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Category: China

  • MIL-OSI Banking: Navigating Trump’s tariffs and social media key strategic priorities for retailers in 2025, says GlobalData

    Source: GlobalData

    Navigating Trump’s tariffs and social media key strategic priorities for retailers in 2025, says GlobalData

    Posted in Retail

    2025 will present significant challenges for retailers globally, as geopolitical issues and the disruptive force of AI continue, with the added challenge of navigating the impacts of the Trump administration, says GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Strategic Intelligence: Top Themes in Retail and Apparel 2025,” reveals that international trade and social media will be among the major themes impacting the retail sector in 2025.

    Sophie Mitchell, Retail Analyst at GlobalData, comments: “Trump’s proposed tariffs and tougher import tax regulations will cause major issues for retailers, especially those who operate highly globalized supply chains, adding significant import costs that will ultimately be passed on to the consumer. Solutions to this, including diversifying or localizing supply chains, will not happen overnight and come with their own costs, such as the higher cost of labor, which could again be passed on to consumers through higher retail prices.

    “Shein and Temu could be two of the biggest retailers to be hit by the measures, as for instance, Europe could also impose retaliatory tariffs to ensure it does not become the primary destination for Chinese goods as they are displaced from the US.”

    Something Trump has immediately taken action on is negotiations with China over TikTok. Trump’s pause on the ban on TikTok in the US indicates that he intends to reach a deal with its Chinese owner. However, the brief ban and prior noise around its implications have highlighted how essential a social media strategy centered around short-form video content with shoppable links, particularly on TikTok, is to driving retailers’ sales.

    GlobalData’s global survey of respondents in seven countries (US, France, Germany, Italy, Spain, China, and the UK) conducted in December 2023 found that 33.5% of consumers use TikTok (excluding China), making it the fourth most used social media app after Facebook, Instagram, and YouTube, overtaking X/Twitter*.

    Mitchell continues: “TikTok Shop provides a significant opportunity for retailers to convert usage and content consumption into sales, with consumers being able to discover and purchase products on one platform, whereas previously social content was primarily a brand awareness raising exercise.”

    TikTok has been particularly instrumental for retailers as it has allowed for the growth of micro-influencers, larger influencers, user-generated content, and brand/ retailer-generated content all in one platform due to the way the algorithm works. Retailers can take a 360-degree strategic approach to targeting consumers on the platform, with a combination of paid ads, organic reviews, and brand campaigns, convincing them to buy a product that they may not even have to leave the app to purchase.

    Mitchell concludes: “An effective social media strategy is essential for retailers in 2025, and should a permanent ban on TikTok come into effect in the US, retailers should pivot to other social media platforms that offer multi-pronged approaches to marketing and the ability to complete the shopping journey in-app, as TikTok’s efficacy has been proven.”

    *GlobalData’s 2023/24 Global Survey was conducted in December 2023 with 1,000 consumers per country

    MIL OSI Global Banks –

  • MIL-OSI China: Beijing parks plan 156 Spring Festival cultural activities

    Source: China State Council Information Office 2

    Beijing’s municipal parks and the Museum of Chinese Garden and Landscape Architecture will host 156 cultural activities during the Spring Festival, featuring festive decorations and themed events.
    The Beijing Municipal Administration Center of Parks will present 10 categories of events from Jan. 22 to Feb. 12, spanning flower exhibitions, cultural displays, intangible cultural heritage experiences, science education, artistic performances, patriotic education, winter activities, creative markets and Lantern Festival celebrations. The center has also created a snake mascot called “Lingbao” and related products for the Year of the Snake.
    Parks expect about 4 million visitors during the eight-day holiday, with major venues like the Summer Palace, Temple of Heaven and Beihai Park increasing their activities by nearly 90% from last year, said Miao Xiangliu, director of the center’s Service Management Department. Each park is offering six to seven categories of activities ranging from sightseeing and entertainment to food and shopping.
    The parks feature more than 6,800 plants representing over 300 indoor flower species across nearly 3,000 square meters. The National Botanical Garden’s newly renovated greenhouse will host evening cultural activities, including plant explorations and traditional music performances. Zhongshan Park is showcasing over 20 flower varieties using “Tang Flower” techniques, including plum blossoms, azaleas, winter jasmine and flowering crabapples. Meanwhile, Yuyuantan Park is hosting a cherry blossom market featuring greenhouse-grown cherry blossoms, traditional opera, intangible cultural heritage crafts and snacks.
    Parks like Xiangshan, the Summer Palace, Taoranting, and Zhongshan are hosting patriotic education activities, integrating ancient architecture, historic trees and revolutionary history to transform their gardens into “living classrooms.”
    Famous calligraphers at Beihai, Zizhuyuan, Yuyuantan and Baiwangshan parks will create and give away Spring Festival couplets and traditional decorations, including the Chinese character “Fu” — meaning fortune and luck in English —and paper-cut designs for visitors.

    MIL OSI China News –

  • MIL-OSI China: Beijing Customs unveils 10 measures to boost inbound tourism

    Source: China State Council Information Office 2

    Beijing Customs announced 10 measures on Wednesday to facilitate inbound tourism and consumption, including streamlined transfer procedures at the city’s international airports.
    Under the new measures, arriving passengers can pre-declare luggage through apps including Mobile Customs, WeChat and Alipay before arriving in Beijing. Travelers can also access customs regulations and submit declarations through these platforms’ customs service features.
    “Seamless clearance” will be further implemented. This initiative uses technologies like preliminary machine inspections to integrate luggage checks into the regular baggage handling process.
    For international transit passengers, Beijing Customs now supports airlines offering international transit flights and mixed international-domestic routing services with direct luggage check-in, eliminating the need for multiple baggage handling.
    Departing travelers will also benefit from enhanced convenience. They can complete check-in and baggage procedures at city terminals like Caoqiao subway station, with customs providing remote luggage supervision to improve the travel experience.
    The measures also encourage both downtown and port duty-free shops to sell domestic trendy products, helping Chinese brands reach international markets.

    MIL OSI China News –

  • MIL-OSI China: CPEC symbolizes Pakistan-China friendship, shared vision

    Source: China State Council Information Office

    An aerial drone photo taken on Sept. 17, 2024 shows a view of fishermen dockyard near the Gwadar port in Gwadar, southwest Pakistan. [Photo/Xinhua]

    Pakistan’s Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that the China-Pakistan Economic Corridor (CPEC) is a testament to the enduring friendship and shared vision nurtured by Pakistan and China over decades.

    Speaking at a ceremony here on Wednesday to celebrate the forthcoming Chinese New Year and to recognize the contributions of 30 outstanding Chinese staff working on CPEC projects in Pakistan, Iqbal said that CPEC represents a roadmap for sustainable development, mutual growth, and prosperity, not only for the two nations but for the entire region.

    Highlighting the contributions of the Chinese staff, Iqbal praised their dedication, technical expertise, and relentless hard work, which have been instrumental in transforming ambitious projects into tangible realities.

    “From energy generation and infrastructure development to logistics and technology, your efforts have been crucial in overcoming challenges and ensuring the successful completion of numerous landmark initiatives,” he said.

    Launched in 2013, CPEC, a flagship project of the Belt and Road Initiative, connects Gwadar Port in Pakistan with Kashgar in northwest China’s Xinjiang Uygur Autonomous Region. While the first phase focused on energy, transport, and industrial cooperation, the second phase expands into areas such as agriculture and livelihoods.

    Discussing the second phase, Iqbal noted that it will unlock immense opportunities, modernize agriculture, digitize industries, drive economic diversification, create millions of jobs, and enhance Pakistan’s global competitiveness.

    Chinese Ambassador to Pakistan Jiang Zaidong also addressed the gathering, expressing confidence in Pakistan’s economic growth under the government’s leadership and with the collective efforts of its people.

    “The cooperation and partnership between China and Pakistan will continue to progress steadily, fostering lasting development,” he added.

    The event featured vibrant traditional dances by both Chinese and Pakistani performers, showcasing the rich cultural heritage of the two nations. The audience showed keen interest in the performances and expressed gratitude to China for its pivotal role in strengthening Pakistan-China relations.

    A special recognition segment was held during the ceremony to honor the best-performing Chinese companies involved in CPEC projects. Certificates of excellence and souvenirs were presented to acknowledge their outstanding contributions.

    MIL OSI China News –

  • MIL-OSI China: China begins mass production of homegrown X/γ radiation dose detection chip

    Source: China State Council Information Office 3

    China’s self-developed X-ray and gamma-ray (X/γ) radiation dose detection chip has successfully commenced mass production, according to the Science and Technology Daily on Thursday.

    The chip, developed by the China National Nuclear Corporation (CNNC), offers a dose rate measurement range for X/γ rays from 100 nSv/h to 10 mSv/h. It can detect energies between 50 keV and 2 MeV.

    With a compact size of just 15 mm by 15 mm by 3 mm, it can operate within a temperature range of minus 20 to 50 degrees Celsius. Additionally, it boasts ultra-low power consumption of only 1 mW.

    Users can easily perform straightforward secondary development based on the chip’s data manual, enabling its use in radiation dose monitoring across nuclear-related workplaces, personnel and environmental scenarios, according to the CNNC.

    It also features a standardized interface design, allowing it to function as a universal radiation sensor, which can be quickly integrated into various smart devices such as smartphones, smart helmets and drones.

    MIL OSI China News –

  • MIL-OSI China: China has nearly 70,000 HR service agencies

    Source: China State Council Information Office 3

    China currently has 69,900 human resources service agencies and about 1.06 million agency personnel nationwide, according to the Ministry of Human Resources and Social Security on Thursday.

    The figure for the agencies was 2.5 times that in 2012, while the figure for personnel was 3.1 times that for 2012, the ministry said at a high-quality development promotion conference of the human resource service industry held in Ningbo, east China’s Zhejiang Province.

    Human resources service agencies nationwide provide 300 million job-hunting, job-selection and job-switch services for workers each year, and 50 million employment and management services for employers, 40 percent of which are manufacturing firms.

    The ministry said it will make specialized plans, optimize the policy system, strengthen digital empowerment and improve market governance to establish a unified and standardized human resources market system.

    MIL OSI China News –

  • MIL-OSI China: 2024 grain output expected to exceed 700M tonnes

    Source: China State Council Information Office 3

    A farmer loads newly harvested paddy rice seeds in Cengong County of Qiandongnan Miao and Dong Autonomous Prefecture, southwest China’s Guizhou Province, Aug. 26, 2023. [Photo/Xinhua]

    China’s grain output is projected to hit a record high of 700 million tonnes this year, the Ministry of Agriculture and Rural Affairs said on Friday.

    MIL OSI China News –

  • MIL-OSI China: China offers over 150B yuan in employment support

    Source: China State Council Information Office 3

    This photo taken on March 18, 2023 shows a view of a job fair in Harbin, northeast China’s Heilongjiang Province. [Photo/Xinhua]

    The Chinese government provided over 150 billion yuan (about 21.1 billion U.S. dollars) in employment support for businesses and employees in the first nine months of 2024, official data showed Friday.

    MIL OSI China News –

  • MIL-OSI Australia: Interview with Sonali Basak, Bloomberg Television

    Source: Australian Treasurer

    SONALI BASAK:

    This is Bloomberg Markets, and I’m Sonali Basak. The IMF recently warned that Australia may need to cut spending even though it just had a second budget surplus in a row. We’re going to discuss this with the man in the middle of this issue, Treasurer of Australia, Jim Chalmers. What do you make of the IMF’s report? Let’s start right there, because of course, really, the IMF’s growth forecasts and recommendations, it’s a shot heard around the world.

    How do you feel about your budget in relation to what they had said?

    JIM CHALMERS:

    First of all, Sonali, thanks for having me back on Bloomberg TV, it’s a real pleasure. There’s obviously a lot of insights in the IMF’s reports that we find valuable, but the reality is in Australia we’ve made really quite extraordinary progress in the fight against inflation.

    When we came to office a little over 2 years ago inflation had a 6 in front of it, now it has a 3 in front of it. Next week we’ll learn more about the situation as it relates to inflation in Australia.

    But we’ve made a lot of progress, that progress has been welcome, it has been encouraging, and a big part of our success has been the responsible way that we’ve gone about managing our budget.

    The 2 surpluses that we’ve just delivered are the first back‑to‑back surpluses for almost 2 decades in Australia, and they are a consequence, a welcome, deliberate consequence of the spending restraint that we have shown, the savings that we have found in the budget so that we can rebuild our fiscal buffers, as the IMF has been recommending all of us to do in the face of these uncertain global conditions.

    BASAK:

    Jim, I’m glad you also brought up the inflation story here, because, of course, all eyes will be on that third quarter CPI report next week, and you were saying, yes, inflation has come down, but it hasn’t come down as much as other countries, and do you accept that perhaps rates need to stay higher for longer in Australia in order to bring down that last mile of inflation?

    CHALMERS:

    First of all, there’s an important convention in Australia that politicians don’t make predictions or don’t give free advice to our independent Reserve Bank. That’s an important convention that I adhere to.

    But when it comes to the inflation story in Australia, again we’ve made really quite outstanding progress in the fight against inflation, and any differences between our inflation rate and what we’re seeing in some other countries are a consequence really of 2 things. First of all, inflation in Australia peaked lower and later than most countries that we compare ourselves with, that’s a really important point.

    And secondly, some countries that have lower headline inflation than Australia have got much higher unemployment, or they’ve got weaker growth, or some other combination of undesirable aspects of the economy.

    What we’ve done in Australia is we’ve focused primarily on the fight against inflation, but we’ve done that without ignoring the risks to growth. We’ve struck a really effective balance between those primary economic objectives, and that’s because we’ve taken the view that it is much better to avoid a hard landing in our economy than to clean up after one.

    We are on track for a soft landing in our economy, we’re confident but not complacent about that. The policy decisions that we’ve taken, whether it’s the 2 budget surpluses, the way we’ve delivered our cost‑of‑living relief, the way that we’re investing in productivity and dynamism in our economy, all of these things are really important ways that we’re getting that inflation rate down without ignoring the risks to growth, which are coming at us from an uncertain global environment and from some domestic sources as well.

    BASAK:

    Treasurer, to that end, do you think that the RBA needs to be moving faster or do you think that they’re being too cautious?

    CHALMERS:

    Again, I don’t give free advice to our independent central bank; there’s good reasons not to do that. I take responsibility for our part of the fight against inflation. Fiscal policy is playing a helpful role, the Governor of the Reserve Bank has said herself that our 2 surpluses are helping in the fight against inflation, and the way that we’re managing our budget and our economy in the most responsible way that we can, those are my responsibilities. I’ll leave decisions about the trajectory of interest rates in Australia to the Board of the Reserve Bank, which takes its decisions independently and appropriately.

    BASAK:

    We only have about a minute left here. But I do want to get your view here on your relationship with China. The removal of restrictions on lobster exports is imminent. And do you think that there’s a new stage around the corner, around the relationship between Australia and China?

    CHALMERS:

    We recognise that the relationship with China is full of complexity and full of opportunity. We have our differences with China, we don’t pretend that they aren’t there. But our efforts to stabilise that key economic relationship have borne fruit and including when it comes to the removal of some of those trade restrictions.

    We welcome the progress we’ve made in the lifting of those trade restrictions in some of our key exports, but we know that it’s a complex relationship, we know that it needs ongoing management. We believe that you get more out of engaging with our major trading partners than the alternative, and so far, that has proven to be the case.

    BASAK:

    Jim, we have to leave it there. That is Jim Chalmers, the Treasurer of Australia, of course, joining us on the sidelines of those IMF World Bank meetings.

    MIL OSI News –

  • MIL-OSI China: Chinese researchers advance understanding of mechanisms behind allergic diseases

    Source: China State Council Information Office 2

    Chinese researchers have found that morphological changes of an immune receptor play a key role in allergic reactions, a discovery that could provide new insights useful for the development of allergy medications.
    Allergic diseases, including allergic rhinitis, asthma and allergies to food and medications, affect hundreds of millions of people worldwide and have emerged as major public health issues.
    Previous studies have shown that when allergens trigger a specific antibody to bind with a particular immune receptor, mast cells and basophils become activated.
    This activation leads to the release of allergic mediators, including histamine, resulting in allergic reactions. In severe cases, this can lead to systemic anaphylactic shock.
    However, the mechanism through which the binding of the antibody to the immune receptor activates allergic signaling pathways and induces allergic responses had long been unclear.
    This resulted in limited approaches to developing clinical treatments for allergies — which mainly focus on strategies to block the interaction between the antibody and the immune receptor.
    Researchers from the Shenzhen Medical Academy of Research and Translation (SMART) and Westlake University have revealed the mechanisms behind allergic reactions by analyzing protein structures.
    They found that when the antibody binds to the immune receptor, the shape of the receptor changes. This transformation exposes specific protein sites in the associated signaling pathways, which in turn activates these pathways and triggers allergic responses.
    The study was published online on Wednesday in the journal Nature.
    “This discovery suggests that if we can stabilize the shape of the immune receptor and prevent it from changing, the relevant protein sites in the signaling pathways will remain hidden. Even if allergens trigger the binding of the antibody to the receptor, the allergic signaling pathways cannot be activated, and allergic reactions will not occur,” said Su Qiang, a researcher at the SMART and corresponding author of the study.
    Su explained that this new finding could provide a fundamentally new approach to drug development for allergies.
    “In the future, we might develop a type of ‘molecular glue’ to stabilize the inactive state of the immune receptor, effectively preventing allergic reactions,” Su added.

    MIL OSI China News –

  • MIL-OSI Economics: Joint Media Statement The 11th Meeting of The ASEAN Ministers Responsible for Culture and Arts (AMCA)

    Source: ASEAN

    The Eleventh ASEAN Ministers Responsible for Culture and Arts (AMCA) Meeting and the AMCA Meetings with Dialogue Partners, including the ASEAN Plus Three,China, Japan and the Republic of Korea, were held on 24 October 2024, in Melaka, Malaysia. Timor-Leste was in attendance as observer.The theme of the 11th AMCA was “Bridging Cultures, Building Futures: Unity in Diversity” underlined the pivotal role of culture and the arts in promoting sustainableand inclusive development towards strengthening ASEAN’s solidarity.

    Download the full statement here.

    The post Joint Media Statement The 11th Meeting of The ASEAN Ministers Responsible for Culture and Arts (AMCA) appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI China: 1st reusable satellite payloads delivered

    Source: China State Council Information Office 2

    Bian Zhigang, deputy head of the China National Space Administration (CNSA), speaks at the payloads handover ceremony held by CNSA in Beijing, capital of China, Oct. 24, 2024. [CNSA/Handout via Xinhua]
    The scientific payloads for space breeding and other sci-tech experiments carried by China’s first reusable and returnable satellite, Shijian-19, were delivered to Chinese and foreign users on Thursday.
    At the payloads handover ceremony held by the China National Space Administration (CNSA) in Beijing on Thursday, the CNSA and the China Aerospace Science and Technology Corporation signed payload delivery certificates with domestic and international users, including those from Thailand and Pakistan.
    Bian Zhigang, deputy head of CNSA, said the Shijian-19 mission fully leverages the advantages of the new generation retrievable space experiment platform, conducting space breeding experiments of about 1,000 species of germplasm resources, providing crucial support for the innovation of germplasm resources in China. The mission has also offered a valuable in-orbit validation opportunity for domestically produced components and raw materials.
    According to Meng Lingjie, director of the Earth Observation System and Data Center under the CNSA, the Shijian-19 mission has made a breakthrough in its recovery module. The satellite platform can be reused more than 10 times, significantly reducing manufacturing costs and improving operational efficiency.
    The satellite serves as a space testing platform that enables convenient transportation of payloads between Earth and space, offering high-quality experimental services, said Meng, adding that it has wide-ranging applications in space sci-tech experiments such as space breeding as well as space pharmaceutical and material manufacturing.

    China successfully retrieved its first reusable and returnable test satellite, Shijian-19, at the Dongfeng landing site in north China’s Inner Mongolia Autonomous Region at 10:39 a.m. (Beijing Time), Oct. 11, 2024, said the China National Space Administration (CNSA). [Photo/Xinhua]
    The satellite carried 500 kg of experiment payloads back to Earth, greatly enhancing the capability for payload recovery, according to Meng. It can also provide a high-quality microgravity environment for experiments.
    When the satellite was in orbit, seven new technology experiments were carried out, including microgravity hydrogen production, low-frequency magnetic communications, inflatable sealed cabin and wireless power transmission.
    The satellite also carried nine space science payloads to conduct research in fields such as carbon nanomaterials and devices, solid catalyst materials, and oral and dental science materials.
    According to Liu Luxiang, executive director general of the Institute of Crop Sciences under the Chinese Academy of Agricultural Sciences, the Shijian-19 mission carried seeds of about 1,800 plant materials and more than 1,000 species of microorganisms, encompassing nearly all major kinds of agricultural products.
    The mission not only provides solid support to China’s space breeding, but also creates a collaboration platform for international counterparts, said Liu, who is also the chief scientist of China’s space breeding project. The satellite carried rice seeds from Thailand, seeds of wheat, rice, corn and beans from Pakistan, as well as crop seeds from other countries.
    “In face of the challenge of global food security, it is necessary to continuously enhance food production, develop new genetic resources that promote nutrition and health, and cultivate new grain varieties that are more resilient to climate change with improved stress tolerance,” Liu said.
    Over the past 30 years, China has developed over 300 crop varieties through its space breeding technologies. These varieties cover an annual cultivation area of about 2 million hectares, with remarkable social and economic benefits, according to Liu.
    The Shijian-19 satellite was sent into orbit from the Jiuquan Satellite Launch Center in northwest China on Sept. 27. It returned to Earth on Oct. 11.

    MIL OSI China News –

  • MIL-OSI China: Global financial community gathers for Sibos 2024 in Beijing

    Source: China State Council Information Office

    This photo shows the opening ceremony of the Swift International Banker’s Operation Seminar 2024 (Sibos 2024) in Beijing, capital of China, Oct. 21, 2024. [Photo/Xinhua]

    The Swift International Banker’s Operation Seminar 2024 (Sibos 2024) taking place for the first time in Beijing signifies that China is welcoming global financial institutions to participate in the development of the financial industry to contribute to its economic growth by offering professional services.

    This is according to Nicole Zhou, Senior Partner at McKinsey & Company, who attended the event from Oct. 21-24 at the China National Convention Center in Beijing. Zhou said the scale of China’s banking institutions is already very large and they are seeking in the next step to become global financial institutions as they support Chinese firms’ overseas operations. “This process will require the professionalized development of the entire banking industry and a financial system that promotes globalization and interconnectivity.”

    At around 6 p.m. on Tuesday, the convention center was still crowded, with its exhibition hall and aisles filled with people from the global financial community discussing business.

    This is the first time Sibos has been held in the Chinese mainland since its inception in 1978. A total of 114 foreign-funded institutions and 19 Chinese-funded institutions participated in the event, including global financial institutions such as J.P. Morgan, Citibank, HSBC, Standard Chartered and Deutsche Bank, as well as financial institutions from emerging markets such as India, the United Arab Emirates and Africa.

    “This is the third time that I attended a Sibos conference. In previous years, it was mostly held in North America and Europe, but this time it is held in Beijing, which not only reflects the rise of China and even Asia’s financial industry but also reflects China’s attitude of embracing the world,” said Zou Xiaonan, head of digital assets, UBS Group Treasury, who flew from London to Beijing for the meeting.

    “DBS benefits from China’s financial liberalization and opening up in multiple ways. First, the financial liberalization and opening up had a significant positive effect on Chinese growth and Chinese integration with the rest of ASEAN, where DBS is active. DBS has sought to capitalize on these trends through our participation in the Cross-border Interbank Payment System, capturing more of the cross-border trade and financing opportunities of Chinese corporations,” said Soon Chong Lim, group head of Global Transaction services at Singapore-based DBS Bank.

    According to Lim, his schedule in Beijing has been very busy. On Tuesday alone, he had already met several dozens of clients at the convention center. Because of the huge gathering, Lim said he couldn’t even book a meeting room and had to talk to clients standing.

    A DBS staff member told Xinhua that DBS Bank took Sibos very seriously and started preparing for it six months ago. As part of its arrangements, the bank offered specially brewed Singaporean coffee and tea at the convention.

    Bill Winters, group CEO of Standard Chartered Bank, who has visited China several times this year, said that China is constantly accelerating the pace of opening up in the financial sector. As the first newly established wholly foreign-owned securities company in China, Standard Chartered Securities China Limited officially commenced its business earlier this year, bringing new opportunities to the group’s business in China.

    Alan Ho, Co-Senior Country Officer for China at J.P. Morgan, said that the pace of China’s financial market opening up has accelerated in recent years. For example, foreign ownership restrictions in local securities, funds and futures companies have been lifted and financial markets’ connectivity mechanisms have been maturing more quickly than expected. “Benefiting from China’s opening up policies, J.P. Morgan now fully owns multiple legal entities in the country, including a locally incorporated bank, a securities company, a futures company and an asset management venture.”

    Apart from traditional financial institutions, fintech companies also benefit from China’s continued financial opening up. On Tuesday, Singapore-headquartered cross-border payments company Thunes launched a payment solution during the Sibos 2024 that aimed to facilitate the payment of foreign nationals in China. The solution will enable overseas e-wallets such as Kenya’s M-Pesa and Singapore’s Singtel Dash to make payments within China by scanning QR codes.

    Thunes CEO Floris de Kort told Xinhua that overseas travelers in China can simply make payments with Thunes function embedded in their e-wallets.

    In 2023, Thunes established a wholly-owned subsidiary in Beijing, which marked important progress in the opening up of the city’s financial sector. “With the continued opening up of the Chinese economy, the cross-border payment industry will also usher in greater opportunities with the increase of payment scenarios,” said de Kort.

    Effie Xin, EY Greater China Financial Services Partner, said that the opening up of the financial sector will help Chinese financial institutions better learn from the advanced experience of global financial institutions. Meanwhile, the connectivity of financial markets can also help promote the status and influence of Chinese currency RMB in cross-border payments, trade and investment, and currency reserves.

    Sibos is the annual conference, exhibition and networking event organized by Swift for the financial industry. Starting out as a banking operations seminar in 1978, it has grown into the premier business forum for the global financial community to debate and collaborate in the areas of payments, securities, cash management and trade.

    Over 10,000 participants from more than 150 countries and regions have gathered for Sibos 2024, which covers a wide range of topics, including payments, digital assets, trade financing, artificial intelligence and sustainable finance.

    MIL OSI China News –

  • MIL-OSI China: China resolutely opposes unilateral sanctions and ‘long-arm jurisdiction’

    Source: China State Council Information Office

    China firmly opposes unilateral sanctions and long-arm jurisdiction, a spokesperson for the Ministry of Commerce (MOC) said on Thursday when responding to a question about U.S. sanctions on Chinese drone-related entities.

    MOC spokesperson He Yadong said that China has strict measures controlling the export of military and related dual-use products, and requires companies that trade controlled items internationally to comply with relevant laws and regulations.

    Since the beginning of the Ukraine crisis, China has issued multiple announcements concerning drone control, and has clearly stipulated that non-controlled civilian drones must not be used for military purposes in violation of regulations. Relevant authorities have strengthened their examination and approval processes for the issuance of drone export permits in accordance with the law, and have intensified their inspection procedures for illegal exports.

    China firmly opposes unilateral sanctions and “long-arm jurisdiction” that have no basis in international law and are not authorized by the United Nations Security Council, the spokesperson said.

    When it comes to malicious acts that sanction or otherwise suppress Chinese companies by citing Russia-related issues, China will resolutely safeguard its legitimate rights and interests, He said.

    MIL OSI China News –

  • MIL-OSI China: Business giants moving to Xiong’an New Area

    Source: China State Council Information Office

    An aerial drone photo taken on Feb. 7, 2024 shows the Xiong’an Science and Technology Innovation Center in Xiong’an New Area, north China’s Hebei Province. [Photo/Xinhua]

    More and more business giants are settling in Xiong’an New Area, North China’s Hebei province, as part of a plan to relieve the national capital Beijing from non-capital functions.

    China Satellite Network Group Co, an enterprise engaged in the design, construction and operation of satellite internet services, has opened its new headquarters in the area’s internet industrial park.

    Making up of a group of low-rise buildings and shaping like a flower when viewed from above, the office complex was completed last month and involved the moving of its headquarters and four subordinate companies on Oct 14.

    The company was the first centrally administered State-owned enterprise to settle down in the area. The SOE will facilitate the gathering of resources in fields such as industry-related companies, technology and talent in Xiong’an and thus promote the development of satellite internet applications and the aerospace information industry.

    As Xiong’an has charted ambitious development plans for the satellite internet sector, many upstream and downstream enterprises and innovation platforms have rushed to the area.

    A national laboratory of aerospace flight technology has been established in the area, according to local media Hebei Daily. Other companies in the sector, including a spatiotemporal information group, have also registered and settled there.

    Sinochem Holdings, a chemical conglomerate, and China Huaneng Group Co, a major power company, have completed their main headquarters buildings in Xiong’an.

    Projects of other companies and institutes, including Sinomine Resource Group Co and Beijing Jiaotong University, also report progress on the construction of their buildings.

    SOEs have set up nearly 300 various types of institutions in Xiong’an, according to the local government.

    Located about 100 kilometers southwest of downtown Beijing, Xiong’an was set up in 2017 as part of a strategy to promote the coordinated development of the Beijing-Tianjin-Hebei region.

    One of its main roles is to serve as the receiver of non-capital functions previously shouldered by Beijing but not essential to Beijing’s role as the capital city, such as universities, company headquarters and research institutions.

    MIL OSI China News –

  • MIL-OSI China: China hosts summit to boost BeiDou applications

    Source: China State Council Information Office

    An aerial drone photo taken on Oct. 24, 2024 shows the outdoor exhibition area of the 3rd International Summit on BDS (BeiDou Navigation Satellite System) applications in Zhuzhou, central China’s Hunan Province. [Photo/Xinhua]

    The 3rd International Summit on BDS (BeiDou Navigation Satellite System) applications kicked off Thursday in Zhuzhou, central China’s Hunan Province, as authorities aim to boost the industry by expanding applications and strengthening international cooperation.

    The two-day summit has attracted more than 1,800 Chinese and international researchers, entrepreneurs and officials. Exhibitors have also set up booths to showcase BDS applications across various sectors, including smart logistics and intelligent transportation.

    “BDS applications are rapidly expanding across key sectors of China’s national economy, with coverage rates surpassing 90 percent in areas such as transportation, energy, natural resources and emergency response,” said Xiang Libin, deputy director of the National Development and Reform Commission and an academician with the Chinese Academy of Sciences.

    A bluebook on the development of the BeiDou industry was also released during the opening ceremony. “BDS services and related products have been exported to more than 130 countries, providing users with diversified choices and better application experience and promoting industrial development,” the bluebook stated.

    The Chinese-made BDS was initiated in 1994. The construction of BDS-1 and BDS-2 was completed in 2000 and 2012, respectively. When BDS-3 was completed and put into service on July 31, 2020, China became the third country to have an independent global navigation satellite system.

    According to the White Paper on the Development of China’s Satellite Navigation and Location Services Industry (2024), the total output value of China’s satellite navigation and location services industry reached 536.2 billion yuan (about 75.2 billion U.S. dollars) in 2023, an increase of 7.09 percent over the previous year.

    A visitor learns about a risk detection device at the 3rd International Summit on BDS (BeiDou Navigation Satellite System) applications in Zhuzhou, central China’s Hunan Province, Oct. 24, 2024. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: Probe into US company PVH Corp underway

    Source: China State Council Information Office

    An investigation into the U.S. firm PVH Corp., led by China’s unreliable entity list mechanism, is advancing in accordance with the law and in an orderly manner, the Ministry of Commerce (MOC) said Thursday.

    “We will fully safeguard PVH’s rights to make statements and defenses during the investigation,” MOC spokesperson He Yadong told a press conference.

    After the investigation, the mechanism office will make decisions based on the results in accordance with the regulations on unreliable entity list, the spokesperson added.

    The U.S. company, which owns fashion brands like Tommy Hilfiger and Calvin Klein, is suspected of boycotting cotton products from China’s Xinjiang Uygur Autonomous Region without any factual basis and terminating normal transactions with Chinese companies as well as other organizations or individuals, according to the ministry.

    China introduced the unreliable entity list mechanism in September 2020 to protect its national interests and business environment. The spokesperson said China has been prudent when handling issues related to the unreliable entity list, which targets only a few foreign entities that disrupt market rules and violate Chinese laws. He added that foreign entities that operate with integrity and abide by the law have no reason to be concerned.

    The Chinese government, as always, welcomes enterprises from around the world to invest and do business in China, and is committed to providing a stable, fair and predictable business environment for foreign companies that abide by the law and regulations, said the spokesperson.

    MIL OSI China News –

  • MIL-OSI China: Green action plan for BREP members

    Source: People’s Republic of China – State Council News

    Energy ministers from across the world spoke highly of China’s role in promoting global energy transition and helping developing countries access more affordable clean energies at the Third Belt and Road Energy Ministerial Conference which concluded on Thursday in Qingdao, Shandong province.

    “Creative cooperation with China and initiatives like the Belt and Road Energy Partnership will help us boost our drive toward energy transition across the world,” said Phiona Nyamutoro, minister of state for mineral development in Uganda. “We hope that we get to tap into many opportunities from China, like technological transfer, research and also green financing.”

    BREP was initiated by China’s National Energy Administration and currently has 34 members. It supports countries in formulating more ambitious green energy development plans based on their own energy endowments and development needs, to continuously enhance the reliability and resilience of green energy supplies.

    Iran became a new member this year and in an interview with China Daily, Iranian Minister of Energy Abbas Aliabadi expressed expectations for BREP to have a positive impact on global energy cooperation and promote global development through innovative approaches.

    “Such a collaborative platform to promote cooperation among different countries is beneficial to all parties. I am very pleased with initiatives like those from China, where different countries can raise their issues on this platform and work together to address them,” he said. “China serves as a great example in energy transition, with significant developments in renewable energy that have made substantial contributions to global carbon reduction efforts.”

    Keo Rottanak, Cambodia’s minister of mines and energy, said “Cambodia and China have forged a very strong bilateral relationship, especially through the Belt and Road Initiative which has given benefits to countries around the world, especially developing countries.”

    The Belt and Road Green Energy Cooperation Action Plan (2024-29), released on Wednesday at the conference, advocated that BREP members will carry out no less than five joint research and development projects and no less than five collaborations in areas such as hydrogen energy, new types of energy storage, advanced nuclear power, carbon capture, utilization and storage.

    In the next five years, BREP members will carry out no less than 25 capacity-building projects in the energy sector, and explore the establishment of an international cooperative research platform for clean energy, the action plan noted.

    MIL OSI China News –

  • MIL-OSI China: China willing to share BDS expertise with nations

    Source: People’s Republic of China – State Council News

    China is willing to partner with other countries in sharing the development results of the Beidou navigation satellite system, or BDS, especially in exploring its potential in regional short message communication, services and international rescue efforts, a senior official of the National Development and Reform Commission said on Thursday.

    Xiang Libin, deputy minister of the NDRC, said Beidou has been recognized by the International Civil Aviation Organization of the United Nations as a global standard, and that cooperation between China and the African Union as well as the League of Arab States in BDS is intensifying.

    Cooperation agreements have also been signed between China and South Africa as well as Egypt in Beidou applications, he said at the Third International Summit on BDS Applications, which is being held in Zhuzhou, Hunan province from Thursday to Friday to celebrate the 30th anniversary of the establishment of BDS.

    The applications of Beidou in key industries have expanded, with its coverage in transport, energy, natural resources and emergency exceeding 90 percent, he said.

    Beidou has been widely installed in applications for the general public, with 98 percent of smartphones and shared bikes equipped with it.

    Meanwhile, high-accuracy maps based on Beidou have covered the whole country, with daily usage exceeding hundreds of billions of times, he said.

    The country will continue to support the large-scale application of Beidou, push for deep integration of Beidou with intelligent cars, smart agriculture and the low-altitude economy, and empower sectors such as delivery services, low-altitude tourism and emergency rescue, Xiang added.

    Wang Jiangping, deputy minister of the Ministry of Industry and Information Technology, said Beidou has developed into a world-class navigation satellite system and its high-accuracy regional short message communication service has been fully proven to have the ability to serve the whole globe.

    Beidou has been widely used in communication, transport, agriculture, forestry and public security and is serving important infrastructure while also generating significant economic and social benefits, he said.

    By the end of last year, the total output of the country’s satellite navigation and location services industry had exceeded 530 billion yuan ($74.5 billion), while homegrown Beidou chips and modules have exceeded 400 billion pieces and there are a total of 1.4 billion pieces of equipment using the Beidou system, he said.

    The MIIT will continue to accelerate Beidou applications, push for market, industrial and international development of Beidou and enable it to better serve the whole world and bring benefits to all, he added.

    Aarti Holla-Maini, director at the UN Office for Outer Space Affairs, said China is a central member of the International Committee on Global Navigation Satellite Systems and the Beidou navigation satellite system is expanding its applications and services to make it available to both industry and public sector users.

    Space has a crucial role to play in achieving social and economic development, she said via a video link.

    Modern society depends on satellites and data and the many services they provide and enable; this reliance is only going to grow in the future, she said.

    MIL OSI China News –

  • MIL-OSI China: China delivers world’s largest Type B LNG fuel tank container ship

    Source: People’s Republic of China – State Council News

    China’s self-developed liquefied natural gas (LNG) dual-fuel container vessel was delivered on Monday in northeast China’s port city of Dalian. The vessel “Maria Cristina” has a capacity of 16,000 TEUs. Equipped with a 13,000-cubic-meter Type B LNG fuel tank, the vessel is the world’s largest Type B LNG fuel tank container ship. It is the first time China has independently developed the entire process of building a Type B LNG fuel tank.

    MIL OSI China News –

  • MIL-OSI China: Coca‑Cola reports rising revenue in Q3

    Source: China State Council Information Office 3

    The Coca-Cola Company reported its third-quarter earnings results Wednesday, with the revenue reaching 11.85 billion U.S. dollars, exceeding the estimate of 11.61 billion U.S. dollars.

    The company’s operating income reached 2.51 billion U.S. dollars, and its net income reached 2.85 billion U.S. dollars. Comparable earnings per share grew 5 percent to 0.77 U.S. dollars, beating estimates.

    “Our business continues to demonstrate resilience in the face of a dynamic external environment,” said James Quincey, chairman and CEO of The Coca-Cola Company.

    In terms of categories, sales of sparkling soft drinks and trademark Coca-Cola were steady. Coca-Cola Zero Sugar grew 11 percent, and tea grew 7 percent, driven by growth in the Asia Pacific, Latin America, Europe, the Middle East and Africa.

    Quincey mentioned the growth potential of the Chinese market, reaffirming the company’s long-term confidence in its prospects. He also stated that the company will continue to invest to seize future growth opportunities.

    In recent years, Coca-Cola China has actively expanded its presence across various regional markets in the Chinese mainland, with a particular focus on deepening its development in the South China market.

    MIL OSI China News –

  • MIL-OSI China: CATL launches new battery for hybrid vehicles

    Source: China State Council Information Office 3

    Aerial photo taken on June 24, 2022 shows the building of the Contemporary Amperex Technology Co., Ltd. (CATL) in Ningde, east China’s Fujian Province. [Photo/Xinhua]

    Contemporary Amperex Technology Co., Ltd. (CATL), China’s leading battery maker, on Thursday unveiled a new battery designed for hybrid vehicles in Beijing.

    The battery, known as Freevoy, is the world’s first hybrid battery with a range of over 400 kilometers and superfast-charging capabilities, and just a 10-minute charge can add a driving distance of more than 280 kilometers, according to Gao Huan, chief technology officer of CATL’s China E-car Business.

    Packing sodium-ion batteries and lithium-ion batteries, Freevoy also addresses the low-temperature limitations of new energy vehicles (NEVs), enabling them to operate in extremely cold environments — temperatures as low as minus 40 degrees Celsius for discharging and minus 30 degrees Celsius for recharging.

    More Chinese consumers are favoring hybrids as they offer a greater driving range than pure EVs and can cost less than gasoline-powered cars.

    Data from the China Association of Automobile Manufacturers shows that the sales of hybrids in the first nine months this year hit 3.32 million units, up 84.2 percent year on year.

    “The penetration rate of hybrid vehicles in the NEV market reached 43 percent, which is a force that cannot be ignored in the electrification process,” said Luo Jian, CATL’s chief marketing officer.

    Freevoy has already been adopted by various Chinese EV enterprises, including Li Auto and AVATR, and is expected to be installed in models made by other carmakers including Geely and Chery.

    According to market research firm SNE Research, CATL’s EV battery consumption volume has ranked first globally for seven consecutive years, holding 36.8 percent of the global EV battery market share in 2023.

    Headquartered in Ningde, east China’s Fujian Province, CATL has inked supply contracts with a slew of global car manufacturers, including BMW, Volkswagen, Daimler and Honda.

    MIL OSI China News –

  • MIL-OSI China: Platform focuses on inclusivity

    Source: China State Council Information Office 3

    Project mBridge — a platform for experimenting with central bank digital currencies (CBDCs) including the e-CNY for cross-border payments — is open to cooperation with traditional payment infrastructure and any US dollar usage, said officials and experts close to the matter.

    They said mBridge primarily focuses on small-value transactions under the current account that have been underserved by banks, aiming at improving the efficiency and inclusiveness of global monetary and payment systems while facilitating cross-border trade and investment, especially among Asia’s emerging economies.

    Lu Lei, deputy governor of the People’s Bank of China, the country’s central bank, said that a CBDC system should not only be interoperable with other CBDC systems, but also with traditional payment systems and other financial market infrastructure modalities, and both are achievable by mBridge.

    “We must avoid new cross-border payment frictions while removing existing ones,” Lu said while addressing a Financial Street Forum event on Wednesday, titled Project mBridge: Bridging Global Economies with CBDCs.

    Lu said that mBridge should step up addressing urgent pain points regarding cross-border payments that are undersupplied by banks — in particular payments in cross-border e-commerce and remittances — due to their small values and high costs.

    Project mBridge resulted from collaboration beginning in 2021 between the Bank for International Settlements’ innovation arm, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the PBOC and the Hong Kong Monetary Authority. The project aims to tackle inefficiencies in cross-border payments with new technologies.

    Echoing Lu’s remarks, an expert who requested anonymity told China Daily that mBridge is “compatible and inclusive” and is open to be connected with traditional payment systems, including large-value, small-value and rapid payment systems, as well as existing international payment infrastructures.

    “Project mBridge represents a new technological approach. It is inclusive and does not rule out cooperation with anyone,” the expert said.

    The project reached the minimum viable product (MVP) stage in June, inviting private sector firms to propose new solutions and use cases that help develop the platform. The Saudi Central Bank joined mBridge as a participant of the MVP platform in June.

    Among the mBridge participating economies, China, the United Arab Emirates and Saudi Arabia are also BRICS members.

    Lu said the transaction value of mBridge has been growing steadily over the past few months, a telling sign of market confidence in the platform, without giving specific figures.

    In terms of geographical coverage, Lu said mBridge may deepen collaboration with the Association of Southeast Asian Nations and Belt and Road economies, as these economies have close trade ties and stable geopolitical conditions, while cross-border payments and currency services may be underserved.

    “Project mBridge, as a public good, may have a role to play in strengthening collaboration among them and thus facilitate the sound development of the international monetary and payment system,” Lu said.

    Citing the views that mBridge may impede the reputation and usage of the US dollars, Zhou Xiaochuan, vice-chairman of Boao Forum for Asia and a former governor of the PBOC, said that mBridge is primarily aimed at filling in gaps in the international payment system.

    Project mBridge does not exclude US dollar usage, Zhou said at the same event as Lu, adding that relevant developments would depend on efficiency, cost, security and user choice.

    The greenback and other “hard currencies” have been traditionally used in cross-border payments, which cannot fully satisfy demand in Asia in recent years amid the region’s fast development of interconnections, giving rise to the growth of mBridge and other platforms to facilitate cross-border payments within the region, according to Zhou.

    Zhou said that mBridge should first facilitate the payments and settlements of current account transactions, especially small-amount ones, aligning with the demand of Asian economies in terms of economic, trade and travel development.

    As for some opinions that mBridge might have a substitutional relationship with financial telecommunication infrastructure Swift, Zhou said he deems mBridge more as a cross-border payment system.

    MIL OSI China News –

  • MIL-OSI China: Global economy in danger of getting stuck on low-growth high-debt path: IMF

    Source: China State Council Information Office 3

    The International Monetary Fund (IMF) warned on Thursday that the global economy is in danger of getting stuck on a low-growth high-debt path, urging policymakers to act on debt and carry out pro-growth reforms.

    “The global economy is in danger of getting stuck on a low-growth high -debt path, that means lower incomes and fewer jobs. It also means lower government revenues, so less investment to support families and fight long-term challenges like climate change,” IMF Managing Director Kristalina Georgieva said at a press conference during the ongoing 2024 IMF and World Bank Group Annual Meetings.

    Firstly, Georgieva called on policymakers to ensure that inflation gets back to target everywhere, noting that the trick now for central banks is to “finish the job of inflation without unnecessarily damaging the job market.”

    Secondly, “now is the time to act on debt and deficits after years of much-needed fiscal support in response shots. Now is the time to rebuild fiscal buffers in most countries. That can be done gradually, but it needs to start now,” she continued.

    Third and most important, she said, it is crucial that countries carry out pro-growth reforms from cutting red tape to improving governance, noting that IMF analysis shows that these reforms can boost output by 8 percent over four years in developing countries.

    In the latest World Economic Outlook (WEO) released Tuesday, the IMF maintained its global growth forecast in 2024 at 3.2 percent, consistent with its projection in July. Growth prospects for five years from now remain lackluster, at 3.1 percent, the lowest in decades.

    Advanced economies are projected to grow by 1.8 percent this year, while emerging market and developing economies will grow 4.2 percent. The Chinese economy is on track to grow 4.8 percent, according to the projection.

    In response to a question from Xinhua, Georgieva said at the press conference that the IMF will have to carefully assess the measures recently announced by Chinese authorities to be able to determine what exactly is the likely impact, while noting that “there are measures that go in the right direction.”

    The IMF chief noted that for quite some time, China has been faced with a fork in the road: continue with the export-led growth policies or boost domestic consumption, and shift the growth engine to the Chinese consumer. “We are on the view that as the Chinese economy has grown so big, it is the latter, domestic consumption that is the reliable source of growth,” she said.

    In the short term, one big obstacle to consumer confidence is in the property sector, and a decisive action to resolve that would help lift up consumer confidence, she said.

    Looking ahead, “by having social security and pension reform that gives people confidence that they don’t need to save excessively, they can rely on the system, that would mean that they spend more,” she continued.

    “Taking the sectors of the economy that are somewhat less developed from a consumer standpoint, like healthcare, education, elderly care, making services more of a driver for growth, that would help,” she said, adding that “I’m sure the leadership in China is looking into these choices.”

    MIL OSI China News –

  • MIL-OSI China: Singaporean firms eye broader cooperation with China

    Source: China State Council Information Office 3

    Workers get the venue ready for the upcoming 7th China International Import Expo (CIIE) at National Exhibition and Convention Center (Shanghai), east China’s Shanghai, Oct. 22, 2024. [Photo/Xinhua]

    A delegation of nearly 400 representatives from 44 Singaporean businesses will attend China’s upcoming landmark import expo in a bid to seek stronger and high-quality partnerships in both traditional and new sectors.

    Among the participating exhibitors for the 7th China International Import Expo (CIIE), 70 percent are repeat exhibitors, according to the Singapore Business Federation (SBF), the delegation’s organizer. This will be the seventh year for the SBF’s delegation to participate in the CIIE.

    The 7th CIIE is scheduled to be held in Shanghai from Nov. 5 to 10, with participants from 152 countries, regions and international organizations.

    CIIE remains a critical platform for Singapore’s businesses in the Chinese market, said SBF CEO Kok Ping Soon.

    With a total exhibition area of close to 912 square meters, the Singapore Pavilion, which spans across the Consumer Goods Hall, Food & Agricultural Products Hall and Trade in Services Hall, will see Singapore companies showcase a wider range of innovative, high-quality, and reliable products and services.

    The Singapore-China Trade and Investment Forum will also be held on the sidelines of the 7th CIIE in Shanghai, according to the SBF.

    China has been Singapore’s largest trading partner for 11 consecutive years. Singapore is the second-largest source of foreign investment for China and the top destination for Chinese overseas investment.

    According to the SBF National Business Survey 2023/2024, China is one of the top three countries that Singapore businesses have a presence in and is among the top three countries in Asia that Singapore businesses are looking to expand into.

    “We are committed to supporting Singapore companies in furthering their businesses in China, while boosting innovation and ensuring sustained growth through stronger bilateral partnerships,” Kok said.

    MIL OSI China News –

  • MIL-OSI China: ECB rate-setters consider 50-bp rate cut for December

    Source: China State Council Information Office

    Some rate-setters of the European Central Bank (ECB) have floated the idea of a possible 50-basis point rate cut, signaling a shift in focus from inflation concern to growth challenges in the eurozone.

    The prospect of such a cut could be considered during the ECB’s December meeting, when the central bank will decide its next move, according to Portugal’s central bank governor, Mario Centeno. Speaking to CNBC on Wednesday, Centeno cited recent data that could support a more aggressive rate cut.

    Inflation in the euro area unexpectedly fell in September, leading the ECB to lower key interest rates by 25 basis points last Thursday. This marked the third rate cut this year and the first back-to-back rate reduction in 13 years.

    Although ECB President Christine Lagarde insisted that the rate cut was based on the view that the “disinflationary process is well on track,” speculation is growing in the market regarding a potential 50-basic point cut in December.

    Klaas Knot, president of the Dutch Central Bank, expressed confidence that inflation will return to target levels sometime next year, noting that a 50-basis point rate cut should not be ruled out for December.

    In contrast, Austrian central bank chief Robert Holzmann believes that, based on current data, a 50-basis point rate cut is unlikely in December.

    Inflation in the euro area dropped sharply to 1.7 percent in September, down from 2.2 percent in August. This marks the first time inflation has dipped below the 2-percent target since mid-2021.

    Following the governing council meeting last Thursday, Lagarde acknowledged that the inflation figure was a surprise. “I’m not sure we had anticipated that 1.7 percent, nor did anyone else for that matter.”

    An ECB survey of professional forecasters published last Friday adjusted the inflation expectation for 2025, lowering it to 1.9 percent from two percent.

    Lagarde stressed that the fight against inflation is not over and it is still premature for the central bank to claim victory.

    The euro area economy stagnated throughout 2023 and recovery has been slow in 2024. While Lagarde dismissed concerns about a recession, she acknowledged that economic activity has been weaker than expected.

    There are rising concerns that the current restrictive monetary policy may hinder the fragile economic recovery.

    Knot told CNBC that the ECB should be as concerned about undershooting targets as it is about overshooting them. He noted that the ECB can continue to cut rates until it reaches a neutral stance, defined as neither expansionary nor contractionary, particularly if the December projections align with further deterioration in economic data.

    There have been calls for the ECB to lower its key interest rate to the neutral rate, also known as the natural rate, which is neither expansionary nor contractionary. The natural rate is not constant over time and was near zero during the 2010s (equivalent to a nominal rate of two percent), according to an ECB study published in September.

    Given that the current policy rate remains significantly higher than the neutral rate, analysts suggest that the ECB will need to implement further cuts in the future to quickly reach neutral territory.

    MIL OSI China News –

  • MIL-OSI China: Cambodia, China-ASEAN Information Harbor sign MoU to boost digital infrastructure, economy

    Source: China State Council Information Office

    Cambodia and the China-ASEAN Information Harbor Co., Ltd. (CAIH) have signed a memorandum of understanding (MoU) to boost technological innovation, digital infrastructure, and digital economy, said a news release on Thursday.

    The deal was inked in Phnom Penh on Wednesday between Cambodia’s Ministry of Industry, Science, Technology & Innovation (MISTI) and the CAIH under the presence of MISTI’s Undersecretary of State Hul Seingheng.

    The MoU marks a significant step for Cambodia towards enhancing technological innovation and connectivity in the Association of Southeast Asian Nations (ASEAN), the news release said.

    “This agreement aims to leverage advanced digital infrastructure and cutting-edge technologies to promote economic development and improve quality of life across the region,” the news release said.

    Seingheng said the partnership builds on years of collaboration, which gained momentum after a MISTI delegation visited the CAIH in June 2024 and that the visit laid the groundwork for this formalized agreement.

    “This agreement is another milestone in our efforts to enhance digital cooperation and strengthen Cambodia’s science, technology, and innovation ecosystem,” he said.

    “It aims to increase digital connectivity and the exchange of expertise that will benefit both Cambodia and the ASEAN region,” he added.

    Leveraging CAIH’s skills in the digital economy, intelligent interconnection, and data interoperability, the MoU highlights key areas of collaboration, including advanced digital infrastructure, digital economy, and knowledge sharing.

    “Both parties will focus on sectors such as healthcare and tourism, utilizing digital technologies to spur economic growth and elevate living standards,” the news release said.

    Kong Mengke, deputy general manager of CAIH International, expressed enthusiasm for the MoU’s potential.

    “To implement these areas of cooperation, we propose to prioritize the development of a digital government. The next step will be to create a smart governance platform,” he said.

    “We strive to be a ‘super-connector’ of industries, resources, and customers, positioning ourselves as enablers of digital transformation and leaders of the Digital Silk Road,” he said.

    According to the news release, the CAIH is a digital tech company approved by China’s State Council in 2016 in line with the Belt and Road Initiative.

    Its mission is to build and operate the Digital Silk Road and Digital Guangxi, promoting closer ties between China and ASEAN and supporting the 21st Century Maritime Silk Road, it said.

    MIL OSI China News –

  • MIL-OSI Economics: Joint Media Statement of the 11th Meeting of the ASEAN Ministers Responsible for Culture and Arts (AMCA)

    Source: ASEAN – Association of SouthEast Asian Nations

    The Eleventh ASEAN Ministers Responsible for Culture and Arts (AMCA) Meeting and the AMCA Meetings with Dialogue Partners, including the ASEAN Plus Three, China, Japan and the Republic of Korea, were held on 24 October 2024, in Melaka, Malaysia. Timor-Leste was in attendance as observer.The theme of the 11th AMCA was “Bridging Cultures, Building Futures: Unity in Diversity” underlined the pivotal role of culture and the arts in promoting sustainable and inclusive development towards strengthening ASEAN’s solidarity.

    Download the full statement here.

    The post Joint Media Statement of the 11th Meeting of the ASEAN Ministers Responsible for Culture and Arts (AMCA) appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI China: Woman sentenced to death for trafficking 17 children

    Source: China State Council Information Office 2

    A woman was sentenced to death for abducting and trafficking 17 children, according to a retrial conducted by a court in southwest China’s Guizhou Province on Friday.
    In September 2023, the Guiyang Intermediate People’s Court sentenced Yu Huaying to death after finding her guilty of abducting and trafficking 11 children from Guizhou and Chongqing to the city of Handan in Hebei Province between 1993 and 1996. Yu and her accomplice, a man who has since died, sold the children for profit. Yu immediately submitted an appeal against the ruling.
    In November 2023, the Guizhou Provincial Higher People’s Court held a second-instance trial and, in January 2024, ordered a retrial of the case after the police discovered that Yu was implicated in more child trafficking cases.
    The number of children involved in the high-profile trafficking case has since risen from 11 to 17. The children came from 12 families, five of them losing two children at the same time, according to the court. Some children were even abandoned midway.
    Yu was also deprived of her political rights for life and all of her personal property will be confiscated.

    MIL OSI China News –

  • MIL-OSI China: Art Basel CEO depicts Chinese art as ‘fundamentally popular’

    Source: China State Council Information Office 3

    An art work by Colombian artist Fernando Botero is on show during the second Art Basel in Hong Kong, south China, May 16, 2014. (Xinhua/Li Peng)

    Noah Horowitz, CEO of Art Basel, said that he sees continued spending on art and antiques by high-net-worth individuals (HNWIs) despite a challenging market, bolstered by a strong appetite from Chinese buyers and an increased expenditure on emerging and female artists.

    “Chinese art remains fundamentally popular,” said the CEO of the world’s leading art fair in a virtual interview with Xinhua, discussing “The Art Basel and UBS Survey of Global Collecting 2024,” a report published on Thursday.

    “It’s such a large market with so much happening, in Beijing, Shanghai, Guangzhou and elsewhere that I think that there’s continued interest. We see that most visibly in our Hong Kong fair and we can expect that to continue,” said Horowitz.

    The report was authored by cultural economist Dr. Clare McAndrew of Arts Economics and conducted in collaboration with Swiss banking giant UBS.

    The survey examines the spending, event attendance, motivations for collecting of HNWIs and their interactions with artists, galleries and institutions. It reveals insights into the behaviors of HNWIs across 14 markets worldwide in 2023 and the first half of 2024.

    Horowitz described the 2024 survey as the largest of its kind to date, which gathered responses from over 3,660 HNWIs in Brazil, France, Germany, Hong Kong, Indonesia, Italy, Japan, the Chinese mainland, Mexico, Singapore, Switzerland, Taiwan, Britain and the United States.

    Visitors look at exhibits during Art Basel Hong Kong 2018 at Hong Kong Convention and Exhibition Centre in south China’s Hong Kong, March 27, 2018. (Xinhua/Li Peng)

    “China is a large, diversified economy with many active artists and galleries, and it contributes a huge amount to the global art trade,” he said.

    “The broader Asian story is really compelling. We’re seeing a lot of clients from throughout the Asian region, attending our shows, leaning in and remaining very active. It’s a super important market for us, and we can expect to see that vibrancy continue,” he added.

    HNWIs from the Chinese mainland had the highest expenditure on art and antiques in 2023, as well as in the first half of 2024 with a median of 97,000 U.S. dollars, more than double that of any other region surveyed, the report showed, indicating that the strong return to spending has been sustained despite worries of a slowdown in the market, Horowitz said.

    Horowitz also underscored a significant appetite to buy living artists’ work and increased expenditure on emerging as well as female artists.

    “I think it’s a reminder that at the highest level of the wealth spectrum, there’s still considerable spending on art and luxury goods,” he told Xinhua.

    Founded in 1970 by gallerists from Basel, Switzerland, Art Basel today stages the world’s premier art shows for modern and contemporary art. It has four locations: Basel, Miami Beach, Hong Kong and Paris.

    MIL OSI China News –