," Escalante described it as a modernization path suited to China's own historical, social and political conditions, rather than the assumption that there is only one universal model to follow.
"The leadership of the CPC is also explicitly presented as one of its central elements. From my perspective, the role of the Party is precisely one of the defining features of this process," she told the Global Times. "The Chinese government has considerable capacity to set long-term development goals, coordinate public policies and mobilize resources toward specific priorities. What interests me is how these broad ideas are translated - or are intended to be translated - into concrete policies, and what results they produce at different levels of society."
Cooperation amid challenges
This year marks the 10th anniversary of the launch of the China-Community of Latin American and Caribbean States (CELAC) Forum. Data show that in 2024 trade between China and Latin American and Caribbean countries exceeded $500 billion for the first time, more than 40 times that of the beginning of this century. In 2025, the figure climbed further to $549 billion. More than 20 Latin American countries had joined the Belt and Road cooperation framework, the Xinhua News Agency reported in May 2025.
Behind the numbers are scholars' observations and reflections. Escalante believes that one of the most practical and promising areas for cooperation between China and Latin America lies in sustainable urban transportation and its integration with new energy - including electric public transit, charging infrastructure, energy storage technologies, smart traffic management systems and shared mobility services. "These are particularly relevant areas for large Latin American cities that face problems such as congestion, pollution, unequal access to transportation and long commuting times," she said.
From the perspective of public administration, Robalino pointed to at least two areas where China and Latin America could find concrete opportunities for South-South cooperation.
"One is the exchange of experience on long-term planning, policy monitoring and strengthening implementation capacity; the other is public innovation," she told the Global Times. "It would be particularly interesting to exchange methodologies for experimentation, institutional learning and scaling up innovations."
When asked about the resurgence of "Monroe Doctrine" thinking in the US, Escalante did not evade the issue. "US influence and pressure on Latin America have a long history," she said. What worries her now, she added, is that the US government has once again publicly invoked the Monroe Doctrine, "which inevitably raises questions in Latin America about sovereignty and the capacity to make our own decisions."
At the same time, Escalante argued that it is too simplistic to explain Latin America's limited autonomy solely through external pressure. "Autonomy also depends on our own capacities. A country with strong institutions, a more diversified economy, lower levels of poverty and inequality, greater scientific and technological capabilities, and a long-term development strategy also has more room to decide with whom it wants to build relations and on what terms," she said.
Looking at Latin America, Escalante said one of the most important lessons from China's experience is the country's ability to define long-term goals and, above all, to translate them into concrete policies.
"Our countries have very different political systems, histories and social conditions, so this is not about copying the Chinese model," she told the Global Times. "However, we can reflect on the importance of building institutional systems that can plan, coordinate policies, ensure a certain degree of continuity and make public decisions truly take effect."
As the scholar put it, "China's experience can prompt Latin America to ask an important question: how do we build states with enough capacity to turn development goals into concrete and lasting improvements in people's lives?"
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二 | 截至8月26日，已有中信证券（600030.SH）、国泰海通（601211.SH）、中信建投（601066.SH）等近20家券商及券商概念股披露上半年成绩单。
从已披露数据看，上半年券商行业整体盈利修复态势明确，规模梯队分化显著。头部阵营优势稳固。中信证券、国泰海通（601211.SH）上半年营收均突破400亿元，分别达496.92亿元、471.63亿元；归母净利润均超200亿元，分别为233.43亿元、202.60亿元。增速方面，国泰海通营收同比大增97.56%，中信证券、中信建投、财达证券（600906.SH）营收增速也均达50%及以上。 第二梯队券商营收集中在60亿-70亿元区间，兴业证券（601377.SH）、光大证券（601788.SH）等上半年分别实现营收67.30亿元、60.56亿元。东兴证券（601198.SH）、财达证券、信达证券（601059.SH）及锦龙股份参股的东莞证券营收处于20亿-30亿元区间。 中小券商业绩弹性突出。
三 | 哈投股份（600864.SH）旗下江海证券、锦龙股份（000712.SZ）控股的中山证券营收均在10亿元以下，分别为9.78亿元、3.49亿元；中山证券归母净利润仅5032.53万元，在披露主体中垫底，但同比增速高达238.17%，本次统计披露主体中增速最高。财达证券、中山证券归母净利润增速均超100%，中信证券、中信建投、兴业证券、东莞证券增速也均在60%以上，仅信达证券增速最低，同比增长7.15%。 资产端整体呈现扩张态势。中信建投总资产较上年末增长27%，中信证券、国泰海通、东莞证券等增幅均超10%。唯有信达证券总资产较上年末下降7.47%，公司解释称主要因交易性金融资产较上年末减少92.81亿元、其他债权投资减少62.58亿元，同期货币资金增加28.71亿元、融出资金增加18.21亿元，资产结构向高流动性调整。 与亮眼财报形成错位的是板块的冷清行情。
四 | Wind数据显示，截至8月26日收盘，申万证券行业指数年内累计下跌超10%；板块50只成分股中仅华安证券（600909.SH）、长江证券（000783.SZ）、招商证券（600999.SH）3只录得上涨，其余47只全部下挫，下跌个股占比超九成。 跌幅梯队分化明显。国盛证券（002670.SZ）年内跌幅超30%，居于首位；湘财股份（600095.SH）、锦龙股份、首创证券（601136.SH）、中银证券（601696.SH）、中国银河（601881.SH）、国信证券（002736.SZ）、长城证券（002939.SZ）、兴业证券（601377.SH）跌幅在20%-30%区间。
五 | 头部券商同样未能幸免：中信证券8月20日披露财报后次日微涨0.30%，年初至今仍累计下跌3%；国泰海通8月18日披露半年报后次日微涨0.62%，随后连续两个交易日回落，年初至今累计下跌13.76%。 估值层面，当前A股上市券商板块整体平均市净率约1.41倍，处于近十年历史低位，高净利润增速与低估值形成强烈反差。
六 | 巨丰投顾投资顾问总监郭一鸣对界面新闻指出，业绩与股价背离的核心在于股价交易的是未来预期，而非已落地的半年报业绩。他表示，券商上半年盈利大多由市场阶段性行情驱动，自营浮盈、成交量抬升推高利润属于脉冲式收益。机构普遍担忧后续市场震荡、成交回落将带动盈利明显回落，并不认可当前高利润的可持续性。 除此之外，存量资金持续涌向科技成长主线，机构对券商板块配置偏低，缺少增量资金推动；叠加财报披露属于利好落地，不少资金借业绩兑现离场，进一步压制板块表现。
七 | 郭一鸣同时对界面新闻提到，结构性行情下券商传统“牛市旗手”的炒作溢价持续弱化，作为强周期行业，市场更关注景气边际变化，当资金预判行业景气已至阶段高点，即便当期利润可观，也会提前压低估值。 “业绩大好却持续破净破发”“投资十年仍亏损”“股价严重跑输大盘”，在已召开业绩说明会的中信证券、国泰海通、中信建投、光大证券四家券商中，股价表现均是投资者提问的重中之重。 针对“利润大涨却跑输上证指数”的提问，中信证券回应称，公司高度重视市值管理与投资者回报，2026年上半年累计开展机构投资者投关活动20余场，接听股东热线1400余次；分红方面，拟每10股派4.27元，合计派现66.72亿元。 光大证券被投资者直言“5年、10年投资均亏损，算上分红仍亏本”，呼吁公司推出股份回购。公司回应称，将持续通过提升业绩、现金分红、投资者关系管理等方式提升投资价值，并将在合规前提下积极研究股票回购的可行性。 中信建投被问及如何传递“科技金融”“数智投行”的长期价值以引导估值修复。
八 | 公司表示，将线下通过业绩说明会、路演、反向路演深化交流，线上依托官网、官微等数字化渠道同步进展，持续向市场传递战略价值。 股价背离的背后，是市场对券商行业强周期属性的根深蒂固的担忧。
九 | 如何摆脱“靠天吃饭”、建立不依赖单边行情的内生增长模式，是业绩说明会上另一核心议题。 中信建投明确回应称，证券行业天然的周期属性无法完全规避，公司正通过三层战略逐层破局：一是打造“价值投行”，提升主动管理、买方投顾、非方向交易收入占比，用更稳定的收入结构对冲周期波动；二是布局“新质投行”，锚定新质生产力长期赛道，将增长锚从市场成交量切换至产业升级趋势，把市场β转化为专业α；三是推进“数智投行”，以金融科技挖掘客户价值、提升运营效率，用效率对冲波动。 具体业务的风险防控也在同步加固。针对科创板跟投浮盈的可持续性与风险传导问题，中信证券介绍，公司已建立全周期风险管理体系，通过分级授权、分散投资、定期排查、统一监控等手段，实现投前风险前置、投中多维度预警、投后多样化处置，防范底层资产风险向自营盘传导。 针对两融业务的流动性安全，中信建投披露，截至6月末公司流动性覆盖率、净稳定资金率均符合监管要求且留有充足安全垫。公司每季度开展压力测试，设置轻度、中度、重度三级情景，同时储备规模适度、结构合理的流动性资产，以及品种丰富、额度充足的融资工具，可有效应对极端市场波动。
十 | 对于行业长期前景，银河证券研报认为，中长期资金加速入市、市场活跃度维持高位，2026年资本市场“健康牛”态势确定性较强，财富管理转型、国际化拓展、金融科技赋能均有望成为券商提升ROE（净资产收益率）的核心驱动力，当前板块估值处于历史低位，防御与反弹属性兼备。但短期来看，市场对业绩可持续性的分歧尚未消解，券商板块要真正走出“业绩涨、股价跌”的困局，仍需用持续的结构转型，证明自身摆脱周期依赖的能力。
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（文章来源：界面新闻）。
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