Category: China

  • MIL-OSI Asia-Pac: Remarks by CE at media session before ExCo

    Source: Hong Kong Government special administrative region

         Following are the remarks by the Chief Executive, Mr John Lee, at a media session before the Executive Council meeting today (September 24):

    Reporter: My first question is, as the SNSO (Safeguarding National Security Ordinance) has stated that the CE has the power to issue a certificate to certify if a court case concerns national security, yesterday the court has heard that you have issued such a certificate for the HKU Students’ Union Council case. So how many of such certificates have been issued in the past, and what cases were involved? My second question is, a French photojournalist working for the Associated Press was denied entry to Hong Kong earlier this month. What are the reasons behind and will it impact Hong Kong’s image as an international city? Lastly, is there a time frame for Hong Kong to lift the ban on Japanese food imports after Beijing has agreed to lift the ban? Thank you.
     
    Chief Executive: The Chief Executive certificate was issued in accordance with the law. It has been issued more than once, and it is issued whenever it is considered necessary, but all procedures for national security cases will be done in strict accordance with legal procedures and the relevant laws. I want to repeat again: we will deal with national security offences seriously, and we will enforce the law without hesitation, because national security offences are serious. I think we are doing this in the same way as what other jurisdictions are doing in connection with safeguarding national security.
     
         Regarding the issue of discharge of radioactive water from the Fukushima nuclear power plant into the sea, I am aware that the relevant authorities of China and Japan have recently reached a consensus, and the consensus reads like this: the Japanese side will fulfil its obligation to avoid negative impacts on health and the environment and will continue to carry out impact assessments on the marine environment and ecosystems. Japan will establish a long-term international monitoring arrangement under the framework of the IAEA (International Atomic Energy Agency) to ensure China’s participation, independent sampling, monitoring, and inter-laboratory comparisons. The two sides will commence science-based dialogue in the interest of life, health and the ecological environment. After the implementation of the independent sampling and monitoring activities, China will, based on the scientific evidence, consider to adjust the relevant measures. The Hong Kong SAR Government has all along accorded top priority to safeguard health and safety of the Hong Kong people. We emphasise scientific evidence. We have contacted the Commissioner’s Office of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong SAR for more information and have also contacted the Consul-General of Japan for more details to ensure that the Hong Kong SAR Government will have access to sufficient scientific data and evidence to consider any adjustment possibility.
     
    Regarding your question, all entries into Hong Kong must be considered in accordance with the prevailing immigration policies and relevant laws. The Immigration Department is doing the same as all other immigration authorities are doing in other jurisdictions; that is, they will look at the entries’ characteristics and examine the entries in accordance with the policies and the laws. I think individuals will be considered according to their own cases, and we are doing it in no way different from other jurisdictions. Thank you.
     
    (Please also refer to the Chinese portion of the remarks.)

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Newhouse Introduces Resolution to Honor Gold Star Families

    Source: United States House of Representatives – Congressman Dan Newhouse (4th District of Washington)

    Headline: Newhouse Introduces Resolution to Honor Gold Star Families

    Rep. Dan Newhouse (R-WA) led 44 members in introducing the Gold Star Families Remembrance Week Resolution to honor the sacrifices made by families of U.S. military servicemembers who lost their lives in service to the nation. It designates September 22 – 28, 2024 as Gold Star Families Remembrance Week.

    “Our service members and their families have made great sacrifices in service to their country, and it is important that they are not forgotten,” said Rep. Newhouse.

    Newhouse continues, “By designating September 22-28 as Gold Star Families Remembrance Week, we recognize the extraordinary courage and resilience of our Gold Star Families and reflect on those we have lost. These families bear an unimaginable burden—enduring the loss of their loved ones who gave their lives in service to our nation—and we have a responsibility to ensure their memory is preserved.”

    The following are quotes of support from Gold Star Family members:

    “I am very pleased that Congress is choosing to recognize Gold Star Families Remembrance Week. Every Memorial Day, we honor our warriors who gave their lives in defense of America. We should also honor the families of those fallen warriors, who stood behind them as they served, suffered the pain of their loss, then picked up the pieces and carried on. I’m a Gold Star son who lost my father in Vietnam. Life has taught me three truths. Grief fades. Love never dies. Courage shines on forever.” – Retired Army Lieutenant Colonel Hank Cramer, Washington, Gold Star Son of Captain Harry Griffith Cramer Jr. (U.S. Army Special Forces), who was Killed in Action in 1957 in Vietnam.

    “I was just a year old when my father was declared Missing in Action in December 1945 in Germany. I have no memory of him but would like to honor his legacy by sharing his story with others who want to know the experiences of Gold Star families.” – Karen Oberg, California, Gold Star Daughter of Pvt. Worrell F. Oberg (Army) who was Killed in Action on December 22, 1945, and whose remains have yet to be recovered.

    “My brother had just turned one and I was two and a half when our father was killed. As we got older, we often wondered what kind of man he was. In a letter to his sister just before he was killed, dad wrote that he had been wounded and had to build up his courage to go back in combat because he had seen so much death and destruction. From that letter, and in that moment, we knew our dad was a hero and we brought him off the shelf and back into life.” – Walt Linne, Indiana, Gold Star Son of Sgt. Walter John Linne (Army) who was Killed in Action in Germersheim, Germany on March 24, 1945.

    “In 2022, when I visited South Korea and observed for myself the freedom, liberty, prosperity and gratitude of the South Korean people, I further realized that the supreme sacrifice by my father and its effect on our family was not in vain.” – Robert James Johnston, Tennessee, Gold Star Son of Sgt. James Fred Johnston (Army) KIA/MIA, December 2, 1950, at the Chosin Reservoir, North Korea.

    “Since I was only two when my Dad went missing, I have no personal memories of him other than what my Mom told me often that to do my best as my Dad would expect or when I did something good, she would tell me how proud he would be of me. David, my brother, and I grew up loving the same things our Dad did, Boy Scouts, the outdoors, hunting, fishing and family.” – Mike Logan, Tennessee, Gold Star Son of Maj. Samuel P. Logan, Jr. (USAF). He was the pilot of a B-29 shot down and taken captive while on a mission over North Korea on September 9, 1950. In 1954 he was declared Killed in Action. Maj. Logan was survived by his Gold Star Wife and two Gold Star Sons.

    “Being a Gold Star family member signifies profound sacrifice and loss as we bear the enduring grief of losing a loved one in service to the nation. Gold Star families’ identities are shaped with both pride and sorrow.” – Carol Brenneman Reed, California, Gold Star Daughter of Captain Austin E.E. Brenneman (USMC) who was Killed in Action on May 28, 1951, in Anak, North Korea.

    “In July 1951, the 2nd Inf Div deployed to Korea, leaving a pregnant, newlywed wife on a lifetime path of uncertainty, grief, loss, and life challenges. Ellen Marie Blissenbach handled her loss by joining the Gold Star Wives of America, becoming very active in supporting other families and veterans, as well as seeking information on my missing father, ultimately achieving some closure before her passing.” – Maj. Paul K. Blissenbach US Army (Retired), Kentucky, Gold Star Son of SFC Joseph A. Blissenbach, who gave his life on November 30, 1950, in Kunu-ri, North Korea.

    “Losing my father in the Battle of Ia Drang Valley during the Vietnam War was an indescribable blow, not only to my family but to the very fabric of my life. His absence left a profound void, a loss that reverberated through every milestone, forever shaping who I became. The sacrifice he made in such a fierce and historic battle deepens the sorrow, as his life was cut short defending a cause that took him far from home, never to return.” – Army veteran Thomas Barrett, Ph. D., Maryland, Gold Star Son of SSGT Thomas J. Barrett, Jr. (Army), Killed in Action November 15, 1965, Vietnam.

    “During Gold Star Families Remembrance Week, we honor the parents, spouses, siblings and children of those service members who lost their lives defending the United States and her allies. For nearly a century, ‘The Long Gold Line’ of these Gold Star Families has personified the resilience of the American spirit. Here on the home front, they endured the worst possible news delivered from a faraway war front. Yet they moved forward supporting each other and carrying on the legacies of their fallen heroes who, in the name of freedom, gave their last full measure of devotion.” – Tony Cordero, California, Gold Star Son of Maj. William E. Cordero (USAF) who was killed on a bombing mission over North Vietnam on June 22, 1965. He is the founder of Sons and Daughters In Touch – America’s Gold Star Children from the Vietnam War.

    “Our son held a strong sense of honor and service and would have no regrets. We honor his valor and sacrifice every day. We gratefully support this resolution to honor and remember the sacrifices of all of our fallen and of the 7068 men and women Killed In Action in the Global War on Terror and the ongoing sacrifices of the families they left behind. It is this nation’s responsibility to Never Forget, to honor their valor, and to always support the families left behind.” – Barbara and Col. Mark Roland (USAF, Retired), Kentucky, Gold Star Mother and Father of Captain Matthew Roland, USAF, Killed In Action in Afghanistan on August 26, 2015.

    “My father flew 22 missions along the coastal waters of Vietnam to clear the area of enemy submarines before the US could bring in the 7th Fleet at the onset of the Vietnam War. His body was never recovered after his plane plunged into the South China Sea. My life and my family crumbled before my eyes and to this day I continue to live a life never knowing my father. Three months after the attack on the Twin Towers, my son joined the US Army, following his grandfather’s footsteps as he was also willing to die for his country. Unfortunately, it ended horrifically when he was killed by an enemy IED while on patrol near the Hor Rijeb Canal in Iraq. There is no greater love than this: that a person would lay down his life for the sake of his country.” – Elaine M. Roach, California, Gold Star Mother of PFC Joel Brattain, Killed in Action on March 13, 2004, and Gold Star Daughter of Lt. Harold S. Roach (Navy), lost in the South China Sea on October 2, 1964.

    The following Members are co-sponsors of the legislation:

    Reps. Andy Barr (R-KY), Mike Bost (R-IL), Vern Buchanan (R-FL), Larry Bucshon (R-IN), Troy Balderson (R-OH), Juan Ciscomani (R-AZ), Jake Ellzey (R-TX), Randy Feenstra (R-IA), Chuck Fleischmann (R-TN), Mike Flood (R-NE), Brett Guthrie (R-KY), Mark Green (R-TN), Michael Guest (R-MS), Young Kim (R-CA), Greg Lopez (R-CO), Julia Letlow (R-LA), Nick LaLota (R-NY), Mike Lawler (R-NY), Greg Murphy (R-NC), John Moolenaar (R-MI), Tracey Mann (R-KS), Zach Nunn (R-IA), Elise Stefanik (R-NY), Greg Steube (R-FL), Glenn Thompson (R-PA), Daniel Webster (R-FL), Roger Williams (R-TX), Brandon Williams (R-NY), David Valadao (R-CA), Salud Carbajal (D-CA), Jim Costa (D-CA), Chris Deluzio (D-PA), Don Davis (D-NC), Josh Harder (D-CA), Glenn Ivey (D-MD), Derek Kilmer (D-WA), William Keating (D-MA), Joe Morelle (D-NY), Kathy Manning (D-NC), Wiley Nickel (D-NC), Scott Peters (D-CA), Deborah Ross (D-NC), Linda Sanchez (D-CA), Paul Tonko (D-NY), and Juan Vargas (D-CA).

    Click here to read the full text of the bill.

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    MIL OSI USA News

  • MIL-OSI China: China’s central bank conducts reverse repos

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

    BEIJING, Sept. 24 — China’s central bank conducted 460 billion yuan (about 65.24 billion U.S. dollars) of 14-day reverse repos at an interest rate of 1.85 percent Tuesday.

    The move aims to keep liquidity reasonable and ample in the banking system at the end of the quarter, the central bank said.

    A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

    MIL OSI China News

  • MIL-OSI China: China plans to inject capital into six major commercial banks: official

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

    BEIJING, Sept. 24 — China plans to increase the tier-1 capital of six major commercial banks, an official said Tuesday.

    Li Yunze, head of the National Financial Regulatory Administration, told a press conference that the capital will be injected in an orderly manner, with coordinated advancement, phased implementation and tailored policies.

    Tier-1 capital refers to the core capital held in a bank’s reserves, including common stock and disclosed reserves.

    The administration will continue to prompt the major commercial banks to enhance fine management and strengthen their ability to achieve high-quality development under capital constraints, Li said.

    MIL OSI China News

  • MIL-OSI China: China pledges joint efforts with ASEAN to build closer community with shared future

    Source: China State Council Information Office

    China is willing to work with the Association of Southeast Asian Nations (ASEAN) to deepen practical cooperation and write a new chapter in building a closer China-ASEAN community with a shared future, Chinese Vice Premier Ding Xuexiang said Tuesday.

    Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks when addressing the opening ceremony of the 21st China-ASEAN Expo and the China-ASEAN Business and Investment Summit in Nanning, south China’s Guangxi Zhuang Autonomous Region.

    China and ASEAN enjoy a long history of friendly relations and are good neighbors, good friends and good partners, Ding noted, adding that China and ASEAN have always been moving forward hand in hand, which has become the most successful and dynamic model of Asia-Pacific regional cooperation and a vivid example of promoting the building of a community with a shared future for mankind.

    China is advancing its efforts to build a great modern socialist country in all respects and pursue national rejuvenation through a Chinese path to modernization, which will bring great opportunities to the world, Ding said.

    China will continue to follow the principle of amity, sincerity, mutual benefit and inclusiveness in neighborhood diplomacy, deepen practical cooperation with ASEAN countries, and write a new chapter in building a closer China-ASEAN community of shared future, he added.

    Ding called on China and ASEAN countries to elevate strategic mutual trust to new heights. Efforts should be made to implement the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative, further synergize their development strategies, and strengthen high-quality Belt and Road cooperation to better promote regional and global prosperity and stability, he said.

    He also called on China and ASEAN countries to advance open cooperation to a new level. Both sides should implement the Regional Comprehensive Economic Partnership Agreement (RCEP) with high quality, work for an early conclusion of the negotiations for version 3.0 of the China-ASEAN Free Trade Area (FTA), steadily expand institutional opening-up, and build a more stable and smooth cross-border industrial and supply chain, he added.

    China and ASEAN countries need to foster a new pattern of all-round connectivity, Ding said, urging the two sides to jointly build the New International Land-Sea Trade Corridor at a high level, and make solid progress in the development of important economic corridors and key projects.

    China and ASEAN countries should expand new areas of cooperation in science, technology and innovation, Ding said, adding that the two sides should jointly implement China-ASEAN science and technology innovation enhancement program, accelerate the construction of platforms such as joint laboratories, and ensure that more innovative achievements benefit the people of both sides.

    Ding also urged China and ASEAN countries to cultivate new highlights in mutual understanding and affinity among the people. Taking the China-ASEAN Year of People-to-People Exchanges as an opportunity, Ding said the two sides should further deepen exchanges and cooperation in culture, tourism, training, youth, and solidify the public opinion foundation of bilateral relations.

    Malaysia’s Prime Minister Anwar Ibrahim delivered a video address. Deputy Prime Minister and Minister in charge of the Office of the Council of Ministers of Cambodia Vongsey Vissoth, Deputy Prime Minister of Laos Kikeo Khaykhamphithoune, and Deputy Prime Minister and Minister of Finance of Vietnam Ho Duc Phoc, as well as Secretary-General of ASEAN Kao Kim Hourn attended the opening ceremony and delivered speeches successively.

    After the opening ceremony, Ding toured the exhibition hall and exchanged views with the heads of the exhibitors.

    MIL OSI China News

  • MIL-OSI China: Global agriculture conference to be held in Beijing

    Source: China State Council Information Office

    The 2024 World Agrifood Innovation Conference will be held in Beijing and will feature an array of events and activities, organizers announced at a press conference on Sept. 20. 

    Organizers brief reporters on preparations and events for the 2024 World Agrifood Innovation Conference during a press conference held in Pinggu district, Beijing, Sept. 20, 2024. [Photo/China.org.cn]

    This year’s conference, themed “Climate Change and Agrifood Systems Transformation,” is organized by China Agricultural University, the Pinggu District People’s Government of Beijing Municipality and the Beijing Municipal Bureau of Agriculture and Rural Affairs. The conference will include an opening ceremony, forums, side events and an expo. It will take place at the Beijing Jinhai Lake International Convention & Exhibition Center in Pinggu district, Beijing, from Oct. 10 to 12.

    The conference is intended to unite international experts, policymakers, industry leaders and innovators to address unprecedented challenges due to climate change, exploring strategies and solutions to make agrifood systems more resilient, sustainable and adaptive.

    Since the inaugural World Agrifood Innovation Conference in 2023, the event has received high recognition from domestic and international colleagues, being considered as one of the top three agricultural events in the world. With the goal of becoming the “Davos of agriculture,” this year’s conference has been upgraded to be a premier global gathering for agricultural science and technology innovation. 

    According to organizers, attendees will explore topics that focus on agricultural science and technology innovation, foster cooperation between industries, universities and research institutes, as well as cultivate new drivers for agricultural development. 

    Over 60 leaders and representatives from nearly 30 international organizations, including the Food and Agriculture Organization of the United Nations (FAO), the World Food Programme (WFP) and the International Fund for Agricultural Development (IFAD), will participate in the conference. The FAO will also organize a Scientific Advisory Committee meeting and a youth dialogue for the UN Food Systems Coordination Hub, marking the first time the hub’s important meetings will be held in China.

    During the conference, there will be a special event on China-Africa agricultural science and technology cooperation, as well as a parallel session on China-Brazil agricultural economic and trade cooperation and green development.

    Sun Qixin, president of China Agricultural University (CAU), revealed that this year, during the conference’s World Agricultural University Presidents’ Forum, CAU will further enhance both agricultural education and agricultural science and technology collaborations between China and Africa.

    “Especially, we will promote the effective model developed by China Agricultural University in Africa over the years for the application of scientific and technological research outcomes, so as to benefit more African countries,” he said.

    Besides Chinese academic institutions’ involvement in the conference, leading scientists and heads of major institutions of the Consultative Group on International Agricultural Research (CGIAR) will also be participating. They will discuss with top Chinese agricultural scientists and entrepreneurs the potential for hosting multiple CGIAR-funded research projects in China.

    The conference will feature over 40 parallel sessions, thematic meetings and side events, fostering dialogues among scientists, educators, entrepreneurs and investors to seamlessly integrate technological innovation with industrial application. Closed-door meetings will also connect global top animal husbandry scientists with Chinese agricultural entrepreneurs to discuss technology applications within Chinese enterprises. Major announcements, including the Pinggu Declaration and key FAO and CGIAR reports on agricultural innovation, are anticipated to be released during the event.

    In addition to formal dialogues and lectures, the conference will also organize the 2024 World AgriFood Technology Expo, showcasing the latest achievements, cutting-edge technologies and innovative products in the global agrifood sector. 

    The Beijing Municipal Bureau of Agriculture and Rural Affairs foreshadowed significant commercialization achievements during the conference. Since 2023, the bureau has facilitated connections with 15 key laboratories under the Ministry of Agriculture and Rural Affairs and enabled 76 companies to launch projects in Beijing’s Pinggu district in fields like modern seed industry, smart agriculture and intelligent equipment. It was announced at the press conference that the China Agricultural Science and Technology Innovation Port in Pinggu has entered the planning and construction phase, with plans to gradually introduce more national key laboratories, creating a cluster of labs focused on agricultural science and technology innovation.

    MIL OSI China News

  • MIL-OSI Asia-Pac: Four-day free horticultural education “Let’s Go Green in Celebration of the National Day” activities to be held at Kowloon Park (with photos)

    Source: Hong Kong Government special administrative region

    Four-day free horticultural education “Let’s Go Green in Celebration of the National Day” activities to be held at Kowloon Park (with photos)
    Four-day free horticultural education “Let’s Go Green in Celebration of the National Day” activities to be held at Kowloon Park (with photos)
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         To celebrate the 75th anniversary of the founding of the People’s Republic of China and to raise public interest in planting and promote greening, the Leisure and Cultural Services Department will organise horticultural activities around the theme of “Let’s Go Green in Celebration of the National Day” from September 28 to October 1 from 10am to 6pm daily at the Arcade and the Green Education and Resource Centre of Kowloon Park. The four-day event will feature National Day planting workshops, pot-planting activities, a thematic exhibition, game stalls, talks and guided tours. All are welcome and admission is free. Visitors in traditional Chinese costumes will be given a souvenir gift.      Participants of the National Day planting workshops can enjoy the fun of pot planting under the guidance of horticulture instructors. There will be hands-on workshops for creating 3D paper flower cards, scented sachets, key holders featuring compressed flowers, and plant rubbing art, alongside game stalls with Chinese cultural elements to share with the public the joy of National Day.      A thematic exhibition entitled “Enjoy Exploring the Rich Floral World” will be held at the Kowloon Park Arcade. Flowers not only beautify the environment and brighten daily lives, but also play a crucial role in plant growth by attracting insects and birds for pollination. Different species of flowers have their own shapes and colours, which can be relied upon to distinguish plant types.      Through the exhibition, members of the public can learn more about the functions, structures, shapes, inflorescence, colours of flowers, factors affecting flowering and their uses in daily life. For instance, some flowers are edible and can be used for medicinal purposes or for making essential oil.      Three talks in Cantonese, namely “Protected Plants in Hong Kong”, “Circular Urban Planting” and “The Kaleidoscopic Floral World”, will be held at the Green Education and Resource Centre in Kowloon Park on September 28, 29 and October 1 respectively. All are welcome to participate.      For enquiries, please call 2723 6053 during office hours or visit www.lcsd.gov.hk/en/green/gerc/activities/exhibitions.html.

     
    Ends/Tuesday, September 24, 2024Issued at HKT 16:00

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Speech by CE at 5th Belt and Road Initiative Tax Administration Cooperation Forum (English only)

    Source: Hong Kong Government special administrative region

    Speech by CE at 5th Belt and Road Initiative Tax Administration Cooperation Forum (English only)
    Speech by CE at 5th Belt and Road Initiative Tax Administration Cooperation Forum (English only)
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         Following is the speech by the Chief Executive, Mr John Lee, at the 5th Belt and Road Initiative Tax Administration Cooperation Forum today (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), Deputy Director Yin Zonghua (Deputy Director of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region (HKSAR)), Deputy Commissioner Li Yongsheng (Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the HKSAR), honourable ministers and senior officials from Belt and Road economies, distinguished guests, ladies and gentlemen,      Good afternoon. Welcome to Hong Kong and the 5th Belt and Road Initiative Tax Administration Cooperation Forum.      I am grateful to the organisers, the Belt and Road Initiative Tax Administration Cooperation Mechanism, or BRITACOM – this year celebrating its fifth anniversary – and to our Inland Revenue Department. BRITACOM was created, in 2019, to promote tax administration co-operation among the widespread jurisdictions of the Belt and Road Initiative.      The Belt and Road Initiative, as you are well aware, was proposed by President Xi Jinping in 2013. As the Initiative ushers in its next golden decade, so has BRITACOM, a key co-operation mechanism that has facilitated people-to-people exchanges and promoted mutual understanding along the Belt and Road.      Today, BRITACOM counts 37 Council Members and more than 30 observers – including tax administrations and international organisations.      And this Forum, the annual international forum of BRITACOM, is a must-attend event. This year’s three-day gathering has attracted some 400 high-level representatives from nearly 30 jurisdictions. You are officials of tax administrations, tax specialists, academics and professionals from around the world.      This year’s theme – “Deepening Tax Administration Cooperation for High-Quality Belt and Road Development” – speaks clearly of today’s complex world and the heightened need for connectivity among us.      Hong Kong, China is honoured to host this year’s Forum and connect Belt and Road economies together in our global community of shared future. I am grateful for the State Taxation Administration’s support in our efforts.      Hong Kong plays an active role in the Belt and Road. And we are committed to the good work of BRITACOM, as a member tax administration of the mechanism.      Under the unique “one country, two systems” principle, Hong Kong connects both the global advantage and the China advantage in a single city. As a special administrative region of the People’s Republic of China, we are a separate customs territory and practise an independent taxation system. We are a founding member of the World Trade Organization and participate in international organisations and trade agreements using the name “Hong Kong, China”.      As the only common law jurisdiction within China, our legal system in the business realm resembles that of most major international financial centres. Our robust legal system is backed by such long-standing institutional strengths as the free flow of information, capital, goods and people, low and simple tax system, and highly open and internationalised market. Together, they ensure our strategic role as a “super connector” and a “super value-adder” between the Mainland and the rest of the world.      It helps, and enormously, that Hong Kong is a trusted international centre for finance and trade. In the latest World Competitiveness Yearbook, published by the International Institute for Management Development (IMD), Hong Kong placed fifth, up two positions over last year’s ranking.       According to the Yearbook, we came first in the Asia-Pacific region in “tax policy” and second worldwide. And we topped the world in “international trade” and “business legislation”.      Crucial to Hong Kong’s development is our talent. As the only city in Asia that has as many as five universities in the world’s top 100, Hong Kong boasts a strong pool of multi-talented and hard-working professionals. That’s why in the latest World Talent Ranking, published last week also by the IMD, we ranked number nine in the world, rising visibly from 16 last year. We were among the global top five in the availability of finance skills, effectiveness of management education, and remuneration of management. I am proud of the achievement of our talent, and our city.      Hong Kong is a pivotal player in such national strategies as the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative. Indeed, just two weeks ago, we hosted our annual Belt and Road Summit, drawing some 6 000 high-profile individuals from about 70 countries and regions. The Summit, which next year turns 10, has been recognised by the Central Government as a key global gathering for advancing economic, trade and investment co-operation along the Belt and Road.       Economic globalisation, digitalisation and evolving business models demand a co-operative approach. By deepening collaboration, we can, working together, create an equitable, efficient and sustainable system that benefits us all.       Indeed, tax administration plays a crucial role in ensuring sustainable development. Efficient tax systems provide the essential resources for the delivery of public services and infrastructure.       Hong Kong believes that transparent and fair tax policies could foster trust among investors, governments and taxpayers.      As a champion of free and multilateral trade, Hong Kong, I’m pleased to add, supports the co-ordinated efforts of the international tax community, actively engaging in initiatives designed to bring economies together.      We take pride in having signed 50 Comprehensive Avoidance of Double Taxation Agreement since 2003. And more than 60 per cent of these agreements were signed with jurisdictions participating in the Belt and Road.       These agreements play a vital role in strengthening economic ties and promoting cross-border trade and investment. They enable closer tax co-operation between governments, aligning our practices with global standards.        We are, let me add, committed to expanding our tax treaty network, particularly with economies along the Belt and Road.       And I am pleased to announce that Hong Kong and Türkiye will sign a Comprehensive Avoidance of Double Taxation Agreement later at this Forum.      This milestone is another tangible illustration of Hong Kong’s determination to expand our tax treaty network. It also highlights our commitment to boosting ties and relations with Belt and Road economies.       Alongside our long-standing institutional strengths, we are increasingly employing technology to enhance taxpayer services and improve compliance.      And we are pleased to share our digital tax administration experience with Belt and Road jurisdictions – with each one of you. Much of tomorrow morning’s Forum, let me add, will focus on promoting the digitalisation of tax administration.       I am confident you will find this Forum instructive, inspiring and rewarding, whatever your sector, profession or interest.        I’m confident, too, that you will find Hong Kong equally rewarding over these next several days. This Forum is just one of more than 200 major events we’re hosting this year for visitors from around the world. I encourage you to make time to experience our dynamic culture and world-class entertainment, from daybreak deep into the night.      Hong Kong is fast rising as an East-meets-West centre for international cultural exchange. That becomes abundantly clear in a visit to
    our West Kowloon Cultural District. One of the largest developments of its kind in the world, it’s home to the Hong Kong Palace Museum and its priceless treasures from the Beijing’s Forbidden City. Home, too, to M+, Asia’s first global museum of contemporary visual art. You’ll also want to take in the breathtaking views from Victoria Harbour and Ngong Ping 360, the thrilling cable car that connects Tung Chung and Ngong Ping on Lantau Island, which is just a stone’s throw away from our event venue here.      This venue, AsiaWorld-Expo, is one of our key exhibition and convention venues. Its close proximity to the Hong Kong International Airport, the world’s busiest cargo airport, means you get to stay well-connected to our city while marvelling at the rapid development of the airport, whose Three-Runway System will be commissioned later this year.      More than a bustling airport, mountain vistas and stunning seaside villages, Hong Kong counts nearly 80 Michelin-star restaurants and neighbourhood pubs, diners and dim sum delights everywhere. We boast nine of Asia’s 50 best bars, including the top bar in the continent, and have two of the world’s 50 best hotels.      Wherever you look, there’s always something happening in Hong Kong, an energetic and welcoming world city.      Ladies and gentlemen, enjoy the Forum and all that Hong Kong has to offer.       Thank you.

     
    Ends/Tuesday, September 24, 2024Issued at HKT 16:05

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    MIL OSI Asia Pacific News

  • MIL-Evening Report: No RBA rate cut yet, but Governor Bullock is about to find the pressure overwhelming

    Source: The Conversation (Au and NZ) – By Peter Martin, Visiting Fellow, Crawford School of Public Policy, Australian National University

    Who’d want to be Reserve Bank Governor Michele Bullock? On Tuesday she had to do the almost impossible: defend a decision not to cut interest rates at a time when they were being cut in just about every other major industrial nation.

    On Thursday the US Federal Reserve joined the Bank of England, the Bank of Canada, the Reserve Bank of New Zealand and central banks in China, Sweden and the European Union in what its officials expect to be a series of cuts, kicking off with a double-header: a cut of 0.50 percentage points instead of the usual 0.25.

    In her press conference after Tuesday’s board meeting Governor Bullock said disinflation was “further advanced” in those countries than it was in Australia.

    Australian interest rates were “restrictive” (high enough to hurt) but were working “broadly as anticipated”.

    While household spending was weaker than had been expected, it would be

    some time yet before inflation is sustainably in the target range.

    But the problem with what she said, both after the meeting and in her statement, is inflation is probably already within the target range.

    Credibility gap

    The Reserve Bank’s target is 2-3%. Inflation hasn’t been there since it surged in 2021 as much of the world came out of lockdowns.

    On Wednesday, the day after Bullock’s announcement, the Bureau of Statistics will release the monthly consumer price index for August. It’s expected to be the first to show inflation back between 2% and 3%.

    Westpac is expecting an annual rate of 2.7%, comfortably back within the target band. When the more-comprehensive quarterly measure is released next month, Westpac is expecting 2.9%.

    If inflation is 2.7%, how can it be too high?

    Bullock squares her view that inflation is not yet moving sustainably towards the target with the reality that it is probably already there by saying she expects it to “pop back up again” when the temporary effect of electricity bill rebates wears off.

    The Commonwealth government announced $3.5 billion worth of rebates in the May budget. They will be applied automatically to electricity bills for each of the next four quarters, and topped by several of the states. In Queensland, they amount to $1,300 per household.

    A staged rollout means the rebates hit bills in only Queensland and West Australia in July and will hit other states in August. The Bureau of Statistics says they took 6.4% off the average national power price in July and Westpac expects them to take off a further 15% in August.

    A permanent 10% increase in the maximum rate of Commonwealth rent assistance delivered last week will put further downward pressure on inflation.

    It’s easy to see why Bullock thinks the temporary measures should be disregarded.

    The RBA says what matters is underlying inflation

    Bullock is directing attention to the Reserve Bank’s preferred measure of underlying inflation, a measure that excludes sharp movements and gives a better idea of where typical prices are heading.

    At 3.9% for the year to the June quarter, she says that measure is still too high. But it has been falling for each of the past six quarters and is on track to fall to 3.5% in the September quarter. By my way of thinking, that shows inflation is moving “sustainably towards the target range” in the way she says she wants.

    As in the US and the UK and New Zealand and all the other countries with which we compare ourselves, inflation doesn’t need to be actually back to the target before the authorities ease off on high interest rates. If they waited that long they would overshoot and push inflation too low.

    But headline inflation matters in its own right

    In any event, a low headline inflation rate is important in its own right, however it is achieved. It’s the rate the Reserve Bank prints at the top of its website, the rate that’s published in the media and the rate that people experience.

    If inflation is actually low, however that is brought about, shoppers become less tolerant of price rises (something the Reserve Bank says is happening) and less keen to demand high wage rises (something that is also happening).

    They also become less keen to rush out and buy things before their price goes up, something that can perpetuate high inflation.

    Right now we are doing everything but rushing out to push up prices.

    A briefing note prepared by the Australian Council of Social Service ahead of Tuesday’s Reserve Bank board meeting says real household disposable income per capita has fallen by almost 8% since inflation and interest rates began climbing, far more than in the US, the UK, Germany and Canada.

    Bullock is about to get more chances to cut

    There’s a chance the tax cuts that began in July will give spending a bit of a boost but much of whatever extra spending there is will be on imports, and the steadily climbing Australian dollar is making them cheaper by the day.

    The Australian dollar hit a new high for the year of 68.5 US cents on Tuesday on the back of a widening differential between US and Australian interest rates as the US cuts rates.

    Governor Bullock gets two more opportunities to cut rates this year, at the board meeting on Melbourne Cup Tuesday November 5 shortly after news of very low inflation in the September quarter, and on December 9 shortly after news of economic growth likely to show income per person going further backwards.

    There’s a fair chance she will take one of them.

    Peter Martin is Economics Editor of The Conversation.

    ref. No RBA rate cut yet, but Governor Bullock is about to find the pressure overwhelming – https://theconversation.com/no-rba-rate-cut-yet-but-governor-bullock-is-about-to-find-the-pressure-overwhelming-239603

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI China: China pledges joint efforts with ASEAN to build closer community with shared future: vice premier

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

    China pledges joint efforts with ASEAN to build closer community with shared future: vice premier

    NANNING, Sept. 24 — China is willing to work with the Association of Southeast Asian Nations (ASEAN) to deepen practical cooperation and write a new chapter in building a closer China-ASEAN community with a shared future, Chinese Vice Premier Ding Xuexiang said Tuesday.

    Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks when addressing the opening ceremony of the 21st China-ASEAN Expo and the China-ASEAN Business and Investment Summit in Nanning, south China’s Guangxi Zhuang Autonomous Region.

    China and ASEAN enjoy a long history of friendly relations and are good neighbors, good friends and good partners, Ding noted, adding that China and ASEAN have always been moving forward hand in hand, which has become the most successful and dynamic model of Asia-Pacific regional cooperation and a vivid example of promoting the building of a community with a shared future for mankind.

    China is advancing its efforts to build a great modern socialist country in all respects and pursue national rejuvenation through a Chinese path to modernization, which will bring great opportunities to the world, Ding said.

    China will continue to follow the principle of amity, sincerity, mutual benefit and inclusiveness in neighborhood diplomacy, deepen practical cooperation with ASEAN countries, and write a new chapter in building a closer China-ASEAN community of shared future, he added.

    Ding called on China and ASEAN countries to elevate strategic mutual trust to new heights. Efforts should be made to implement the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative, further synergize their development strategies, and strengthen high-quality Belt and Road cooperation to better promote regional and global prosperity and stability, he said.

    He also called on China and ASEAN countries to advance open cooperation to a new level. Both sides should implement the Regional Comprehensive Economic Partnership Agreement (RCEP) with high quality, work for an early conclusion of the negotiations for version 3.0 of the China-ASEAN Free Trade Area (FTA), steadily expand institutional opening-up, and build a more stable and smooth cross-border industrial and supply chain, he added.

    China and ASEAN countries need to foster a new pattern of all-round connectivity, Ding said, urging the two sides to jointly build the New International Land-Sea Trade Corridor at a high level, and make solid progress in the development of important economic corridors and key projects.

    China and ASEAN countries should expand new areas of cooperation in science, technology and innovation, Ding said, adding that the two sides should jointly implement China-ASEAN science and technology innovation enhancement program, accelerate the construction of platforms such as joint laboratories, and ensure that more innovative achievements benefit the people of both sides.

    Ding also urged China and ASEAN countries to cultivate new highlights in mutual understanding and affinity among the people. Taking the China-ASEAN Year of People-to-People Exchanges as an opportunity, Ding said the two sides should further deepen exchanges and cooperation in culture, tourism, training, youth, and solidify the public opinion foundation of bilateral relations.

    Malaysia’s Prime Minister Anwar Ibrahim delivered a video address. Deputy Prime Minister and Minister in charge of the Office of the Council of Ministers of Cambodia Vongsey Vissoth, Deputy Prime Minister of Laos Kikeo Khaykhamphithoune, and Deputy Prime Minister and Minister of Finance of Vietnam Ho Duc Phoc, as well as Secretary-General of ASEAN Kao Kim Hourn attended the opening ceremony and delivered speeches successively.

    After the opening ceremony, Ding toured the exhibition hall and exchanged views with the heads of the exhibitors.

    MIL OSI China News

  • MIL-OSI Asia-Pac: Hong Kong rose to third place globally in Global Financial Centres Index

    Source: Hong Kong Government special administrative region

         Hong Kong ranked third globally in the Global Financial Centres Index (GFCI) 36 Report published today (September 24) by Z/Yen from the United Kingdom and the China Development Institute from Shenzhen, moving up one place from the March issue of the index this year. Hong Kong also ranked first in the Asia-Pacific region. The overall rating increased by eight points, the largest improvement among the top five financial centres.
     
    ​     A Government spokesman said, “The report clearly affirms Hong Kong’s status and strengths as a leading global financial centre. Hong Kong’s scores were rated among the top in various areas of competitiveness, including ‘business environment’, ‘human capital’, ‘infrastructure’, and ‘reputational and general’. Hong Kong’s rankings in various financial industry sectors also rose significantly, including ‘investment management’, ‘insurance’, ‘banking’ and ‘professional services’. Among them, the ranking in ‘investment management’ advanced to first globally. In addition, the report assessed the financial centres’ fintech offerings, and Hong Kong’s ranking rose five places to ninth, making it among the top 10 fintech hubs.”
     
    ​     Hong Kong’s asset and wealth management business is booming, with assets under management growing by about 2 per cent from the previous year to more than HK$31 trillion in end-2023. Net fund inflows reached HK$390 billion, representing a year-on-year increase of over 3.4 times. The development of the family office business in Hong Kong continues to gain momentum. The New Capital Investment Entrant Scheme has continued to receive overwhelming response since its launch in March, with more than 550 applications received so far. It is expected to bring in more than HK$16.5 billion in investments to Hong Kong.
     
    ​     The spokesman added, “As an international financial centre, Hong Kong brings together the world’s top financial institutions and talent, provides professional financial services, and owns a deep and broad capital market. Our regulatory system aligns with those of major overseas markets, with the free flow of information and capital. Under ‘one country, two systems’, Hong Kong’s unique position of having the strong support of the motherland while being closely connected to the world empowers us to fully leverage our role as a ‘super connector’ and ‘super value-adder’.
     
    ​     “The Government will continue to actively understand, respond to and embrace changes to promote the high-quality development of the financial sector. In the stock market, we are proactively enhancing its breadth and depth as well as boosting market efficiency and competitiveness, including establishing the listing regime for specialist technology companies, reforming GEM, maintaining trading under severe weather, facilitating share buyback and introducing the new treasury share regime, and further attracting listing. We are also endeavouring to deepen financial mutual access between the Mainland and Hong Kong so as to further strengthen Hong Kong’s role in connecting the Mainland and international capital markets. Measures include expanding the eligible scope of exchange-traded funds under Stock Connect, and taking forward a series of enhancements to Swap Connect. Regarding green finance, Hong Kong is working on the full adoption of the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) for sustainability reporting. We also seek to create healthy and suitable conditions for the development of virtual assets (VA) by improving the regulatory framework with the proposed licensing regimes for fiat-referenced stablecoin issuers and VA over-the-counter service providers, so as to promote the sustainable development of Hong Kong’s Web3 ecosystem. We are also strengthening the nurture of talent in various financial fields through launching a series of internship and training schemes, with a view to building a sustainable talent pool for the financial sector in Hong Kong.”
     
    ​     The GFCI Report is released in March and September every year since 2007. In GFCI 36, 121 financial centres were assessed, and Hong Kong ranked third globally with an overall rating of 749.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Good Employer Charter 2024 Presentation Ceremony and Good Employee Recognition Campaign Kick-off Ceremony held today

    Source: Hong Kong Government special administrative region

    Good Employer Charter 2024 Presentation Ceremony and Good Employee Recognition Campaign Kick-off Ceremony held today
    Good Employer Charter 2024 Presentation Ceremony and Good Employee Recognition Campaign Kick-off Ceremony held today
    ******************************************************************************************

          The Labour Department (LD) held the Good Employer Charter 2024 (Charter 2024) Presentation Ceremony and the Good Employee Recognition Campaign Kick-off Ceremony today (September 24), commending all good employers while launching the Good Employee Recognition Campaign.       Speaking at the ceremony, the Secretary for Labour and Welfare, Mr Chris Sun, expressed gratitude to every good employer for implementing flexible work arrangements and offering assistance to employees to enable them to balance the needs of work and personal lives, which are conducive to unleashing the potential of the local labour force.      Various sectors have supported the Charter 2024, with a total of 1 596 organisations being accredited as signatories, representing an increase of nearly 70 per cent from the previous term. Among them, 1 002 organisations are authorised to use the “Supportive Family-friendly Good Employer” logo which symbolises a commitment to promoting a family-friendly employment culture. Moreover, 318 organisations have been signatories for three consecutive terms with consistent good human resource management practices in place. Representatives from three signatories of the Charter 2024 shared their successful experiences in carrying out good human resource management and family-friendly employment practices at the event today.       In furtherance of the Charter 2024, the LD launched for the first time the Good Employee Recognition Campaign to encourage participating signatories to nominate their employees to join the Campaign to express their gratitude and recognition for their contributions. Good employees can be measured in the following five key aspects, namely work ability, attitude to clients, adaptability, team spirit, and a sense of belonging to the organisation. Nominated employees or teams being accredited by the panel of judges will each be awarded the Good Employee Commendation Certificate and a lapel pin to recognise their outstanding performances and contributions to the organisations.      The Presentation Ceremony and the Kick-off Ceremony is one of the signature events in celebration of the 75th anniversary of the founding of the People’s Republic of China. Mr Sun said that the current-term Government attached great importance to improving employees’ benefits, promoting employment, and protecting the occupational safety and health of employees. He hoped that different groups in society would continue to support the government-led Charter and the Good Employee Recognition Campaign, and work together closely to foster win-win labour relations as well as a harmonious and inclusive community.      The LD has published a newspaper supplement introducing the Charter 2024 and the Good Employee Recognition Campaign as well as major initiatives of the current-term Government to improve employees’ rights and benefits. For details of Charter 2024 and the Good Employee Recognition Campaign, please visit the website: www.gec.labour.gov.hk.     The Good Employer Charter has come to its third round since it was first awarded in 2018, and is supported by eight organisations, namely the Chinese General Chamber of Commerce, Hong Kong; the Chinese Manufacturers’ Association of Hong Kong; the Employers’ Federation of Hong Kong; the Federation of Hong Kong Industries; the Hong Kong General Chamber of Commerce; the Hong Kong General Chamber of Small and Medium Business; the Hong Kong Institute of Human Resource Management, and the Hong Kong Small and Medium Enterprises Association. The aforementioned organisations, together with the Hong Kong Federation of Trade Unions and the Federation of Hong Kong and Kowloon Labour Unions, are supporting organisations of the Good Employee Recognition Campaign. 

     
    Ends/Tuesday, September 24, 2024Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: StartmeupHK Festival 2024 showcases Hong Kong’s thriving start-up ecosystem (with photos)

    Source: Hong Kong Government special administrative region

         The annual StartmeupHK Festival is set to return to Hong Kong from October 21 to 25, 2024, following its previous successes. Curated by Invest Hong Kong (InvestHK) and themed “A Future Unlimited”, this year’s Festival will delve into contemporary topics such as AI, web3, GameFi, responsible tech, healthtech, greentech, sustainability, and more. As Asia’s premier start-up event, the festival anticipates participation from over 12 000 start-ups, investors, and technology enthusiasts from around the world.

         Featuring five main events and a series of community events, what sets this year’s Festival apart is its inclusion of captivating activities in multiple locations across Hong Kong and beyond, with speakers ranging from global business leaders to some of the world’s most innovative entrepreneurs. The Festival will also host a lineup of interactive activities like conferences, debates, exhibitions, pitching competitions, and additional networking opportunities. The Startups team of InvestHK has been conducting roadshows across Asia, Europe, and the Middle East to promote the Festival and position Hong Kong as an ideal location for start-ups to thrive in Asia.

         The Director-General of Investment Promotion at InvestHK, Ms Alpha Lau, said, “I am thrilled to witness the triumphant return of this remarkable event, as it reaffirms Hong Kong’s leading position as a thriving hub for innovation and start-up success. Start-ups in Hong Kong enjoy a vibrant network of incubators and accelerators, a pool of experienced angels and venture capitalists, and a welcoming community of fellow entrepreneurs. This comprehensive ecosystem has fostered the growth of numerous unicorns and a rapidly expanding start-up landscape, covering diverse sectors such as fintech, retail tech, healthtech, and greentech.”
          
         She added, “The remarkable resilience and continued growth of Hong Kong’s start-up ecosystem are a testament to its attractiveness. Our 2023 Startup Survey revealed record-high figures, with 4 257 start-ups employing a total of 16 453 staff. This encouraging result can be attributed to favourable factors such as our simple tax system, low tax rate, accessibility to international and regional markets, accessibility to funding, business opportunities in Mainland China, and the free flow of information. Our strong entrepreneurial culture further reinforces Hong Kong’s position as a launchpad for start-ups seeking to access the Guangdong-Hong Kong-Macao Greater Bay Area and the broader Asian market.”
          
         The Head of Startups at InvestHK, Ms Jayne Chan, said, “This year’s StartmeupHK Festival is promised to be more impactful than ever, fostering stronger connections and collaborations among participants, enabling international investors and other key stakeholders to engage the city’s thriving start-up community. This year, we have curated the StartmeupHK Festival to explore the most influential and forward-thinking topics around innovation and technology, igniting the exchange of ideas and inspiring new initiatives that can unlock limitless possibilities for positive change.”
          
         She continued, “The Festival will include community events to enhance connections in the start-up ecosystem, such as a unique event where regional venture capital (VC) investors pitch to start-up founders, as well as fun activities such as a harbour run and Peak hike with members of the tech community. Additionally, the Start-ups team is conducting global roadshows in cities like London and Shanghai to showcase Hong Kong’s advantages, including access to talent, markets, and funding. These efforts will continue until the festival begins to promote Hong Kong and the Festival to a wider global audience.”
          
    Main events

         Day 1 (October 21) – As the opening event of the StartmeupHK Festival 2024, JUMPSTARTER Ignition Gala by Alibaba Entrepreneurs Fund will be held at the Asia Society Hong Kong Center. In addition to launching their JUMPSTARTER for One Earth global start-up competition to find companies committed to driving global positive change, the event will feature an AI theme with discussions on investments, trends and regional developments in this area.

         Day 2 (October 22) – Game On! 2024, hosted by MaGESpire, will celebrate the essence of gaming, art, music, and entertainment (GAME) industries at Soho House, Sheung Wan. If you are a hardcore gaming fan or art / music enthusiast or an entertainment aficionado keen to learn more about how new technologies are transforming this space, then you must join us!

         Day 3 (October 23) – LOUDER Connect, organised by LOUDER Global will be held at the Hong Kong Maritime Museum that will boasts a diverse network of global speakers, each brought together to collaborate and engage in meaningful conversations. The event will showcase a series of engaging Radical Debates, mentor-business matching, interactive workshops, and networking opportunities at the iconic Hong Kong Maritime Museum and Star Ferry.

         Day 4 (October 24) – Hosted by Brinc, the Asia Health Innovation Summit will be held at TOWER 535 in the vibrant district of Causeway Bay. This premier event will unite Asia’s health technology ecosystem, bringing together start-ups, professionals, investors and government to drive transformative innovation in healthcare. Key discussions include advancements in biotechnology, AI, MedTech, and wholistic well-being and more.

         Day 5 (October 25) – Organised by New World Development, 1.5°C Summit – The Defining Decade for Impact with Tech will be held at K11 Musea. This unique tech summit on climate change is dedicated to identifying and implementing the necessary actions to reduce emissions over the next decade. The event will convene leading experts, entrepreneurs, and stakeholders who are actively engaged in mitigating the effects of climate change. Participants will share their insights on how technology can revolutionise industries and foster a more sustainable future.

    Community events

         The StartmeupHK Festival 2024 will feature an engaging array of community events across Hong Kong, providing attendees with exceptional opportunities to discover innovative ideas and connect with a diverse network of people.

         October 20 – Led by Hong Kong’s experimental activity group, Rock & Run, join a group of like-minded individuals for the Victoria Peak Sunset Hike – a perfect way to end your day with stunning views!

         October 20 – With the support of Alibaba Entrepreneurs Fund, tap into the regional VC investors with rev Hong Kong, for insights into the propositions, and personalities, of your future potential backers at the Asia Society Hong Kong Center. Connect with top VCs, spanning Pre-Seed to Series B, as they pitch their funds in just five minutes, followed by your questions.

         October 21 and 24 – Start your day with an exclusive small-group breakfast designed for people leaders in a Head role across business and HR, to connect, collaborate, and inspire one another. People Leaders’ Breakfast Roundtable is a unique opportunity to exchange insights around strategies for leadership and people development for the talent landscape in Hong Kong, in a relaxed and closed-door setting. A limited 10-guest experience will be curated for each day.

         October 23 – In partnership with the Hong Kong British Chamber of Commerce and hosted by the Eaton Club, come check out the UK Tech Founders Showcase Event where leading tech founders from the UK will showcase their latest innovations and solutions. The evening features fireside chats with UK tech founders who will share their insights, providing a valuable opportunity to network with industry peers while enjoying drinks and light snacks.

         October 23 – To wrap up StartmeupHK Festival 2024, join Rock & Run for a Central Harbourfront Evening Run. It is going to be an amazing scenic run to see a different side of Hong Kong.

         October 24 – Join us for an evening of China PropTech Startup Expedition in partnership with UrbanLab and Hong Kong PropTech Association. This exclusive event will showcase Mainland China’s tech start-ups that have their sights set on global success through market development in Hong Kong and beyond.

    Road shows

         The Start-ups team has been going on road shows and will continue to promote Hong Kong and the Festival to a wider global audience.

         The London Startup Conference 2024 that was held on June 27 gathered start-up founders, investors, and industry experts for networking and workshops focused on business growth.

         Following this, IVS2024 KYOTO was held on July 5. Participants explored the intersection of Japan’s cultural heritage and modern technology, emphasising web2, web3, and AI advancements.

         On July 13, International Graduates & Returnees Entrepreneurship Sharing in Chengdu highlighted the entrepreneurial journeys of international students and returnees.

         The UrbanLab Global Expedition x Hong Kong 1.5°C Summit Briefing on August 16 witnessed discussions on the opportunities through Hong Kong, while the Georgian National Startup Competition on August 20 aimed to connect emerging market founders with investors.

         A series of Startup Nights in Beijing, Shenzhen, and Hangzhou throughout September also helped provide networking platforms for scaling start-ups in Asia.

         The Game On! 2024 – Dubai Edition event was held on September 13 to celebrate the gaming and entertainment industries, and The Latin Kaleidoscope event in Hong Kong on September 20 and 21 showcased Latin American culture and innovation.

         Last but not least, The Barcelona Startup Conference 2024 on October 1 will bring together local start-up leaders and investors for collaboration and growth opportunities.         

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Secretary-General of ASEAN addresses China-ASEAN Business Leaders Forum

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered his opening remarks at the China-ASEAN Business Leaders Forum under the framework of the 21st China-ASEAN Business and Investment Summit (CABIS). In his remarks, Dr. Kao stressed the importance of the RCEP and ACFTA as key to advancing ASEAN and China economic competitiveness, offering real opportunities for businesses. These has simplified customs procedures and harmonizes trade rules, making every cross-border business transaction more cost-effective and helping businesses reach new customers and suppliers.

    Download the full opening remarks here.

    The post Secretary-General of ASEAN addresses China-ASEAN Business Leaders Forum appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Economics: Secretary-General of ASEAN delivers remarks at the RCEP High-Level Dialogue on Economic and Trade Cooperation

    Source: ASEAN

    Secretary-General of ASEAN Dr. Kao Kim Hourn today delivered remarks at the RCEP High-Level Dialogue on Economic and Trade Cooperation, held in Nanning, China. The Dialogue, themed “Collaboratively Promoting the Upgrade of the China-ASEAN Free Trade Area 3.0 and Sharing the Benefits of Regional Economic Integration under RCEP”, provided a platform to advance regional economic integration and foster deeper collaboration between ASEAN and China.

    In his remarks, Dr. Kao spoke about the RCEP and ASEAN-China Free Trade Area (ACFTA), where he highlighted the importance of leveraging these frameworks to enhance trade and investment opportunities in the region. In particular, he called on businesses to take full advantage of the RCEP and the ACFTA 3.0 upgrade, which has the enormous potential to unlock new business opportunities.

    Download the full remarks here.

    The post Secretary-General of ASEAN delivers remarks at the RCEP High-Level Dialogue on Economic and Trade Cooperation appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI China: US-proposed ban on Chinese software in vehicles prompts strong backlash

    Source: China State Council Information Office

    The U.S. Commerce Department on Monday proposed a ban on Chinese-developed software and hardware in connected and autonomous vehicles, provoking a strong backlash from economists and observers.

    According to the measure, “malicious access” to the Vehicle Connectivity System and the Automated Driving System could allow “adversaries” to access and collect the most sensitive data and remotely manipulate cars on American roads. Adversaries, in this context, are China and Russia.

    The Biden administration acknowledged that few Chinese or Russian vehicles are currently on U.S. roads but noted that it wanted to take “proactive” measures, highlighting national security concerns.

    “I think that the U.S. government may be projecting the kind of malware itself plans to install in some connected systems,” Jeffrey Sachs, an economics professor and director of the Center for Sustainable Development at Columbia University, told Xinhua. “There is absolutely no evidence that China is doing so.”

    Sachs also noted that another aim is protectionism, “to damage Chinese EV exports to the U.S. and Europe.”

    Gary Clyde Hufbauer, a nonresident senior fellow at the Peterson Institute for International Economics, told Xinhua that the proposed rule represents a giant step towards decoupling. “The United States is not yet at war with China, but it is well along the decoupling path,” he said.

    Hufbauer, a former official at the U.S. Treasury Department, noted that National Security Advisor Jake Sullivan previously promised that U.S. restrictions on direct commerce with China would be confined to limiting the flow of advanced technologies with “a small yard and a high fence”. “The small yard has since grown into a large pasture with no discernable fence,” said Hufbauer.

    Earlier bans on Chinese tech giant Huawei and current efforts to force TikTok either to be sold to a U.S. firm or face a ban follow the same logic.

    Hufbauer added that if the latest proposed rule charts the future path of U.S. import bans, with no consideration of the cost to the U.S. economy, then it is only a matter of time before de-risking becomes decoupling.

    The New York Times viewed combating real and perceived Chinese threats as one of the few issues that have won both Democratic and Republican support, though “many experts on China believe that the fear of Beijing has gone too far — and that it is also hurting American consumers.”

    U.S. automakers “risk falling behind” if they do not have access to the latest technology, said the American daily, depicting China as the world’s largest car market that dominates the production of electric car batteries.

    “Rather than banning China’s technology, the United States and China should take cooperative and diplomatic steps to ensure that neither party nor other countries behave in this manner,” said Sachs.

    MIL OSI China News

  • MIL-OSI USA News: Background Press Call on President  Biden’s Engagements at  UNGA

    Source: The White House

    Via Teleconference

    5:33 P.M. EDT

    MODERATOR:  This is Michael Feldman with the NSC press team.  Just as a reminder for today’s call, it is on background and attributable to senior administration officials.  The call is also under embargo until 5:00 a.m. Eastern Standard Time tomorrow morning.

    For awareness and not for attribution, on today’s call we have [senior administration official] and [senior administration official].  I will now turn the call over to [senior administration official] to give some opening remarks.  Over to you.

    SENIOR ADMINISTRATION OFFICIAL:  Excellent.  Thank you.  And good evening, everybody.  We’re very excited for the President’s trip to this year’s U.N. General Assembly, the last one of his presidency. 

    So, at meetings at the U.N. this week, we’re going to get a lot of business done for the American people.  The President, the Secretary of State, other Cabinet officials, and even some members of Congress are here in New York to advocate for our country’s interests and values. 

    At the General Assembly, the President will do what he has done throughout his presidency: rally global action to tackle some of our world’s biggest challenges.  So, for example, he’ll be talking this week about the climate crisis and the environment.  We’ll be talking about the need to strengthen our systems for providing humanitarian assistance; to end brutal wars in Gaza, Ukraine, and Sudan; and we’ll also be talking about the implications of new technologies such as artificial intelligence. 

    When President Biden came to office nearly four years ago, he pledged to restore American leadership on the world stage.  And given that this is the President’s last General Assembly, it’s a chance for him to talk about how this approach has produced results, real achievements for the American people and for the world. 

    The President’s engagements this week reflect his vision for a world where countries come together to solve big problems.  This stands in contrast to some of our competitors, who have a more cynical and transactional worldview, one where countries interpret their self-interest very narrowly and don’t work together for the common good. 

    An overarching theme at this year’s General Assembly will be the need to reform and strengthen our global institutions, including the U.N., to make them more effective and inclusive.  And that’s been a big theme of the U.N. Secretary-General’s Summit for the Future, the marquee event at high-level week this year. 

    Last week, President Biden released a video message ahead of the summit.  I encourage you all watch it.  You can find it on the Web.  In the video, the President spoke about using this moment to reaffirm our commitment to the Charter of the United Nations, the Universal Declaration of Human Rights.  And he talked about pushing for a stronger, more effective United Nations and a reformed and expanded Security Council.  And he also talked about our efforts, investing billions in achieving the Sustainable Development Goals and building on the global consensus that we achieved last spring in the United Nations General Assembly on principles for the use of artificial intelligence. 

    We’re going into a General Assembly this year with the world facing many steep challenges, problems so big no one country can solve them on their own, but that’s why the President feels so strongly the world needs strong and effective global institutions, including an adapted United Nations.  This is his vision of countries working together.  It has been a theme of his presidency and an important part of his legacy. 

    Let me just briefly note the President’s key engagements, and then I’ll turn over to my colleague to discuss the major event that he’s hosting on the Global Coalition to Address Synthetic Drug Threats. 

    On Tuesday morning, tomorrow, he will deliver and address to the U.N. General Assembly.  It will have many of the themes that I’ve mentioned here and talk about — again, some of the achievements of his approach to the United Nations and global cooperation. 

    The President will also meet tomorrow with U.N. Secretary-General Guterres to talk about how the United States and the United Nations are working together to advance peace, safeguard human rights, and help countries develop. 

    On Tuesday afternoon, the President will host a summit of the Global Coalition to Address Synthetic Drug Threats, and I’ll turn over to my colleague in a second to talk about that. 

    The President is also giving a major address later that afternoon on the urgent need to combat climate change. 

    On Wednesday, the President will meet with the President of Vietnam, To Lam.  The President of Vietnam just came into office four months ago, and this meeting will be an important opportunity for the two leaders to talk about our shared interest in stability and prosperity in Southeast Asia. 

    The President will also attend, that afternoon, a meeting focused on Ukraine reconstruction with other world leaders. 

    And then on Wednesday evening, at the Met, the President will host world leaders and senior U.N. officials for a reception. 

    This is just a small slice of all the diplomacy and business that we’re doing here at the U.N. General Assembly.  There’ll be high-level meetings on the future of multilateral cooperation, sea level rise, antimicrobial resistance.  Really, every big, major challenge will be addressed here, and we’ll have senior U.S. representatives at all of these main events on issues such as the impact of emerging technology and specific meetings on global crises such as the difficult situation in Haiti, Sudan, Venezuela, Ukraine, Syria, and the Rohingya refugee crisis. 

    Other U.S.-hosted and U.S.-attended side events will focus on climate; scaling clean energy for Africa; a major core group meeting of countries committed to LGBTQ rights that was attended by the First Lady; and partnering for a lead-free future. 

    So, again, this is just a small slice of everything that is going on, plus the countless private sector and civil society events focusing on the great challenges of the 21st century. 

    So, as I mentioned, we’re going to use this high-level week, the President’s last U.N. General Assembly, to get as much done for the American people in the coming days.

    I’d like to now turn over to my colleague who will discuss the President’s summit on the Global Coalition to Address Synthetic Drug Threats.

    SENIOR ADMINISTRATION OFFICIAL:  Great.  Thanks so much, and thanks to all of you for joining this call. 

    I wanted to share with you the exciting news that, on Tuesday, President Biden will, as [senior administration official] already said, host a summit of the Global Coalition to Address Synthetic Drug Threats.  This is a coalition that President Biden launched in June 2023 to mobilize international action to tackle the synthetic drug crisis. 

    In just over one year, this global coalition has grown to include 158 countries and 15 international organizations working together to prevent the illicit manufacture and trafficking of synthetic drugs, to detect emerging drug threats, and to promote effective public health interventions. 

    With the summit as a motivating force, we now have 11 core coalition countries that will be joining the President tomorrow, and they will be announcing new initiatives that will continue to advance the work of the coalition, including work to prevent, detect, and disrupt the supply chain of synthetic drugs. 

    It’s important to emphasize that these international efforts complement intensive work that’s already been done and is being done domestically, including an increased focus on coordinated disruption of drug trafficking networks and concerted efforts to make the opioid overdose reversal medication, naloxone, widely available over the counter. 

    These are just some of a wide array of actions that the Biden-Harris administration has taken to tackle the synthetic drug threats. 

    And as a result of these efforts, we’re starting to see the largest drop in overdose deaths in recorded history.  When President Biden and Vice President Harris came into office, the number of drug overdose deaths was increasing by more than 30 percent year over year.  Now we have the latest provisional data released from the Centers for Disease Control, National Center for Health Statistics, showing an unprecedented decline in overdose deaths of roughly 10 percent from April 2023 to April 2024.

    But there’s a lot more to be done, and the Global Coalition’s work recognizes that we need a global solution to a global problem. 

    We are thrilled that we have so many countries coming together tomorrow to celebrate the work of the coalition, and we also will be announcing a new pledge that all of the core coalition members will be announcing — will be signing on to tomorrow, and we will be working over the coming months to ensure that all coalition members sign on to this pledge. 

    And we truly think that this is a reflection of President Biden’s commitment to work both domestically and globally on the most important challenges that we face, recognizing that we need both domestic action and global action working together. 

    And with that, I’ll turn it back to [senior administration official].

    SENIOR ADMINISTRATION OFFICIAL:  Thanks, Michael.  I’ll turn it back to you. 

    MODERATOR:  All right.  Thank you, [senior administration officials].  All right, with that, we will take some questions. 

    The first question is going to go to Zeke Miller.  You should be able to unmute yourself. 

    Q    Thanks so much for doing this.  You mentioned this is the President’s last U.N. of his presidency.  He’s going to deliver remarks to the General Assembly tomorrow.  Can you give us a preview, potentially, of what his message will be?  And will it be different from his prior remarks, in the sense — you know, obviously, world events have changed, but, you know, with an eye towards his legacy?  Or is there some message he’s trying to give on the world stage before he leaves office in January?  Thank you.

    SENIOR ADMINISTRATION OFFICIAL:  You know, the themes I — thanks, Zeke.  The themes I previewed at the beginning will be really central to the President.  So, again, he came into office four years ago with a vision of America returning to the world stage, having a new way of interacting with other countries, bringing countries together to solve some of these big challenges.  This will be a good opportunity for him to look at the results that have been achieved. 

    We live in a world with many problems, with many divisions, but we have a story to tell about what we’ve done to rally the world to defend Ukraine’s sovereignty, uphold principles of the U.N. Charter; what we’ve done to manage responsibly our competition with other countries including China; and also what we’re doing to deal with the ongoing and serious conflicts in our world in places like Gaza, where the President has worked tirelessly to get a hostage ceasefire deal, and conflicts like Sudan, where you have absolutely unprecedented displacement and a really serious crisis that we think needs to get more attention. 

    So I think that will be the frame, and I’ll leave the details for the President’s speech tomorrow.

    MODERATOR:  Great.  Thank you very much.  Our next question is going to go to Asma Khalid.  You should be able to unmute yourself.

    Q    Yes.  Hi.  Thanks for doing this.  Similarly, sort of on the speech, could I get a sort of broad, I guess, framework or tone that you all are thinking about?  I know you say that the President came into office talking about building international coalitions, wanting to rebuild the United States stature on the world, but this is a really different moment than when the President even gave the speech last year, before October 7th.  He is now leaving office, and there are multiple sort of intractable problems right now in the world.  And can you just kind of give us any sense of tone in how the President is thinking about that and the very limited time he has left to solve them?

    SENIOR ADMINISTRATION OFFICIAL:  Thanks, Asma.  Look, I think it’s a good question.  The world has changed.  The world has gotten more difficult in many ways, as you noted. 

    But, you know, as I said, the President came into office with a vision of how countries need to work together, how they need to work through institutions, how they need to partner to solve big global challenges.  And the fact that we do have these challenges, the fact that we do have Gaza, the fact that we do have Ukraine and Sudan, still serious issues in our world, just underscores the need for that kind of cooperation.  And I think you’ll hear that in his speech. 

    Yes, he’ll talk about the significant accomplishments, achievements of his approach, but also talk about how we need the spirit, we need to continue working together to solve these big challenges, whether it is the wars you mentioned or other challenges such as the climate crisis or managing the implications of some of the new technologies. 

    So I think this will be an important moment to say: Where do we go and what are the principles in which we’re going to solve these problems?  Thanks.

    MODERATOR:  Thank you very much.  Our next question is going to go to Paris Huang.  You should be able to unmute yourself. 

    Q    All right.  Hi.  Thank you, Michael.  Thank you, [senior administration official].  Two-parts question.  So, kind of follow up on the questions from Zeke and Asma.  So, of course, we know China and Russia have been heavily influencing the U.N. for years.  You know, we see all those voting records.  And President Biden have been doing a lot of reform during the four years.  Does he believe that those changes will sustain after he leaves the White House?

    And second question: In last year’s UNGA remarks, President Biden talked about the peace and stability of Taiwan Strait, which was the first time a U.S. president actually talked about Taiwan at the UNGA.  So, will he include Taiwan again in his remarks this year?  Thank you.

    SENIOR ADMINISTRATION OFFICIAL:  Thanks.  And I appreciate the question.  I think it’s a good question in terms of, you know, have we left the United Nations as an institution better off.  I think we do have results, and the President will talk about that.  You know, it’s a time of great divisions, and the U.N. has already been — has always been a reflection of the world as it is. 

    That said, when you look at what we’ve done, including through the United Nations, to, for example, rally the world to defend the U.N. Charter after the Ukrainian invasion, we secured a U.N. General Assembly resolution in which 141 countries stood up and said, “We condemn this, and we stand in favor of the U.N. Charter.”

    You’ve also seen a more progressive and forward-leaning position on institutional reform.  For example, two years ago, the President announced a shift and a more forward-leaning position in reforming and expanding the United Nations Security Council.  And that’s definitely a piece of this well as well. 

    I won’t get into the details on, you know, specifically what he’ll mention on individual issues, but I will say that an important part of the President’s legacy has been thinking about how we responsibly manage our competition with China, and that includes many facets, economic security, and those will be addressed in the speech.

    MODERATOR:  Thank you very much.  Our next question is going to go to Sheryl Gay Stolberg.  You should be able to unmute yourself, Sheryl.

    Q    Hi.  Thank you for doing this call.  You know, this is not a political speech, but it does occur in the context of an election in which one of the candidates has an isolationist vision that is far apart, diametrically opposed to that of the President.  And I’m wondering, to what extent can the President use this speech to ensure that his own vision of global alliances survives?  Is he concerned that that vision will unravel?

    And will this speech be in any way directed to the American people, as much as to world leaders, as a reminder of the importance of America’s place in the world?

    SENIOR ADMINISTRATION OFFICIAL:  Look, as you said, this is not a political speech, but the President, again, he has a vision.  He came into a vision — into office.  That vision has produced results.  And there are many opponents and critics of that vision, not just internationally but at home.  It has been the President’s view that he needs to explain why this vision of working together with countries to solve these big challenges actually produces results, and that’s actually how we’re going to be measured. 

    And when I say “produces results,” that means internationally, in terms of ending war, in terms of tackling challenges like sustainable development, the debt crisis, climate, but it also means that he needs to explain how his vision has produced results for the American people.  And that’s where I think there’s a very strong record, and some of it is very, very tangible. 

    For example, the summit on the coalition on synthetic drugs, that is him bringing together countries, all of whom share a challenge — dealing with synthetic drugs — but convening them here, talking about deliverables, talking about how we’re going to work together.  And this is something that directly affects the situation of the American public, as my colleague briefed earlier, in terms of the overall record on issues like fentanyl. 

    So I think he’ll lay that out tomorrow, and I think it will stand as representing that vision and what it’s achieved.

    MODERATOR:  Thank you very much.  We will go to Danny Kemp.  You should be able to unmute yourself.

    Q    Thanks very much for doing this.  I just wanted to ask about the current situation in the Middle East.  I mean, you know, the speech tomorrow is really going to be a bit overshadowed by the events in Lebanon, where we’ve seen nearly 500 people killed in the space of a day.  How’s he going to address that?  And more particularly, how will the President be seeking to — will he be talking to other leaders about that?  What’s he actually going to be doing at the UNGA more generally to try and get this thing sorted out?  Thanks.

    SENIOR ADMINISTRATION OFFICIAL:  This is one of the advantages of the U.N. General Assembly: You literally have the whole world here.  So when you do have crises of the day, they’ll be addressed.  And I have no doubt that the situation in the Middle East will be an important theme in a lot of the meetings, not just that the President has, but other senior U.S. officials who will be convening to talk about various aspects of the crisis and what we can do to stabilize the situation. 

    He will address the Middle East, especially this very, very difficult year that we have all gone through.  And again, I think it’s an opportunity to talk about what we have achieved and what we still need to do, given a situation that is just heartbreaking where hostages have not been returned, the humanitarian situation in Gaza, and, as you know, just such a sensitive issue, such a delicate and dangerous situation between Israel and Lebanon right now.

    Thanks.

    MODERATOR:  Thank you very much.  And unfortunately, that is all the time we have today.  Thank you all for joining this call.  Thank you to our speakers.  And feel free to follow up with our team at the NSC press team with any questions. 

    And again, this call is under embargo until 5:00 a.m. tomorrow.  Thank you all again, and hope you have a great rest of your evening.

    5:53 P.M. EDT

    MIL OSI USA News

  • MIL-OSI China: China firmly supports Lebanon in safeguarding sovereignty, security

    Source: China State Council Information Office

    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Lebanese Foreign Minister Abdallah Bou Habib to exchange views on the situation in the Middle East, in New York, Sept. 23, 2024. [Photo/Xinhua]

    China firmly supports Lebanon in safeguarding its sovereignty, security and national dignity, Chinese Foreign Minister Wang Yi said on Monday.

    Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with Lebanese Foreign Minister Abdallah Bou Habib in New York to exchange views on the situation in the Middle East.

    With a long-lasting traditional friendship with Lebanon, China has been closely following the latest developments in the region, especially the recent explosions of communication devices across Lebanon, and is firmly opposed to indiscriminate attacks against civilians, he said.

    Force does not equate to rightness and violence against violence will not solve the problems in the Middle East, Wang said, adding that China strongly condemns any action that violates the basic norms governing international relations.

    The current situation is a manifestation of the spillover effect of the conflicts in Gaza, and China calls for realizing a “permanent ceasefire and comprehensive withdrawal of troops” and ensuring an effective implementation of “the two-state solution,” he said.

    Wang voiced hope that the Lebanese side will take effective measures to protect the safety of Chinese citizens in Lebanon.

    For his part, Bou Habib thanked China for speaking up for Lebanon at the United Nations and other multilateral occasions.

    For a small country like Lebanon, it is important to maintain sovereignty and independence under the framework of the United Nations, Bou Habib said.

    MIL OSI China News

  • MIL-OSI China: China calls for joint efforts to advance global governance

    Source: China State Council Information Office

    Wang Yi, special representative of Chinese President Xi Jinping, member of the Political Bureau of the Communist Party of China Central Committee and Chinese foreign minister, addresses the UN Summit of the Future at the UN headquarters in New York, Sept. 23, 2024. [Photo/Xinhua]

    Chinese Foreign Minister Wang Yi on Monday called on the international community to “take good care of our common home” and make joint efforts to advance global governance, as “humanity has only one planet Earth to call home, and we belong to the same world community.”

    Facing profound changes unseen in a century, it was highly relevant that world leaders gathered at the Summit of the Future and, together, adopted the Pact for the Future to galvanize their collective efforts for world peace and development, and to map out the future of humanity, said Wang, who is also special representative of Chinese President Xi Jinping and a member of the Political Bureau of the Communist Party of China Central Committee, in his statement at the summit.

    Wang noted that with this goal in mind, Xi has put forward the vision of building a community with a shared future for mankind, advocated high-quality Belt and Road cooperation, and proposed the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative.

    These vision and initiatives, he said, have provided new solutions for tackling the common challenges of humanity and drawn a new blueprint for building a better world.

    The minister elaborated the four-point proposal put forth by China. First, countries of the world need to build a future of peace and tranquility, and should uphold the vision of common, comprehensive, cooperative and sustainable security, and settle disputes through dialogue, resolve differences through consultation and enhance security through cooperation. And major countries, in particular, should lead by example by breaking geopolitical circles, rising above bloc confrontation, and serving as propellers for world solidarity and anchoring for international peace.

    Second, countries of the world need to build a future of development and prosperity, follow a people-centered development philosophy and advocate a universally beneficial and inclusive economic globalization, so as to deliver the fruits of development to the people and ensure common prosperity for all countries.

    Third, countries of the world need to build a future of fairness and justice, build an equal and orderly multipolar world, oppose acts of hegemonism such as unilateral sanctions, and protect the legitimate rights and interests of developing countries.

    Fourth, countries of the world need to build a better future by keeping abreast with the times and making global governance more just and equitable.

    “China will work hand in hand with countries around the world to advance the building of a community with a shared future for mankind and create a more peaceful and better tomorrow,” Wang said.

    MIL OSI China News

  • MIL-OSI China: China to create new monetary policy tools to support stock market

    Source: China State Council Information Office

    China’s central bank will create new monetary policy tools to support the stable development of the stock market, the central bank governor said Tuesday.

    The central bank will establish a swap program for securities, funds and insurance companies to obtain liquidity from the central bank through asset collateralization, Pan Gongsheng, governor of the People’s Bank of China, told a press conference.

    The program will significantly enhance the companies’ ability to acquire funds and increase their stock holdings, Pan said.

    According to Pan, eligible companies could use their assets including bonds, stock ETFs and holdings in constituents of the CSI 300 Index as collateral in exchange for highly liquid assets such as treasury bonds and central bank bills. Funds obtained through this tool can only be used for investment in the stock market.

    The initial scale of the swap program will be set at 500 billion yuan (about 70 billion U.S. dollars), with possible expansions in the future, Pan said.

    The central bank will also create a special re-lending facility to guide banks to provide loans to listed companies and their major shareholders for buybacks and increasing shareholdings, Pan said.

    The initial re-lending will be 300 billion yuan at an interest rate of 1.75 percent for commercial banks, which could lend to their clients at an interest rate of 2.25 percent. Depending on the market conditions, the operation may be repeated in the future, Pan said.

    The facility can be applied to various types of companies regardless of their ownership, Pan added.

    MIL OSI China News

  • MIL-OSI Asia-Pac: SEE attends Hong Kong-Shenzhen Joint Working Group on Environmental Protection (with photo)

    Source: Hong Kong Government special administrative region

         The Secretary for Environment and Ecology, Mr Tse Chin-wan, today (September 24) led a delegation to Shenzhen to attend the Hong Kong-Shenzhen Joint Working Group on Environmental Protection meeting. Also attending the meeting were the Permanent Secretary for Environment and Ecology (Environment), Miss Janice Tse; the Director of Environmental Protection, Dr Samuel Chui; and representatives from the Environment and Ecology Bureau, the Environmental Protection Department and the Agriculture, Fisheries and Conservation Department.
          
         Various collaboration issues were discussed in the meeting, including landfill management, marine pollution prevention and control, and cross-border transportation using new energy. Both sides reported on the progress of various work items and exchanged views at the meeting. For example, the Hong Kong Special Administrative Region Government has completed a freezing survey of the number and locations of oyster rafts in Deep Bay, and will continue to maintain close communication with Shenzhen regarding the management of the oyster rafts. As for the North East New Territories Landfill, Hong Kong has implemented a series of improvement measures and will continue to collaborate with Shenzhen to further enhance the odour control at the Landfill.
          
         Mr Tse said, “I look forward to continuing to strengthen communication and co-operation with Shenzhen on ecological and environmental protection through the Joint Working Group, which is a highly meaningful platform, so as to enhance the work on environmental protection and ecology, and to make proactive contributions to our country’s ecological civilisation and building a beautiful China.”

         Mr Tse will return to Hong Kong this evening.   

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Speech by CE at BritCham Hong Kong Summit 2024 (English only)

    Source: Hong Kong Government special administrative region

    Speech by CE at BritCham Hong Kong Summit 2024 (English only)
    Speech by CE at BritCham Hong Kong Summit 2024 (English only)
    *************************************************************

         Following is the speech by the Chief Executive, Mr John Lee, at Britcham Hong Kong Summit 2024 today (September 24): Mr Jeremy Sheldon (Chair of the British Chamber of Commerce in Hong Kong), Mr Paul McComb (Executive Director of the British Chamber of Commerce in Hong Kong), Deputy Consul-General Sarah Robinson (Deputy Consul-General of the United Kingdom to Hong Kong), distinguished guests, ladies and gentlemen,      Good afternoon to you all. I am delighted to be here, today, for the fourth annual BritCham Hong Kong Summit. And what a day it’s been, with Commissioner Cui Jianchun opening the Summit and five smartly considered panel discussions, each centred on Hong Kong opportunity – long-term, far-reaching opportunities powered by innovation, sustainability, and more.           Panel One’s theme certainly caught my attention, with its focus, and I quote, “Business Leaders Perspective on Hong Kong as a Global Powerhouse City”.           Yes, ladies and gentlemen, Hong Kong indeed endeavours to become a global powerhouse city. With its energy, entrepreneurship and connectivity.           More than an ambition, it is a goal and collective commitment that the Hong Kong SAR Government is working, tirelessly, to realise.           With welcome assistance, let me add, from organisations such as the British Chamber of Commerce in Hong Kong, and its membership of some 1 000 professionals from about 350 companies. Each and every one of you as committed as us in building a flourishing future for all, right here in Hong Kong.           At last count, over 640 UK companies call Hong Kong home. And it’s reassuring to tell you that Hong Kong and UK companies like to do business together. Last year, our bilateral merchandise trade was up a whopping 19 per cent, year on year, and reached nearly HK$130 billion.           Yes, Hong Kong has all along been a key export market for the UK. In the decade between 2014 and 2023, the value of UK exports to Hong Kong grew nearly 100 per cent, to GBP15.7 billion.           Our trade in services are just as vibrant. In 2022, the UK was Hong Kong’s third-largest services trading partner.           And, of course, we like to invest in each other’s economies and companies. In 2021, Hong Kong was the sixth-most popular destination for foreign direct investment from the UK, with a total value of GBP77.6 billion. That accounted for 4.4 per cent of the UK’s total outward FDI stock. Hong Kong, in 2021, was the second-largest Asian investor in the UK, with FDI stock worth GBP16.3 billion.           Hong Kong’s selling card, our great and enduring strength over the years, is our openness to trade and business, our eagerness to connect – with the UK and a world of companies and economies.           “One country, two systems” makes it happen. This unique principle allows Hong Kong to enjoy the wealth of opportunities our country presents, while taking full advantage of our dominant role as the multilevel bridge between the Mainland and the rest of the world.           It ensures that Hong Kong’s robust rule of law, as well as our continuous practice of the common law system, one that resembles that of the UK and many major global financial centres. It also helps to maintain our simple and low tax regime, world-class infrastructure, and international connectivity.           That’s probably why in the latest World Competitiveness Yearbook, published by the International Institute for Management Development, Hong Kong ranked fifth globally. We came first in the world in “international trade” and “business legislation”, and was also among the global top five in “tax policy”, “international investment”, “basic infrastructure”, “finance” and “education”.           As a global powerhouse city, Hong Kong will never stop expanding its business and trade networks. These include our well-established partners among developed economies, as well as new and budding ones.           The 10 Member States of ASEAN – the Association of Southeast Asian Nations – is one of our pre-eminent partners. For more than a decade now, ASEAN has been our second-largest merchandise trade entity. Investment between us is also buoyant. Indeed, Hong Kong is ASEAN’s fourth-largest source of inward direct investment.           It helps, of course, that the free trade agreement and investment agreement between us has been in full force now for three years.           It helps, too, that I have been to seven ASEAN countries since I assumed office just over two years ago. My latest visit, in July, to Laos, Cambodia and Vietnam, resulted in 55 MOUs and related agreements. They will expand our co-operation in trade and investment, as well as finance, technology, logistics and a good many other areas, too.           Our ties with the Middle East have also burgeoned following my visit to the region in February last year.           This past week, Saudi Arabia gave its approval for the first exchange-traded fund, or ETF, investing in Hong Kong equities to be listed on its stock exchange. That’s an encouraging development for investors, too.           Last November, HKEX, and investors, welcomed the listing of Asia-Pacific’s first ETF to track Saudi Arabian equities, allowing local and global investors to invest in the Saudi stock market through Hong Kong. This mutually rewarding co-operation is a boost for Hong Kong’s ETF market and the global connectivity of our financial services sector.           We look, too, to other cities in the Guangdong-Hong Kong-Macao Greater Bay Area for connectivity, for long-term opportunity powered by innovation and technology. I’m sure you’ve heard as much at the panel discussion just now.           The Greater Bay Area, as you will be well aware, brings together Hong Kong, Macao and nine cities in Guangdong province. It counts a population of over 86 million people. Its GDP amounted to nearly US$2 trillion last year, rivalling the world’s 10th largest economy.           More than an enormous consumer market, the Greater Bay Area is fast becoming an innovation and technology hub. This year’s Global Innovation Index ranked the Shenzhen-Hong Kong-Guangzhou cluster second in the world, for the fifth year in a row.           That only underlines the huge potential for I&T development in the Greater Bay Area – and in Hong Kong, China’s most international city as you all know. Hong Kong is the only Asian city that has as many as five universities in the world’s top 100, and boast world-class capabilities in research, a robust intellectual property rights protection system, and an established international business environment. Hong Kong has what it takes to play a pivotal role in the region’s rise as an I&T hub.           The Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop, situated right next to our boundary with Shenzhen, is central to that future. This Hong Kong Park, of 87 hectares in area, together with a 300-hectare Shenzhen Park, will form the Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone. It straddles our geographical boundary with the Mainland and will propel the region’s I&T growth.           The Hong Kong Park’s first three buildings, I’m pleased to say, are expected to complete, gradually, from the end of this year.           The Park’s first phase, a total floor area of up to one million square metres, will focus on a number of I&T areas, including life and health technology, AI, advanced manufacturing and industry, academic and research sectors.           That, of course, will demand technology specialists. A continuing flow of strategic talent of every kind, at every level.           We’re working on that, too. And, according to the International Institute for M
    anagement Development and its 2024 World Talent Ranking, we’re well on our way.           In the latest World Talent Ranking, published just last week, Hong Kong’s ranking rose to ninth, overall – up considerably from 16th last year. That’s also the first time we were back to the ranking’s top 10 since 2016.           And I’m delighted to say that Hong Kong topped the ranking in the percentage of graduates in sciences.           We’re making notable progress, too, in enticing talent to turn to Hong Kong for their future.           As at the end of last month, we have received more than 360 000 applications under our various enhanced talent admission programmes, launched in the end of 2022. Nearly 230 000 applications have been approved, and more than 150 000 professionals have already arrived in Hong Kong, many with their families.           The schemes are popular among our friends from the UK, I’m glad to add. Some 4 100 of these approved applicants are UK nationals. That’s a blessing. For our new Top Talent Pass Scheme, which targets graduates from the world’s best universities and high-income earners, about 7 per cent of the admitted top graduates are from British universities.           And our Working Holiday Scheme with the UK, which celebrates its 10th anniversary this year, has also strengthened our youth ties. At last count, nearly 11 000 young people from Hong Kong and the UK have been granted visas to work, while holidaying, in each other’s places over the past decade.           More than our people-to-people bond, the young and talented professionals joining Hong Kong will boost our labour force. Good news for the economy. For business. For you as well.           Getting, and keeping, talent is, of course, a work in progress, as is the Hong Kong economy. I’ll have more to say on that, and much more, next month, in my annual Policy Address.           And my thanks to BritCham for its Policy Address submission, which I received in early August. I am grateful for your considered thoughts on how Hong Kong can boost its standing as an international trade and finance centre, how we can build our technology and innovation capabilities, take our place as an international talent hub and a good deal more.           I look forward to your continuing co-operation – the excellent work your Chamber is doing for our economy and our community.           On our community, I understand a cheering section from the Chamber will be in London for the upcoming Hong Kong Dinner. This annual gathering is one of the many deep-rooted traditions that have long defined, and distinguished, the abiding ties between our two economies and peoples.           Ladies and gentlemen, I wish you the best of business, health and happiness in the coming year. And, for those of you flying off to London this week, I wish you a memorable Hong Kong Dinner, brimful of the good stories of Hong Kong, a global powerhouse city.           Thank you.

     
    Ends/Tuesday, September 24, 2024Issued at HKT 17:36

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    MIL OSI Asia Pacific News

  • MIL-OSI Economics: New White Paper on Experience Monetization with Intelligent Core Network

    Source: Huawei

    Headline: New White Paper on Experience Monetization with Intelligent Core Network

    [Dubai, the United Arab Emirates, September 10, 2024] GlobalData, a renowned consulting firm, has just released a thought-provoking white paper titled Intelligent Core Network: Starting a New Chapter in Experience Monetization, in collaboration with Huawei and a global coalition of leading operators including AIS in Thailand, Cell C in South Africa, China Mobile, du in the UAE, the e& group, and Turkcell in Türkiye. This insightful report sheds light on the challenges operators face under traditional traffic monetization models and makes a compelling case for harnessing intelligence technologies to deliver tailored experiences that cater to users’ diverse needs. It can be used as a roadmap for transforming operators’ business models from traffic-based to experience-driven, so as to unlock new avenues for growth.
    White paper release ceremony

    The widespread adoption of traditional traffic-based operation models has led to a homogenization of services, making it harder than ever for operators to stand out in a crowded market. The rise of OTT players has further intensified competition, leading to declining revenue growth for operators and a pressing need for new growth opportunities. However, as mobile networks continue to evolve at a tremendous rate, traditional network architectures are unable to keep up with the diversification of users’ service requirements. This is where the concept of experience monetization comes in. It is a game-changing idea that enables operators to transform their business models and unlock new revenue streams. By providing personalized and differentiated services, operators can take advantage of their network capabilities to meet users’ diverse needs while also offering tailored pricing models. This innovative approach not only elevates the user experience but also creates new opportunities for revenue growth.
    Conventional network operations are often hindered by four key breakpoints: unclear target users and services, inaccurate and untimely experience perception, slow and imprecise strategy optimization, and lack of user awareness of experience assurance. Experience monetization offers a solution to these challenges by leveraging intelligence technologies and the Network Data Analytics Function (NWDAF) to facilitate data analysis and intelligent decision-making. By combining these capabilities, operators can achieve closed-loop management of service awareness, experience optimization, and operations, ultimately leading to better user experiences and improved business outcomes.
    Today, forward-thinking operators are actively exploring new experience monetization models to boost their bottom line and stay ahead of the competition. Delving into the best practices of multiple operators in China, Asia Pacific, and the Middle East, the white paper highlights the success of differentiated experience payment models in areas such as video, live streaming, and gaming. These innovative approaches have yielded significant returns. Yet while the industry is witnessing a growing trend in experience monetization, there remains substantial market potential waiting to be tapped.
    The release of this white paper provides operators with a roadmap for better navigating the intelligent era and driving their growth forward.
    The white paper is available at: https://www.verdict.co.uk/downloads/whitepapers/data/intelligent-5g-core-starting-a-new-chapter-in-experience-monetization/#globaldata-technology

    MIL OSI Economics

  • MIL-OSI Economics: New White Paper on Experience Monetization with Intelligent Core Network Sep 24, 2024

    Source: Huawei

    Headline: New White Paper on Experience Monetization with Intelligent Core Network
    Sep 24, 2024

    [Dubai, the United Arab Emirates, September 10, 2024] GlobalData, a renowned consulting firm, has just released a thought-provoking white paper titled Intelligent Core Network: Starting a New Chapter in Experience Monetization, in collaboration with Huawei and a global coalition of leading operators including AIS in Thailand, Cell C in South Africa, China Mobile, du in the UAE, the e& group, and Turkcell in Türkiye. This insightful report sheds light on the challenges operators face under traditional traffic monetization models and makes a compelling case for harnessing intelligence technologies to deliver tailored experiences that cater to users’ diverse needs. It can be used as a roadmap for transforming operators’ business models from traffic-based to experience-driven, so as to unlock new avenues for growth.
    White paper release ceremony

    The widespread adoption of traditional traffic-based operation models has led to a homogenization of services, making it harder than ever for operators to stand out in a crowded market. The rise of OTT players has further intensified competition, leading to declining revenue growth for operators and a pressing need for new growth opportunities. However, as mobile networks continue to evolve at a tremendous rate, traditional network architectures are unable to keep up with the diversification of users’ service requirements. This is where the concept of experience monetization comes in. It is a game-changing idea that enables operators to transform their business models and unlock new revenue streams. By providing personalized and differentiated services, operators can take advantage of their network capabilities to meet users’ diverse needs while also offering tailored pricing models. This innovative approach not only elevates the user experience but also creates new opportunities for revenue growth.
    Conventional network operations are often hindered by four key breakpoints: unclear target users and services, inaccurate and untimely experience perception, slow and imprecise strategy optimization, and lack of user awareness of experience assurance. Experience monetization offers a solution to these challenges by leveraging intelligence technologies and the Network Data Analytics Function (NWDAF) to facilitate data analysis and intelligent decision-making. By combining these capabilities, operators can achieve closed-loop management of service awareness, experience optimization, and operations, ultimately leading to better user experiences and improved business outcomes.
    Today, forward-thinking operators are actively exploring new experience monetization models to boost their bottom line and stay ahead of the competition. Delving into the best practices of multiple operators in China, Asia Pacific, and the Middle East, the white paper highlights the success of differentiated experience payment models in areas such as video, live streaming, and gaming. These innovative approaches have yielded significant returns. Yet while the industry is witnessing a growing trend in experience monetization, there remains substantial market potential waiting to be tapped.
    The release of this white paper provides operators with a roadmap for better navigating the intelligent era and driving their growth forward.
    The white paper is available at: https://www.verdict.co.uk/downloads/whitepapers/data/intelligent-5g-core-starting-a-new-chapter-in-experience-monetization/#globaldata-technology

    MIL OSI Economics

  • MIL-OSI Banking: Derville Rowland: Change and challenges – responding to uncertainty, transforming for the future and driving innovation

    Source: Bank for International Settlements

    Good afternoon. Many thanks to AFME for the invitation to speak at this conference again this year. Today I will focus on the regulatory outlook for financial services in Europe and Ireland in the context of a rapidly changing, more uncertain and ever challenging world.

    The old adage, attributed to Harold Wilson, that “a week is a long time in politics” is equally applicable in many walks of life – but it has often been the case in financial markets. The last period has been no different and week to week we have seen things change rapidly. At the start of August we saw a turbulent trading period following fears of an imminent US recession. More recently, we have seen markets respond to the Fed’s half-point interest rate reduction and the Bank of England and Bank of Japan hold rates steady.  While conditions have improved since, significant downside risks remain.

    In particular, geo-political events remain potential sources of fragility over the coming months, including uncertainty around electoral outcomes, continuing conflict in the middle-east and Ukraine, turbulent economic conditions. Closely linked to the issue of geopolitical tensions, there is now heightened focus on the centrality of cyber risk and operational resilience. The Crowdstrike cyber incident in July, while contained early and brought under control, caused significant disruption and highlighted the fragilities in the system. Cyber risk, and the link to geopolitical tensions, has been flagged by ESMA, EBA and EIOPA and are increasingly recognised as a significant and likely risk by regulated firms. Positively, we have also seen the European Supervisory Authorities (ESAs) and the EU Agency for Cybersecurity announce the signing of a multilateral MoU to strengthen their cooperation and information exchange on cybersecurity risk in the financial sector.  In light of heightened cyber risks, the importance of operational resilience remains paramount. The implementation of the Digital Operational Resilience Act (DORA) remains a key focus for regulators and firms. Digital operational resilience is a fundamental underpinning of a resilient and well-functioning financial system supporting the economy and serving the needs of citizens.  That said, ensuring proportionality has been a central focus of the work to develop the DORA framework. This is an important requirement of all regulation, but is certainly the case with DORA given it is cross-sectoral and applies to almost all financial firms. As implementation work progresses, it will be important for authorities to be mindful of ensuring that smaller firms, in particular, are not disproportionately burdened by the same requirements as larger institutions.

    In Europe, we have seen significant institutional change as European Commission President Ursula von der Leyen takes up her second term in office and the process is underway to appoint new Commissioners. The broad parameters of the forthcoming European legislative and regulatory agenda have been signalled.  International competitiveness remains at the centre of the Commission’s programme, as we have seen from the recent Draghi and Letta reports. It seems likely that there will be a continued focus on reducing and simplifying existing EU law. That is an approach which all policy makers, including national authorities and the European Supervisory Authorities, should be mindful of. However, effective regulation which safeguards consumers, fosters market integrity and supports resilience is key to supporting financial stability. Financial stability and the resilience of the financial sector are prerequisites for sustainable economic growth and promoting competitiveness. In a drive to streamline regulation we must not lose sight of this. It is important to retain the outcomes achieved via legislative and regulatory initiatives enacted since the great financial crisis.

    At the centre of policy makers thinking is the need to finance the EU’s ambitious policy agenda. A significant challenge facing Europe is to secure the public and private finance for the economic and other programmes, including the digital transformation and green deal. At the centre of this is the concept of a Savings and Investment Union, building on the progress made under the Capital Markets Union agenda. In April, Commission President Ursula von der Leyen summed this up by saying that “European start-ups should not need to look at the US or Asia to finance their expansion. They must find what they need to grow right here in Europe. We need a deep and liquid capital market. And we need a competition policy that supports companies to scale up. Europe must be the home of opportunity and innovation.”

    There is much still to determine – including the level of ambition for this Savings Union and whether it should be a top-down exercise or if the lead should be taken at a Member State level.  But I suspect, like most things, the answer is likely somewhere in the middle.  While details remain to be worked out, the Letta and Draghi reports likely set out the broad roadmap for how this may be pursued. That said, there will be a need to radically prioritise. Implementing the Letta report alone would require a number of new legislative proposals, in addition to legislative reviews already committed to and implementation work that is required following the last Commission term.

    As the Draghi report outlines, Europe must refocus its collective efforts on closing the innovation gap with the US and China, especially in advanced technologies. This is important for many reasons, including that faster innovation will, in turn, help raise the EU’s productivity growth, leading to stronger growth in household incomes and stronger domestic demand. At the Central Bank of Ireland, we recognise the many potential benefits and opportunities that new technologies bring to financial services and consumers in Ireland and in Europe. It is important that these benefits can be realised, whilst also ensuring that the risks are well understood and managed. Regulation plays a crucial role in the safe, and therefore enduring, adoption of innovation into the system.

    Innovation has brought in new entrants, new products and new ways of serving customers and the economy. As a result, technological innovation continues to be a focus for the Central Bank. This is one of the reasons why we have enhanced our innovation facilities – with the establishment of an innovation sandbox programme which is due to commence for the first time later this year  – so that we can continue to engage, learn and develop a deeper understanding of the ecosystem, the opportunities, the benefits and the risks. Our goal is not to remain stagnant but to evolve and iterate so that we continue to regulate and supervise effectively.

    Recent years have seen tremendous innovations in financial services. Amongst the most notable have been the development of blockchain-based technologies. We can see the many areas where the blockchain has significant potential to bring about positive change, even transformation, in how we do things. Whether this be tokenisation of investment products or improvements in post-trade infrastructure and interoperability, there are important positive stories to tell.

    The European Commission’s 2020 digital finance package has set Europe up well to take advantage of these developments. The package reflected the EU’s ambition to embrace a digital transition, to help modernise the European economy across sectors, and to turn Europe into a global digital player. Almost 4 years later, we are about to implement the Markets in Crypto-Asset Regulation, or MiCAR.

    This is an important step forward in the regulation of crypto activities in Europe while also leading the way on the regulation of the crypto sector globally.  The potential for crypto and blockchain to build financial inclusivity or democratise finance has long been a theme of discussion in the sector. Crypto enthusiasts speak readily to how crypto and blockchain technologies, paired with global internet access, can provide easy and immediate access to people across the world to financial services and achieve a level of financial inclusivity that the traditional financial services cannot. While this is an exciting prospect, it cannot be achieved without guardrails. For the first time, MiCAR will introduce a harmonised regulatory framework for the sector that introduces prudential and conduct obligations for issuers of e-money tokens, asset-referenced tokens, and for crypto-asset service providers. There are also obligations for offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens.

    There are two priorities I would signal with respect to MiCAR implementation. Firstly, we are working closely with our EU Peers and the ESAs to ensure the necessary coordination and consistency across Europe. The ESAs are, correctly, focused on driving a convergent approach to the implementation of MiCAR in national authorities authorisation and supervision processes. We see this as highly important work. MiCAR, being a first attempt at regulation in this area, is an important opportunity to avoid divergent approaches emerging in different jurisdictions.

    Secondly, over recent years, we have been working to continually improve our authorisation process. Through engagement with industry, other public bodies and applicants, we have sought to better explain our expectations, resulting in increased clarity and predictability. Better risk assessment, better communication and better supervisory outcomes have been the output of that work. We have produced new publications, enhanced our internal processes and responded to the changes in the authorisation landscape, including the increase in the number of complex applications. Under MiCAR, you can expect our approach of continuous improvement to continue.

    Innovation and new technologies can play an increasingly important role in facilitating retail investors participating in capital markets. As we shortly approach IOSCO’s World Investor Week, which is a global campaign to raise awareness of the importance of investor education and protection, it is timely for regulatory authorities and policy makers to take stock and redouble our efforts to support investor education, investor protection and financial literacy.

    Protecting consumers is at the heart of what we do at the Central Bank. We know that consumers who are well-informed and understand financial products and services are better placed to make good financial decisions and to look after their interests. These consumers are less likely to be vulnerable to harm from firms that are not securing their interests, and they are less vulnerable to frauds and scams. This is why high levels of financial literacy empower consumers to make effective and informed choices to safeguard their financial well-being. Irish authorities are currently in the process of developing a national Financial Literacy Strategy for Ireland, something which we at the Central Bank strongly support.

    Ireland’s financial sector has an important role to play in supporting the Savings and Investment Union and providing opportunities for retail investors to participate in capital markets. The sector has demonstrated high levels of resilience while continuing provide critical services to households and business in Ireland and abroad. As with the European economy as a whole, over the last decade, the Irish financial services sector has also continued evolve, in terms of its size, complexity and international connectedness. These developments are, of course, a positive for Ireland, and positive for their contribution to European financial markets. We of course must be mindful that an expanding and more complex financial sector may poses risks that need to be managed. This reinforces the importance of effective regulation and supervision – to maintain financial stability and to protect consumers and investors, both within Ireland, Europe and globally.

    As I mentioned earlier, we recognise that we too must change to keep pace with the changing world. I would like to finish by outlining some of the work we are doing in this regard.

    As you will be aware, we have introduced the Individual Accountability Framework (IAF). The IAF is all about helping underpin sound governance across the financial sector by setting out clearly what is expected of well-run firms. For both firms and the regulator it should be seen as a complement to the wider focus on governance, culture and behaviour. For the Central Bank our hope is that along with wider efforts, the IAF will help make firms take more ownership and responsibility for running their business and addressing any risks or deficiencies they may have. In an increasingly technological and rapidly changing world, the need for effective governance underpinned by a strong ethical culture and robust systems of delivery is becoming more and more essential.

    We are also transforming our supervisory approach – to ensure consumers of financial services are protected in all respects in this changing and increasingly complex environment. Building on the strong foundations of our current approach to supervision, we are moving to an integrated supervisory framework where directorates with oversight of banks, insurance companies and capital markets will be responsible for the supervision of all the functions in their respective sectors. Our approach will continue to be risk-based; but the new framework will ensure we are more efficient and effective in our supervisory work. It will make it easier to direct our supervisory resources to the areas of most risk to consumers or the system. Importantly, it will also place consumer and investor protection at the heart of day to day supervision. This change will maximise the benefit of our integrated mandate – enabling us to continue to deliver on our mission and ensure the financial system operates in the best interests of consumers and the wider economy.  These changes are not just important; they are necessary – so that in a changing world we continue to deliver in the public interest.

    Conclusion

    The EU will also need to take a number of very important decisions in the coming years, especially in terms of what elements of the legislative and regulatory agenda to prioritise, the level of ambition to apply in harnessing the EU’s investment potential, and how to navigate geo-political tensions. All of these – to different degrees – will have an impact on financial markets and firms. The speed of these developments – and their potential to cause ripple effects – will not decrease. And so the onus is on us – firms and regulatory authorities alike – to increasingly evolve our approach, innovate and prepare for what the future may hold.

    Thank you.

    MIL OSI Global Banks

  • MIL-OSI Banking: WTO advanced course on trade in services concludes in Geneva

    Source: WTO

    Headline: WTO advanced course on trade in services concludes in Geneva

    The LDCs participating in the course were Bangladesh, Madagascar, Lao People’s Democratic Republic, Nepal, Tanzania, The Gambia and Zambia. The acceding country was Bhutan. The full list of participating economies is available here.
    Over five days, participants engaged in an intensive curriculum designed to deepen their understanding of the WTO’s General Agreement on Trade in Services (GATS). The course covered the economic importance of services trade, domestic regulation, the impact of digital trade on economies’ trade performance, investment facilitation and environmental services. Participants were also able to analyze and formulate effective trade policies by gaining hands-on experience with analytical tools like the I-TIP database and services trade statistics.
    The programme included a mix of presentations, practical exercises and in-depth discussions on emerging trade in services issues. Participants were particularly engaged in sessions on the latest developments in digital trade and the regulatory challenges associated with services trade. Interactive sessions allowed participants to apply their know-how to real-case scenarios, reinforcing their capacity to navigate complex trade issues.
    Upon completing the course, Mr Hugo Ibarra said: “In my work at the Undersecretariat of Economic Affairs, which reports to Chile’s Ministry of Foreign Affairs, I am frequently in contact with the WTO for notifications of trade policies and other issues linked to the fulfilment of Chile’s WTO commitments. I also regularly refer to the GATS in our negotiation process for trade agreements. For these reasons, this type of course plays a very important role in our daily work.”
    Mr Kutubo Jarju, a participant from The Gambia’s Ministry of Trade, Industry, Regional Integration and Employment, said: “As a trade professional engaged in multilateral and regional trade negotiations, my primary expectation from this advanced course was to significantly deepen my expertise in the evolving services trade landscape. The course provided me with an enriched understanding of the current issues, challenges and opportunities of services trade, particularly in the context of global and regional agreements.”
    Ms Lavita Chan from Hong Kong, China’s Trade and Industry Department said: “I highly recommend the Advanced Trade in Services Course for government officials with services negotiation background and experience. Needless to say, the course contents were wide ranging, informative, up-to-date and inspirational. I was particularly impressed by the participants’ enthusiasm in sharing their points of view and domestic experience while the case studies and examples helped enrich our understanding and clarify complicated concepts. The participant-led reviews every morning were a very useful way to consolidate everything we learned and to promote teamwork.”
    The course was organized jointly by the WTO Trade in Services Division and the Institute for Training and Technical Cooperation.
    List of participants
    ARGENTINA
    Ms Estefania Donna
    BAHRAIN
    Ms Meead Alansari
    BANGLADESH
    Mr Saif Uddin Ahammad
    BHUTAN
    Mr Choki Tshewang
    CABO VERDE
    Ms Ludmilde Filomena Celso Silva Fernandes Semedo
    CHILE
    Mr Hugo Ibarra
    CHINA
    Ms Yi WANG
    C�TE D’IVOIRE
    Ms Mariam Deme
    ECUADOR
    Ms Estefania Anais Mejia Ramos
    HONG KONG, CHINA
    Ms Mo Ying Chan
    JORDAN
    Mr Qusai Al-Tarawneh
    KENYA
    Ms Elizabeth Gathoni Miguda-Alila
    LAO PDR
    Mr Nongchith Khambounheuang
    MADAGASCAR
    Mr Fetra Herisoa Ramankirahina
    MOROCCO
    Mr Othmane Maktoum
    NICARAGUA
    Ms Yeseila Baca Cuadra
    PAKISTAN
    Ms Onsia Zafar
    PHILIPPINES
    Mr Anthony Aguirre
    REPUBLIC OF KOREA
    Ms Aeseon Kim
    SEYCHELLES
    Ms Demelza Tanisha Nathalie Valentin
    SRI LANKA
    Mr Premathilake Jayakody Batagolle Gedara
    SURINAME
    Ms Urtha Charlane Hoever
    CHINESE TAIPEI
    Ms Yun-Xuan Lin
    TANZANIA
    Ms Angelina Stephen Bwana
    THE GAMBIA
    Mr Kutubo Jarju
    TUNISIA
    Ms Noura Ben Mohamed
    UKRAINE
    Mr Vitaliy Kunatenko
    ZAMBIA
    Ms Mbewe Chikondi

    Share

    MIL OSI Global Banks

  • MIL-OSI Banking: Joachim Nagel: Why do we need Europe?

    Source: Bank for International Settlements

    Check against delivery 

    1 Global challenges need global answers

    We are living in a period of significant change. Many distinct forces are contributing to this change. Examples here include global warming and the switch towards carbon-free energy, progress in digitalisation and AI, as well as geo-economic factors and demographic developments.

    What do all the changes I’ve mentioned have in common? They affect humanity at the global level. It therefore does not seem useful to limit one’s attention to national solutions. That said, the European elections have shown us that many voters backed parties calling for greater national sovereignty or even nationalism – as well as less Europe. The Brexit referendum, eight years ago, can be seen as an example of this trend. As, too, can the recent German regional elections.

    Why is this? Global changes often lead to global challenges, and sometimes to global crises. This means a lot of complexity. Those who are in charge are responsible for properly explaining this complexity. If we don’t assume this responsibility, simple political messages may trump complex ones. And there is no doubt that politics at the European level are complex. Just think of the legislative process behind the new Corporate Sustainability Due Diligence Directive – a directive that sets rules for firms to mitigate their negative impact on human rights and the environment. Or the slow progress that has been made regarding the capital markets union – a topic I will return to later.

    However, as the current major challenges are global in nature, national responses alone will not resolve them. Action is needed on a global scale. Take the pandemic, for example. Overcoming this required unprecedented vaccine research, large-scale production and global distribution. Or consider the climate crisis. While Germany can lead by example in terms of decarbonising its economy, it cannot solve the climate crisis alone. As for European countries, this means that we have to work on European responses to the current challenges. This holds true for Germany, too – despite it being one of the largest economies in the world. Germany should see itself as part of a wider European team – a team that can provide greater stability given the current geopolitical risks. Take the increasing global trade restrictions, for example. Between the two main global players, the United States and China, only a unified European approach stands a chance of defending European interests. This view is shared by almost three-quarters of Europeans surveyed at the beginning of this year.1

    2 Europe is not a weak spot – it is a source of strength

    It is true that open democratic societies tend to have complex and cumbersome decision-making processes. The more fragmented the political landscape, the more difficult it becomes. This already holds for the national level – as can currently be seen in the case of France and Germany. At the European level, complexity is even greater. There, agreeing on a compromise is like an art in itself. However, democratic decision-making processes have one great benefit. They integrate the diverse interests and preferences of the people.

    In fact, a significant majority of EU citizens are satisfied with the way democracy works in the EU.2 And the share of people who have a positive image of Europe is nearly twice as big as the share of people who have a negative one.3 This might well reflect an observation made by the Spanish philosopher José Ortega y Gasset at the beginning of the last century. He noted that four-fifths of our intellectual property stem from our common European heritage.4 People seem to have a good understanding of what “European” means: the common ground of our liberal, democratic societies and the intellectual achievements we have made.

    Once we realise these strengths of Europe, we can use them to move forward, to manage the changes I mentioned at the outset of my speech. Europe does not have an analytical deficit, but a deficit in taking action. For example: A deeper single market could help seize the opportunities of digitalisation more fully. And a unified European approach to decarbonisation could serve as an example and help the formation of larger climate clubs. These clubs derive mutual benefits from sharing the costs of producing less CO2-emissions. The members of such a voluntary club have incentives to adhere to its rules as long as the gains from the club are sufficiently large.5

    3 What it will take to move forward

    And what will it take to move forward? As President of the Bundesbank and as a member of the Governing Council of the European Central Bank, I am doing all I can within my remit. First and foremost, I am striving to restore price stability. This is because price stability is a crucial requirement for economic development and for the welfare of our societies. And I am also supporting measures that help Europe to act. It is in this context that I return to the topic of the capital markets union. The capital markets union can be an important means of providing companies with the necessary funding to manage change. This includes funding for new scientific knowledge and for innovations to help us thrive in our future environment. Europe is relatively good at research.6 And research is a crucial basis for innovation. However, a lack of available capital often prevents young innovative companies from growing. A key reason is that capital markets in Europe are still highly fragmented and rather underdeveloped compared to those in the United States, for example. Although market structures are not fully comparable, venture capital investment may serve as an example here. Relative to GDP, its size in European countries is less than one-tenth the size in the US.7 A European capital markets union would give firms better access to risk capital in Europe – notably young firms in their start-up and scale-up phase, and it would provide better exit options. By mobilising more private capital, the capital markets union could improve opportunities for economic growth. And it could foster much needed investments in Europe’s digital and sustainability transformation.

    It is a real challenge to make progress at the European level and in the 27 Member States on the legal initiatives necessary to realise the capital markets union. But if we agree that the changes we see are global in nature, then we should not try to deal with them at the national level. We should strive for multilateral solutions. Here in Europe, the European Union provides a wonderful opportunity to find common approaches that many around the world can subsequently gather behind.

    I am optimistic that the new European Commission will build momentum to move forward – not least with respect to the capital markets union, which was recently given fresh impetus by Member States’ political leaders. We have the potential to rejuvenate the European idea. A thriving research and innovation ecosystem will support that goal – with stable prices, sufficient financing opportunities and steady growth. Let us all do what we can to strengthen Europe at the current juncture. 


    MIL OSI Global Banks

  • MIL-OSI Submissions: China: Re-detention of activist Zhang Zhan highlights Beijing’s intolerance of dissent – Amnesty International

    Source: Amnesty International

    Chinese authorities must end their persecution of the citizen journalist Zhang Zhan, Amnesty International said after the activist was re-detained less than four months after being freed from prison.

    Zhang Zhan, who is being held at the Pudong New District Detention Centre in Shanghai, appears to have been targeted because she has continued to advocate for human rights since her release from jail on 13 May.

    “The depressingly predictable re-detention of Zhang Zhan is the culmination of the government’s ongoing campaign of harassment against her, even after she was ‘freed’ from prison. Since being released, Zhang has been subjected to surveillance that has intensified over the past month,” Amnesty International’s China Director, Sarah Brooks, said.

    “This latest detention underscores the Chinese authorities’ intractable intolerance of dissent and of Zhang Zhan herself, who despite being unjustly jailed has continued to raise her voice in solidarity with other human rights activists since being released. She has been re-detained because she refused to be silenced.”

    Following her release in May, Zhang Zhan expressed concern that her online speech was being monitored by authorities.

    According to information received by Amnesty International, she was regularly and repeatedly taken in for police questioning over the past month, with some interrogations lasting over 10 hours.

    In late August, it was reported that she traveled from Shanghai to the northwestern province of Gansu to show solidarity with other human rights defenders. Shortly thereafter, during a visit to her hometown in Shaanxi, she suddenly became unreachable; civil society reported that she had been taken into custody by police from Shanghai, well over 1000km away.

    “On 2 September, Zhang Zhan marked her 41st birthday – her first since being released. Yet instead of celebrating this hard-won reunion with her family, she has spent her fifth successive birthday deprived of liberty,” Sarah Brooks said.

    “We urge the Chinese authorities to immediately and unconditionally release Zhang Zhan and ensure that she is granted full freedom and protection from any form of surveillance or harassment.”

    Background

    Zhang Zhan is a Chinese citizen journalist was who jailed for reporting on the early days of the Covid-19 pandemic in Wuhan.

    A former lawyer, she travelled to Wuhan in February 2020 to provide on-the-ground information about what was happening there. She posted on social media about how government officials had detained independent reporters and harassed families of Covid-19 patients.

    She went missing in Wuhan in May 2020. It later emerged that she had been taken by the Chinese authorities and detained in Shanghai, where she was convicted of “picking quarrels and provoking trouble” after a sham trial.

    On 13 May of this year, after completing a four-year prison sentence, Zhang Zhan was released. However, since her release, she has been subjected to strict surveillance and continuous harassment by the authorities.

    MIL OSI – Submitted News

  • MIL-OSI Submissions: Hong Kong: Government must show progress on same-sex partnership legislation after landmark ruling – Amnesty International

    Source: Amnesty International

    Government has one year left to deliver alternative legal framework for same-sex couples
    Same-sex couples in Hong Kong currently denied numerous rights enjoyed by heterosexual couples

    One year after a landmark ruling on LGBTI rights in Hong Kong, authorities should provide a progress update on their plans to recognize same-sex partnerships in the city, Amnesty International said today.

    On 5 September 2023, Hong Kong’s Court of Final Appeal ruled that the government had a constitutional duty to provide an alternative legal framework for same-sex partnerships to be recognized, setting a two-year deadline for its establishment.

    While the decision fell short of requiring marriage equality, it did establish a new benchmark for improving rights and recognition irrespective of sexual orientation.

    “One year since this memorable legal victory for LGBTI people in Hong Kong, we urge the government to provide an update on its plans to act on the Court’s judgment. The government has one year left to comply with the decision, but in the meantime equality is being denied on a daily basis,” Amnesty International’s China Director Sarah Brooks said.

    “The government must heed their own courts’ call to ensure same-sex relationships in Hong Kong are recognized equally – and on the same basis and with the same rights and protections – as those of opposite-sex couples.”

    Hong Kong law does not currently recognize same-sex relationships, with same-sex couples not allowed to marry or enter into any form of registered civil partnership.

    Same sex couples are therefore prevented from enjoying the rights held by opposite-sex couples (with some exceptions if they married overseas*). Examples can be found in almost every aspect of life.

    Currently, individuals in same-sex relationships:

    Cannot jointly adopt children
    Cannot access assisted reproductive technologies
    Cannot inherit their deceased partner’s estate without a will*
    Cannot apply for public housing as an “ordinary family”*
    Cannot enjoy the potential benefits of filing income taxes jointly*
    Cannot extend medical benefits to their same-sex partner if they are employed by the government*
    Cannot object to the removal of their deceased partner’s organs for medical research or education
    Cannot receive immediate notification if their partner dies in prison
    Are not protected against less favourable treatment by their employer as a result of caring for a terminally ill partner.

    “The absence of a legal framework for same-sex partnerships in Hong Kong means couples face structural discrimination. It is time for the Hong Kong government to provide a transparent update on progress on this framework, including how much of it has been drafted, how they are consulting LGBTI people, and when it will be submitted to the city’s Legislative Council for discussion,” Sarah Brooks said.

    “Time is ticking. This one-year anniversary should be the impetus for accelerating the government’s work to comply with the Court’s ruling; to review and overhaul laws, policies and practices that discriminate based on sexual orientation, gender identity and intersex status, and to uphold its rights obligations to all, however they identify and whomever they love.”

    Background

    On 5 September 2023, Hong Kong’s Court of Final Appeal handed a partial victory to Lesbian, Gay, Bisexual, Transgender and Intersex (LGBTI) activist Jimmy Sham. The Court set a two-year timeline for the government to provide an alternative framework for same-sex partnerships, meaning the process must be complete by 5 September 2025.

    Sham, who married his partner in the USA in 2013, began his campaign for Hong Kong to recognize same-sex marriages performed overseas in 2018, arguing that the current laws in place are unconstitutional.

    Currently, Hong Kong only legally recognizes “marriage” as being between a man and a woman and does not recognize same-sex marriage or civil partnership or any other form of legal union.

    The authorities have not taken sufficient steps to combat discrimination against LGBTI persons more broadly, despite a clear recommendation arising from the 2022 review of Hong Kong by the UN’s Human Rights Committee, tasked with monitoring the government’s implementation of obligations under the International Covenant on Civil and Political Rights.

    However, in recent years, the Court of Final Appeal and lower courts in Hong Kong have held the blanket denial of partnership rights for same-sex couples to be discriminatory, opening the door to limited progress such as accepting the right of some same-sex couples to spousal dependant visas, employment benefits, joint tax assessment and public housing.

    Amnesty International opposes discrimination in civil marriage laws on the basis of sexual orientation or gender identity and calls on states to recognise families of choice, across borders, where necessary.

    MIL OSI – Submitted News

  • MIL-OSI Submissions: Economy – GlobalData raises global economic growth projection for 2024 to 2.52%

    Source: GlobalData

    The global economy is navigating through a complex landscape marked by persistent geopolitical tensions. Nevertheless, easing inflationary pressure, central bank rate cuts (including by the ECB), and stronger consumer spending are mitigating these issues. 

    Against this backdrop, GlobalData, a leading data and analytics company, has revised the global economic growth forecast for 2024 to 2.52% in its Q3 2024 update, marking a slight increase of 0.05 percentage points (pp) from earlier projections in Q2 2024.

    In the “Global Macroeconomic Outlook – Q3 2024 Update,” GlobalData has revised economic growth projections for the Americas and Europe upward. The Americas’ forecast increased by 0.11 pp to 2.16%, driven by strong consumer spending, easing inflation, and rising real incomes. Increased private domestic business investments are also expected to support the region’s economic resilience. 

    Europe’s growth projection rose by 0.21 pp to 1.38%, supported by higher real disposable incomes from stable wage growth and lower inflation, along with the recent ECB rate cuts, which are expected to stimulate the economic activity.

    Conversely, forecasts for the Asia-Pacific (APAC) region and the Middle East & Africa (MEA) were reduced by 0.08 and 0.25 pps, respectively, to 2.59% and 3.57%. In MEA, the ongoing conflicts, oil market volatility, and shipping disruptions hinder the growth. For APAC, China’s economic slowdown, domestic challenges, and geopolitical tensions contributed to the downward revision.

    Arnab Nath, Associate Project Manager, Economic Research Team at GlobalData, comments: “The slight upward revision in the global growth forecasts for 2024 reflects cautious optimism amid persistent geopolitical tensions. The resilience of key economies, including the US, which witnessed economic growth of 3% on an annual basis in Q2 2024 up from 1.4% in Q1, and the Eurozone, which achieved its strongest expansion in over a year at 0.6% in Q2 2024, contributes to this positive outlook.

    “Gradual recoveries in the emerging markets will further bolster the projections. The major central banks, including the ECB, have commenced rate cuts, with the US Federal Reserve anticipated to follow suit, which may stimulate investments. However, central banks must tread carefully to avoid reigniting inflation or creating financial imbalance to ensure a balanced economic recovery.”

    GlobalData forecasts the global inflation rate to decrease from 5.8% in 2023 to 4.5% in 2024, with a further decline to 3.7% anticipated by 2025. In 2024, the inflation rate is expected to decrease in all regions: the Americas, excluding Argentina and Venezuela (dropping to 5% in 2024 from 7.5% in 2023), Asia-Pacific (decreasing to 5% from 6.9%), Europe (declining to 4.3% from 7.8%), and the Middle East and Africa (falling to 22.1% from 27%).

    Easing price pressure boosted the economic sentiment in major economies. According to GlobalData analysis using data from OECD, between January and June 2024, consumer and business confidence have risen considerably compared to the average of the previous six months in major economic groups, including the G20 and G7 countries. The rise in consumer confidence indicates robust consumer spending potential, which could bolster domestic demand and economic resilience.

    Meanwhile, global political shifts indicated by the 2024 election cycle will have economic implications, including changes in trade policies, regulatory frameworks, and market stability. Far-right gains in Europe could result in protectionist measures, affecting international trade.

    In South Korea and the UK, liberal victories may bring reforms that encourage foreign investment and market liberalization. Declining support for ruling parties in India and South Africa suggests potential instability, while voter dissatisfaction in Russia and Bangladesh signals economic uncertainty in these regions. These changes are likely to test global economic resilience.

    Nath concludes: “While global growth is expected to remain stable, varying regional dynamics and persistent risks from geopolitical tensions may significantly shape the economic outlook for 2024 and 2025, necessitating careful observation of policy shifts and market trends.”

    Notes

    Quotes provided by Arnab Nath, Associate Project Manager, Economic Research Team at GlobalData
    The information is based on GlobalData’s latest report: Global Macroeconomic Outlook – Q3 2024 Update (ref. https://www.globaldata.com/store/report/global-pestle-macroeconomic-analysis/?utm_source=cision&utm_medium=press%20release&utm_campaign=gd_press%20release_cision_bf_global%20economy_report )

    About GlobalData

    4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis, and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology, and professional services sectors.

    MIL OSI – Submitted News