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Category: China

  • MIL-OSI Russia: Harnessing the Power of Integration: A Path to Prosperity in Central Asia

    Source: IMF – News in Russian

    September 11, 2024

    Distinguished guests, I am delighted to be here in Bishkek on my first visit to the Kyrgyz Republic, in the heart of Central Asia.

    This region has been at the crossroads of civilizations for millennia. It is a mosaic of a rich cultural heritage, diverse peoples, and natural endowments that include spectacular mountains, lakes, rivers, and a rich biodiversity. It is also located very favorably at the crossroads of Asia and Europe. Needless to say, it is quite truly a unique region!

    As we gather here today to discuss the economic possibilities for the Caucasus and Central Asia (CCA) region, we all recognize that the world is changing rapidly, and this is a pivotal moment.

    It reminds me of another time of momentous opportunity, when the region gained independence in the 1990s. Since then, the CCA countries have made remarkable progress by unleashing their first wave of market- oriented reforms, generating higher growth and improving living standards.

    But new and unprecedented challenges have emerged. The Covid-19 pandemic and its aftermath are only just in our rear-view mirrors, as the region confronts emerging challenges from climate change to regional conflicts. The global economy has also shifted with geoeconomic fragmentation emerging as a key risk.

    The theme of my remarks today is simple: in this changing world, raising living standards in the CCA region requires bold, concerted action.

    We must strengthen stability and resilience, promote regional integration, and launch a new wave of reforms. This is how we can unleash the full economic potential of the region and its vibrant young populations, accelerate growth, create jobs and open-up opportunities for generations to come.

    Building on Macroeconomic Stability

    It is important to remind ourselves of the global context as we consider what is needed to propel the region to the next level of economic growth and prosperity.

    The world economy has shown remarkable resilience in the face of the pandemic, the war in Ukraine, and an inflation surge. Global growth bottomed out at 2.3 percent in 2022 and is expected to rebound to 3.2 percent in 2024 and 3.3 percent in 2025. Initial fears of recession and uncontrolled wage-price spirals fortunately did not materialize and there is less economic scarring from the pandemic than anticipated.

    However, medium-term growth projections remain below historical averages. Persistence of inflation in parts of the world, geopolitical conflicts, and the gaps in structural reforms needed to promote efficient resource allocation remain critical challenges. Global inflation is projected to decline to 5.9 percent in 2024 and 4.5 percent in 2025, with advanced economies returning to inflation targets before emerging market and developing economies.

    The risks to the outlook are still considerable. Notably, geopolitical tensions and regional conflicts pose downside risks, potentially causing new price spikes. Other risks include rising trade protectionism, increasing inequality, and financial market volatility. At the same time, the fact that this year saw the hottest day on record for the planet serves as a stark reminder of daunting challenges due to climate change.

    Policymakers in the CCA region deserve full credit for navigating their economies through these turbulent times and maintaining macroeconomic stability. Rapid COVID virus containment, decisive policy actions, and robust international support have led to a swift recovery, with the region growing at 4.9 percent in 2023.

    Inflation fell in most CCA countries, including in the Kyrgyz Republic, amid exchange rate appreciations and a decline in commodity prices. Inflation remained more persistent in Kazakhstan and Uzbekistan due to strong domestic demand, elevated inflation expectations, and energy price reforms in Kazakhstan.

    In the April Regional Economic Outlook, we projected a growth slowdown to 3.9 percent in 2024, but inflows of income, capital, and migrants from Russia, and rerouting of trade though the region have again boosted growth to impressive high single digits so far this year in oil importing CCA economies, including the Kyrgyz Republic. In Kazakhstan, on the other hand, growth is expected to slow to 3.1 percent in 2024 before picking up to 5.6 percent in 2025 as production increases from the Tengiz oil fields.

    Over the medium term, growth in the region is expected to moderate to under 4 percent and inflation stabilize in mid-single digits. Escalation of the war in Ukraine and the Gaza conflict, however, could cause commodity price volatility and a reversal of the recent trade patterns.

    Achieving macroeconomic stability is just a beginning. It is not sufficient to meet the aspirations of current and future generations.

    Now is the time for us to come together and take bold steps to unleash a new wave of reforms that will durably raise growth, create more jobs, and improve living standards. This requires reforms to increase productivity, strengthen resilience to shocks, and expand markets.

    While this is ambitious, it is within our reach as long as there is consensus to move ahead on this path. The current favorable macroeconomic conditions offer a promising window of opportunity because, as our research shows, structural reforms yield greater growth dividends during economic expansions.

    From Stability to Prosperity

    Historically, this region has been a vital link between Europe and Asia, serving as a conduit for trade, culture, and innovation.

    Today, regional integration can once again harness this potential. It can facilitate the freer movement of goods, services, capital, and people, increase market size and economic efficiency, and promote inclusive prosperity.

    Moreover, deepening ties within the region and global markets can foster stability and peace. Regional integration is therefore not just an opportunity, but an economic necessity.

    Reducing nontariff trade barriers, boosting infrastructure investment, and enhancing regulatory quality could increase trade by up to 17 percent on average in the CCA region, as our research shows. They can also improve market access and foster diversification.

    Transportation networks, such as roads, railways, and ports are essential to facilitate cross-border trade. The planned construction of the China-Kyrgyzstan-Uzbekistan railway is an illustration of cross-country cooperation to improve connectivity between the East and the West, supporting the region’s ambition to regain its historical role. 

    You have abundant renewable energy resources in the region, including hydro, solar and wind power. Enhanced energy cooperation will help develop regional energy markets, ensure security, and create export opportunities. Collaborative projects, such as Kambarata-1, can help diversify the energy mix and reduce dependency on fossil fuels. Critically, it can also improve water availability for neighboring countries.

    Both of these investments—the railway and Kambarata-1—hold enormous potential for regional development and connectivity. Collective effort in mobilizing expertise and financing is essential for full realization of this potential while sustaining macroeconomic stability that has been a hallmark of the region’s recent achievements.

    This brings me to the importance of regional cooperation in addressing the risks of climate change, which requires immediate and resolute actions from all of us.

    A Path to a Low-Carbon Future

    The CCA region is highly vulnerable to climate change. Temperatures are rising fast, and droughts and floods have become more frequent and severe, causing immense damage to crops, infrastructure and livelihoods. We estimate that unabated climate change could cause a loss of annual output of nearly 6.5 percent in the region by 2060.

    The good news is that these losses could be substantially reduced by joint actions to cut emissions, adapt to climate change, and manage the risks of transition to a low-carbon economy.

    The region must collaborate to promote green technologies, improve energy efficiency, and manage natural resources sustainably. Scaling back energy subsidies and introducing carbon-pricing mechanisms can contribute to global mitigation efforts. In this respect, the Kyrgyz Republic’s commitment to raising electricity tariffs and gradually eliminating energy subsidies is a shining example.

    Such decisive measures can enhance resilience to climate change and create higher-paying jobs–green jobs that pay 7 percent more on average.

    Reforms for Enhanced Growth and Stability

    To fully realize the benefits of regional integration, structural reforms are essential. Our research finds that such reforms could lift output by 5-7 percent in the next 4 to 6 years.

    Let me highlight a few key areas where structural reforms can help achieve this boost:

    A vibrant private sector is the engine of growth. Strengthening governance, property rights and the rule of law, and reducing the state footprint in the economy by simplifying regulations, fostering competition, and combating corruption will build confidence and attract private investment.

    Importantly, we find that governance reforms yield the highest growth dividends and amplify the positive impacts of other reforms. The implication is clear: governance reforms should be prioritized and accompanied by other reforms.

    Prudent management of state-owned enterprises (SOEs) is also critical. While some SOEs serve essential public-policy objectives and should remain in public hands, it is crucial that they operate efficiently and do not crowd out the private sector.

    In most cases, however, the private sector is more efficient in delivering goods and services and creating jobs. Therefore, privatization of non-essential SOEs can lead to more dynamic and competitive markets, enhancing growth and resilience.

    Investments in education, health, and digital infrastructure are vital to boost productivity. The full potential of the region’s young and dynamic population can only be unleashed through high quality education and healthcare.

    Enhancing digital infrastructure also offers vast opportunities for productivity growth, especially in a region with young people eager to embrace new technologies.

    As the CCA starts to reap the benefits of these reforms, it is equally important to ensure that growth benefits all segments of society, and the vulnerable are shielded from the impacts of energy subsidy reforms and climate change. Well-targeted social assistance is essential for reducing poverty and inequality.

    Benefits work best when they incentivize work and are targeted and timely to support adversely affected households during economic downturns but scale back when the recovery takes hold. Empowering women and promoting gender equality can unlock significant economic potential and contribute to more inclusive growth.

    IMF’s Commitment to CCA Stability and Growth

    The IMF has been a steadfast partner of the CCA region since its initial days of independence. We provide policy advice, financing, and technical assistance to help our members in the region stabilize their economies, develop sustainable growth, and reduce poverty.

    The IMF stands by all its member countries in both prosperous and challenging times. For example, our assistance during the COVID-19 pandemic helped our membership weather the crisis and lay the groundwork for recovery.

    To better support our member in the CCA, the IMF established the Caucasus, Central Asia, and Mongolia Regional Capacity Development Center. This center provides technical assistance and training to help countries in the region build stronger institutions and implement sound economic policies. It also represents our long-term commitment to the region’s development.

    Conclusion

    Let me conclude. Since its early days of independence, the CCA region has shown tremendous perseverance in laying the foundation of a prosperous, peaceful society.

    Today, you are confronting new global challenges that test the resilience and adaptability of your economies. Embracing continued market-oriented reforms is the most effective strategy to strengthen your economies. Now is the time to forge ahead with bold spirits.

    The IMF will continue to support your efforts, working in partnership for the benefit of all people in this region and beyond.

    Thank you.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

    Phone: +1 202 623-7100 Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/09/11/sp09112024-harnessing-power-integration-path-prosperity-central-asia-dmd-bo-li

    MIL OSI

    MIL OSI Russia News –

    September 29, 2024
  • MIL-OSI Asia-Pac: HK rises to 3rd in finance hub ranking

    Source: Hong Kong Information Services

    Hong Kong has been ranked third in the Global Financial Centres Index 36 Report, published today by the UK’s Z/Yen and the Shenzhen-based China Development Institute, up from fourth place in the March version of the index.
     

    The city also ranked first in the Asia-Pacific region. Its overall rating rose by eight points, the largest improvement among the top five financial centres.
     

    The Government said the report clearly affirms Hong Kong’s status and strengths as a leading global financial centre, highlighting that its scores were among the highest for business environment, human capital, infrastructure, and reputational and general competitiveness.
     

    The city’s rankings for investment management, insurance, banking and professional services also rose significantly. In particular, the city’s ranking rose to first globally for investment management.
     

    In the ranking of financial centres’ fintech offerings, Hong Kong rose five places to ninth, putting it among the top 10 fintech hubs globally.
     

    Hong Kong’s asset and wealth management business is also booming, with assets under management growing by about 2% from the previous year to more than $31 trillion at the end of 2023. Net fund inflows reached $390 billion, more than 3.4 times the level of the previous year. 
     

    The development of Hong Kong’s family office sector also continues to gain momentum. Since its launch in March, the New Capital Investment Entrant Scheme has so far received more than 550 applications. It is expected to bring in investment of more than $15 billion to the city.
     

    The Government said that as an international financial centre, Hong Kong brings together the world’s top financial institutions and talent, provides professional financial services, and has a deep and broad capital market.
     

    Hong Kong’s regulatory system aligns with those of major overseas markets, allowing the free flow of information and capital, it added.
     

    The Government stressed that under “one country, two systems”, Hong Kong enjoys the unique position of being backed by the motherland and connected to the world, which empowers it to fully leverage its role as a “super connector” and “super value-adder”.
     

    The Government added that it will continue to promote the financial sector’s high-quality development.

    MIL OSI Asia Pacific News –

    September 29, 2024
  • MIL-OSI China: Deputy head of China’s General Administration of Customs under probe

    Source: China State Council Information Office 2

    Sun Yuning, deputy head of China’s General Administration of Customs, is under disciplinary and supervisory investigation for suspected severe violations of Party discipline and the law, an official statement said Tuesday.
    Sun, also a member of the Party committee of the administration, is being investigated by the Communist Party of China Central Commission for Discipline Inspection and the National Commission of Supervision, according to the statement.

    MIL OSI China News –

    September 29, 2024
  • MIL-OSI Germany: „We’ve ridden out the big wave of inflation” | Interview with F.A.Z.

    Source: Deutsche Bundesbank in English

    The interview was conducted by Christian Siedenbiedel.Translation: Deutsche Bundesbank
    Mr Nagel, is this terrible wave of inflation finally over?
    Yes, I believe this wave of inflation is coming to an end. In its initial phase, it was very challenging, or, as you put it, “terrible”. However, we in the euro area are now well on the way to sustainably achieving our inflation target of 2 %. Based on the Eurosystem projection from June, we should hit this target at the end of 2025. In Germany, the inflation rate of 2 % in August, as measured by the Harmonised Index of Consumer Prices, was a little deceptive, if only for purely technical reasons: the year-on-year rate, that is, compared with August 2023, was more favourable than in other months. We’ll be seeing somewhat higher rates again soon. But I think that we’re past the worst of it: we’ve ridden out the big wave.
    Is it still possible that inflation could get out of hand?
    I wouldn’t say so. Provided that we don’t see any more unexpected major shocks, like Russia’s invasion of Ukraine in February 2022, for example, then inflation should continue to trend towards 2 %. Nevertheless, we shouldn’t celebrate prematurely and start patting ourselves on the back. We haven’t quite hit our target yet. We must remain vigilant and be wary of the risks on the way back to stable prices – that is our job as a central bank.
    How seriously should we be taking the repeated upside surprises to services inflation?
    We are taking the higher inflation for services seriously. After all, services make up nearly half of the basket of consumer goods – that’s a lot. In Germany, the prices for services are still rising by around 4 % each year. Strong growth in wages is especially contributing to this. And we are expecting wage settlements in Germany to remain relatively high over the remaining course of 2024 as well. In annual terms, negotiated wages are likely to rise by around 6 %. While there is some fluctuation in the monthly figures, wage pressures in Germany will remain high overall for the time being.
    Given this state of affairs, do you think the ECB should risk lowering interest rates for a second time in September?
    On the ECB Governing Council, we have stressed that we will not pre-commit to any particular path of interest rates and that we will follow a data-dependent approach to our decisions. Following the interest rate reduction in June, it was a wise move to then wait and see in July and not cut rates any further. For this reason, I will really only be making up my mind at next week’s ECB Governing Council meeting, when I will have a full overview of all the data. As before, we are not flying on autopilot. But I’ll say one thing: I think inflation is making good progress.
    When interest rates were first cut in June, only the Governor of the Oesterreichische Nationalbank, Robert Holzmann, voted against the reduction. After all, the ECB had just been forced to adjust its inflation projections upward. Did you not have any concerns in cutting interest rates?
    No, I had no concerns in June. From my perspective, the interest rate step was justified by the data. They did not cast any doubt on the general direction of travel, that is, the decline in the inflation rate over a longer period of time. And our monetary policy is still tight, even after the cut in interest rates. However, I do, of course, respect the decision of my colleague Robert Holzmann.
    During his time as President, your predecessor Jens Weidmann was often the one who took on the role of the most hawkish member of the ECB Governing Council, the most strident advocate of tight monetary policy. How do you view your role on the Governing Council?
    Comparing two completely different situations is always difficult, and it should be up to others to evaluate my work. Our decisions on the Governing Council are reached as a team – one that strives to make responsible monetary policy for the euro area. I wish to seek out solutions together with my colleagues on the ECB Governing Council, which is why I focus more on the team as a whole than on individuals. I think we have done well on this score over the past two years: we have succeeded in bringing inflation down in a challenging environment.
    There are economists who fear that inflation could settle at a level noticeably above the ECB’s target of 2 % in the medium term. Do you think that the risk of there being structurally higher inflation in future can be completely ruled out?
    In this context, we must clearly distinguish between two things. First, there is the question of whether we are going to see stronger price pressures in the future. That’s something I can’t rule out. We are keeping close tabs on how certain developments are impacting on inflation – these include geopolitical developments, the green transformation and demographic developments. Some academics expect these developments to lead to pressure towards higher inflation rates. A different question altogether is whether inflation will be higher over the long term because of this. And I will be quite clear on this matter: that’s something monetary policymakers hold sway over. Our mandate is price stability.
    Would you then say that the ECB is partly to blame for inflation getting out of hand in recent years?
    I wouldn’t use the word blame in this context – I consider that to be the wrong category. Hindsight is always 20/20. What is certainly true is that at the end of 2021 – before I joined the ECB Governing Council – it was already foreseeable that the inflation rate would rise, and the ECB continued its asset purchases. In January 2022, prior to Russia’s invasion of Ukraine, we already had an inflation rate of 5 %, which was probably due in part to the coronavirus pandemic. As part of the ECB strategy review that has just begun, we will have to examine the role monetary policy measures, such as asset purchases, played during the low inflation period.
    Was it a sticking point that the ECB had committed to tapering asset purchases first before starting to raise interest rates? The economist Markus Brunnermeier mentioned this recently in a discussion with you. As a result, the central bank was unable to respond quickly enough with the interest rate hikes that inflation would have required …
    Back then, it was important to gradually ready financial markets for this reversal. This happened through a series of announcements starting from December 2021. If you look at developments in financial markets, then I’d say that the markets understood this communication and were prepared. The ECB thus succeeded in keeping the negative side effects often associated with changes in monetary policy relatively manageable.
    In your role as Bundesbank President, how do you view the economic situation in Germany at present. Is it being talked down?
    We are navigating an economic situation characterised by strong headwinds. Recent business communications make it clear that certain sectors are under pressure and need to take countermeasures. But I am very much against talking the situation down, because that stimulates exactly those developments that are being lamented.
    What do you mean by headwinds?
    As a large export economy, Germany is particularly hard hit by the geoeconomic changes happening at the moment. Let me give an example: we export especially large amounts to China, meaning that any slowdown in the economy there impacts us particularly hard. The uncertainty that we are seeing among consumers and firms is a factor as well. As a result, investment in machinery, equipment and vehicles fell by 4.1 % between the first and second quarter. Overall, economic output contracted by 0.1 % in the second quarter. That should serve as a wake-up call. We need to put growth front and centre, and that means investment needs to become a more attractive option again.
    So where might impetus to boost growth come from?
    I think the Federal Government’s growth initiative is on the right
    track: getting rid of bracket creep for taxpayers, cutting bureaucratic red tape, making improvements to depreciation on investments, but also bringing in measures to strengthen incentives to work. These are all sound steps. But, with the summer break over now, they actually need to be put into practice. Words have to be followed up with deeds. It is particularly important that politicians give a clear indication of where things are headed. If there is a dependable setting, firms will start investing more again. The debt brake could also stand to undergo moderate reform, in my view. The Bundesbank has put forward some proposals that would create a little more leeway, provided that Germany keeps to the EU’s rules on debt. But now it’s up to politicians to take action.
    How concerned are you by what has happened in Thuringia and Saxony?
    I find it very unsettling. Democracy, freedom, openness, including to people from other countries – these are core values. When these are being called into question, we at the Bundesbank cannot just look on dispassionately, either; we need to take a clear stand. A central bank also has a responsibility to society in this regard. And, as you know, we at the Bundesbank have just had renowned historians probe the history of central banking in Germany between 1924 and 1970. I worry when I read about calls for Germany to exit the European Union or leave the monetary union. That sort of thing jeopardises Germany’s position as a business location; it undermines European cohesion. And it’s harmful to our prosperity.
    The Bundesbank itself is in the midst of profound change. The plan for the new Central Office in Frankfurt was pared back, there are to be no new high-rises, and eight out of 31 branches are set to be closed. Where do things stand – is more on the way?
    Well, that’s already a fair amount that we have planned. This is about making the Bundesbank fit for the future. But it’s also about the Bundesbank’s duty to uphold cost-efficiency. Together with our staff representation committees, we have agreed to let staff work up to 60 % of their hours from home. That has allowed us to significantly downsize our construction plans for Frankfurt. In terms of office space, we can even do without new builds entirely. And we will be designing our future open-plan workspaces in a manner befitting a modern institution. We need to reduce the number of branches because of the trend decline in the use of cash. But the closures will be planned with a long lead time and carried out in a socially responsible way. And we will make sure that the cash supply throughout Germany remains fully intact at all times in future.
    So what do the Bundesbank’s staff have to say when they find out they will no longer have their own office in future under these plans?
    When the employees first set eyes on their new office environment, there’s bound to be plenty who say it is really great. Despite the success of working from home, it has also taught us how important it is to engage with others. This is tremendously helpful in fulfilling the Bundesbank’s tasks, and that often works better in open-plan workspaces than behind closed doors. It will of course still be possible to go into a quiet space for a while when concentrated individual work is required.
    You have also announced your intention to use AI to a greater extent, for example in inflation forecasts. Have there been any successes yet in this regard?
    Yes, we are already trialling quite a few things on this front, for example in the area of short-term inflation forecasting. For very complex problems, in particular – which we at the Bundesbank are often confronted with – AI delivers an initial assessment very quickly. We are also already using it to prepare for our meetings. However, for us it is important that AI remains just a tool. People continue to bear responsibility. We remain in the driving seat.
    The ECB is currently reviewing its monetary policy strategy again. What would you consider to be important here?
    One thing we need to do is to reflect on the past: what was good about the non-standard monetary policy measures, and what was bad? A critical look in the rear-view mirror is important in order to check our use of instruments going forward. Are we well equipped in this context? What topics will be relevant in future?
    Would you also want to talk about the inflation target of 2 %?
    A review of the inflation target is not on our agenda. We have fared very well with our inflation target of 2 %, also of late. I see no reason to change the target in the current situation.
    There was much debate at the time – especially in Germany – about the ECB’s multi-trillion euro asset purchases. Some central bank staff even resigned over the matter. What is your view of this now, after a few years of experience and the realisation of high operating losses at the Bundesbank?
    Obviously I would also rather announce profits, and indeed we did have profits over many years. Now, however, we will have to deal with a few years of losses – and we will manage. This is, incidentally, a topic that we communicated at a very early stage. After all, when monetary policymakers purchase assets on a large scale, it is clear that rising interest rates will impact the central bank balance sheet. And this is indeed what has happened. We had to raise interest rates sharply. As the largest central bank in the Eurosystem, the Bundesbank has to shoulder the greatest burden. In the current year, we could potentially see a magnitude similar to that of 2023. Since we have virtually exhausted our risk provisions, we will have to make use of loss carryforwards in the coming years. Nevertheless, an important aspect for me is that the Bundesbank will return to profitability in future. The Bundesbank’s balance sheet is sound as we have large revaluation reserves. For this reason, there is no need for anyone to worry – the Bundesbank does not need any additional capital.
    And what’s your takeaway for the asset purchases? Should this instrument be abolished?
    One should certainly exercise caution with regard to substantial asset purchases at the zero lower bound. When it comes to safeguarding price stability, it should remain an exceptional instrument for exceptional circumstances. I hope that such exceptional circumstances do not occur again in the foreseeable future. I at least don’t see any signs of this happening. The substantial monetary policy asset purchases were associated with numerous side effects in financial markets. In the strategy review I am calling for a clear delineation of asset purchases at the zero lower bound – we mustn’t overuse this instrument.
    © FAZ. All rights reserved.

    MIL OSI

    MIL OSI German News –

    September 29, 2024
  • MIL-OSI China: Chinese shares surge on stimulus package

    Source: China State Council Information Office

    A staff member walks past the Shenzhen Stock Exchange in Shenzhen, south China’s Guangdong province, Sept. 21, 2020. [Photo/Xinhua]

    Chinese stocks rallied on Tuesday, fueled by a package of stimulus measures announced on the same day.

    The benchmark Shanghai Composite Index was up 4.15% to 2,863.13 points, and the Shenzhen Component Index closed 4.36% higher at 8,435.7 points.

    China’s central bank, top securities regulator and financial regulator earlier in the day announced a raft of monetary stimulus, property market support and capital market strengthening measures to support the country’s high-quality economic development at a press conference.

    The country will cut the reserve requirement ratio, lower mortgage rates on existing home loans, and create new monetary policy tools to support the stock market, among others.

    These policies, which exceed market expectations, will boost market confidence, stimulate the vitality of market entities, stabilize credit levels, and enhance the sustainability of financial support for the real economy, said Wen Bin, chief economist at China Minsheng Bank.

    Gains are seen across the board on the two bourses, with shares related to steel and coal leading the surge.

    The combined turnover of stocks covered by the two indices stood at 974.8 billion yuan (about $138.25 billion), up from 551 billion yuan recorded on the previous trading day.

    The ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, surged 5.54% to close at 1,615.32 points Tuesday.

    MIL OSI China News –

    September 29, 2024
  • MIL-OSI China: China launches probe on US company over suspected market discrimination

    Source: China State Council Information Office

    An undated file photo shows the entrance to the Chinese Ministry of Commerce in Beijing, capital of China. [Photo/Xinhua]

    China’s Ministry of Commerce said Tuesday that it will probe into PVH Corp. of the United States under the unreliable entity list framework for suspected discriminatory measures and other practices violating market trading principles regarding Xinjiang-related products.

    The U.S. company is suspected of boycotting cotton products from China’s Xinjiang Uygur Autonomous Region without any factual basis, which seriously undermined the legitimate rights and interests of relevant Chinese enterprises, and jeopardized China’s sovereignty, security and development interests, said the ministry.

    MIL OSI China News –

    September 29, 2024
  • MIL-OSI China: China launches initiative to tackle obesity surge

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

    BEIJING, Sept. 24 — China has improved its obesity treatment guidelines for private medical institutions as soaring obesity rates threaten the health of people of all ages.

    According to a 2020 report from the National Health Commission (NHC), 34.3 percent of the country’s adults were overweight and 16.4 percent were obese. Research predicts that overweight and obesity rates among Chinese adults could reach 65.3 percent by 2030.

    Chinese minors are also facing significant weight challenges. Currently, about 19 percent of people aged 6 to 17 and 10.4 percent of children under 6 are overweight or obese.

    As treatment options for obesity grow more diverse, more and more patients are turning to health care providers for professional treatment plans. Medication, surgical intervention and lifestyle changes are some of these options.

    A new initiative has seen the establishment of a weight management center to offer expert guidance to private health care facilities that provide weight loss services, aiming to enhance their ability to diagnose and treat obesity.

    Obesity is regarded as a significant trigger for a variety of chronic diseases, including diabetes and cancer. It is a major obstacle to realizing China’s long-term health goals, such as raising the nation’s average life expectancy to 79 by 2030, as proposed in the country’s Outline of Healthy China 2030.

    To combat the rising obesity rates, China has introduced a series of initiatives aimed at raising public awareness of weight management and the importance of maintaining a healthy lifestyle.

    In February, the NHC released a set of dietary guidelines to offer advice on food choices and provide recipes tailored to various dietary habits across different regions of China.

    MIL OSI China News –

    September 29, 2024
  • MIL-OSI Asia-Pac: Speech by SJ at forum titled Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond in Ho Chi Minh City, Vietnam (English only)

    Source: Hong Kong Government special administrative region

         Following are the opening remarks by the Secretary for Justice, Mr Paul Lam, SC, at the forum titled Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond in Ho Chi Minh City, Vietnam, today (September 24):Vice President Vo (Vice President of the Vietnam Chamber of Commerce and Industry Mr Vo Tan Thanh), distinguished guests, ladies and gentlemen,     Good afternoon, xin chào buổi trưa. Firstly, a very warm welcome, a very big thank you to all of you joining our forum this afternoon co-organised by the Department of Justice of Hong Kong, the Hong Kong Economic and Trade Office in Singapore and the Vietnam Chamber of Commerce and Industry. The theme of today’s forum is “Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond”.     In my opening remarks, I simply wish to try to answer two questions, two very obvious questions that I suppose you have in mind. Firstly, who we are; secondly, why are we here.     For the purpose of this forum, I have a very big delegation consisting not simply of government lawyers from my Department. The Department of Justice of Hong Kong is in fact quite similar to the Ministry of Justice in Vietnam. So, a lot of people would think I will be responsible for criminal prosecutions, giving advice to the Government. But perhaps not so well known is that, it is also one of my duties to promote legal services in Hong Kong to friends outside the jurisdiction. Apart from my colleagues from the Department of Justice, I am very fortunate to have the support of about 15 legal practitioners from Hong Kong. They are very experienced legal practitioners specialised in different areas. And in fact we have all together, if I recall correctly, six supporting organisations. And you can tell from the nature of the organisations to have some idea as to who these legal practitioners are representing. We have representatives from the two legal professional bodies in Hong Kong, the Hong Kong Bar Association and the Law Society of Hong Kong. In Hong Kong, we still adopt the British system, we still have a divided legal profession. We have barristers who go to the courts to do advocacy work, and then we have solicitors handling all sorts of legal matters from non-contentious commercial matters to dispute resolution. So the representatives from two legal professional bodies, and then we have representatives from the main arbitration institutions in Hong Kong, including the Hong Kong International Arbitration Centre, HKIAC, which is the main arbitration institute in Hong Kong. We also have the South China International Arbitration Center (Hong Kong), which is also a very important institution. And then we have the AALCO, Asian African Legal Consultative Organization, with a regional arbitration centre in Hong Kong. We also have a representative from eBRAM which provides electronic services, not just for dispute resolution, but also for deal making. So from looking at the nature of these organisations, I hope you will be convinced that we have a wide spectrum of legal practitioners who are going to share their experiences and their knowledge about Hong Kong legal services to you in due course.     Having told you very briefly who we are, the second question perhaps is even more relevant and important: Why are we here? What do we aim to achieve in the next couple of hours? We have two hours for the forum. We decided to share with you some of the things about Hong Kong which you may be interested in for the two hours. And I believe many of you will join our dinner after the forum, so it will be around four hours. A lot can be achieved within four hours.     As I said earlier, I come across this question quite often. People wonder, in my capacity as the Secretary for Justice, I should be responsible for legal matters. It is not really my responsibility to promote trade and finance. I am not a minister of commerce. So what on earth am I doing here? To answer this very pertinent question, I think we should remind ourselves of the very close relationship between Vietnam and Hong Kong. I think we have to set the scene, we have to put things in context first.     As a matter of fact. I am sure you would agree that Hong Kong and Vietnam share very close ties both as a matter of history and also at present. Now we are in the beautiful city of Ho Chi Minh City. Ho Chi Minh is the founding father of Vietnam, and I am sure you would remember that Mr Ho Chi Minh actually founded the Communist Party of Vietnam in Hong Kong in the early 1930s. I had a very quick chat with Vice President Vo just a moment ago. He reminded me that in the last century, from the 60s, 70s, all the way up to 90s, a lot of trade concerning Vietnam actually went through Hong Kong for a lot of reasons. And then fast forward, what is the position as at today?     At the moment, I think there are more than 7 000 Vietnamese settling in Hong Kong, because I attended the national day celebration held by the Consul-General of Vietnam last week, so I got all the figures. There are more than 7 000 Vietnamese settling in Hong Kong. We have a lot of good Vietnam restaurants. I like the pho and banh mi. But more than that, we have roads and streets in Hong Kong named after places in Vietnam. We have the Saigon Street, Hanoi Road, so on and so forth.     Last October, the Hong Kong Government has relaxed some immigration regulations, and as a result, it is much easier and convenient for Vietnamese talent to come to work in Hong Kong. In addition, the criteria for taking multiple visas, either as tourists or on business, have also been relaxed. And a little bit closer to today, about two months ago, the Chief Executive of the Hong Kong Government came to Vietnam. I think he held a forum exactly in this particular venue. On that occasion, I was told that altogether 22 co-operation agreements have been signed between business people in Ho Chi Minh City and Hong Kong, covering a wide range of areas. And you look at the figures, look at the statistics, Vietnam is Hong Kong’s second-largest trading partner within ASEAN (Association of Southeast Asian Nations) countries. I don’t remember the exact figures, but the amount is huge. And in terms of direct investment in Vietnam, the Vice President also confirmed to me that Hong Kong ranks among the top five.     So plainly, if you put the matter in context, the relationship between Vietnam and Hong Kong has always been very close. And we look to the future. The Permanent Deputy Prime Minister of Vietnam actually paid a visit to Hong Kong about two weeks ago to attend the Belt and Road Summit. And he gave a very inspiring speech touching upon the relationship between Vietnam and Hong Kong. He mentioned the development plan of “Two Corridors, One Belt”, which is a very important development plan of Vietnam. He said he is hoping that we can connect the Vietnamese “Two Corridors, One Belt” plan with the Belt and Road Initiative proposed by China. So these two plans actually can have a sort of very good synergy. So this is the background that I would like to remind ourselves.     But still you might think, well, I haven’t answered the very pertinent question yet, because so far I did not mention the word “law” very often. So how is legal service, how are lawyers in Hong Kong relevant to what I have said to the future relationship between the jurisdictions? I think the answer must be obvious, because most of you are very successful, very influential business people in Vietnam, and most of you will be engaged in international commercial investment transactions. And you must recognise that no matter how much you hate lawyers, in particular the fees that they are charging you, lawyers are indispensable from the moment you decided to set up a business in a foreign place to the point you have to negotiate or conclude a contract with a foreign party; when it comes to how to manage your risk when you set up a business in a particular place, including: should I be concerned about the labour law there, tax or whatsoever; and in the im
    portant event that you run into dispute with your business partner or other people that clearly you will require legal service to assist you to resolve dispute. So the point that I wish to make is that, in the whole business cycle, I would use the analogy “from cradle to grave” but need to be more precise in the context from the inception of a business to the termination, to the point when you rip your profit from your joint venture, at each and every stage, legal service would be indispensable. But that still doesn’t answer the question. Assuming legal service is indispensable, obviously you have to consider who should I instruct? Legal services of which jurisdiction would be to my advantage, would serve my best interest?     Now, here comes the ultimate objective of today’s event. I am hoping that after four hours, you will be convinced that Hong Kong will be your best choice. I am not suggesting that Hong Kong is the only choice because the choice is yours, but I am assisting you to make an informed choice. We will be trying our best to persuade you that among all the options, Hong Kong is the best choice. Why? Because Hong Kong is a common law gateway for Vietnamese businesses to China and beyond.     This is my short answer. We do have a long answer, but I am afraid that the long answer is not going to be given by me. It is going to be provided by my eminent friends coming from Hong Kong. They will speak from their own area of practices, from their experiences to substantiate the point that I wish to make. And of course, after they share their experiences and what they wish to tell you, at dinner time, I am hoping that most of you would join the dinner, I will have the chance to speak to you again, just to do my closing submission. I will wait for your verdict at the end of your dinner.     On this note, I hope you all have a very enjoyable afternoon and a very fruitful afternoon. And I hope that I will be able to convince you, because the duty of a lawyer is to convince people. I will be failing my duty if I am unsuccessful in this respect. I need your support and I am very optimistic because I have very good friends with me doing the job together with me. Thank you very much.

    MIL OSI Asia Pacific News –

    September 29, 2024
  • MIL-OSI China: China’s manned deep-sea submersible Jiaolong arrives in Hong Kong for 1st time

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

    HONG KONG, Sept. 24 — China’s research vessel Deep Sea No. 1, carrying manned submersible Jiaolong, received a warm welcome Tuesday in the Hong Kong Special Administrative Region (HKSAR), the first time they visited the city.

    The vessel is on a home-bound voyage after completing a scientific mission in the Western Pacific Ocean. During their two-day stay in Hong Kong, scientists on board will give lectures to Hong Kong students and hold a number of international seminars to share the results of this scientific expedition.

    Warner Cheuk, deputy chief secretary for administration of the HKSAR government, said that the visits ahead of the 75th anniversary of the founding of the People’s Republic of China fully demonstrated the central government’s care and support for Hong Kong’s marine scientific research development and ecological conservation.

    It is hoped that this event will inspire more young people in Hong Kong to engage in deep-sea research and make planet Earth a better place to live in, he said.

    Wu Changbin, director of China Ocean Mineral Resources R&D Association, congratulated the successful completion of the Western Pacific international voyage scientific expedition, saying that this voyage not only enhanced China’s scientific understanding of deep-sea biodiversity and ecosystems but also contributed important scientific data to global marine scientific research.

    The scientific expedition team of Chinese and foreign scientists set sail on Aug. 10 from Qingdao, east China’s Shandong Province, and made a total of 18 dives in the Western Pacific. It was the first time that foreign scientists have carried out deep-sea scientific research on Jiaolong.

    MIL OSI China News –

    September 29, 2024
  • MIL-OSI Economics: Secretary-General of ASEAN opens the China-ASEAN Silk Road E-commerce Open Cooperation Promotion Event

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today addressed the China-ASEAN Silk Road E-commerce Open Cooperation Promotion Event in Nanning, China. In his remarks, Dr. Kao emphasized three key areas where ASEAN and China can collaborate to unlock the full potential of e-commerce, including: building on existing digital transformation initiatives, maximizing the benefits of RCEP and ACFTA 3.0, and encouraging greater collaboration between major e-commerce platform to empower MSMEs.

    Download the full remarks here.

    The post Secretary-General of ASEAN opens the China-ASEAN Silk Road E-commerce Open Cooperation Promotion Event appeared first on ASEAN Main Portal.

    MIL OSI Economics –

    September 29, 2024
  • MIL-OSI USA: The United States is the world’s largest gasoline exporter

    Source: US Energy Information Administration

    In-brief analysis

    September 24, 2024

    Data source: U.S. Energy Information Administration, International Energy Agency, and Facts Global Energy


    The United States is the world’s largest exporter of motor gasoline (finished gasoline plus gasoline blending components), supplying over 16% of total global exports. U.S. motor gasoline exports in 2023 averaged 900,000 barrels per day (b/d), equivalent to about 10% of domestic consumption and enough to fill up the tanks of over 1.5 million SUVs per day, assuming an average tank size of 24 gallons. Other large gasoline exporters, including Singapore and the Netherlands, have never exceeded 700,000 b/d in gasoline exports. China and India have both added significant refining capacity since 2010 and have also increased gasoline exports.

    The United States was a net importer of motor gasoline for over a half century from 1961 to 2015. However, that trend changed during the past decade. The high volume of motor gasoline exports in recent years reflects longer trends in increasing U.S. exports of refined products in general, which set records in 2022 and 2023. The growth in U.S. refined product exports reflects several factors, including generally increasing refinery capacity from 2010 to 2023 and rising production from existing refineries through increased utilization. Much of the increase in refinery capacity has led to higher motor gasoline yields because of added light crude oil processing units that process increasing volumes of light tight oil produced by hydraulic fracturing, or fracking. Finally, although refinery capacity has grown, U.S. consumption of gasoline has not, making more gasoline available for export. Motor gasoline consumption in 2023 was flat compared with 2010 (and 0.4 million b/d less than its peak in 2018).

    Data source: U.S. Energy Information Administration


    Motor gasoline accounts for the third-largest share of U.S. refined product exports, behind propane and distillate fuel oil. Unlike propane, which is primarily exported to Asia, the majority of U.S. motor gasoline exports (over 500,000 b/d) go to Mexico, with the remainder going primarily to Central American and South American countries. Over 90% of U.S. gasoline exports came from the U.S. Gulf Coast (PADD 3).

    Principal contributor: Erik Kreil

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI Global: Loneliness may not make you ill after all, says new study – but that doesn’t mean we shouldn’t tackle it

    Source: The Conversation – UK – By Louise Arseneault, Professor in Developmental Psychology at the Institute of Psychiatry, Psychology and Neuroscience, King’s College London

    Magdalena kluczny/Shutterstock

    When was the last time that you felt lonely? It’s an uncomfortable question, but for 3.83 million people in the UK, 7.1% of the population, the answer is probably “right now”.

    Loneliness has become a worrying public health matter because it is common and is often associated with people experiencing physical and mental health problems. There is now taxpayers’ money being spent at the local, national and international levels on initiatives to minimise loneliness and the harmful effect it can have on people’s health. But are those investments misjudged?

    New research from Guangzhou Medical University in China has challenged the notion that loneliness can cause ill health. Instead, the findings suggest that loneliness might be considered an associated feature for many diseases (a so-called “surrogate marker”) as it was shown to not be a root cause for poor physical and mental health.

    The researchers used data from the UK Biobank in which over half a million people aged 37 to 73 were asked to report how often they felt lonely. They conducted analyses based on the distribution of genetic variants in the population (known as “Mendelian randomisation”) to test the causal effect of loneliness on a wide range of diseases, including physical and mental health problems.

    This is certainly an interesting study; however, there are several points we must consider when reflecting on the findings. It is important to note that UK Biobank data isn’t the best for testing the causal effects of loneliness on health.

    Although many participants have taken part in UK Biobank, they are volunteers who tend to be white, older and have higher levels of education than the general population in the UK. Many of the participants also follow a healthier lifestyle than the population as a whole.

    Although loneliness doesn’t discriminate and can affect anyone, at all ages, and from all walks of life, this participation bias can influence the findings as it may conceal important associations.

    The study also captured a snapshot of loneliness from a single time in adulthood. We all experience loneliness from time to time, but its effect on health depends at what age a person feels lonely, why they feel lonely and for how long. This detail isn’t captured in this data.

    Some of our own research in this area shows that mental health difficulties and poor general functioning are often experienced alongside feelings of loneliness. However, our findings also show that loneliness in early adolescence can have long-lasting effects, especially related to education and employment prospects –– so-called “socioeconomic outcomes”.

    This study also measured loneliness in participants in their late 30s and older. Again, previous research has shown that loneliness can start early in life and is associated with later depression and poor socioeconomic outcomes, both of which are shown in this paper to be important factors associated with health.

    The ideal is to conduct analyses with data from studies that observe people from childhood to old age, and which have measured loneliness earlier in life and health in later life to best understand the links between loneliness and health.

    Also, this study used hospitalisation data to determine health outcomes. While this type of data is valuable, it captures information only from participants who seek treatment and represents the tip of the iceberg when it comes to diseases. Loneliness may affect health in more subtle ways that won’t be caught here.

    This is not to be over-critical of the study, however. The importance of depression and socioeconomic status as mechanisms through which loneliness translates into poor health is an essential message from this study. For example, loneliness may result in difficulties at work or worsening mental health, which could in turn increase a person’s risk of physical disease.




    Read more:
    The loneliness myth: what our shared stories of feeling alone reveal about why you can’t ‘fix’ this very human experience


    Identifying surrogate markers of poor health is also valuable as it opens the door to better and earlier ways to support vulnerable people. For example, someone may not feel comfortable revealing that they experience symptoms of depression, but they are fine with talking about their feelings of loneliness. Loneliness may act as a red flag in some circumstances. This is especially important when diseases are accompanied by stigma, such as many mental health conditions.

    Loneliness is intertwined with a range of health conditions throughout life and is considered both a contributing factor to and an outcome of poor health. This study acknowledges that.

    Loneliness has a complex relationship with health

    To measure the importance of loneliness for public health relevance solely as a causal factor oversimplifies its complex and intricate relationships with health. This is where further research using data that is representative of the general population is needed. It would allow researchers to unpick the pervasive role of loneliness in shaping health and wealth for all people.

    What this study cannot answer is an important question: should we continue to invest in initiatives designed to tackle loneliness as a means of improving population health? As ever, the answer is not a binary one.

    While this study may not report a causal relationship between loneliness and diseases, ample evidence indicates that it precedes, accompanies and results from poor health. Current strategies have proven to be limited in their effectiveness, particularly for people with lower incomes and less education.

    If we consider the occurrence of loneliness alongside mental health difficulties and low socioeconomic status, and a better understanding of the mechanisms that underpin loneliness, we might find these initiatives become more effective.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Loneliness may not make you ill after all, says new study – but that doesn’t mean we shouldn’t tackle it – https://theconversation.com/loneliness-may-not-make-you-ill-after-all-says-new-study-but-that-doesnt-mean-we-shouldnt-tackle-it-239436

    MIL OSI – Global Reports –

    September 29, 2024
  • MIL-OSI United Kingdom: G7 foreign ministers’ statement in New York, September 2024

    Source: United Kingdom – Executive Government & Departments

    Following the G7 Foreign Ministers’ Meeting at the High-Level Week of the UN General Assembly, the following statement was made by Chair Antonio Tajani.

    1. Introduction

    In today’s meeting in New York, in the wake of the Summit of the Future, the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the High Representative of the European Union reiterated their commitment to upholding the rule of law, humanitarian principles and international law, including the Charter of the United Nations, and to protecting human rights and dignity for all individuals.

    They re-emphasized their determination to foster collective action in order to preserve peace and stability to address global challenges, such as the climate crisis and to advance the achievement of the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs).

    In doing so, the G7 members renewed their commitment to the promotion of free societies and democratic principles, where all persons can freely exercise their rights and freedoms.

    2. Summit for the Future

    In the spirit of the renewed determination to strengthen the multilateral system based on the UN Charter’s principles, as reflected  in the Pact for the Future adopted  at the Summit of the Future by world Leaders, the G7 members committed to continue working with countries and all relevant stakeholders  within the UN system through dialogue, mutual understanding and respect in the pursuit of common solutions, with the aim of upholding and reforming the multilateral system  so that it better reflects today’s world and is fit to respond to the complex global challenges of the future. They reaffirmed their commitment to work with all UN member states to strengthen the roles of the UNSG as well as the UNGA. They also recommitted to the reform of the UNSC.

    3. Steadfast Support to Ukraine

    The G7 members reaffirmed their unwavering support to Ukraine as it defends its freedom, sovereignty, independence, and territorial integrity, against Russia’s brutal and unjustifiable war of aggression. The G7 members strongly condemned Russia’s blatant breach of international law, including the UN Charter, and of the basic principles that underpin the international order. They strongly condemned the serious violations of international humanitarian law perpetrated by Russia’s forces in Ukraine, which have caused a devastating impact on the civilian population. Violence against civilians, including women, children, and prisoners of war is unacceptable.

    They expressed their outrage at Russia’s repeated attacks against critical infrastructure and they condemned in the strongest possible terms any targeting of civilian buildings and even hospitals. Ensuring the protection and resilience of Ukraine’s energy grid and its power generation capacity remains a fundamental and urgent priority as winter approaches. They welcomed the international conference on energy security held on August 22. .as well as the ongoing coordination of the G7 energy group. They reiterated their commitment to help Ukraine meet its urgent short-term financing needs, as well as support its long-term recovery and reconstruction priorities. 

    Russia must end its war of aggression and pay for the damage it has caused to Ukraine. The G7 members reiterated their commitment to explore and use all possible lawful avenues by which Russia is made to meet those obligations.

     The launch of the Extraordinary Revenue Acceleration (ERA) Loans for Ukraine, as mandated by G7 leaders, will make available approximately USD 50 billion in additional funding to Ukraine that will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian sovereign assets held in the European Union and other relevant jurisdictions.

    The G7 Foreign Ministers and the High Representative are working, together with Finance Ministers, to operationalize the G7 Leaders’ commitment by the end of the year. They will maintain solidarity in this commitment to providing this support to Ukraine. The G7 members confirmed that, consistent with all applicable laws and their respective legal systems, Russia’s sovereign assets in their jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine.

    They also committed to strengthening the Ukraine Donor Platform to help coordinate the disbursal of funds and ensure they align with Ukraine’s highest priority needs at a pace it can effectively absorb. This will play a key role in advancing Ukraine’s reforms in line with its European path and in contributing to a successful Ukraine Recovery Conference to be held in Italy in 2025.

    Any use of nuclear weapons by Russia in the context of its war of aggression against Ukraine would be inadmissible. They therefore condemned in the strongest possible terms Russia’s irresponsible and threatening nuclear rhetoric, as well as its posture of strategic intimidation. They also expressed their deepest concern about the reported use of chemical weapons as well as riot control agents as a method of warfare by Russia in Ukraine. 

    The G7 members remained committed to holding those responsible accountable for atrocities in Ukraine, in line with international law. They also condemned the seizures of foreign companies and called on Russia to reverse these measures and seek acceptable solutions with the companies targeted by them.

    They condemned Russia’s seizure and continued control and militarization of Zaporizhzhia nuclear power plant, which poses severe risks for nuclear safety and security, potentially affecting the entire international community. They reiterated their support to the International Atomic Energy Agency’s efforts directed at mitigating such risks.

    They underlined once again their support for Ukraine’s right of self-defense and reiterated their commitment to Ukraine’s long-term security, recalling the launch of the Ukraine Compact in Washington on 11 July 2024. They re-affirmed the intention to increasing industrial production and delivery capabilities to assist Ukraine’s self-defense. They highlighted their support to Ukraine in its efforts to modernize its armed forces and strengthen its own defense industry. They expressed their resolve to bolster Ukraine’s air defense capabilities to save lives and protect critical infrastructure.

    They remained committed to raising the costs of Russia’s war of aggression by building on the comprehensive package of sanctions and economic measures already in place. Though existing measures have had a significant impact on Russia’s war machine and ability to fund its invasion, its military is still posing a threat not just to Ukraine but also to international security.

    The G7 members expressed the intention to continue taking appropriate measures, consistent with their legal systems, against actors in China and in third countries that materially support Russia’s war machine, including financial institutions, and other entities that facilitate Russia’s acquisition of items for its defense industrial base.

    They expressed their intention to continue to apply significant pressure on Russian revenues from energy and other commodities. This will include improving the efficacy of the oil price cap policy by taking further steps to tighten compliance and enforcement, including against Russia’s shadow fleet, while working to maintain market stability.

    They especially emphasized the urgency to support Ukraine’s energy security, including by coordinating international assistance through the G7+Ukraine Energy Coordination Group. They underscored the importance to continue working with the Ukrainian authorities and International Financial Institutions through the Ukraine Donor Platform, and by mobilizing private investments and fostering participation of civil society.

    They highlighted the reality of millions of internally displaced Ukrainians and the importance of an inclusive rights-based, gender-responsive recovery, including the reintegration of veterans and civilians with disabilities, and to address the needs of women, children as well as other population groups who have been disproportionately affected by Russia’s war of aggression. They reiterated their condemnation of Russia’s unlawful deportation of Ukrainian children and welcomed coordinated efforts to secure their safe return.  They called on Russia to release all persons it has unjustly detained and safely return all civilians it has illegally transferred or deported, starting with children. They welcomed the Ministerial Conference on the Human Dimension of Ukraine’s 10 point peace formula that will be hosted by Canada on October 30-31.

    They reiterated the need to support Ukraine’s agriculture sector, which is critical for global food supply, particularly for the most vulnerable nations, and called for unimpeded exports of grain, foodstuffs, fertilizers and inputs from Ukraine.

    They acknowledged the importance to involve the private sector in the sustainable economic recovery of Ukraine. They welcomed and underscored the significance of Ukraine itself continuing to implement domestic reform efforts, especially in the fields of anti-corruption, justice system reform, decentralization, and promotion of the rule of law. These endeavors are in line with the Euro-Atlantic path Ukraine has embraced. The G7 members were unanimous on the need to continue to support efforts of the Ukrainian government and people in these endeavors.

    They resolutely condemned Russia’s holding of illegitimate ‘elections’ in the occupied Ukrainian Autonomous Republic of Crimea and the city of Sevastopol. Russia’s actions once again demonstrate its blatant disregard for Ukraine’s territorial integrity, sovereignty and independence, and the UN Charter. They called on all members of the international community to refrain from recognizing Russia’s illegitimate actions.

    They welcomed the Summit on Peace in Ukraine that took place in Switzerland on June 15-16 and its focus on the key priorities needed to achieve a framework for peace based on international law, including the UN Charter and its principles, and respect for Ukraine’s sovereignty and territorial integrity. They remained committed to follow up on the Conference through constructive engagement with all international partners to reach a comprehensive, just and lasting peace.

    The G7 members acknowledged that Russia continues to expand its campaigns of foreign information manipulation and interference (FIMI). They condemned Russia’s use of FIMI to support its war of aggression against Ukraine. They reiterated their determination to bolster the G7 Rapid Response Mechanism by developing a collective response framework to counter foreign threats to democracies.

    4. Situation in the Middle East

    The G7 members reiterated their condemnation of Hamas’ horrendous attacks on October 7, 2023. 101 hostages are still in the hands of Hamas. They noted with deep concern the trend of escalatory violence in the Middle East and its repercussions on regional stability and on the lives of civilians shattered by this conflict, from the Gaza Strip to the Israeli-Lebanese Blue Line. Actions and counter-reactions risk magnifying this dangerous spiral of violence and dragging the entire Middle East into a broader regional conflict with unimaginable consequences. They called for a stop to the current destructive cycle, while emphasizing that no country stands to gain from a further escalation in the Middle East.

    They expressed their deep concern about the situation along the Blue Line. They recognized the essential stabilizing role played by the Lebanese Armed Forces and the UN Interim Force in Lebanon in mitigating that risk. They demanded the full implementation of UNSCR 1701 (2006) and urged that all relevant actors implement immediate measures towards de-escalation.

    The G7 members reaffirmed their strong support for the ongoing mediation efforts undertaken by the United States, Egypt and Qatar to reach a resolution between the parties to the conflict in Gaza. They reiterated their full commitment for the implementation of the UNSC Resolution 2735 (2024) and the comprehensive deal outlined by President Biden in May that would lead to an immediate ceasefire in Gaza, the release of all hostages, a significant and sustained increase in the flow of humanitarian assistance throughout Gaza, and an enduring end to the crisis, to secure a pathway to a two-state solution with a safe Israel alongside a sovereign Palestinian state. They urged the parties to the conflict to unequivocally accept the ceasefire proposal, stressing the need for countries in a position to directly influence the parties to cooperate in strengthening mediation efforts. They called for the full implementation of the terms of the ceasefire proposal without delay and without conditions.

    They called on all parties to fully comply with international law, including international humanitarian law. They expressed their deep alarm for the heavy toll this conflict has taken on civilians, deploring all losses of civilian lives equally and noting with great concern that, after nearly a year of hostilities and regional instability, it is mostly civilians, including women and children, who are paying the highest price. Protection of civilians must be an absolute priority for all parties at all times.

    The G7 members expressed concern at the unprecedented level of food insecurity affecting most of the population in the Gaza Strip. Securing full, rapid, safe, and unhindered humanitarian access in all its forms and through all relevant crossing points remains an absolute priority. They urged all parties to allow the unimpeded delivery of aid and ensure protection of humanitarian workers by properly implementing de-confliction measures. They recognized the crucial role played by UN agencies and other humanitarian actors in delivering assistance especially health care for the most vulnerable persons, including the polio vaccination campaign. They expressed their support for UNRWA to effectively uphold its mandate, emphasizing the vital role that the UN Agency plays.

    The G7 members reaffirmed their unwavering commitment, through reinvigorated efforts in the Middle East Peace Process, to the vision of a two-state solution where two democratic states, Israel and Palestine, live side by side in peace within secure and recognized borders, consistent with international law and relevant UN resolutions, and in this regard stress the importance of unifying the Gaza strip with the West Bank under Palestinian Authority. We note that mutual recognition, to include the recognition of a Palestinian state, at the appropriate time, would be a crucial component of that political process.  They expressed their concern about the risk of weakening the Palestinian Authority and underlined the importance of maintaining economic stability in the West Bank. They welcomed the EU’s 400 million Euro emergency package for the Palestinian Authority. All parties must refrain from unilateral actions and from divisive statements that may undermine the prospect of a two-state solution, including the Israeli expansion of settlements and the “legalization” of settlement outposts. They condemned the rise in extremist settler violence committed against Palestinians, which undermines security and stability in the West Bank and threatens prospects for a lasting peace. They expressed their deep concern regarding the deteriorating security situation in the West Bank.

    They reiterated their commitment to working together – and with other international partners – to closely coordinate and institutionalize their support for civil society peacebuilding efforts, ensuring that they are part of a larger strategy to build the foundation necessary for a negotiated and lasting Israeli-Palestinian peace. The G7 members called on Iran to contribute to de-escalation of tensions in the region. They demanded that Iran cease its destabilizing actions in the Middle East. They underlined that they stand ready to adopt further sanctions or take other measures in response to further destabilizing initiatives.

    They reiterated their determination that Iran must never develop or acquire a nuclear weapon and that the G7 will continue working together, and with other international partners, to address Iran’s nuclear escalation. A diplomatic solution remains the best way to resolve this issue.  As the IAEA remains unable to verify that Iran’s nuclear program is exclusively peaceful, they urged Iran’s leadership to cease and reverse nuclear activities that have no credible civilian justification and to cooperate with the IAEA without further delay to fully implement their legally binding safeguards agreement and their commitments under UNSCR 2231(2015).

    They condemned in the strongest possible terms Iran’s export and Russia’s procurement of Iranian ballistic missiles. Evidence that Iran has continued to transfer weaponry to Russia despite repeated international calls to stop represents a further escalation of Iran’s military support to Russia’s war of aggression against Ukraine. Russia has used Iranian weaponry such as UAVs to kill Ukrainian civilians and strike their critical infrastructure.

    They reiterated that Iran must immediately cease all support to Russia’s illegal and unjustifiable war against Ukraine and halt such transfers of ballistic missiles, UAVs and related technology, which constitute a direct threat to the Ukrainian people as well as European and international security more broadly.

    They reaffirmed their steadfast commitment to hold Iran to account for its unacceptable support for Russia’s illegal war in Ukraine that further undermines global security. In line with their previous statements on the matter, they underscored that they are already responding with new and significant measures.

    They also reiterated their deep concern about Iran’s human rights violations, especially against women and minority groups. They reiterated their call on Iran to allow access to the country to relevant UN Human Rights Council Special Procedures mandate holders.

    De-escalation efforts in the region must also include the immediate and unconditional termination of any attack by the Houthis against international and commercial vessels transiting the Gulf of Aden, the Bab al-Mandeb Strait and the Red Sea. The G7 members reiterated their strong condemnation of these attacks and the right of countries to defend their vessels from attacks. They called for the immediate release by the Houthis of the Galaxy Leader and its crew. They expressed their strong concern about the August 21 attack on the merchant vessel Sounion and the ongoing risk of an environmental catastrophe as salvage operations continue. They welcomed the efforts by the EU maritime operation Aspides and by the US-led Operation Prosperity Guardian to protect vital sea lanes. They appreciated the efforts of those countries that are committed to protect freedom of navigation and trade, as well as maritime security, in line with UNSCR 2722 (2024) and in accordance with international law.

    5. Fostering partnerships with African Countries

    The G7 members reaffirmed their commitment to support African nations in the pursuit of sustainable development as well as the creation of jobs and growth. The focus remains on fostering fair partnerships, built on shared principles, democratic values, local leadership, and practical initiatives.

    They reiterated their intention to align actions with the African Union’s Agenda 2063 and the specific needs of African countries, including plans to improve local and regional food security, infrastructure, trade, and agricultural productivity. They expressed their support for the implementation of the African Continental Free Trade Area, a crucial factor for Africa’s growth in the next decade.

    The G7 members emphasized the need to strengthen mutually beneficial cooperation with African countries and regional organizations. In addition to maintaining financial support for African nations, they expressed their determination to improve the coordination and effectiveness of G7 resources, mobilizing domestic resources and encouraging increased private investments.

    They welcomed the African Union’s permanent membership in the G20, and the creation of an additional Chair for Sub-Saharan Africa on the IMF Executive Board in November.

    They reaffirmed their commitment to the G20 Compact with Africa, a tool aimed at enhancing private investment, driving structural reforms, supporting local entrepreneurship, and fostering cooperation, particularly in the energy sector. The G7 Partnership for Global Infrastructure and Investment (PGII), and initiatives like the EU’s Global Gateway can contribute to promote sustainable, resilient, and economically viable infrastructure in Africa, ensuring transparency in project selection, procurement, and financing. In this framework, they welcomed Italy’s Mattei Plan for Africa.

    They recognized that sustainable development, peace and security and democracy go hand in hand, reaffirming their commitment to help African governments in strengthening democratic governance and respect for human rights, while addressing conditions conducive to terrorism, violent extremism, and instability.

    They expressed their deep concern about the destabilizing activities of the Kremlin-backed Wagner Group and other Russia-supported entities. They called for accountability for all those responsible for human rights violations and abuses.

    6. Indo-Pacific

    The G7 members reiterated their commitment to a free and open Indo-Pacific, based on the rule of law, which is inclusive, prosperous and secure, grounded on sovereignty, territorial integrity, peaceful resolution of disputes, fundamental freedoms and human rights. They reaffirmed the importance of working together with regional partners and organizations, notably the Association of Southeast Asian Nations (ASEAN). They reaffirmed their thorough support for ASEAN centrality and unity. They reaffirmed their intention to work to support Pacific Island Countries’ priorities, as articulated through the 2050 Strategy for the Blue Pacific Continent.

    As they seek constructive and stable relations with China, they recognized the importance of direct and candid engagement to express concerns and manage differences. They reaffirmed their readiness to cooperate with China to address global challenges. They expressed their deep concern at the China’s support to Russia. They called on China to step up efforts to promote international peace and security, and to press Russia to stop its military aggression and immediately, completely and unconditionally withdraw its troops from Ukraine. They encouraged China to support a comprehensive, just and lasting peace based on territorial integrity and the principles and purposes of the UN Charter, including through its direct dialogue with Ukraine. They also expressed their deep concern at China’s ongoing support for Russia’s defense industrial base, which is enabling Russia to maintain its illegal war in Ukraine and has significant and broad-based security implications. They called on China to cease the transfer of dual-use materials, including weapons components and equipment, that are inputs for Russia’s defense sector.

    They recognized the importance of China in global trade. However, they expressed their concerns about China’s persistent industrial targeting and comprehensive non-market policies and practices that are leading to global spillovers, market distortions and harmful overcapacity in a growing range of sectors, undermining our workers, industries and economic resilience and security, as well as impacting on currencies.  The G7 members are not decoupling or turning inwards. They are de-risking and diversifying supply chains where necessary and appropriate and fostering resilience to economic coercion. They called on China to refrain from adopting export control measures, particularly on critical minerals, that could lead to significant supply chain disruptions. Together with partners, the G7 members will invest in building their respective industrial capacities, promote diversified and resilient supply chains, and reduce critical dependencies and vulnerabilities.

    They remained seriously concerned about the situation in the East and South China Seas and reiterated their strong opposition to any unilateral attempt to change the status quo by force or coercion. They reaffirmed that there is no legal basis for China’s expansive maritime claims in the South China Sea, and they reiterated their opposition to China’s militarization and coercive and intimidation activities in the South China Sea. They re-emphasized the universal and unified character of the United Nations Convention on the Law of the Sea (UNCLOS) and reaffirmed UNCLOS’s important role in setting out the legal framework that governs all activities in the oceans and the seas. They reiterated that the award rendered by the Arbitral Tribunal on 12 July 2016 is a significant milestone, which is legally binding upon the parties to those proceedings and a useful basis for peacefully resolving disputes between the parties. They reiterated their strong opposition to China’s dangerous use of coast guard and maritime militia in the South China Sea and its repeated obstruction of countries’ high seas freedom of navigation. They expressed deep concern about the dangerous and obstructive maneuvers, including water cannons and ramming, by the China Coast Guard and maritime militia against Philippines vessels. 

    The G7 members reaffirmed that maintaining peace and stability across the Taiwan Strait is indispensable to international security and prosperity, and called for the peaceful resolution of cross-Strait issues. There is no change in the basic position of the G7 members on Taiwan, including stated One-China policies. They supported Taiwan’s meaningful participation in international organizations as a member where statehood is not a prerequisite and as an observer or guest where it is.

    They remained concerned by the human rights situation in China, including in Xinjiang and Tibet. They are also worried about the crackdown on Hong Kong’s autonomy and independent institutions, and ongoing erosion of rights and freedoms. They urged China and the Hong Kong authorities to act in accordance with their international commitments and applicable legal obligations.

    The G7 members strongly condemned North Korea’s continuing expansion of its unlawful nuclear and ballistic missile programs in violation of multiple UNSC resolutions and its continuous destabilizing activities. They reiterated their call for the complete denuclearization of the Korean Peninsula and demanded that North Korea abandons all its nuclear weapons, existing nuclear programs, and any other WMD and ballistic missile programs in a complete, verifiable and irreversible manner, in accordance with all relevant UNSC resolutions. They called on North Korea to return to dialogue to promote peace and stability in the Korean peninsula. They urged all UN Member States to fully implement all relevant UN Security Council resolutions. They reiterated their deep disappointment with Russia’s veto last March on the mandate renewal of the UNSC 1718 Committee Panel of Experts.

    They condemned in the strongest possible terms the increasing military cooperation between North Korea and Russia, including North Korea’s export and Russia’s procurement of North Korean ballistic missiles and munitions in direct violation of relevant UNSCRs, as well as Russia’s use of these missiles and munitions against Ukraine. They are also deeply concerned about the potential for any transfer of nuclear or ballistic missiles-related technology to North Korea, in violation of the relevant UNSCRs. They urged Russia and North Korea to immediately cease all such activities and abide by relevant UNSCRs. They urged North Korea to respect human rights, facilitate access for international humanitarian organizations, and resolve the abductions issue immediately.

    They called on China not to conduct or condone activities aimed at undermining the security and safety of our communities and the integrity of our democratic institutions, and to act in strict accordance with its obligations under the Vienna Convention on Diplomatic Relations and the Vienna Convention on Consular Relations.

    7. Regional Issues

    Venezuela

    The G7 members reiterated their deep concern about the situation in Venezuela, following the vote on July 28.

    They emphasized that the announced victory of Maduro lacks credibility and democratic legitimacy, as indicated by reports of the UN Panel of Experts and independent international observers as well as data published by the opposition. They underscored that it is essential for electoral results to be complete and independently verified to ensure respect for the will of the Venezuelan people. 

    They expressed their outrage for the arrest warrant and constant threats to the security of Edmundo Gonzalez Urrutia, who decided to seek refuge in Spain. According to the above-mentioned independent reports, Edmundo Gonzalez Urrutia appears to have won the most votes.

    They urged Venezuelan representatives to cease all human rights violations and abuses, arbitrary detentions and widespread restrictions on fundamental freedoms, particularly affecting the political opposition, human rights defenders, and representatives of independent media and civil society. They called for the release of all political prisoners and for a path to freedom and democracy for the people of Venezuela.

    They urged the international community to keep Venezuela high on the diplomatic agenda and they expressed their support for efforts by regional partners to facilitate the Venezuelan-led democratic and peaceful transition that the people of Venezuela have clearly chosen in the polls.

    Haiti

    The G7 members expressed their determination to continue supporting Haitian institutions – including the Transitional Presidential Council (CPT) and the Government of Prime Minister Conille – in their commitment to create the necessary conditions of general security and stability for the convening, by February 2026, of free and fair elections. The expression of popular will would set the foundation for the full restoration of democracy and the rule of law in Haiti.

    They also expressed full support to the Multinational Security Support (MSS) mission, which is providing critical support to the Haitian National Police as they counter criminal gangs engaged in illicit trafficking and inflicting brutal violence upon the population.

    The G7 members emphasized the importance of continued support to the MSS mission through financial contributions to the UN Trust Fund as well as contributions in kind. They expressed their strong appreciation for the commitment of the Government of Kenya – which has already deployed 380 personnel on the ground – to support the Haitian National Police in restoring peace and security.

    They called on all countries that have committed to deploy their contingents to the MSS mission to do so as soon as possible, to consolidate the mission and its fundamental role in the Country. They called on Haiti’s partners to continue their humanitarian assistance to the Haitian people and to expedite their financial and in-kind contributions to the MSS mission to help ensure that the mission is resourced for success.

    They called also on the United Nations Security Council to consider a UN Peace Operation to maintain the security gains of the Haiti National Police and the MSS mission for holding free and fair elections and called on the Secretary-General accordingly to provide support.

    The G7 members welcomed the work of the G7 Working Group on Haiti in monitoring institutional, political, social and security developments in Haiti, with a view to supporting the stabilization of the country and the restoration of full democratic governance.

    Libya

    The G7 members reiterated their unwavering commitment to Libyan stability, sovereignty, independence and unity. They expressed deep concern about recent developments in the country, in particular those involving the leadership of the Central Bank of Libya and the High Council of State, which show the fragility and unsustainability of the present status quo. They urged relevant Libyan parties to rapidly reach the necessary compromises to begin to restore the institutional integrity of the Central Bank of Libya and its standing with the international financial community. They called on Libyan political actors to refrain from taking harmful unilateral actions that create further political tension and fragmentation and make the country vulnerable to harmful foreign interference.

    They noted advances made in the organization of local elections and they called for a free, fair and inclusive participation of all Libyans. It is now imperative to relaunch a Libyan-led and Libyan-owned political process facilitated by the UN towards free and fair presidential and parliamentary elections.

    They expressed their support and commended the efforts made by UNSMIL officer in charge Stephanie Koury in support of the stabilization of Libya. They called on the Secretary General to appoint a new Special Representative without delay.

    Sudan

    The G7 members reiterated their grave concern over the ongoing fighting, mass-displacement and famine in Sudan.

    They condemned the serious human rights violations and abuses against the civilian population, including widespread sexual and gender-based violence, as well as international humanitarian law violations by both sides to the conflict. They called for an immediate end to the escalating violence, which is creating further displacement, and urged the warring parties to ensure the protection of civilians. They reiterated their commitment to holding accountable all those responsible for violations of international law in Sudan.

    They condemned the emergence of famine in Sudan as a direct consequence of efforts to restrict access of humanitarian actors. They noted recent progress in relation to the re-opening of the Chad-Sudan Adre border crossing, in the wake of the Paris Conference and of the Geneva talks.  They called for full, rapid, safe, and unhindered humanitarian access both into Sudan and across lines of conflict so aid can reach all those in need.

    They urged all parties to cease hostilities immediately and to engage in serious negotiations aimed at achieving a lasting ceasefire, humanitarian access and protection of civilians without pre-conditions.

    They called on external actors to refrain from fueling the conflict, to respect the UN arms embargo on Darfur, and to play a responsible role in resolving the crisis.

    They welcomed mediation efforts by regional and international actors and organizations to facilitate a durable peace for the country.

    Inclusive, national dialogue, aimed at restoring democracy, re-establishing and strengthening the civilian and representative institutions after the end of the conflict, is a prerequisite for lasting peace. The G7 Members emphasized that it is necessary for representatives of Sudanese civil society, including women, to be fully engaged in the reflection on the political future of the country.

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    Updates to this page

    Published 24 September 2024

    MIL OSI United Kingdom –

    September 29, 2024
  • MIL-OSI Asia-Pac: Govt recruitment talks attract 1.8k

    Source: Hong Kong Information Services

    A series of recruitment talks organised by the Civil Service Bureau in Beijing and Shanghai wrapped up today, attracting over 1,800 Hong Kong people who are interested in applying for civil service posts in the Hong Kong Special Administrative Region Government.

    Five recruitment talks on the administrative officer (AO) and executive officer (EO) grades were held at the Hong Kong Economic & Trade Office in Shanghai (SHETO), East China University of Political Science & Law, Shanghai Jiao Tong University, Renmin University of China, and China University of Political Science & Law respectively.

    The participants, mostly university students, joined the talks online or in person.

    At the seminars, participants were introduced to the entry requirements, training programmes, examination and interview arrangements, as well as tips on preparing for AO and EO grade exams.

    In addition, the bureau had specifically arranged for serving AO and EO colleagues who had studied or lived on the Mainland to share their work and personal experiences.

    The bureau’s representatives also attended a SHETO event to celebrate the 75th anniversary of the founding of the People’s Republic of China, taking the occasion to introduce the AO and EO grades to the young participants, with a view to encouraging them to apply for civil service posts in the Hong Kong SAR Government.

    A joint recruitment exercise is being held for the civil service grades of AO, EO II, assistant trade officer II and transport officer II. The application deadline is October 4.

    MIL OSI Asia Pacific News –

    September 29, 2024
  • MIL-OSI Europe: ASIA/CHINA – The memory of the Jesuit Martino Martini still opens up paths of encounter and dialogue

    Source: Agenzia Fides – MIL OSI

    by Marta Zhao and Laura Gomez RuizHangzhou (Agenzia Fides) – China, the city of Hangzhou and the Chinese Catholic community have never forgotten Father Martino Martini.The great Jesuit missionary, appreciated by the emperors and welcomed at the court of the Qing Dynasty, was born in Trento, Italy, 410 years ago, on September 20, 1614. Even today, his story and his testimony arouse unexpected sympathy.As part of the celebrations organized by the Italian Embassy in Beijing for the 700th anniversary of the death of the traveler and merchant Marco Polo, the theme “In the footsteps of Marco Polo: Martino Martini” presented for the first time a series of important Italian personalities who, at different times and in different capacities, contributed to the dissemination of knowledge about China in the West.The Chinese President Xi Jinping has publicly expressed his appreciation for Martino Martini. In an article published in the daily newspaper Corriere della Sera on March 20, 2019, on the eve of his official visit to Italy, Xi Jinping described the Jesuit as a pioneer of the group of Italian sinologists who “have played a bridging role in relations between China and Europe, starting with Martino Martini’s first grammar of the Chinese language written for the West.”In Italy, the Martino Martini Study Center, based in Trento, now publishes, among other things, the biannual magazine “Sulla Via del Catai” on cultural relations between Europe and China.In the city of Hangzhou, a park bearing his name has been created around his mausoleum. Protected by the Zhejiang Provincial Cultural Heritage Authority, the site has become a kind of sanctuary for Chinese Catholics. The mausoleum, which is currently being restored, houses the remains of 15 famous Jesuit missionaries who ended their earthly lives near the beautiful Xizi Lake. Among them are Father Prospero Intorcetta (1626-1696), Father Nicolas Trigault (1577-1629), Father Lazaro Cattaneo (1560-1640) and Father Emmanuel Diaz (1574-1659).In 2018, an exhibition on the cartographic work of Martino Martini was inaugurated at the headquarters of the China-Italy Center in Hangzhou to celebrate the 375th anniversary of the arrival of the great missionary in that city (see Fides, 13/6/2018).The Catholic community of Hangzhou had organized an academic conference in 2010 to mark the 350th anniversary of the construction of the cathedral. Six well-known academics from Chinese universities and researchers working with Catholic institutions such as the Faith Institute for Cultural Studies (FICS) and the Guang Qi Press of the Diocese of Shanghai presented joint studies on the life and mission of the Jesuit in the presence of the Italian Consul in Shanghai. The legacy of Martino Martini was presented as “a strong impulse for today’s mission, so that it fulfills its mission with his sense of missionary responsibility, his courage and his dedication” (see Fides, 22/1/2010).The affection and veneration shown to the figure of Martino Martini are proportional to the intensity with which he lived his time and dedicated his life to proclaiming the Gospel in China.Martino Martini was born in Trento on 20 September 1614. In 1631 he entered the Society of Jesus as a novice. After studying at the Roman College under the influence of his mentor, the German Jesuit Athanasius Kircher, he entered the Eastern mission in 1640, traveling by ship from Lisbon in Portugal via Goa in India (November 1640) to Macao in China, where he arrived in August 1642. The following year he was sent to mainland China, thus beginning his legendary journey of cultural exchange between China and Europe. He wrote the first Western Chinese grammar and related works that contributed to cultural exchange, bridged the gap between China and Europe, and had a lasting influence on the emergence and development of Sinology in Italy.The period of his stay in China, during the Ming and Qing dynasties, was a time of great social unrest. The Jesuits, who had built good relations with influential sections of Chinese society and the political hierarchy, were worried about the development of the situation. The Chinese name they chose, Wei Kuangguo, encompassed all his good wishes: it indicated the will to defend and support the country and the desire for peace and prosperity in the world.But the unrest and conflict in China also divided the Jesuits and the Spanish mendicant orders and even infiltrated the Society of Jesus itself. The controversy over the Chinese translation of the divine name and the possibility that the new Christians should continue to practice the cult of the dead according to Chinese culture did not subside, but reached an intensity that even Martini could not contain, both inside and outside the order. An issue that was to shape the rest of his life.His travels and his writing formed the common thread in the second half of his life. During the first eight years of his stay in China (1643-1650), Martini traveled between the two capitals and to Hangzhou and Jinhua in Zhejiang. In the fourth year of Shunzhi’s reign (1647), Martino Martini, with the help of Zhu Shi, a parishioner of Lanxi in Zhejiang, wrote the “Qiu You Zhuan” (Treatise on Friendship, Hangzhou, 1661), which was based on the humanist thought already developed by the other Jesuit Matteo Ricci in his work of the same name, the first written in Chinese by the Italian Jesuit from Macerata.The southern part of Zhejiang, where Martino Martini was, was a region where Spanish monks also worked. He agreed with the information given by his confrere Matteo Ricci and was well aware of the differences with the Spanish Cistercians on the question of Chinese rites. In addition, the Spanish Dominican Juan Bautista Morales (1597-1664) had already traveled to Rome to express his objections to the Jesuits’ attitude in this dispute. When the Jesuit mission in China decided to send a representative to Europe to explain the situation from their point of view, the choice fell on Martino Martini.In 1651, the Jesuit traveled to Europe to defend the position of the Society of Jesus on the issue of Chinese rites. Thanks also to his good offices, in 1656 the Holy See issued an edict in favor of the Jesuits.During his travels in Europe, Martino Martini published three works in Latin: “De Bello Tartarico Historia”, “Novus Atlas Sinensis” and “Sinice Historia Decas Prima” (of which he also announced the publication of the sequel). These works were the most systematic, thorough and effective representations of China circulating in Europe at the time.In 1657 he returned to China and continued his mission in Hangzhou, where he completed the construction of the Church of the Redeemer in 1661 and died on June 6 of the same year at the age of 47. (Agenzia Fides, 24/9/2024)
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    MIL OSI Europe News –

    September 29, 2024
  • MIL-OSI USA News: FACT SHEET: Biden-⁠ Harris Administration Accomplishments at the United  Nations

    Source: The White House

    Since his first day in office, President Biden has been committed to restoring American leadership at the United Nations. Our world today faces many challenges that no one country can or should confront alone. But when the United States shows up and leads at the UN, we can rally global action to tackle problems that affect us all. That is why the Biden-Harris Administration has worked tirelessly at the UN to advance American values, safeguard human rights for all, and address conflict and instability. Alongside our allies and partners from around the world, we have worked with UN agencies to tackle the climate crisis, shape our digital future, and fight poverty and disease.

    At a time of increasing geopolitical challenges and growing global needs, strong and effective American leadership at the UN is more critical than ever. The Biden-Harris Administration has worked to strengthen American leverage at the United Nations, uphold the UN Charter, and keep human rights at the core of the organization. Without robust American engagement, our competitor nations would gain leverage to advance their interests and values at our expense.

    The Biden-Harris Administration has also been committed to reforming and adapting the UN to the needs of the 21st century. For example, President Biden announced a new U.S. openness to expanding the membership of the UN Security Council, including permanent seats for Africa and Latin America. The UN is not a perfect organization, but given the scale of today’s challenges, the world needs global institutions that are more inclusive and effective.

    Over nearly four years, the Biden-Harris Administration’s leadership at the UN has delivered results for the American people. At the UN, we have:

    Responded to Threats to International Peace and Security

    • After Russia’s 2022 full-scale invasion of Ukraine, we worked at the UN to build support for Ukraine’s sovereignty and hold Russia to account. We rallied 141 countries in the UN General Assembly to condemn Russia’s violations of international law. We used UN Security Council debates to shine a spotlight on Russia’s illegal war and atrocities. We pressed the UN General Assembly to kick Russia off the UN Human Rights Council. We isolated Russia by denying it senior UN appointments and preventing its election to UN bodies.
    • Responding to the security situation in Haiti, we partnered with Ecuador to obtain UN Security Council authorization of a new Kenyan-led Multinational Security Support mission.
    • Working with African partners, we secured a UN Security Council decision to create in December 2023 a new mechanism to largely fund future African Union-led Peace Support Operations from the UN-assessed budget.
    • Following the horrific October 7 Hamas terrorist attacks on Israel, we defended at the UN Security Council Israel’s right to defend itself and demanded the release of hostages. Also in the Security Council, we called for increased humanitarian assistance to Gaza and established a new UN mechanism to improve aid coordination. In July 2024, we secured Security Council endorsement of President Biden’s plan for a ceasefire and hostage release deal.
    • As the Sudan conflict worsened, we mobilized action in the UN Security Council, including the adoption of a resolution in June 2024 demanding an end to the siege of El Fasher.
    • Responding to concerns that Russia intended to deploy nuclear weapons in space, we and Japan proposed a UN Security Council resolution calling on countries not to develop such weapons.
    • In 2022, we partnered with Ireland at the UN Security Council to reform, expand and strengthen humanitarian exemptions for UN sanctions.
    • Working with the United Kingdom, we secured adoption of the first-ever UN Security Council resolution condemning the February 2021 military coup in Burma.

    Protected and Upheld Universal Human Rights

    • We rejoined the UN Human Rights Council in 2021, enabling the United States to once again lead multilateral efforts to hold accountable human rights violators worldwide.
    • We issued a standing invitation to all UN thematic human rights monitors to visit the United States and assess our human rights record at home. In contrast to authoritarian governments, this invitation showed that a confident democracy is willing to have its record scrutinized and receive advice on strengthening rights protections for its citizens.
    • We pressed for the release of a landmark report from the Office of the UN High Commissioner for Human Rights on human rights violations against Uighurs in China.
    • We worked in the UN Human Rights Council to establish a new Special Rapporteur on Human Rights in Russia to examine Moscow’s crackdown on dissent at home and a Commission of Inquiry on violations and abuses in Russia’s war against Ukraine.
    • We restored American leadership at the UN in defending the human rights of LGBTQI+ individuals around the world. This included participating in high-level meetings of the Core Group of countries advocating for LGBTQI+ rights, including a September 23 meeting where the First Lady represented the United States. We also secured the renewal of the mandate of the UN’s Independent Expert on Sexual Orientation and Gender Identity and urged the UN to release its first-ever organization-wide strategy on LGBTQI+ rights, co-sponsoring the first-ever Human Rights Council resolution on the rights of intersex persons, and convening the second-ever informal UN Security Council meeting on the rights of LGBTQI+ individuals.
    • We spotlighted egregious human rights violations by North Korea, including by organizing the first briefing of the UN Security Council on North Korea human rights since 2017.
    • We helped establish mechanisms through the UN Human Rights Council to investigate human rights violations and abuses in Ethiopia, Sudan, and Nicaragua.
    • We worked at the UN to advance the global fight against antisemitism, including to ensure 36 countries and four multilateral organizations joined the U.S.-led Global Guidelines for Countering Antisemitism. In 2023, we convened a UN meeting on antisemitism with Second Gentleman Doug Emhoff and, in 2022, a roundtable at UNESCO.  
    • We advanced the UN’s work to promote racial equality, including by championing the inaugural session of the Permanent Forum on People of African Descent. We co-sponsored a UN General Assembly resolution designating July 25 as International Day of Women and Girls of African Descent.
    • We engaged seriously with the human rights treaty body process, including through periodic reports about our domestic human rights record to the Human Rights Committee and the Committee on the Elimination of Racial Discrimination.
    • Reaffirming support for the UN Declaration of the Rights of Indigenous Peoples, we pressed for enhanced participation of Indigenous Peoples throughout the UN system. In 2022, Ambassador (ret.) Keith Harper, the first-ever Senate confirmed U.S. ambassador from a federally-recognized tribe, was elected to the UN’s Permanent Forum on Indigenous issues.  
    • We supported efforts in the UN General Assembly to advance discussion of a proposed convention on the prevention and punishment of crimes against humanity.  
    • After assuming the presidency of the UN Convention against Corruption (UNCAC), we hosted the UNCAC conference in Atlanta, Georgia in 2023, with approximately 2,600 delegates, including an unprecedented 1,000 from civil society.

    Advanced Gender Equity and Equality

    • We restored American leadership in pressing at the UN for the rights of women and girls, advancing their inclusion in societies, and supporting strong language in UN resolutions and at the Commission on the Status of Women on sexual and reproductive rights.
    • The January 2021 Presidential Memorandum on Protecting Women’s Health at Home and Abroad restored life-saving funding to the UN Population Fund (UNFPA).
    • We announced that the United States will contribute for the first time to the UNICEF–UNFPA Global Program to End Child Marriage.
    • Following the Iranian regime’s killing of Mahsa Amini and crackdown on protestors, we helped establish a new UN Fact-Finding Mission to investigate human rights abuses. We spearheaded efforts to remove Iran from the Commission on the Status of Women.
    • In 2024, we reaffirmed the U.S. commitment to the 1994 International Conference on Population and Development Program of Action.
    • We launched the Global Partnership for Action on Gender-Based Online Harassment and Abuse, which included actions at the UN to address online safety for women and girls.

    Shaped Our Digital Future, Promoted Labor Rights, and Tackled Synthetic Drugs

    • We sponsored the first-ever UN General Assembly resolution outlining principles for the responsible use of artificial intelligence (AI). This landmark resolution helped define a global consensus on safe, secure and trustworthy AI systems for advancing sustainable development.
    • We hosted events at the UN on misuses of new technologies, such as countries using commercial spyware to surveil dissidents and journalists.
    • We worked at the International Labor Organization (ILO) to empower workers worldwide and joined the ILO’s Equal Pay International Coalition to share best practices to close the gender wage gap.
    • At the first Summit for Democracy in 2021, we announced the Multilateral Partnership for Organizing, Worker Empowerment and Rights (M-POWER), an initiative working with governments, trade unions, labor support, civil society organizations, and philanthropy to uphold and promote workers’ trade union rights around the world.
    • In coordination with the UN Office of Drugs and Crime (UNODC), we launched and hosted at the UN high-level meetings of the Global Coalition to Address Synthetic Drug Threats and secured adoption of a UN General Assembly resolution to enhance international action to fight such drugs.

    Strengthened Global Health Cooperation, Advanced Sustainable Development, and Bolstered Climate Action

    • We redoubled efforts to support implementation of the UN’s Sustainable Development Goals, launching a U.S. Strategy on Global Development to accelerate progress and mobilizing $150 billion of U.S. funding and billions more from the private sector, philanthropic, and other donor resources.
    • In 2021, we reversed the previous administration’s decision to withdraw from the World Health Organization (WHO), enabling the United States to shape the WHO’s work on global health and reform. With the WHO, we led the global response to the COVID-19 pandemic by launching the COVID-19 Global Action Plan and donating nearly 700 million vaccine doses to 117 countries.
    • We hosted the Global Fund to Fight AIDS, Tuberculosis and Malaria’s 7th Replenishment in 2022, resulting in more than 75 governments, foundations, and corporations delivering pledges totaling a record $15.67 billion.
    • We worked at the UN to advance universal health coverage, continue the fight against tuberculosis and mpox, and combat global antimicrobial resistance (AMR), including to push countries for commitments on AMR that are bold, aspirational, and implementable.
    • We focused attention at the UN on addressing global food insecurity, repeatedly using the U.S. presidency of the UN Security Council to focus on the nexus between food security and conflict. We hosted at the UN ministerial-level meetings to generate new commitments to expand agricultural capacity and respond to famine with over 100 partner countries.
    • U.S. Representative to the UN Ambassador Thomas-Greenfield and Secretary of the Interior Deb Haaland co-led the U.S. delegation to the 2023 UN Water Conference, where they announced more than $49 billion towards water security both at home and abroad.
    • In 2024, Secretary Haaland co-led the U.S. delegation to the Fourth International Conference on Small Island Developing States (SIDS4), where we announced new efforts to enhance our partnerships with SIDS.
    • After rejoining the Paris Agreement, we galvanized efforts at the UN to combat climate change, raising global climate ambition through countries’ enhanced national contributions, accelerated action to reduce pollution and greenhouse gas emissions, forward-leaning decisions at annual UN Climate Change Conferences, and major initiatives for ocean-climate action catalyzed by the annual Our Ocean Conference.
    • Former Special Presidential Envoy for Climate John Kerry and Senior Advisor for International Climate Policy John Podesta have helped lead an all-out effort, including critical agreements at the UN Climate Change Conference COPs 26 and 28 to partner with countries to accelerate climate efforts worldwide and reduce global emissions sufficiently to limit warming to 1.5° Celsius. 
    • We advanced efforts within the International Civil Aviation Organization, the International Maritime Organization, and other multilateral organizations to reduce greenhouse gas pollution from the aviation, shipping, and other sectors.

    Strengthened American Presence at the United Nations

    • After a five-year absence, we rejoined the UN Education, Scientific, and Cultural Organization (UNESCO). This allowed us to partner with UNESCO to combat the scourge of antisemitism, support global Holocaust education, promote journalist safety, safeguard Ukrainian cultural heritage, bolster ethical uses of AI, and advance science education for girls in Africa.
    • We led robust campaigns resulting in the election of U.S. citizens to key UN positions, including Doreen Bogdan-Martin as Secretary-General of the International Telecommunication Union (ITU), Amy Pope as Director-General of the International Organization for Migration (IOM), and Sarah Cleveland as Judge on the International Court of Justice (ICJ).
    • We supported the appointments of highly qualified Americans to lead UN agencies, such as Ambassador Cathy Russell as Executive Director of UNICEF, Ambassador Cindy McCain as Executive Director of the World Food Program, and Ian Saunders as Secretary-General of the World Customs Organization.
    • Co-chairing the UN Accessibility Steering Committee, we worked to make UN headquarters in New York more accessible for all delegates, including construction of a 24/7 entrance for wheelchair users and the installation of a lift so everyone can address the General Assembly from behind the official rostrum.

    ###

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI: As Fentanyl Crisis Escalates, Abuse-Deterrent Formulations to Zero in on the Rising Epidemic of Opiate Abuse

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Sept. 24, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Abuse-deterrent transdermal technology can be used to prevent the misuse of drugs with abuse potential, such as fentanyl, by incorporating aversive agents into transdermal patches. Abuse-deterrent opioid formulations (ADFs) are designed to make it more difficult to abuse opioids by making them less attractive or rewarding, or by increasing the difficulty of manipulating them. ADFs can help reduce the risk of adverse effects associated with snorting or injecting opioids, and may also help prevent medication errors. Active companies in the industry include: Nutriband Inc. (NASDAQ: NTRB), Teva Pharmaceutical Industries Ltd. (NYSE: TEVA), Eli Lilly and Company (NYSE: LLY), Novartis AG (NYSE: NVS), Amneal Pharmaceuticals, Inc. (NASDAQ: AMRX).

    Some benefits of ADFs include: 

    • Reduced risk of abuse: ADFs can help reduce the risk of abuse, addiction, and substance use disorder. 
    • Reduced risk of overdose: ADFs can help reduce the risk of opioid overdose and poisoning. 
    • Reduced risk of medication errors: ADFs can help prevent medication errors, such as when a caregiver crushes an extended-release opioid to mix into applesauce.

    According to OXFORD Academic: “The misuse and abuse of prescription opioids constitute a growing public health problem, which is described in detail in The Burden of the Nonmedical Use of Prescription Opioid Analgesics. Recent efforts to decrease abuse of opioids through formulation engineering have focused on creating broader impediments to abuse, such as incorporating physical barriers, combining agonists with antagonists, including components that cause aversion, and formulating opioid prodrugs, with the goal of reducing abuse by oral and intranasal, as well as, routes. Several of these newer formulations are in late-stage clinical testing and, if approved, may reach the US market later this year. The true “abuse-resistance” or “abuse-deterrence” of these products will be established only when epidemiologic data on their impact confirming such effects are available.” As reported by the U.S. Food & Drug Administration: “The FDA is encouraging the development of prescription opioids with abuse-deterrent formulations (ADFs) to help combat the opioid crisis. The agency recognizes that abuse-deterrent opioids are not abuse- or addiction-proof but are a step toward products that may help reduce abuse.”

    Nutriband Inc. (NASDAQ: NTRB) RECEIVES CHINA PATENT NOTICE OF ALLOWANCE FOR ITS AVERSA™ ABUSE DETERRENT TRANSDERMAL TECHNOLOGY

    • Notice of Allowance received from Chinese National Intellectual Property Administration (CNIPA) for a patent application covering its Nutriband AVERSA™ abuse deterrent transdermal technology
    • Nutriband abuse-deterrent transdermal technology consists of a proprietary aversive agent coating that employs taste aversion to deter the oral abuse of and accidental exposure to transdermal opioid and stimulant patch products

    Nutriband Inc. (NASDAQ:NTRB) (NASDAQ:NTRBW), a company engaged in the development of prescription transdermal pharmaceutical products, today announced that it has received a Notice of Allowance from the Chinese National Intellectual Property Administration (CNIPA) for patent application entitled, “Abuse and Misuse Deterrent Transdermal Systems,” which protects its AVERSA™ abuse deterrent transdermal technology.

    The Aversa™ abuse deterrent technology is now covered by a broad international intellectual property portfolio with patents issued in 46 countries including the United States, Europe, Japan, Korea, Russia, Mexico, Canada, Australia, and China.

    Nutriband’s AVERSA™ abuse-deterrent technology incorporates aversive agents into transdermal patches to prevent the abuse, diversion, misuse, and accidental exposure of drugs with abuse potential including opioids and stimulants. The AVERSA™ abuse-deterrent technology has the potential to improve the safety profile of transdermal drugs susceptible to abuse while making sure that these drugs remain accessible to those patients who really need them.

    Nutriband abuse-deterrent transdermal technology consists of a proprietary aversive agent coating that employs taste aversion to deter the oral abuse of and accidental exposure to transdermal opioid and stimulant patch products. Preliminary studies have shown that the coating is very difficult to scrape off and the technology has a patented immediate and extended-release profile which presents an additional layer of deterrence to prevent the aversive layer from easily being washed off in an attempt to separate the drug from the aversive agents.

    Nutriband is currently working with its partner Kindeva Drug Delivery, a leading global contract development and manufacturing organization focused on drug-device combination products, to develop its lead product, AVERSA™ Fentanyl, which incorporates Nutriband’s AVERSA™ abuse-deterrent transdermal technology into Kindeva’s FDA-approved transdermal fentanyl patch system.

    AVERSA Fentanyl has the potential to be the world’s first abuse-deterrent opioid patch designed to deter the abuse and misuse and reduce the risk of accidental exposure of transdermal fentanyl patches. AVERSA Fentanyl has the potential to reach peak annual US sales of $80 million to $200 million. (Health Advances Aversa Fentanyl market analysis report 2022). CONTINUED… Read this full press release and more news for NTRB at: https://www.financialnewsmedia.com/news-ntrb

    Other recent developments in the industry of note include:

    Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) announced recently that a new analysis from the European cohort of the RIM-TD open-label extension (OLE) study revealed that deutetrabenazine treatment of patients with Tardive Dyskinesia (TD) was associated with long term improvement of TD symptoms. The improvement in symptoms was sustained throughout the three-year study, and deutetrabenazine was well tolerated. The data were presented at the European College of Neuropsychopharmacology (ECNP) annual congress in Milan.

    TD is a stigmatising and debilitating involuntary movement disorder characterised by repetitive movements of the tongue, lower face, jaw, and limbs, which develops in around 15%-25% of patients receiving antipsychotic medications for conditions such as schizophrenia, bipolar disorder, and major depressive disorder. 

    As part of the Lilly 30×30 pipeline efforts, Eli Lilly and Company (NYSE: LLY) is collaborating with NIDA through a Screening Agreement to explore the potential of some early-phase therapies that might be repurposed for the treatment of opioid use disorder (OUD).

    OUD is the chronic use of opioids that causes clinically significant distress or impairment. More than 9.5 million people over age 12 in the U.S. alone misused opioids in the past year. Opioid and other addictive disorders disproportionately affect people with limited resources. Nearly half of non-elderly adults with OUD in the United States have low incomes and almost a quarter live in poverty. Although there are three drugs approved by the U.S. Food and Drug Administration for the treatment of opioid dependence, misuse of opioids remains a significant public health concern, and there is a high unmet need to develop new and effective treatments for opioid and other addictive disorders.

    Sandoz Inc., a Novartis AG (NYSE: NVS) division, and Pear Therapeutics, Inc., in 2019 announced the US commercial launch of reSET-O(TM) for patients with Opioid Use Disorder (OUD). reSET-O, cleared by the US Food and Drug Administration (FDA) in December, is immediately available.

    The reSET-O prescription digital therapeutic (PDT) is a 12-week cognitive behavioral therapy intended to be used in addition to outpatient treatment. It includes transmucosal buprenorphine, a commonly used medication to treat opioid addiction, and contingency management designed to provide incentives to reinforce positive behaviors. reSET-O is available by prescription only for patients 18 years or older under the care of a clinician.

    “The launch of reSET-O provides an important technology-based treatment option for patients with Opioid Use Disorder and may fundamentally change how they interact with their therapies,” said Richard Francis, CEO, Sandoz. “At Sandoz, we are proud and excited to push the frontiers of medical innovation.”

    Amneal Pharmaceuticals, Inc. (NASDAQ: AMRX) earlier this year announced the availability of Over the Counter (“OTC”) Naloxone Hydrochloride (Naloxone HCI) Nasal Spray, USP, 4mg, following Abbreviated New Drug Application (“ANDA”) approval from the U.S. Food and Drug Administration (“FDA”). Amneal’s Naloxone HCI Nasal Spray, manufactured in the U.S., is a generic equivalent to OTC NARCAN® HCI Nasal Spray, a medication that is widely used to help treat drug overdose from opioids, including heroin, fentanyl and prescription opioid medications.

    “With today’s launch, Amneal is proud to help address this public health emergency by providing naloxone nasal spray at an affordable price and without a prescription. Our business is deeply rooted in a commitment to helping others. By enhancing access to naloxone nasal spray, we hope to get this affordable emergency treatment into the hands of even more people who could potentially save countless families and communities from further heartache and loss,” said Chirag and Chintu Patel, Co-Chief Executive Officers.

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #pressreleases #tickertagpressreleases

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM expects to be compensated forty two hundred dollars for news coverage of the current press releases issued by Nutriband Inc. by the company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:

    Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757 

    SOURCE Financialnewsmedia.com

    The MIL Network –

    September 29, 2024
  • MIL-OSI China: Digitalization streamlines Chinese mainland’s exports to Macao

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

    GUANGZHOU, Sept. 24 — The first batch of plant products exported from the Chinese mainland to Macao was declared with digital customs clearance on Monday by the Gongbei Customs in Zhuhai, a city in south China’s Guangdong Province, which borders Macao Special Administrative Region (SAR).

    From Monday, all exports of plant products via Gongbei Customs started to undergo paperless customs clearance of inspection and quarantine certificates after the customs inked a cooperation agreement with the Macao SAR government on animal and plant quarantine and food safety.

    “In the past, we had to spend hours in the customs office for the declaration of the paper certificates of the goods. With digital management, the time was greatly shortened,” said Lin Genrui, the exporter of the plant products.

    He said his company is a long-term supplier of flower and seedling products to Macao.

    In the first eight months of this year, customs handled 952 batches of flower and seedling exports to Macao worth 14.88 million yuan (about 2.1 million U.S. dollars).

    Chen Weiqi, an official of the Gongbei Customs, said that customs had strengthened communication and cooperation with the Macao SAR government for mutual authentication of customs declaration certificates to jointly ensure safety, promote cross-border trade facilitation, and enhance the market integration in the Guangdong-Hong Kong-Macao Greater Bay Area.

    All plant products declared for export through customs are recognized through information sharing between the Chinese mainland and Macao, said Chen, adding that customs would continue to expand the types of export goods to be covered by the paperless customs clearance.

    MIL OSI China News –

    September 29, 2024
  • MIL-OSI China: Xinjiang’s Khunjerab Pass offers full-year service

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

    Xinjiang’s Khunjerab Pass offers full-year service

    Updated: September 24, 2024 20:37 Xinhua
    A police officer of Khunjerab border inspection station is pictured on duty at the Khunjerab Pass in Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 20, 2024. Khunjerab Pass is a land port on the China-Pakistan border and an important gateway to South Asia and Europe. The pass used to offer seasonal access service that started on April 1 and ended on Nov. 30, but it has shifted to full-year service as of Sept. 20 this year. [Photo/Xinhua]
    Police officers of Khunjerab border inspection station check a vehicle at the Khunjerab Pass in Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 20, 2024. [Photo/Xinhua]
    A truck passes through the Khunjerab Pass in Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 20, 2024. [Photo/Xinhua]
    This photo shows the Khunjerab Pass in Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 20, 2024. [Photo/Xinhua]
    Customs staff check electronic products at the Khunjerab Pass in Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 20, 2024. [Photo/Xinhua]
    A police officer of Khunjerab border inspection station (R, front) helps a Swiss tourist at the Khunjerab Pass in Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 20, 2024. [Photo/Xinhua]

    MIL OSI China News –

    September 29, 2024
  • MIL-OSI Asia-Pac: SITI commences visit to Wuhan (with photos)

    Source: Hong Kong Government special administrative region

    SITI commences visit to Wuhan (with photos)
    SITI commences visit to Wuhan (with photos)
    *******************************************

         The Secretary for Innovation, Technology and Industry, Professor Sun Dong, began his visit to Wuhan, Hubei Province today (September 24).     Professor Sun called on Vice Governor of Hubei Province Ms Chen Ping, and exchanged views on the development of innovation and technology (I&T) and new industries in Hong Kong and Hubei. At the meeting, Professor Sun introduced the Hong Kong Special Administrative Region Government’s plan and latest work on leading the development of the city’s I&T industry. He also learned about Hubei’s strengths in I&T and advanced manufacturing, particularly the development of chips and new energy vehicle industries. They also explored ways to further strengthen co-operation between Hubei and Hong Kong in technological innovation and industry development.     Professor Sun later visited the Wuhan National Laboratory for Optoelectronics of the Huazhong University of Science and Technology. It is one of the first six national research centres approved by the Ministry of Science and Technology, and is a research platform focusing on fundamental science and technology in the fields of optoelectronics for information, energy and life. Professor Sun was briefed on the laboratory’s development history, research conditions and innovation achievements, as well as the comprehensive support and services it provides to the “Optics Valley of China, Wuhan” and the development and industrialisation of the optoelectronics industry.     Professor Sun then visited the Jiufengshan Laboratory to learn about its work on promoting the development of the fundamental research of compound semiconductor in order to support Wuhan to become a global compound semiconductor innovation centre and industry cluster. In a tour of the laboratory’s chip process lines and professional testing infrastructure, he was kept abreast of the facility’s efforts in pushing forward the technological frontier by aiming at research and development (R&D), technology development, transformation of R&D outcomes as well as detection and analysis on compound semiconductor.     Professor Sun visited the Wuhan East Lake High-tech Development Zone in the evening and received an update on the development of the optoelectronics information industry cluster, as well as the efforts and achievements in building the “World Optics Valley”. Professor Sun also encouraged the East Lake High-tech Development Zone to set up accelerators and incubators in Hong Kong.      The Commissioner for Industry (Innovation and Technology), Dr Ge Ming, also joined the visit.      Professor Sun will continue his visit to Wuhan tomorrow (September 25).

     
    Ends/Tuesday, September 24, 2024Issued at HKT 21:30

    NNNN

    MIL OSI Asia Pacific News –

    September 29, 2024
  • MIL-OSI Asia-Pac: EDB launches “Love Our Home,Treasure Our Country 3.0” joint school national education activities to celebrate 75th anniversary of founding of People’s Republic of China (with photos)

    Source: Hong Kong Government special administrative region

    EDB launches “Love Our Home,Treasure Our Country 3.0” joint school national education activities to celebrate 75th anniversary of founding of People’s Republic of China (with photos)
    EDB launches “Love Our Home,Treasure Our Country 3.0” joint school national education activities to celebrate 75th anniversary of founding of People’s Republic of China (with photos)
    ******************************************************************************************

         The Education Bureau (EDB) today (September 24) held the “Love Our Home, Treasure Our Country” – Celebration of the 75th Anniversary of the Founding of the People’s Republic of China and Joint School National Education Activities Kick-off Ceremony. The Bureau announced that it will collaborate with Tung Wah Group of Hospitals, Po Leung Kuk, the Hong Kong Council of the Church of Christ in China, the Lok Sin Tong Benevolent Society, Kowloon, Hong Kong Subsidized Secondary Schools Council, Hong Kong Direct Subsidy Scheme Schools Council, Hong Kong Aided Primary School Heads Association and Subsidized Primary Schools Council to jointly organise the “Love Our Home, Treasure Our Country 3.0” series of joint school national education activities in the 2024/25 school year, with an aim of deepening students’ understanding of Chinese culture and strengthening their affection for and sense of belonging to the country.      The Deputy Chief Secretary for Administration, Mr Cheuk Wing-hing; the Secretary for Education, Dr Choi Yuk-lin; the Convenor of the Working Group on Patriotic Education, Ms Starry Lee; the Division Director of the Education, Science and Technology Department of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, Dr He Jinhui, together with representatives from school sponsoring bodies, school councils and school head associations involved in the activities, jointly officiated at the kick-off ceremony. About 2 500 representatives from school sponsoring bodies and the EDB, principals, teachers, students and parents attended.      Addressing the event, Mr Cheuk said that the “Love Our Home, Treasure Our Country 3.0” joint school national education activities will further expand the scale of the event. Participating schools cover kindergartens, primary schools, secondary schools, special schools and sister schools on the Mainland. Joint school collaboration not only strengthens exchanges among schools but also combines strengths to develop resources, enabling a patriotic atmosphere and sentiments to extend continuously across school campuses in all districts of Hong Kong.      Mr Cheuk said, “Love for the country should be the value and sentiment of every Chinese national. Patriotic education and activities play an important role in nurturing the growth of patriotic sentiments.” He thanked practitioners from the education sector for remaining steadfast in their roles. Through learning inside and outside the classroom, students are given the opportunity to gain an in-depth understanding of the country’s history, culture and values from an early age, and experience the distinctiveness of traditional Chinese culture, thereby fostering their pride in being Chinese and enhancing their national pride and sense of responsibility and ownership.       The kick-off ceremony featured a variety of rich programmes, including the performance of the magnificent “Hymn to the Sun” by a joint school Chinese orchestra formed by nearly 90 students. In addition, over 100 students performed lion dances, martial arts and other dances. A choir composed of 75 principals from school sponsoring bodies, school councils and government schools marked the finale of the ceremony with a song to express their warm congratulations on the 75th anniversary of the founding of the People’s Republic of China.      Highlights of the kick-off ceremony will be broadcast on RTHK TV 31 at 1.30pm on September 28 (Saturday).

     
    Ends/Tuesday, September 24, 2024Issued at HKT 21:25

    NNNN

    MIL OSI Asia Pacific News –

    September 29, 2024
  • MIL-OSI Asia-Pac: Speech by FS at business luncheon Hong Kong-Spain: Partnering for Success (English only) (with photos)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at business luncheon Hong Kong-Spain: Partnering for Success in Madrid, Spain, today (September 24, Madrid time): Dr Peter Lam (Chairman of the Hong Kong Trade Development Council), Ms Jarillo (Deputy Director General for Asia, Europe and Oceania, Ministry of Economy, Trade and Enterprise of Spain, Ms Laura Jarillo), distinguished guests, ladies and gentlemen,      Good afternoon. I’m delighted to be here, in Madrid, the dynamic capital and financial heart of Spain, a city renowned for its world-class museums and fine dining and wine, not to mention the best football club in Europe, if not the world. What more can a visitor ask for?     Well, I can tell you that this speaker, and the young and energetic innovation and technology delegation here with me, are pleased to be here, with you, to talk about how Spanish and Hong Kong business can partner for success long-term, mutually rewarding success.Hong Kong, connecting Spain and Asia     Ladies and gentlemen, like Spain, Hong Kong is back in business after the challenges of the COVID pandemic, back creating opportunity for a world of business. Spain, included of course.     Hong Kong has long been recognised as one of the best connected cities in the world. Half the global population is no more than a five-hour flight away from us.     Before the pandemic, Hong Kong International Airport operated 1 100 flights a day, covering 220 destinations. Today, passenger throughput is rebounding, reaching over 80 per cent of pre-pandemic levels on peak days, with full resumption expected by year’s end.     As for cargo, our airport has been the busiest in the world for 13 of the last 14 years.     This strategic connectivity is enhanced by Hong Kong’s institutional advantages, reinforcing our role as a “super connector” in Asia.     The unique “one country, two systems” arrangement makes this possible.     As part of China, Hong Kong enjoys convenient and sometimes priority access to the vast Mainland market, particularly the Guangdong-Hong Kong-Macao Greater Bay Area, a city cluster comprising Hong Kong, Macao and nine Mainland cities in Guangdong province.      The Greater Bay Area’s collective population counts more than 87 million, with a GDP exceeding 1.8 trillion euros, surpassing that of Australia and the Republic of Korea.     And, on a purchasing power parity basis, the per capita GDP of the Greater Bay Area is US$40,000, 75 per cent of Spain’s. (Note: HK’s is US$71,500)     Hong Kong, let me add, is the most international city in China, thanks to the “two systems” that distinguish us.     We are the only jurisdiction in China practising the common law system, our judiciary exercising its powers independently. Information, capital, goods and people flow freely in and out of our city. Our taxes are low and simple, with a currency pegged to the US dollar. Our regulatory systems and professional services align with the best international standards.     Our commitment to the rule of law is exemplified by the Rule of Law Index, produced by the World Justice Project. In the latest Index, Hong Kong ranked 23rd and Spain 24th, both ahead of the United States.     Hong Kong’s enduring strengths will continue to thrive, as our country is committed to the “one country, two systems” principle for the long term. This commitment has been reiterated by President Xi Jinping on multiple occasions, and reaffirmed at various high-level state and party meetings in Beijing.     Last year, China and Spain celebrated the 50th anniversary of diplomatic ties. And those ties continue to grow. Earlier this month, Prime Minister Sanchez was in Beijing, his second trip to the Chinese capital in two years.     As political and economic ties between our two countries strengthen, Hong Kong is proud to play a pivotal role in fostering more two-way investments, and more economic, innovation and cultural exchanges.Financial Services     One obvious area where we can contribute is financial services.      Hong Kong, after all, is an international financial centre – number three worldwide, behind only New York and London, according to the latest Global Financial Centres Index, released today.     We have a robust fund-raising market. Our stock market’s total capitalisation stands at 3.7 trillion euros, while assets managed by private equity and venture capital exceed 200 billion euros. Hong Kong is the leading biotech fund-raising hub in Asia, too.     A defining feature of our capital market are the “Connect Schemes” with the Mainland. Under the schemes, Mainland investors can buy stock, bonds, ETFs and derivatives directly from Hong Kong, while foreign investors can buy similar financial products on the Mainland through Hong Kong. In short, Spanish companies looking to list or issue bonds in Hong Kong can tap the capital from both the Mainland and international markets.     Hong Kong is also the world’s offshore renminbi hub. As the use of renminbi as a trade and reserve currency increases, businesses will naturally look for renminbi-denominated investment and risk-management tools. Hong Kong handles approximately 80 per cent of global offshore renminbi transactions, offering a wide range of investment and risk-management products.     Then there’s green and sustainable finance. We have long been Asia’s leader in green finance, issuing, on average, more than 55 billion euros in green and sustainable debt a year over the past three years.     Our green standards align with the best international practices. To take an example, the Hong Kong Taxonomy for Sustainable Finance, released in May, is highly compatible with the European Union’s Taxonomy for Sustainable Activities.     For green projects looking for funding, Hong Kong is simply Asia’s premier destination.Innovation and Technology     No less important is our commitment to rise as a global innovation and technology hub, together with the Greater Bay Area.     We have what it takes to realise that ambition. Hong Kong is home to five global top 100 universities, and our two medical schools are among the world’s top 40.     We also support 29 labs and research and development centres in collaboration with prestigious universities around the world.      Our start-up system is thriving, offering a variety of innovative products in fintech, green tech, biotech, supply-chain management, big-data analytics and more. And 20 per cent of our 4 200 start-ups were founded by overseas entrepreneurs.     Many of them are based in our two main innovation flagships: Science and Technology Park and Cyberport. And you will soon hear more from senior executives from these institutions, Albert and Eric. Let me add that our delegation members, many of them founders and CEOs of start-ups, are eager to talk to you, to explore business opportunities together.     Hong Kong boasts a full-spectrum financing market, including banks, private equity funds, venture-capital funds and a well-developed stock and bond market. These provide abundant financial support for tech companies local and global, at different stages of growth.     Greater Bay Area cities, let me add, each offers distinct strengths in innovation and technology; from basic research to technological application, commercialisation, and advanced manufacturing.      This year, the World Intellectual Property Organization’s Global Innovation Index ranked the Shenzhen-Hong Kong-Guangzhou cluster second, globally, for the fifth consecutive year.     Now, allow me now to highlight a few I&T areas where Hong Kong and the Greater Bay Area offer singular advantages, starting with artificial intelligence.      Crucial to AI are algorithms, supercomputing power, data and application scenarios, all of which Hong Kong is blessed with. We serve as a convergence point for Mainland and international data. We are also investing in the necessary i
    nfrastructure, including a supercomputer centre. Hong Kong and the Greater Bay Area provide many different application scenarios for AI. Many AI companies, let me add, are choosing Hong Kong to develop their large language models and to go global.     Biotechnology is also a priority. And we are planning to conduct clinical trials for the Greater Bay Area. We are also working on a “primary evaluation system” that will allow medicine and medical devices approved in Hong Kong to be widely used in the Greater Bay Area, the Asian region and around the world.     Then there’s the Northern Metropolis, a 300-square kilometre area in Hong Kong bordering Shenzhen. The Northern Metropolis is destined to rise as an innovation and technology hub, a vast bridgehead for Hong Kong’s co-operation with other Greater Bay Area cities.     Ladies and gentlemen, that just touches on the opportunities Hong Kong is actively pursuing. But let me say that we’re particularly focused on four areas: AI, biotech, fintech and new energy and new materials. We are bringing in strategic companies to help us develop those sectors. Since the end of 2022, we have attracted over 100 tech companies to Hong Kong. Together, they will invest about 6 billion euros and create more than 15 000 jobs in our city.      We are equally keen on attracting talent. Since the launch of the new talent admission schemes and updating existing ones, to date, we’ve received some 360 000 applications under our various talent admission schemes. About 226 000 applications have been approved, and 150 000 professionals have already arrived in Hong Kong, I’m pleased to say.Concluding remarks     Ladies and gentlemen, Hong Kong offers boundless opportunities for Spanish companies – as a gateway to the Chinese Mainland and throughout Asia, and as a hub for financial services and I&T.     My thanks to the Hong Kong Trade Development Council for hosting today’s luncheon, and to our Spanish partners, including CEOC, ICEX and the Spanish Chamber of Commerce, for make this welcome gathering possible.     I am happy now to take your questions, to hear your thoughts and ideas on how our two economies and peoples can deepen our co-operation, creating far-reaching opportunities that benefit us all.     Thank you.

    MIL OSI Asia Pacific News –

    September 29, 2024
  • MIL-OSI: China Medical System: New Drug Application for Vitiligo Indication of Ruxolitinib Phosphate Cream Accepted in China

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, CHINA, Sept. 24, 2024 (GLOBE NEWSWIRE) — China Medical System Holdings Limited (the “Company”, together with its subsidiaries, the “Group” or “CMS”) is pleased to announce that on September 24, 2024, the New Drug Application (NDA) for vitiligo indication of ruxolitinib phosphate cream (the “ruxolitinib cream” or the “Product”) has been accepted by the National Medical Products Administration of China (NMPA). This is another substantial milestone for ruxolitinib cream in China, following the approval for Urgent Clinical Import by Hainan Medical Products Administration and approval for marketing in Macau for vitiligo, and it is also a key step in benefiting over ten million of patients with vitiligo in China.

    Ruxolitinib cream achieved positive results in Chinese Real-World Study. The primary efficacy endpoint was the proportion of patients in the treatment group who achieved F-VASI 75 response at week 24, which was 49.5%, significantly higher than the target value of 14.1% (p<0.0001). The study met its primary endpoint, demonstrating that ruxolitinib cream is effective in treating patients with nonsegmental vitiligo, reducing the area of the lesions, and repigmenting the skin. All secondary efficacy endpoints showed a trend of benefit consistent with the primary efficacy endpoint, and the treatment effect for vitiligo continued to improve with longer treatment duration. Adverse events mostly had severity levels of grade 1 or 2. No adverse event (AE) leading to discontinuation or withdrawal, and no serious adverse event (SAE) related to the study drug occurred.

    While advancing the process of NDA for the Product, the Group is conducting the transfer of ruxolitinib cream from overseas production to domestic production (localization technology transfer), which is being orderly promoted by the Contract Development Manufacturing Outsourcing Organization (CDMO), and the lab-scale and pilot trial studies have been completed and under scale-up production. The Group strives to complete the localization study as soon as possible, register in Mainland China and obtain marketing approval, so as to enable the Chinese patients with vitiligo to use the innovative product.

    Vitiligo is a chronic autoimmune disease characterized by depigmentation of the skin, which results from the loss of pigment-producing cells known as melanocytes. It is estimated that there are approximately 14 million vitiligo patients in China[1]. Non-segmental vitiligo patients account for approximately 85% of them. Topical corticosteroids (TCS) and calcineurin inhibitors (CI) are used off-label for non-segmental vitiligo, however, these therapies have clinical deficiencies with long-term adverse reactions of long-term treatment or limited efficacy[2、3]. If the Product being successfully approved for marketing in China, it will be the first prescription drug approved for repigmentaton in vitiligo in Mainland China, bringing novel treatment hopes for Chinese vitiligo patients.

    CMS has always adhered to its mission of providing competitive products and services to meet unmet medical needs. Guided by innovation strategy, the Group continuously strengthens its independent R&D as well as external collaboration, enriching its product pipelines. Looking ahead, CMS will continue to identify products with differentiated advantages globally and efficiently promote their clinical development and commercialization, bringing more novel and effective drugs to patients.

    About ruxolitinib cream
    Ruxolitinib cream, (Opzelura), a novel cream formulation of Incyte’s selective JAK1/JAK2 inhibitor ruxolitinib, is approved by the U.S. Food & Drug Administration for the topical treatment of nonsegmental vitiligo in patients 12 years of age and older, and is the first and only treatment for repigmentation approved for use in the United States[4]. Ruxolitinib cream (Opzelura) is also approved in the U.S. for the topical short-term and non-continuous chronic treatment of mild to moderate atopic dermatitis (AD) in non-immunocompromised patients 12 years of age and older whose disease is not adequately controlled with topical prescription therapies, or when those therapies are not advisable[5]. In Europe, ruxolitinib cream (Opzelura) is approved for the treatment of non-segmental vitiligo with facial involvement in adults and adolescents from 12 years of age[6].

    The Product is not approved by the NMPA for any indication in Mainland China. However, on 12 August 2023, the Product was approved by Hainan Medical Products Administration for Urgent Clinical Import, and officially became available to applicable patients in the Hainan Boao Lecheng International Medical Tourism Pilot Zone (the “Pilot Zone”) on August 18, for the topical treatment of non-segmental vitiligo in adults and adolescents aged 12 and above with facial involvement. Benefiting from the Early and Pilot Implementation Policy granted by the state to Hainan Free Trade Port and the Pilot Zone, patients with vitiligo in China can apply for the Product in Boao Super Hospital first and receive treatment from the expert team. In addition, ruxolitinib cream was approved by the Pharmaceutical Administration Bureau (ISAF) of Macau on 11 April 2024 for the topical treatment of non-segmental vitiligo with facial involvement in adult and adolescents form 12 years of age.

    On 2 December 2022, the Group through a subsidiary of the Company, a dermatology medical aesthetic company (“CMS Skinhealth”) entered into a Collaboration and License Agreement (the “License Agreement”) with Incyte for topical formulations of ruxolitinib for the treatment of autoimmune and inflammatory dermatology diseases. In accordance with the  License Agreement, the Group through CMS Skinhealth received an exclusive license to develop, register and commercialize the Product in Mainland China, Hong Kong Special Administrative Region, Macau Special Administrative Region, Taiwan Region and eleven Southeast Asian countries (Indonesia, Philippines, Vietnam, Thailand, Myanmar, Malaysia, Cambodia, Laos, Singapore, Timor-Leste and Brunei Darussalam) (the “Territory”) and a non-exclusive license to manufacture the Product in the Territory. The License Agreement commenced on its effective date and has a royalty term of ten years from the date of the commercial sale of the Product in the Territory (the “Royalty Term”). Upon the expiration of the Royalty Term, the License Agreement may be renewed for a period of ten years thereafter (the “Initial Extended Royalty Term”) as per certain conditions defined in the License Agreement. Upon the expiration of the Initial Extended Royalty Term, the License Agreement may be extended for a period otherwise agreed by both sides as per certain conditions defined in the License Agreement.

    Incyte has worldwide rights for the development and commercialization of the Product, marketed in the United States and Europe as Opzelura®. Opzelura and the Opzelura logo are registered trademarks of Incyte.

    About CMS
    CMS is a platform company linking pharmaceutical innovation and commercialization with strong product lifecycle management capability, dedicated to providing competitive products and services to meet unmet medical needs.

    CMS focuses on the global first-in-class (FIC) and best-in-class (BIC) innovative products, and efficiently promotes the clinical research, development and commercialization of innovative products, enabling the continuous transformation of scientific research into clinical practices to benefit patients.

    CMS deeply engages in several specialty therapeutic fields, and has developed proven commercialization capabilities, extensive networks and expert resources, resulting in leading academic and market positions for its major marketed products. CMS continues to promote the in-depth development of its advantageous specialty fields and expand business boundaries. While strengthening the competitiveness of the cardio-cerebrovascular/gastroenterology business, CMS independently operates its dermatology and medical aesthetics business, and ophthalmology business, aiming to gain leading positions in specialty therapeutic fields, whilst enhancing the scale and efficiency. At the same time, CMS has expanded its business territory to the Southeast Asian market, striving to become a “bridgehead” for global pharmaceutical companies to enter the Southeast Asian market, further escorting the sustainable and healthy development of the Group.

    Reference:

    1. Ezzedine K, Eleftheriadou V, Whitton M, van Geel N. Vitiligo. Lancet. 2015;386(9988):74-84. doi:10.1016/S0140-6736(14)60763-7
    2. Consensus on the diagnosis and treatment of vitiligo (2021 version)
    3. Kubelis-López DE, Zapata-Salazar NA, Said-Fernández SL, Sánchez-Domínguez CN, Salinas-Santander MA, Martínez-Rodríguez HG, Vázquez-Martínez OT, Wollina U, Lotti T, Ocampo-Candiani J. Updates and new medical treatments for vitiligo (Review). Exp Ther Med. 2021 Aug;22(2):797. doi: 10.3892/etm.2021.10229. Epub 2021 May 25. PMID: 34093753; PMCID: PMC8170669.
    4. Drug approval information can be found on the FDA official website, as follows: $1
    5. Drug approval information can be found on the Incyte official website, as follows: https://investor.incyte.com/news-releases/news-release-details/incyte-announces-us-fda-approval-opzeluratm-ruxolitinib-cream
    6. Drug approval information can be found on the EMA official website, as follows: https://www.ema.europa.eu/en/medicines/human/EPAR/opzelura

    CMS Disclaimer and Forward-Looking Statements
    This press release is not intended to promote any products to you and is not for advertising purposes. This press release does not recommend any drugs, medical devices and/or indications. If you want to know more about the diagnosis and treatment of specific diseases, please follow the opinions or guidance of your doctor or other medical and health professionals. Any treatment-related decisions made by healthcare professionals should be based on the patient’s specific circumstances and in accordance with the drug package insert.

    This press release which has been prepared by CMS does not constitute any offer or invitation to purchase or subscribe for any securities, and shall not form the basis for or be relied on in connection with any contract or binding commitment whatsoever. This press release has been prepared by CMS based on information and data which it considers reliable, but CMS makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this press release. Certain matters discussed in this press release may contain statements regarding the Group’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. Any forward-looking statements and projections made by third parties included in this press release are not adopted by the Group and the Company is not responsible for such third-party statements and projections.

    Media Contact

    Brand: China Medical System Holdings Ltd.

    Contact: CMS Investor Relations

    Email: ir@cms.net.cn

    Website: https://web.cms.net.cn/en/home/

    Source: China Medical System Holdings Ltd.

    The MIL Network –

    September 29, 2024
  • MIL-OSI Asia-Pac: SFST’s speech at 5th Belt and Road Initiative Tax Administration Cooperation Forum welcome dinner (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the 5th Belt and Road Initiative Tax Administration Cooperation Forum welcome dinner tonight (September 24):Honourable Commissioner Hu Jinglin (Commissioner of the State Taxation Administration), Deputy Commissioner Wang Daoshu (Deputy Commissioner of the State Taxation Administration and Executive Secretary of the Belt and Road Initiative Tax Administration Cooperation Mechanism Secretariat), honourable Ministers and senior officials from the Belt and Road economies, distinguished guests, ladies and gentlemen,     Good evening. I am delighted to welcome you all to the dinner tonight. I am very glad to see so many esteemed officials from tax administrations, representatives from international organisations, business leaders and tax experts from around the world to come to this vibrant city.       I trust your day has been both rewarding and stimulating, filled with productive discussions on emerging tax issues and valuable exchanges of experiences in tax administration. I hope the dialogues today have sparked innovative ideas and fostered meaningful collaborations that will continue to develop throughout this Forum and beyond.     The Belt and Road Initiative Tax Administration Cooperation Mechanism (BRITACOM) has taken up an active role in building a growth-friendly tax environment through promoting international co-operation on tax administration.  Since its inception five years ago, BRITACOM has made substantial achievements and significant milestones in fostering co-operation and building capacity in taxation across Belt and Road jurisdictions. All of you here tonight have witnessed these successes and contributed profoundly to our shared objectives.     The BRITACOF (Belt and Road Initiative Tax Administration Cooperation Forum) is a crucial and exemplary international platform designed to enhance co-operation among tax administrations along the Belt and Road. It facilitates insightful exchanges of experience and expertise among tax authorities, experts, practitioners and the business community, which enable participants to effectively address tax related challenges in their own jurisdictions.         Hong Kong has actively participated in the previous four Forums, and it is our privilege to host this year’s Forum for the first time. I am thrilled to welcome over 400 delegates, both international and local, to this mega event. Indeed, the hosting of the 5th BRITACOF in Hong Kong underscores our unique gateway role in fostering partnerships and creating value for economies, businesses and people along the Belt and Road.     Our commitment to realising the visionary goal of the Belt and Road Initiative goes beyond participation. As the world’s premier international financial centre, Hong Kong brings unique advantages to the table. By integrating our sophisticated infrastructure, globally competitive financial services and transparent legal system, we offer unmatched opportunities for our Belt and Road partners to connect and grow. In every endeavour, we strive to consolidate these advantages, ensuring that Hong Kong continues to serve as a dynamic gateway for international trade and investment, and a “super connector” and “super value-adder” in connecting Mainland China and other Belt and Road jurisdictions.       Now back to the core of our Forum – tax co-operation. An efficient and effective tax system is essential in driving the sustainable growth of an economy. On one hand, it provides resources for governments to deliver essential public services and launch new developments. On the other, tax system must be fair and transparent to avoid becoming a disincentive to people and businesses. Hong Kong’s tax system is internationally recognised for its clarity, efficiency, and compliance with international standards. In fact, the latest World Competitiveness Yearbook 2024 published by the International Institute for Management Development once again acknowledged Hong Kong as one of the most competitive economies in the world, with “Tax Policy” ranking first in the Asia-Pacific region and second in the world. And tomorrow, at a panel to be hosted by Benjamin, our Deputy Commissioner (of Inland Revenue), you will be able to share more and learn more about that. Against this backdrop, Hong Kong is perfectly positioned to be a catalyst for promoting economic activities under the Belt and Road Initiative.      Also, as the globalisation of economic activities continues to evolve and new ways of working and doing business emerge, it is more important than ever for tax administrations to build capacity and share knowledge together. Hong Kong has always been committed to upholding international tax standards, including the Base Erosion and Profit Shifting (BEPS) framework set by the Organisation for Economic Co-operation and Development. We are also fully supportive of the international standard of tax information exchange to avoid tax evasion. By endorsing and implementing these standards, Hong Kong ensures that Belt and Road projects involving Hong Kong companies adhere to the highest international benchmarks in terms of tax governance and transparency.       The future holds great promise, and through our concerted efforts, I am confident that we will continue to see a cascade of benefits for all involved. At this juncture, I am pleased to announce a key achievement that reflects our dedication to strengthening global tax collaboration.      On behalf of the Hong Kong Special Administrative Region Government, I had the honour of signing a new Comprehensive Avoidance of Double Taxation Agreement (CDTA) with Türkiye today as witnessed by all of you. This agreement, along with three others signed earlier this year, bring our total number of CDTAs to 51. Each agreement signed is a step forward in our ongoing effort to broaden Hong Kong’s tax treaty network and reaffirm our commitment to fostering efficient, transparent and fair international tax practices.       Our efforts to conclude more CDTAs with our trading and investment partners from the Belt and Road Initiative will definitely continue. These agreements are instrumental in fostering deeper economic and trade connections between Hong Kong and the Belt and Road jurisdictions. We are now having negotiations with 16 jurisdictions, and about 80 per cent of them are along the Belt and Road. For those who have yet to be our CDTA partners, I hope we can make it happen soon.     Looking ahead, I am filled with optimism about our collective efforts to create a sustainable tax environment. Together, let us strengthen our co-operation in tax administration to support high-quality development of the Belt and Road Initiative, paving the way for a new era with abundant opportunities.        Ladies and gentlemen, I hope you will enjoy this meal and the Chinese cultural performance. And as you are here, I invite you to take some time to explore our wonderful city. Hong Kong actually has 24 country parks, 22 special areas for conservation and other protected areas that together cover more than 40 per cent of the city’s land area. We have some 80 hiking trails totalling 500 kilometres within these areas. We also have some 42 beaches in Hong Kong that you can enjoy the sunshine. Of course, don’t forget to try our wonderful food as well, ranging from street food, dim sum to Michelin cuisine.     Have a productive Forum and an enjoyable stay in Hong Kong. Thank you.

    MIL OSI Asia Pacific News –

    September 29, 2024
  • MIL-OSI Economics: Secretary-General of ASEAN attends dinner reception hosted by CAEXPO Secretariat

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this evening attended a dinner hosted by Secretary-General of the China-ASEAN Expo Secretariat Dr. Wei Zhaohui. During the dinner, Dr. Kao congratulated the CAEXPO Secretariat on the successful opening of the 21st CAEXPO. He also expressed his appreciation to the CAEXPO Secretariat for the warm welcome and continuous support extended to the ASEAN Secretariat.

    MIL OSI Economics –

    September 29, 2024
  • MIL-OSI China: China has world’s largest social security network: official

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

    BEIJING, Sept. 24 — China has built the world’s largest social security network, the Ministry of Human Resources and Social Security said on Tuesday.

    Vice Minister Li Zhong told a press conference that the number of people covered by basic old-age insurance, unemployment insurance, and work-related injury insurance had reached 1.07 billion, 245 million, and 301 million, respectively.

    China’s social security system has been optimized since the 18th Communist Party of China National Congress held in 2012, with the basic old-age insurance for enterprise employees being coordinated nationwide and that for urban and rural residents being implemented uniformly. A multi-tiered social security system has been established, Li said.

    According to Li, 98 percent of China’s population possess social security cards, showcasing the improved social security services.

    Li also noted that the ministry would further optimize the coordination of basic old-age insurance for enterprise employees and promote the private pension system nationwide while continuing to expand social insurance coverage.

    In the meantime, Li said, efforts will be made to improve the fund safety supervision system and strengthen risk control, adding that the national unified social insurance public service platform will be optimized.

    The vice minister said that social security-related laws and regulations will also be improved and revised in a timely manner as required.

    MIL OSI China News –

    September 29, 2024
  • MIL-OSI China: 21st China-ASEAN Expo kicks off in Nanning

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

    21st China-ASEAN Expo kicks off in Nanning

    Updated: September 24, 2024 21:59 Xinhua
    Visitors select products during the 21st China-ASEAN Expo at Nanning International Convention and Exhibition Center in Nanning, south China’s Guangxi Zhuang Autonomous Region, Sept. 24, 2024. The 21st China-ASEAN Expo and the China-ASEAN Business and Investment Summit kicked off on Tuesday in Nanning. [Photo/Xinhua]
    Visitors select products during the 21st China-ASEAN Expo at Nanning International Convention and Exhibition Center in Nanning, south China’s Guangxi Zhuang Autonomous Region, Sept. 24, 2024. [Photo/Xinhua]
    Visitors select products during the 21st China-ASEAN Expo at Nanning International Convention and Exhibition Center in Nanning, south China’s Guangxi Zhuang Autonomous Region, Sept. 24, 2024. [Photo/Xinhua]
    An exhibitor introduces agarwood during the 21st China-ASEAN Expo at Nanning International Convention and Exhibition Center in Nanning, south China’s Guangxi Zhuang Autonomous Region, Sept. 24, 2024. [Photo/Xinhua]
    An exhibitor sells products during the 21st China-ASEAN Expo at Nanning International Convention and Exhibition Center in Nanning, south China’s Guangxi Zhuang Autonomous Region, Sept. 24, 2024. [Photo/Xinhua]
    This photo shows a view of Nanning International Convention and Exhibition Center in Nanning, south China’s Guangxi Zhuang Autonomous Region, Sept. 24, 2024. [Photo/Xinhua]
    This photo shows a view of Nanning International Convention and Exhibition Center in Nanning, south China’s Guangxi Zhuang Autonomous Region, Sept. 24, 2024. [Photo/Xinhua]
    A visitor selects products during the 21st China-ASEAN Expo at Nanning International Convention and Exhibition Center in Nanning, south China’s Guangxi Zhuang Autonomous Region, Sept. 24, 2024. [Photo/Xinhua]

    MIL OSI China News –

    September 29, 2024
  • MIL-OSI Global: Sri Lankans throw out old guard in election upset: What nation’s new Marxist-leaning leader means for economy, IMF loans

    Source: The Conversation – USA – By Vidhura S. Tennekoon, Assistant Professor of Economics, Indiana University

    Anura Kumara Dissanayake’s celebrates his vote. Tharaka Basnayaka/NurPhoto via Getty Images

    Sri Lankans voted for a new direction in leadership on Sept. 22, 2024, electing a leftist anti-poverty campaigner as president of the South Asian nation.

    The ascent of Anura Kumara Dissanayake marks a break with the past and from the establishment parties and politicians blamed for taking the country to the brink of economic collapse in 2022.

    Dissanayake characterized the victory as a “fresh start” for Sri Lanka – but he will nonetheless need to address the economic baggage left by his predecessors and the impact of an International Monetary Fund loan that came with painful austerity demands. The Conversation turned to Vidhura S. Tennekoon, an expert on Sri Lanka’s economy at Indiana University, to explain the task facing the new president – and how Dissanayake intends to tackle it.

    What do we know about Sri Lanka’s new president?

    Anura Kumara Dissanayake leads both the National People’s Power alliance, or NPP, and the Janatha Vimukthi Peramuna, or JVP. Rooted in Marxist ideology, the JVP was founded in the 1960s with the aim of seizing power through a socialist revolution. But after two failed armed uprisings in 1971 and 1987-89 – which resulted in the loss of tens of thousands of lives – the party shifted toward democratic politics and has remained so for over three decades.

    Until this election, the JVP remained a minor third party in Sri Lanka’s political landscape, while power alternated between the alliances led by the two traditional political parties – the United National Party and the Sri Lanka Freedom Party – or their descendant parties.

    In 2019, under Dissanayake’s leadership, the NPP was formed as a socialist alliance with several other organizations. While the JVP continues to adhere to Marxist principles, the NPP adopted a center-left, social democratic platform – aiming to attract broader public support.

    Despite these efforts, Dissanayake garnered only 3% of the vote in the 2019 presidential election.

    But the political landscape shifted dramatically during the economic crisis of 2022. Many Sri Lankans, frustrated with the two traditional parties that had governed the country for over seven decades, turned to the NPP, seeing it as a credible alternative.

    The party’s anti-corruption stance, in particular, resonated strongly because many people blamed political corruption for the economic collapse.

    It helped deliver 42% of the vote to Dissanayake.

    While a significant achievement, it also marks a historic first for Sri Lanka — Dissanayake is the first president to be elected without majority support; the remaining 58% of votes were split between candidates from the two traditional parties.

    His immediate challenge will be to secure a parliamentary majority in the upcoming elections, a crucial step for his administration to govern effectively.

    What kind of economy is Dissanayake inheriting?

    Two and a half years ago, Sri Lanka experienced the worst economic crisis in its history. With foreign reserves nearly depleted, the country struggled to pay its bills, leading to severe shortages of essential goods. People waited in long lines for cooking gas and fuel, while regular blackouts became part of daily life. The Sri Lankan rupee plummeted to a record low, driving inflation to 70%. The economy was contracting, and the country defaulted on its international sovereign bonds for the first time.

    This sparked a massive protest movement that ultimately forced President Gotabaya Rajapaksa to resign. In July 2022, Parliament appointed Ranil Wickremesinghe to complete the remainder of Rajapaksa’s term.

    Sri Lankans protest near the official residence of then-President Gotabaya Rajapaksa on May 28, 2022.
    Tharaka Basnayaka/NurPhoto via Getty Images

    In the two years that followed, Sri Lanka’s economy made an unexpectedly rapid recovery under Wickremesinghe’s leadership. After securing an agreement with the International Monetary Fund, the currency stabilized, the central bank rebuilt foreign reserves, and inflation fell to single digits. By the first half of 2024, the economy had grown by 5%.

    The government successfully restructured its domestic debt, followed by a restructuring of its bilateral debt – that is, government-to-government loans, mostly from China but also from India and Western counties, including the United States. Just days before the election, an agreement was reached with international bondholders to restructure the remaining sovereign debt.

    Despite these achievements, Wickremesinghe was overtaken in the presidential race by both Dissanayake and opposition leader Sajith Premadasa. Wickremesinghe’s unpopularity stemmed largely from the harsh austerity measures implemented under the IMF-backed stabilization program.

    Dissanayake now inherits an economy that, while more stable, remains vulnerable. He will have limited room to maneuver away from the carefully planned economic path laid out by his predecessor, even as voters expect him to fulfill popular demands.

    How does Dissanayake plan to improve Sri Lanka’s economy?

    As a leader from a Marxist party, Dissanayake will likely pursue policies to reflect collective decisions made by the politburos and central committees of the NPP and JVP, rather than his individual views. He advocates for an economic system where activities are coordinated through a central government plan, emphasizing the importance of “economic democracy.”

    His party believes prosperity should be measured not just by economic growth but by the overall quality of life. They argue that people need more than just basic necessities — they require secure housing, food, health care, education, access to technology and leisure.

    Dissanayake’s long-term vision is to transform Sri Lanka into a production-based economy, focusing on sectors like manufacturing, agriculture and information technology rather than service industries. One of the key policies is to promote local production of all viable food products to reduce reliance on imports. To support these activities, the NPP plans to establish a development bank. Additionally, they NPP proposes increasing government spending on education and health care, in line with Sri Lanka’s tradition of providing free, universal access to both.

    Where does this leave the IMF loans?

    Historically, Dissanayake’s party has been critical of the IMF and its policy recommendations. Given the severity of Sri Lanka’s economic crisis, Dissanayake has acknowledged the need to stay within the IMF program for now. But he has vowed to renegotiate with the IMF to make the program more “people-friendly.” Dissanayake’s proposals include raising the personal income tax exemption threshold to double its current level and removing taxes on essential goods. Dissanayake’s party also plans adding jobs to the public sector, despite the ongoing effort to reduce the government workforce to manage the deficit.

    Dissanayake’s populist policies, aimed at attracting mass support during the campaign, will inevitably strain government revenues while increasing expenses. However, the IMF program requires Sri Lanka to maintain a primary budget surplus of at least 2.3% of gross domestic product to ensure debt sustainability. Dissanayake has promised not to jeopardize the country’s economic stability by deviating from this target. His strategy is to improve the efficiency of tax collection, which he believes will generate enough revenue to fund his policies.

    Additionally, his party has criticized the deal struck by Wickremesinghe’s government with international lenders, calling it unfavorable to the country. Dissanayake has promised to seek better terms. However, since these agreements are already in place, it remains uncertain whether the new government will attempt to renegotiate them.

    Vidhura Tennekoon was a former employee of the Central Bank of Sri Lanka.

    – ref. Sri Lankans throw out old guard in election upset: What nation’s new Marxist-leaning leader means for economy, IMF loans – https://theconversation.com/sri-lankans-throw-out-old-guard-in-election-upset-what-nations-new-marxist-leaning-leader-means-for-economy-imf-loans-239649

    MIL OSI – Global Reports –

    September 29, 2024
  • MIL-OSI China: China sees continuous decrease in water and soil loss: official

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

    BEIJING, Sept. 23 — China has seen a continuous decrease in its water and soil loss in recent years, thanks to its massive efforts to treat rivers, lakes and reservoirs, preserve water and soil, and protect ecology and the environment, a Chinese official said on Monday.

    Li Liangsheng, vice minister of water resources, said that thanks to these efforts, China’s water and soil preservation rate has increased continuously, and its river and lake ecosystems have improved steadily. The country’s treatment of water and soil loss has covered an area totaling 620,000 square kilometers over the past 10 years, he added.

    Li, also chair of the Board of Directors of the International Research and Training Center on Erosion and Sedimentation (IRTCES), said that as the impact of global climate change intensifies, human activities increase and industrialization accelerates, extreme weather events are occurring more frequently, and many countries are facing sedimentation and erosion problems.

    Li said the IRTCES will do more to play its leading role in the global issue of erosion and sedimentation, and support the realization of the goals set for the ninth phase of the UNESCO Intergovernmental Hydrological Programme.

    Li made the remarks at a Monday event held in Beijing to celebrate the 40th anniversary of the center, which was established by the Chinese government and UNESCO in 1984.

    Over the past 40 years, the center has led scientific and technological progress in the field of erosion and sedimentation, promoted academic exchange, and played an important role in boosting international research cooperation in the field of erosion and sedimentation.

    MIL OSI China News –

    September 29, 2024
  • MIL-OSI China: China, Switzerland open talks on free trade agreement upgrade

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

    BEIJING, Sept. 23 — China and Switzerland on Monday began negotiations on an upgrade of the Sino-Swiss free trade agreement (FTA), with both sides agreeing to intensify consultations and reach a high-level upgrade agreement as soon as possible on the basis of mutual benefits.

    The Chinese Ministry of Commerce said in a statement that Chinese Minister of Commerce Wang Wentao and Guy Parmelin, Swiss federal councilor and head of the Swiss Federal Department of Economic Affairs, Education and Research, announced the launch of talks through a livestream.

    Wang said that since it came into effect 10 years ago, the Sino-Swiss FTA has played a positive role in promoting the growth of bilateral trade, and enterprises in both countries have truly benefited.

    Upgrading the FTA will help expand bilateral trade and boost two-way investment, and promote the upgrading of economic and trade cooperation between the two countries, Wang said, adding that it will also showcase the two countries’ support for free trade and openness to the outside world at a time when economic globalization is encountering headwinds.

    Parmelin said that with trade protectionism on the rise globally, it is of great significance that China and Switzerland have launched their FTA upgrade negotiations. It shows that the two countries are always committed to building an open, standardized environment for international economic and trade cooperation, and it has sent a positive signal to the outside world that the two countries will deepen cooperation, he added.

    The Sino-Swiss FTA was signed in July 2013 and came into effect in July 2014.

    MIL OSI China News –

    September 29, 2024
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