Source: People’s Republic of China – State Council News
SHANGHAI, Nov. 4 — On Tuesday morning, the Chinese commercial hub of Shanghai will once again assume its role as the host for the newest edition of the globe’s first national-level exposition dedicated to imports.
Now, the China International Import Expo (CIIE) stands as a telling example of China’s steadfast opening up and an unmissable opportunity for foreign enterprises to tap into the Chinese market.
Despite challenges and uncertainties in the global economic landscape, over the past seven years, CIIE has steadily grown.
The first six editions of CIIE have generated a total intended transaction amount exceeding 420 billion U.S. dollars. Additionally, over 1,130 foreign enterprises and investment promotion organizations have conducted targeted connections across the country.
This year, the business exhibition will be held at the National Exhibition and Convention Center (Shanghai), covering more than 360,000 square meters — equivalent to 50 standard soccer fields — and hosting 3,496 exhibitors from 129 countries and regions.
Both the number of participating countries and exhibitors have surpassed previous records.
Notably, 297 exhibitors from Fortune Global 500 companies and industry leaders will attend, marking a historic high. Among all participants, 186 enterprises and institutions have achieved full attendance across all seven editions of the expo.
Besides, this year’s event is also commanding the attention of global journalism. More than 400 media outlets are participating in the coverage of this event, including 220 foreign media organizations.
China’s vast market has become one of the most attractive destinations for global players, with the CIIE serving as the “golden gateway” to this opportunity.
For the CIIE frequenter of Japanese cosmetics giant Shiseido, the event serves as a second-to-none magnet.
“Over the past years of participating in CIIE, we have seen firsthand just how influential the expo can be for our business,” said Toshinobu Umetsu, president and CEO of Shiseido China.
According to the company, visitors will be able to see over 30 new product debuts from 12 different brands in their portfolio.
Umetsu described the expo as a boon for their growth in China’s thriving market, noting that many new skincare technologies, brands, and products have gained substantial attention and recognition from consumers after being featured at CIIE.
“CIIE successfully transformed our ‘exhibits’ to ‘products,’” Umetsu added.
Seizing the opportunity, new participants are eager to try their luck. Among the trendsetters is Canadian sportswear magnate Lululemon.
“A digital innovation here is leading the world, quite frankly, in terms of adoption and opportunities,” said Calvin McDonald, CEO of Lululemon during an interview with Xinhua.
Impressed by the market’s speed, agility and resilience, McDonald said the opportunity to move fast and accomplish big initiatives in the market is incredibly exciting, seeing CIIE as a precious opportunity to bring awareness to the brand.
“In the dynamic and healthy market, we are learning not just how we drive and see success here,” he said, adding that what Lululemon learned from the Chinese mainland consumers and innovation can help their business in other markets as well.
After years of development, the CIIE has become a symbol of China’s new development pattern, a platform for high-level opening-up, and an international public good shared by the world.
At its third plenum, the 20th Central Committee of the Communist Party of China renewed the country’s commitment to the basic state policy of opening to the outside world and continuing to promote reform through opening up.
Serving as another fine example, China removed all market access restrictions for foreign investors in the manufacturing sector on Nov. 1, a landmark move made by the world’s second-largest economy as it opens its doors wider.
“Reflecting on the past six editions of the CIIE, ‘high-level opening up’ has been a consistent theme. The expo has continually showcased an image of an ‘open China’ that shares opportunities and future with the world,” said Wu Zhengping, deputy director general of the CIIE Bureau.
Data source: U.S. Energy Information Administration, Petroleum Supply Monthly; and the U.S. Census Bureau Note: Ethylene derivatives include high-density polyethylene (HDPE), low-density polyethylene (LDPE), ethylene vinyl acetate, polyvinyl chloride (PVC), and other polymers of ethylene not elsewhere specified or included.
U.S. exports of ethane and ethane-based petrochemicals reached an all-time high of 21.6 million metric tons (MMmt) in 2023, up 135% since the United States began exporting ethane in 2014 and 17% more than in 2022, according to data from the U.S. Census Bureau. The rapid expansion of U.S. ethane and ethane-based petrochemical exports has been fueled by the growth in domestic ethane production, which has increased with the country’s natural gas production and the buildout of export and production infrastructure.
Ethane is a natural gas liquid that’s primarily extracted from raw natural gas during processing. It’s mainly used as a feedstock for ethylene production, one of the most important building blocks in the petrochemical industry. Ethylene is a gas used to produce a wide range of products, including plastics, resins, and synthetic rubber.
All elements of the ethane value chain are produced in, consumed in, and exported from the United States, including ethane, ethylene, polyethylene, and other ethylene derivatives. We publish data on U.S. ethane production, exports, and product supplied (deliveries to domestic consumers); the U.S. Census Bureau publishes export data for ethane and ethane-derived products.
The volume of exports of U.S. ethane, ethylene, and various ethylene derivatives is affected by:
Availability of infrastructure necessary to move these products, which in some cases may require special handling such as cryogenic refrigeration
U.S. ethane exports
The United States started exporting ethane in 2014 via pipeline to petrochemical plants in Canada. In 2016, the United States began exporting ethane to countries in Europe from marine export terminals. U.S. ethane export capacity has increased since 2016 with the completion of two new pipelines and three more marine export terminals—Marcus Hook, Pennsylvania; Morgan’s Point, Texas; and Nederland, Texas. In addition, the number of destination countries continued to grow along with the fleet of specially built tankers.
Data source: U.S. Census Bureau
U.S. ethane exports increased to a record high of 3.0 MMmt in 2023, up 12% from 2022. In 2023, U.S. ethane was mostly exported to China, which accounted for 45% (1.4 MMmt) of U.S. ethane exports, followed by India (16%), Canada (14%), Norway (9%), and the United Kingdom (7%).
U.S. ethane exports to China increased fastest between 2022 and 2023, rising 35% last year. China’s Satellite Petrochemical has begun ethylene production at two new ethane crackers since 2021, which has increased domestic ethane demand in China. Ethane exports to Norway rose the second fastest, rising 32% to 288,000 metric tons in 2023. Other importers of U.S. ethane include Belgium, Brazil, Canada, Mexico, and Sweden.
Data source: Bloomberg L.P. Note: Ethylene feedstock margins account for coproduct credits, which mainly include propylene, butadiene, benzene, and xylene. Ethane feedstock advantage represents the relative profitability of ethane over naphtha.
Ethane’s high ethylene yields and cost advantages over naphtha in ethylene production have driven export volumes of ethane higher since 2014. Most petrochemical crackers have some flexibility in switching between ethane and naphtha as a feedstock, depending on the relative profitability of each feedstock. In the United States, cracking ethane to produce ethylene has historically generated higher profit margins compared with the margins from cracking naphtha, the most common feedstock in Western Europe and East Asia. Global petrochemical manufacturers looking to secure low-cost ethane feedstock to produce ethylene are developing new petrochemical crackers and associated infrastructure.
U.S. ethylene exports
Data source: U.S. Census Bureau
In the United States, ethane is heated in a steam cracker to break (crack) the ethane molecule to produce ethylene. Ethylene, like ethane, is exported in specialized tankers after being cryogenically cooled. The United States has two ethylene export terminals—Galena Park and Morgan’s Point—both located in Texas on the Houston Ship Channel.
Ethylene export volumes fell 9% from 2022 to 2023 to 1.1 MMmt. In 2023, 36 nations imported U.S. ethylene. China was the largest importer of ethylene from the United States in 2023, accounting for 38% (419,000 metric tons) of all exports. Belgium (19%), Indonesia (16%), Taiwan (6%), and France (5%) rounded out the top five.
As with ethane exports, China was also the fastest-growing destination for ethylene exports. In general, ethylene exports to Asia grew 77% from 2022 to 2023, while exports to Europe fell by more than 50% during the same period amid a weak macroeconomic environment.
U.S. ethylene prices remain at a discount to international prices on average, providing U.S. ethylene producers with a long-term cost advantage and resulting in expanded manufacturing capacity along the U.S. Gulf Coast.
U.S. ethylene-derivative exports
After ethylene is processed by a polymerization reactor or another production unit, petrochemical manufacturers can develop intermediate products such as:
Low-density polyethylene (LDPE): a thermoplastic used for more flexible plastic products such as dispensing bottles, plastic bags, and trays
High-density polyethylene (HDPE): a thermoplastic used for more rigid plastic products such as piping, water gallon jugs, cutting boards, and motor oil jugs
Ethylene alpha olefins: used for products such as flexible packaging, molding, and car applications
The United States exported ethylene derivatives to over 100 nations in 2023. Unlike ethane and ethylene, which require cryogenic cooling to turn them from a gas to a liquid, ethylene derivatives do not require special handling and can be exported or imported through any port or overland route capable of handling containerized traffic.
Data source: U.S. Census Bureau
Total U.S. ethylene-derivative exports grew 20% to 16.9 MMmt from 2022 to 2023, led by a 69% increase (2.2 MMmt) in exports to Asia. U.S. exports to Canada fell by 10% to 1.5 MMmt; exports to Mexico grew 3% to 2.4 MMmt in 2023. Until 2017, North American destinations, particularly Canada and Mexico, accounted for the largest share of U.S. polyethylene and other ethylene-derivative exports.
Canada and Mexico do not impose tariffs on exports of U.S. ethane-derived chemicals because of reciprocal free-trade agreements. These countries also benefit from proximity and being able to import these products over land at lower cost compared with waterborne imports. However, exports to overseas destinations have also grown since 2017, with the exception of 2021 when the global pandemic led to lower demand.
Principal contributors: Jordan Young, Josh Eiermann
Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The Federal Financial Supervisory Authority (BaFin) warns consumers about the website diamondwhale.pro. According to information available to BaFin, financial and investment services are being provided on this website without the required authorisation.
The website operator is simply referred to as “DiamondWhale”, and there is no information regarding its legal form. They give no specific business address.
BaFin has recently become aware of a number of websites with almost identical content and has also warned consumers about them. In each case, the website’s homepage displays the phrase: “Step Up Your Trading with [name of operator]“.
Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in database of companies.
Theinformation provided by BaFin is based on section 37 (4) of the German BankingAct (Kreditwesengesetz – KWG).
Please be aware:
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The Federal Financial Supervisory Authority (BaFin) warns consumers about the website diamondwhale.pro. According to information available to BaFin, financial and investment services are being provided on this website without the required authorisation.
The website operator is simply referred to as “DiamondWhale”, and there is no information regarding its legal form. They give no specific business address.
BaFin has recently become aware of a number of websites with almost identical content and has also warned consumers about them. In each case, the website’s homepage displays the phrase: “Step Up Your Trading with [name of operator]“.
Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in database of companies.
Theinformation provided by BaFin is based on section 37 (4) of the German BankingAct (Kreditwesengesetz – KWG).
Please be aware:
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The Federal Financial Supervisory Authority (BaFin) warns consumers about services offered by SafeTrades, London, UK, on its website safetrades.com. BaFin has information that the company is offering financial services without the required authorisation. The company does not provide its full company name or legal form.
Financial services may only be offered in Germany if the company providing these services has the necessary authorisation from BaFin to do this. However, some companies offer these services without the required authorisation. Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.
Theinformation provided by BaFin is based on section 37 (4) of the German BankingAct (Kreditwesengesetz – KWG).
Please be aware:
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The Federal Financial Supervisory Authority (BaFin) warns consumers about services offered by SafeTrades, London, UK, on its website safetrades.com. BaFin has information that the company is offering financial services without the required authorisation. The company does not provide its full company name or legal form.
Financial services may only be offered in Germany if the company providing these services has the necessary authorisation from BaFin to do this. However, some companies offer these services without the required authorisation. Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.
Theinformation provided by BaFin is based on section 37 (4) of the German BankingAct (Kreditwesengesetz – KWG).
Please be aware:
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
Source: World Trade Organization – WTO (video statements)
“Tracing the spirit of Marrakesh” begins its journey in Morocco, exploring the impact of trade and the World Trade Organization on people, communities, and small businesses worldwide. Hosted by the WTO’s Joo Eun Lee, this series shares real stories of how global trade has transformed lives over the past 30 years, highlighting economic growth, women’s empowerment, and sustainable development across diverse cultures.m
Source: The White House
The United States has deep economic ties to the Western Hemisphere. Through the Americas Partnership for Economic Prosperity, the Biden-Harris Administration’s premier economic initiative for the region, the United States is strengthening and expanding our efforts to enhance regional competitiveness by focusing on the drivers of bottom-up and middle-out economic growth that will create good-quality jobs and more resilient supply chains.
The Americas Partnership for Economic Prosperity (known as the Americas Partnership or APEP) launched at the Summit of the Americas in 2022, includes member countries that represent90 percent of the hemisphere’s GDP and nearly two-thirds of its people.
At the inaugural Leaders’ Summit on November 3, 2023, President Biden and leaders of the eleven other Americas Partnership countries—Barbados, Canada, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Mexico, Panama, Peru, and Uruguay—deepened our shared commitment to ahemisphere that is among the most dynamic economic regions in the world. During the past year, Ministers from the Trade, Foreign Affairs, and Finance tracks have met to set goals and develop priority workstreams to intensify regional economic cooperation. U.S. Trade Representative Katherine Tai, Secretary of State Antony Blinken, and Secretary of the Treasury Janet Yellen all hosted their Americas Partnership ministerial counterparts to drive inclusive sustainable growth and strengthen critical supply chains in semiconductors, medical supplies, and clean energy and critical minerals.
One year on, the initiative is delivering concrete results to improve the lives of people throughout the region while creating economic opportunities within the hemisphere. As National Security Advisor Jake Sullivan said at the Brookings Institutionthis year, “we’re working to make the Western Hemisphere a globally competitive supply chain hub for semiconductors, clean energy, and more.”
Since its launch, the Americas Partnership is:
Driving investment and expanded entrepreneurship by leading efforts to train an inclusive and diverse cohort of entrepreneurs and connect them with financing opportunities.
The Americas Partnership Investor Network was launched at a July 2024 White House meeting hosted by National Security Advisor Jake Sullivan. As part of the Network, a diverse group of angel and venture capital investors pledged to collectively invest more than $1 billion in early-stage companies and entrepreneurs in Latin America and the Caribbean by 2030. The Inter-American Development Bank’s innovation and venture arm, IDB Lab, contributed $300,000 toward implementation of this Investor Network by the Uruguay Innovation Hub and Endeavor, creating new opportunities for the region’s next generation of high-impact entrepreneurs.
The inaugural cohort of 46 impact enterprises from Colombia, Costa Rica, Mexico, and Panama graduated from USAID’s CATALYZE Americas Partnership Accelerator program, with the next cohort of 119 impact enterprises from Barbados, Chile, Costa Rica, Ecuador, Peru, and Uruguay in the training pipeline. The program’s work across 10 target countries has mobilized the first $1.5 million of the investment goal of at least $20 million in two years.
Canada’s AcelerarMe Program is providing training and mentoring to businesswomen in Colombia, Costa Rica, Ecuador, Panama, Peru, and Mexico, executed by the Thunderbird School of Global Management. The program aims to graduate an estimated 450 entrepreneurs by 2026. Already, two active cohorts have completed the majority ofthe training and four new cohorts will begin training in January 2025.
In 2024, Americas Partnership countries supported Small and Medium Enterprises (SMEs) through the Americas Partnership SME Inclusive Trade Inventory, including programs which assist micro-SMEs, that are owned and led by women, Indigenous persons, minorities, and those from historically underrepresented and underserved communities. This fall, Americas Partnership governments held a Best Practices Exchange to strengthen knowledge-sharing among APEP countries.
Advancing economic competitiveness and supply chain resilience for Americas Partnership economies.
The Department of State has driven inclusive and sustainable growth by providing up to $7 million to the IDB’s Biodiversity and Natural Capital Facility. This Fund for Nature is supporting Americas Partnership member countries with technical cooperation to mainstream climate, biodiversity, natural capital, and nature-based solutions into economic development plans and investments.
To bolster semiconductor production capabilities across the Western Hemisphere, the Department of State, in collaboration with the IDB, unveiled the CHIPS ITSI Western Hemisphere Semiconductor Initiative. This groundbreaking initiative, supported through the CHIPS Act International Technology Security and Innovation (ITSI) Fund, is enhancing semiconductor assembly, testing, and packaging capabilities in key Americas Partnership countries, beginning with Mexico, Panama, and Costa Rica. Under the initiative, Costa Rica, Panama, and the Dominican Republic signed MOUs with Arizona State and Purdue Universities to expand their skilled semiconductor workforce.
The U.S. International Development Finance Corporation (DFC) and IDB Invest have supported almost $2 billion worth of projects in APEP member countries over the past year. In addition, DFC and IDB Invest launched the Americas Partnership Platform to facilitate co-investments, and added a $30 million technical assistance facility to support new and existing projects under the Platform.
The Inter-American Development Bank delivered a “Phase I” report to Americas Partnership members in June 2024 to evaluate and enhance members’ competitiveness in the three priority supply chain sectors (semiconductors, medical supplies, and critical minerals). This report highlighted the scale of the nearshoring opportunity in our region, while identifying areas where targeted policy innovations and infrastructure improvements will attract additional investment. In the next stage, the IDB is engaging policymakers and other stakeholders throughout the region to develop concrete, country-specific policy recommendations in a set of “Phase II” reports.
Americas Partnership countries launched the Americas Partnership Clean Hydrogen Working Group, co-led by Chile, Uruguay, and the United States. Backed by the Department of State’s Power Sector Program, the Working Group seeks to ensure the Western Hemisphere is a global leader in clean hydrogen development and deployment as countries seek to meet their national clean energy and climate goals.
APEP countries have led a wide range of initiatives on key member priorities. For example, Ecuador and Peru have joined forces to promote sustainable food production. The Dominican Republic has led an effort to promote transparency and integrity in the public sector. Chile is spearheadingexpanded cooperation in civil and commercial space affairs. Supported by agencies like the U.S. Trade and Development Agency (USTDA), Americas Partnership countries are also aiming to improve regulatory systems and market access for essential medical products across the region.
In the year since the November 3, 2023 Leaders’ Summit, the Biden-Harris Administration has worked together with the members of the Americas Partnership for Economic Prosperity to take concrete steps towards fulfilling the hemispheric vision of economic prosperity for all of our citizens.
Source: People’s Republic of China – State Council News
SHANGHAI, Nov. 4 — Chinese Premier Li Qiang met with Kazakh Prime Minister Olzhas Bektenov in Shanghai on Monday, who is here to attend the 7th China International Import Expo.
Li said that since the establishment of diplomatic ties more than 30 years ago, China and Kazakhstan have always respected each other and treated each other as equals, setting a good example of good-neighborly friendship and mutual benefits between neighboring countries.
He said that China is ready to work with Kazakhstan to implement the important consensus reached by the two heads of state, deepen political mutual trust, firmly support each other on issues concerning each other’s core interests, continue to expand mutually beneficial cooperation and bring more benefits to the two peoples.
Li pointed out that China is willing to strengthen the docking of development strategies with Kazakhstan, take high-quality Belt and Road cooperation as the guide, continue to expand bilateral trade, consolidate production capacity and investment cooperation, create highlights in energy and mineral cooperation, enhance the level of connectivity and push for more practical results.
He called on the two countries to jointly work for the success of the Year of Chinese Tourism in Kazakhstan next year, strengthen cooperation in culture, education, sub-national and other fields, and enhance mutual understanding and amity between the two peoples.
China stands ready to coordinate closely with Kazakhstan within multilateral frameworks such as the United Nations, the Shanghai Cooperation Organization (SCO) and the China-Central Asia mechanism, actively implement the three global initiatives, practice genuine multilateralism, safeguard economic globalization and free trade, and promote the development of global governance toward a more just and equitable direction, Li said.
Noting that in recent years, under the strategic guidance of the two heads of state, Kazakhstan-China relations have reached a record high, Bektenov said Kazakhstan attaches great importance to its relations with China and is willing to further strengthen high-level exchanges with China, deepen cooperation on trade, investment, agriculture, transportation, science and technology, culture and education, and strengthen connectivity under the framework of Belt and Road cooperation.
Bektenov said Kazakhstan welcomes Chinese enterprises to invest in Kazakhstan and is willing to strengthen communication and cooperation with China within multilateral frameworks such as the SCO and the China-Central Asia mechanism.
Governor Phil Murphy, Lieutenant Governor Tahesha Way, and Congresswoman Bonnie Watson Coleman Launch New Jersey’s Commemoration of America’s 250th Anniversary Celebration
At Monmouth Battlefield State Park, Governor Phil Murphy, Lieutenant Governor Tahesha Way, and Congresswoman Bonnie Watson Coleman launched New Jersey’s celebration of the nation’s 250th anniversary, kicking off a multi-year schedule of events and projects that will take place through the nation’s semiquincentennial. As a leader in education, technology, AI, film, science, and more, New Jersey will celebrate its revolutionary legacy and its critical role in American history.
“New Jersey is not just home to revolutionary history—we are, to this day, the birthplace for revolutionary possibilities,” said Governor Murphy. “From our eclectic culinary landscape, to our leadership in emerging industries like clean-energy and generative Artificial Intelligence, to our steadfast reputation as one of the most diverse states in the nation, New Jersey is where the future is being built. As we launch New Jersey’s official Commemoration of America’s 250th Anniversary Celebration—and prepare to welcome in visitors from across the globe—we are going to unite together around our core, American values every step of the way.”
“Our nation’s rich and diverse history has unfolded over the last 250 years,” said Lieutenant Governor Tahesha Way. “In my role as Secretary of State, I oversee the New Jersey Historical Commission, and I am thrilled to celebrate our country’s layered history—much of which has roots here in New Jersey. This shared legacy reflects our resilience and strength as united Americans, standing together through generations.”
“The Battle of Monmouth was a vital turning point to winning our nation’s independence nearly 250 years ago. So much of the story of our nation’s founding took place right here in New Jersey,” said Congresswoman Bonnie Watson Coleman. “As a member of the Semiquincentennial Commission, I’m so excited to help New Jersey show the rest of the country why we’re known as the ‘Crossroads of the American Revolution.’”
The launch event included musical accompaniments by the Washington Crossing Fifes and Drums; a posting and retirement of the colors by reenactors of the Continental Army; the Pledge of Allegiance led by Ava Porta, a fifth grade student from Taylor Mills Elementary School in Manalapan; the National Anthem performed by Melissa Walker, an acclaimed jazz vocalist and recording artist from Montclair; and an essay read by Malay Gupta, an eighth grade student and first-place winner in America’s Field Trip scholastic contest at John Adams Middle School in Edison.
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Governor Murphy Joins NJ TRANSIT to Showcase Brand New Multilevel Rail Cars
Governor Phil Murphy and NJ TRANSIT President & CEO Kevin S. Corbett previewed the next generation of multilevel rail cars, modernizing the fleet which will significantly improve reliability, capacity and customer comfort. The latest generation of multilevel rail cars was unveiled at an event at NJ TRANSIT’s Meadows Maintenance Complex (MMC) in Kearny.
“Providing modern, reliable equipment is a critical component to improving New Jersey’s infrastructure, particularly with regard to public transit,” said Governor Phil Murphy. “These multilevel rail cars are equipped with innovative features that meet the everyday needs of our commuters. Upon their completion, these upgraded rail cars will expand access to reliable and comfortable transportation for NJ TRANSIT riders.”
“NJ TRANSIT is committed to improving every aspect of the customer journey, and the 174 new multilevel rail cars will help achieve that by significantly improving reliability, increasing capacity and enhancing the onboard experience,” said NJ TRANSIT President & CEO Kevin S. Corbett. “NJ TRANSIT is grateful to Governor Murphy, the New jersey legislators and our partners at the Federal Transit Administration (FTA) for delivering the necessary funding to ensure our system continues to meet the growing demands of our region, and the expectations of our customers.”
Governor Murphy and Corbett previewed the first of 174 Multilevel III cars during an event at the agency’s MMC in Kearny. They highlighted many of the new car’s amenities, including USB charging ports and onboard information displays. The new cars, manufactured by Alstom Transportation in Plattsburgh, NY, will offer a range of benefits over the older, 40+ year-old single level cars they will replace, including dramatic improvement in mechanical reliability. The vehicle maximum speed will increase to 110 miles per hour. The cars, which will begin entering service mid-next year, will be compliant with the latest federal regulations, including Positive Train Control.
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Governor Murphy Holds Roundtable Discussion on Expanding Access to Public Contracting Opportunities for Historically Marginalized Businesses
Governor Phil Murphy held a roundtable discussion where he met with legislators and stakeholders to gather input on potential legislative remedies and ongoing administrative initiatives to eliminate disparities in the public procurement process and create a more equitable business environment for Minority and Women-Owned Business Enterprises (MWBEs) in New Jersey.
The discussion follows the release of a comprehensive statewide disparity study earlier this year – the first since 2005 – which reviewed statewide procurement data relating to goods and services, professional services, and construction between 2015 and 2020, and found statistically significant disparities in the awarding of public contracts to MWBEs. The study was necessary so that the State had a legal basis for addressing these gaps. This discussion also follows a series of meetings over the past months led by the Governor’s Office and the Department of Treasury with community partners, faith leaders, labor, and diverse business chambers across the state.
“One of New Jersey’s best attributes has always been its vast diversity. Our state is home to people of so many different backgrounds, who all deserve the opportunity to succeed in their chosen field; however, lingering inequities continue to create barriers to entry for our minority and women-owned businesses that want to contract with our state government. This is unacceptable and, with the help of our lawmakers and business community, we will take action,” said Governor Murphy. “Today’s meeting underscores our steadfast commitment to building a stronger, fairer, more equitable, and more inclusive New Jersey. I look forward to continuing this conversation and working with our partners in the Legislature and our state’s business community to create a system where all businesses can thrive.”
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Governor Murphy Announces Creation of Economic Council
Governor Murphy signed an Executive Order establishing a new Economic Council, which will be supported by a newly established Development Coordination Committee. Under the executive order, the Economic Council will provide a regular forum for the business community and state government to discuss, collaborate, and solve issues important to the public and private sectors, and stimulate economic growth and prosperity. The new Development Coordination Committee will support the Council’s work in advancing development projects that require multiple state, county and local government approvals.
“The Economic Council will ensure that we continue to have a healthy collaboration between the business community and the state government,” said Governor Murphy. “Deepening our Administration’s strong relationship with various sectors across our state will stimulate growth within our economy. I look forward to the forum for ongoing dialogue, collaboration, and problem-solving to advance our shared economic goals.”
Since the beginning of the Murphy Administration, state officials have worked with legislative partners and industry stakeholders on policies to improve the role and function of the government in facilitating economic development. Since 2018, New Jersey has seen small businesses increase by over 40,000 or 19%, despite the effects of the global COVID-19 pandemic.
The Economic Council’s co-chairs will be Deputy Chief of Staff for Economic Growth Eric Brophy and Chief Executive Officer of the New Jersey Economic Development Authority Tim Sullivan. The co-chairs will designate representatives from industry to participate in working group discussions with the Council. Along with the co-chairs, the Council will also consist of the Governor’s Chief of Staff, Chief Counsel, Chief Policy Advisor, the State Treasurer; and the Executive Director of the Business Action Center, or their respective designees.
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Governors of New Jersey, Pennsylvania, Illinois, Maryland, and Delaware Issue Joint Letter to Grid Operator PJM
Governor Phil Murphy joined Pennsylvania Governor Josh Shapiro, Illinois Governor JB Pritzker, Maryland Governor Wes Moore, and Delaware Governor John Carney in issuing a letter to PJM Interconnection, the grid operator for New Jersey and the aforementioned states. The governors have called on PJM to take urgent action to address the increasing cost of electricity bills after the record-high prices coming out of the region’s capacity auction.
The letter addresses issues that impact the path to renewable energy goals, including market structure and the efficacy of the generator interconnection process. In the recent PJM capacity auction for the 2025/2026 Delivery Year, clearing prices surged to almost 10 times higher than the previous year, leaving residents and businesses with much higher bills. Serious flaws with the rules this auction contributed significantly to these unnecessarily high prices.
“PJM must take action now to address record high prices,” said Governor Murphy. “In New Jersey, we’re doing our part by bringing new resources to the market and making electricity more affordable for families and businesses as we look to a clean and resilient energy future. However, our grid operator must work in lockstep with the states and recognize that the market isn’t responding quickly enough due to current conditions of slow interconnection. I’m looking forward to working together to stop customers from facing unnecessarily high utility bills, along with facilitating the development of increased capacity and reliability, which will stimulate economic growth and limit the effects of climate change.”
Manitoba Government Releases Strategy to Secure Province’s Mineral Future
Responsible Mining, Opportunity Ready: Mineral Powerhouse Strategy Sets Path Forward to Spur Mineral Economic Growth: Moses, Bushie
The Manitoba government has released its Securing Our Critical Mineral Future strategy to stand up critical minerals projects faster, while respecting the environment and forming strong Indigenous partnerships, Economic Development, Investment, Trade and Natural Resources Minister Jamie Moses and Municipal and Northern Relations and Indigenous Economic Development Minister Ian Bushie announced today.
“This Critical Minerals Strategy will solidify Manitoba as a world leader in responsible mineral development – which in turn brings good jobs to Manitoba,” said Moses. “No matter the result of tomorrow’s US election, our strategy will ensure Manitoba is a secure and responsible trade partner for years to come.”
Home to 30 of 34 critical minerals identified by the federal government as critical for promoting green energy and sustainable economic success, Manitoba is positioned to supply the materials needed to power the North American low-carbon economy, noted Moses. The strategy aims to attract investment and create good jobs in Manitoba. Key actions include the creation of a dedicated, single window Critical Mineral Office, investments in high-priority regional infrastructure projects and the development of a provincial revenue-sharing model for mining in partnership with Indigenous nations.
“Indigenous and northern communities can be the backbone to a successful mining sector, setting those communities and the Manitoba economy on the best path forward,” said Bushie. “By taking a nation-to-nation approach, this strategy will unlock the benefits of critical minerals for Indigenous nations through healthy resource development. This strategy will ensure Indigenous Peoples’ voices are heard and that they receive fairer financial value within the resource sector in order to advance economic reconciliation.”
“Manitoba needs to get new mines brought online faster,” said John Morris, co-director, Mining Association of Manitoba Inc. (MAMI). “MAMI agrees that by streamlining policy and regulation, permitting will improve with the new single-desk Critical Minerals Office. MAMI looks forward to working with the Province of Manitoba as we develop many of the action items contained in this strategy.”
The Manitoba government will continue to engage with rights holders, communities and business as work on the action items from the strategy begins to be implemented, said Moses.
The Manitoba Critical Minerals Strategy is available at www.manitoba.ca/minerals.
Thousands of people are expected at the St Albans Christmas Cracker – a free family-friendly event that kicks off the festive season.
The annual street festival takes place in the City Centre from noon until 6pm on Sunday 17 November with St Peter’s Street closed to traffic to create a safe and vibrant atmosphere.
Among the attractions will be live music, fairground rides, a Santa’s grotto, street entertainers and around 100 market stalls selling hot food, drinks and seasonal gifts.
Much of the family-friendly entertainment will be free with something to suit people of all ages and abilities.
Festive decorations and installations will be illuminated throughout the event and there will also guest appearances from some of this year’s Alban Arena pantomime, Cinderella.
The Christmas Cracker is organised by St Albans City and District Council, sponsored by St Albans City Centre BID and part-funded by the Government’s Shared Prosperity Fund.
Attractions include:
The Main Stage: situated near the taxi rank, there will be live music and other entertainment throughout.
Rising Stars Performance Space: located by the Anthropologie shop, there will be music from young performers from across the District.
Santa’s Grotto: situated by the Alban Arena and run by the St Albans Rotary Club.
Create and Play Zones: free interactive festive activities for all at locations across the site, including festive decoration making, a football shoot-out and traditional wooden games.
Market Traders: around 100 stalls selling a vast range of novelty gifts, seasonal produce and mouth-watering street food.
Street Performers: walkabout entertainment and street theatre including a stilt-walking Christmas trees and elves riding around on reindeer.éé
British Sign Language Interpreters will be available at the activities throughout the day.
Councillor Anthony Rowlands, Lead for Events, said:
I am thrilled at the prospect of another St Albans Christmas Cracker.
This is a fantastic way to get the District’s festive season underway and always attracts thousands of people to the City Centre.
I urge our residents not to miss out on the fun as there is great entertainment, much of it free, for people of all ages.
The event also provides a boost to the local economy by bringing many extra visitors to the City Centre where they will use our shops, pubs, cafés and restaurants as well as the market stalls.
Vivien Cannon, Manager of St Albans City Centre BID, said:
Everything has been laid on for the whole community to come along and help launch the start of this wonderful Christmas season.
Our City Centre businesses invest in the City through sponsorship of the event. Everyone wants to make sure visitors enjoy browsing around the stalls and enjoy the festive entertainments. Most of all, our businesses send Christmas Greetings and the message to continue to shop locally this Christmas.
Charter Market
Another highlight of the festive season will be the additional December dates for the twice-weekly Charter Market.
The Market will take place every Thursday, Friday and Sunday, 9am to 3pm, in the fortnight leading up to Christmas Day as well as the usual Wednesdays and Saturdays.
There will be an extra day’s trading, too, on Tuesday 24 December.
Pantomime
Cinderella starts at the Alban Arena on Thursday 12 December and runs until Sunday 12 January
Its stars include EastEnder Samantha Womack, comics Bob Goulding and Ian Kirkby, and Union J singer George Shelley. Tickets are available to book here.
Pictures: top, scene from the 2023 event; bottom, Cinderella at the Alban Arena.
Manitoba Government Invests in Mineral Development Future
Manitoba Mineral Development Fund, Modernized Early Mineral Exploration Guidelines, Infrastructure Study Will Help More Companies and Projects Thrive: Moses
The Manitoba government is announcing an additional intake of up to $2 million in funding through the Manitoba Mineral Development Fund (MMDF) to spur immediate economic growth, Economic Development, Investment, Trade and Natural Resources Minister Jamie Moses announced today.
“Our government is growing the critical mineral sector and creating good jobs for Manitobans by enabling the Manitoba Mineral Development Fund to advance projects in Manitoba,” said Moses.
Administered through the Manitoba Chamber of Commerce, the MMDF strategically funds economic development and mining projects of up to $300,000 per project that create Indigenous partnerships, increase local employment and stimulate investment in northern Manitoba. Since 2020, $14.7 million has been provided to 90 projects. This has leveraged over $128 million in private sector capital, generated over 660 jobs and 128 community and Indigenous partnerships.
“The MMDF has been an overwhelming success in providing funding that has resulted in increased opportunities for partnerships and development along with employment opportunities that have strengthened and greatly benefited communities in the north and across the province,” said Chuck Davidson, president and CEO, Manitoba Chambers of Commerce, and chair of the MMDF board. “The Manitoba government’s ongoing commitment to supporting and investing in projects that contribute to sustainable mineral development will help position Manitoba as a leader in the mineral sector.”
The Manitoba government has also partnered with the Mining Association of Manitoba Inc. to revise and modernize the guidelines for early mineral exploration. The guidelines provide clear direction to industry for undertaking early mineral exploration in the province to support and educate companies as they plan early mineral exploration projects to the highest environmental and industry standards. The new guidelines will also serve as a reference tool for Indigenous communities and regulatory bodies evaluating mineral exploration projects in Manitoba, said Moses.
The federal government has identified 34 minerals as critical for promoting green energy and sustainable economic success. Manitoba, which is sixth on the Fraser Institute Annual Survey of Mining Companies’ Investment Global Attractiveness Index, has 30 of these 34 critical minerals. Critical minerals are crucial for Manitoba’s growth as a low-carbon leader and are essential to developing clean technologies, energy storage systems, electric vehicles and other technologies that advance net-zero targets, noted the minister.
For more information on critical minerals in Manitoba, visit www.manitoba.ca/minerals. For more information on the Manitoba Mineral Development Fund and the next intake, visit https://mmdf.ca/.
Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The operators of the website refer to themselves as CMC Central AG and give a business address in Zurich, Switzerland. BaFin already published a warning about the largely identical cmc-central.pro website on 7 August 2024.
BaFin has recently become aware of a number of websites with almost identical content and has also warned consumers about them. In each case, the website’s homepage displays the phrase: “Step Into the Trading Arena with Confidence & [name of website]“.
BaFin advises consumers that the website cmc-central.pro and/or its operators have no business relationship with the company CMC Markets Germany GmbH, domiciled in Frankfurt am Main, Germany, which is registered with BaFin. This is a case of identity fraud committed against CMC Markets Germany GmbH.
Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.
Theinformation provided by BaFin is based on section 37 (4) of the German BankingAct (Kreditwesengesetz – KWG).
Please be aware:
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
Source: Hong Kong Government special administrative region
London ETO celebrates Hong Kong’s cinematic brilliance at London East Asia Film Festival 2024 (with photos) London ETO celebrates Hong Kong’s cinematic brilliance at London East Asia Film Festival 2024 (with photos) ******************************************************************************************
The Hong Kong Economic and Trade Office, London (London ETO), the Film Development Fund, and the Cultural and Creative Industries Development Agency under the Culture, Sports and Tourism Bureau of the Government of the Hong Kong Special Administrative Region supported the London East Asia Film Festival (LEAFF) from October 23 to November 3 (London time), which showcased six selected Hong Kong films and hosted three live question and answer sessions with creative talent from Hong Kong. A reception was held following the closing gala screening, bringing together creative talent from Hong Kong and over 50 guests from the local cultural and business sectors. The Director-General of the London ETO, Mr Gilford Law, addressed the audience at the closing gala ceremony. “The London ETO is proud to partner with LEAFF for the ninth time to shine a spotlight on Hong Kong cinema. Known as the ‘Hollywood of the East’, Hong Kong boasts a vibrant community of creative and ambitious talent which shares the vision of establishing Hong Kong as an East-meets-West centre for international cultural exchanges, as supported by the National 14th Five-Year Plan,” he said. Four creative talents from Hong Kong graced the festivities, with actor Simon Yam and actress Sandra Ng receiving the Lifetime Achievement Award and Honorary Award respectively. Director Vincent Chow joined Mr Yam for a Q&A session on November 3, while Ms Ng participated in her own Q&A session on November 2. Director and screenwriter Felix Chong also talked about directing and screenwriting in East Asia during a Q&A session on October 24. Further highlighting Hong Kong’s cinematic achievements, “Love Lies” was awarded the Best Film in Competition. The 11-day festival featured the world premiere of “Little Red Sweet”, along with the United Kingdom premieres of “Out of the Shadow”, “High Forces” and “Love Lies”, as well as “Stuntman” and “Shanghai Blues”.
The ninth annual #MedSafetyWeek takes place this week, with regulators from 94 countries and 107 organisations taking part across the globe.
#MedSafetyWeek forms part of international efforts to raise awareness about the importance of reporting suspected side effects to national medicines regulatory authorities such as the Medicines and Healthcare products Regulatory Agency (MHRA).
This year’s campaign, which runs from 4 to 10 November, focuses on the importance of using medicines correctly to prevent side effects.
This means taking the right medicines, at the right time, in the right way and at the right dose, and carefully following instructions for use of medical devices. Following these steps can drastically reduce the risk of some side effects and safety issues.
When side effects do arise, this MedSafetyWeek, we ask that they are reported directly to the MHRA’s Yellow Card scheme and local reporting systems as soon as possible. Anyone can make a report: patients, parents, carers and healthcare professionals.
Reporting to the scheme allows the MHRA to not only identify new adverse effects but also gain more information about known adverse effects. This helps to improve the safety of medicines and healthcare products for all patients.
Safety concerns about medical devices, blood factor and immunoglobulin products, e-cigarettes and defective, low-quality or fake healthcare products should also be reported on the Yellow Card website.
This year’s MedSafetyWeek theme of ‘preventing side effects’ aligns with the third World Health Organization (WHO) Global Patient Safety Challenge: Medication Without Harm.
Preventable side effects contribute significantly to an increasing burden on patients and healthcare services, with studies consistently showing that between one third and a half may be potentially preventable.
Anticipating and managing side effects is key to reducing this burden and protecting patients from avoidable harm.
Please support #MedSafetyWeek by sharing, liking and reposting our social media posts:
In the UK, the MHRA’s Yellow Card scheme is a critical source of information for us as the regulator to monitor the safety of healthcare products once they are on the market.
Importantly, Yellow Card reports can help to identify previously unknown side effects – or adverse drug reactions (ADRs) – and provide new safety knowledge to ensure risk is minimised.
Examples include a report of a three-month-old baby who was prescribed Gaviscon Infant to manage reflux and two days later had severe constipation.
MHRA experts investigated the report and found six other reports of constipation with Gaviscon Infant in children. The ages of the patients varied between two weeks and nine months, except for one child who was a one-year-old.
As the medicine is indicated for children aged one to two years, it appeared that in the vast majority of these cases the product had been prescribed by a healthcare professional in an unapproved patient age group.
It was decided that regulatory action was needed to make the product information clearer with the relevant warnings and precautions.
Yellow Card Biobank
The Yellow Card Biobank is an MHRA and Genomics England pilot project with the goal of increasing understanding of how a patients’ genetic makeup may increase their risk of side effects from prescribed medications.
The MHRA is currently looking for patients who have experienced severe skin reactions when taking allopurinol or severe bleeding when taking direct oral anticoagulants to join the study, before mid-January 2025.
If you or your patient have experienced a side effect to either of these drugs please complete a Yellow Card report. If you have any questions on the Biobank study, please email Yellowcardbiobank@mhra.gov.uk
The grouping which originally began with Brazil, Russia, India, China – was coined in 2001 by then Goldman Sachs chief economist Jim O’Neill – expanded to include South Africa in 2010.
The bloc was founded as an informal club in 2009 to provide a platform for its members to challenge a world order dominated by the United States and its Western allies.
Its creation was initiated by Russia.
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The group is not a formal multilateral organisation like the United Nations, World Bank or the Organisation of the Petroleum Exporting Countries (OPEC).
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The heads of state and government of the member nations convene annually with each nation taking up a one-year rotating chairmanship of the group.
It now represents around 3.5 billion people – 45 per cent of the world’s population.
Its combined economies are valued at over $28.5 trillion – nearly a third of the global economy.
But which countries have recently joined? Which want to join now and why? And what does the expansion mean for the West?
With Prime Minister Narendra Modi attending the 16th Brics Summit in Kazan, let’s take a closer look at how Brics is expanding.
Which countries joined recently?
Brics in 2023 invited six countries – Argentina, Egypt, Iran, Ethiopia, Saudi Arabia and the United Arab Emirates – to become new members of the bloc.
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The formal invitation was made during a summit in August in Johannesburg.
While all BRICS members had publicly expressed support for growing the bloc, there were divisions among the leaders over how much and how quickly.
Members at the time said the move would help reshuffle a world order they view as outdated.
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In January, five of these nations – Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates – said they were joining the BRICS bloc.
Argentina declined the invitation to join.
As per Al Jazeera, this came after President Javier Milei took office.
Milei has vowed to increase ties with the West.
However, Saudi Arabia later said it is not yet joining the group and that the matter is being considered by its leadership.
Ultimately, Egypt, Iran, Ethiopia, and UAE joined the bloc.
Which want to join now and why?
Dozens of countries have voiced interest in joining the grouping.
Algeria, Bolivia, Cuba, Democratic Republic of Congo, Turkiye, Comoros, Gabon, Kazakhstan, Vietnam, Thailand and Malaysia have all expressed interest in joining the forum.
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Turkiye, a Nato member, formally requested to join BRICS in September.
As p_er Bloomberg,_ Turkiye is looking to become part of the bloc as it eyes increasing its global influence.
President Recep Tayyip Erdogan’s administration is looking further than its time-tested allies in the West, people familiar with the development told the outlet.
Erdogan’s government believes the centre of geopolitics is moving away from the developed economies.
Turkiye is also eyeing improving its economic relationship with Russia and China.
Turkiye under President Tayyip Erdogan is looking to join Brics. Reuters
This is a departure for the NATO member nation which has historically been suspicious of Moscow and been a US ally.
Turkiye is also thought to be upset over the lack of forward movement in its decades-long attempt to join the European Union.
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According to Al Jazeera, Thailand said it was interested in joining the grouping during the BRICS Dialogue with Developing Countries held in Russia in June.
Malaysia too expressed interest in becoming a member ahead of a visit from Chinese Premier Li Qiang.
The bloc “can help Malaysia’s digital economy grow faster by allowing it to integrate with countries that have strong digital markets and also take advantage of best practices from other members,” Rahul Mishra, associate professor at the Center for Indo-Pacific Studies at Jawaharlal Nehru University in New Delhi, told DW.
“Thailand would also be able to draw investments in important industries including services, manufacturing, and agriculture,” Mishra added.
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Bolivia’s President Luis Arce has expressed interest in BRICS membership.
His government has said it is determined to curb dependence on the US dollar for foreign trade, instead turning to the Chinese yuan, in line with BRICS leaders’ stated aim to reduce dependence on the US currency.
Algeria last July it has applied for BRICS membership and to become a shareholder in the New Development Bank, the so-called BRICS Bank.
The North African nation is rich in oil and gas resources and is seeking to diversify its economy and strengthen partnership with China and other countries.
The countries hope the bloc can level the global playing field. Most nations view BRICS as an alternative to global bodies viewed as dominated by the traditional Western powers and hope membership will unlock benefits including development finance, and increased trade and investment.
Dissatisfaction with the global order among developing nations was exacerbated by the COVID-19 pandemic when life-saving vaccines were hoarded by the rich countries.
“That so many countries are willing to go to Russia, deemed a pariah state not so long ago for having violated international law by invading Ukraine, confirms a trend followed by an increasing number of countries in the world: They don’t want to have to choose between partners,” Tara Varma, a visiting fellow at the Brookings Institute, told Al Jazeera.
Adam Gallagher, writing for USIP.org, noting the size of the bloc, said there are clear economic benefits to joining the grouping.
“Intra-BRICS trade is one area that the group has found its footing,” Gallagher said. He noted how the June 2024 BRICS foreign minister’s meeting encouraged “enhanced use of local currencies in trade and financial transactions” by Brics members.
Gallagher said that countries like Malaysia, who want to join the grouping, are looking to form alliances across the globe and preserve their strategic autonomy.
“For these countries, it’s not about taking sides. Some countries also believe BRICS membership will give them a greater voice and representation in international politics. It’s not all about anti-Western ideology,” Gallagher wrote.
James Chin, a professor of Asian Studies at the University of Tasmania told DW “both Thailand and Malaysia are seen as middle powers.”
“It’s better for them to join groups like BRICS so that they will have a larger voice in the international arena. But the major benefit will be trade,” Chin added.
What does the expansion mean for the West?
Experts say that these growing number of nations who want to join Brics shows that they want their financial independence – and that the established world order may be vulnerable.
“In the aftermath of the war in Gaza, Russia and China have more effectively harnessed this anti-Western sentiment, capitalising on frustrations over Western double standards as well as the use of sanctions and economic coercion by the West,” Asli Aydintasbas, a Turkish foreign policy expert, was quoted as telling the Brookings Institute as per Al Jazeera.
“It doesn’t mean that middle powers want to trade US dominance for Chinese, but it means they are open to aligning with Russia and China for a more fragmented and autonomous world.”
As per Al Jazeera, Brics members and their associates clearly want to decrease their reliance on the US dollar and Europe’s Society for Worldwide Interbank Financial Telecommunication (SWIFT) network.
Malaysian Prime Minister Anwar Ibrahim walks with Indian Prime Minister Narendra Modi during Anwar’s ceremonial reception at India’s Presidential Palace Rashtrapati Bhavan in New Delhi, India, August 20, 2024. REUTERS
This comes after Russia was cut-off from the system in the aftermath of the invasion of Ukraine in 2022.
“China now has an alternative to the SWIFT payment system, though limited in use, and countries like Turkiye and Brazil increasingly restructure their dollar reserves into gold,” Aydintasbas added. “Currency swaps for energy deals are also a popular idea – all suggesting a desire for greater financial independence from the West.”
As per CFR.org, Western nations until now have talked down the bloc as a threat.
White House National Security Advisor Jake Sullivan has said Brics isn’t a geopolitical rival, while Treasury Secretary Janet Yellen has downplayed the de-dollarisation strategy of Russia and China.
But some argue that the West needs to do some serious introspection.
“The accusation that the West is arrogant toward the needs of the Global South is serious. It cannot be answered by offering ‘value-based partnerships’ and a ‘rules-based’ multilateralism when the interest of the BRICS is focused on changing those rules in global finance, trade, and other standard-setting procedures,” Günther Maihold, senior fellow at the German Institute for International and Security Affairs, was quoted as saying by CFR.org.
“Ignoring BRICS as a major policy force—something the U.S. has been prone to do in the past—is no longer an option,” Tufts University scholars wrote in 2023.
It remains to be seen how the US-led West will react.
Source: World Trade Organization – WTO (video statements)
The President of the European Council, Charles Michel, has called on the international community to rebuild trust, boost trade and transform multilateral institutions to make the world more peaceful and prosperous. Mr Michel was delivering on 1 November the fifth lecture in the Presidential Lecture Series at the WTO’s headquarters in Geneva.
Full lecture:
More info: https://www.wto.org/english/news_e/news24_e/pls_01nov24_e.htm
Download this video from the WTO website:
https://www.wto.org/english/res_e/webcas_e/webcas_e.htm
Source: United States Senator for Massachusetts – Elizabeth Warren
November 04, 2024
Two Democratic lawmakers are urging an investigation of grocery stores that they say might be overcharging customers.
Sen. Elizabeth Warren, D-Mass., and Rep. Adam Schiff, D-Calif., sent a letter, seen by NBC News, to the Federal Trade Commission and the Department of Agriculture on Sunday, calling on the agencies to investigate whether “major grocery chains may be making false and misleading representations regarding food sold by weight, leading to customers paying more for groceries than expected.”
Both lawmakers come from overwhelmingly Democratic states and are on the ballot this year. Warren is favored to win re-election, and Schiff, currently a high-ranking House member, is ahead in his bid to become California’s junior senator.
…
Read the full story here.
By: Alexandra ByrneSource: NBC News
Previous Article
Taskin Torlak, 37, of Turkey, was arrested in Miami, on Nov. 2 for allegedly conspiring to violate U.S. sanctions as part of a scheme to transport oil from Venezuela for the benefit of Petróleos de Venezuela, S.A. (PdVSA), Venezuela’s state-owned oil and natural gas company.
“As alleged, the defendant conspired to evade U.S. sanctions imposed on PdVSA, deploying deception to smuggle black-market oil from Venezuela,” said Assistant Attorney General Matthew G. Olsen of the Justice Department’s National Security Division. “The Justice Department will continue to hold accountable those involved in criminal efforts to circumvent sanctions imposed on the Maduro regime.”
“This defendant allegedly conspired to illegally sell Venezuelan oil, using deceit and trickery to hide the fact that this oil originated from Venezuela,” said U.S. Attorney Matthew Graves for the District of Columbia. “Venezuela’s state-owned oil company, PdVSA, was sanctioned by the U.S. government to prevent the current regime from further depleting the nation’s resources while it unlawfully remains in power. We remain dedicated to prosecuting violations of these sanctions until the government of Venezuela takes the necessary steps for these sanctions to be lifted.”
Torlak was arrested as he attempted to depart the United States to return to Turkey. He is charged by complaint with one count of conspiring to violate the International Emergency Economic Powers Act (IEEPA). According to the complaint, Torlak conspired with others to cause U.S. financial institutions to process transactions connected to the transport of Venezuelan oil for the benefit of PdVSA, which the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated as a Specially Designated National (SDN) in January 2019.
According to the complaint, beginning at least in or around November 2020, Torlak and others devised and implemented a complex scheme to violate and evade U.S. sanctions related to petroleum products from Venezuela and Iran. The scheme included obfuscating the identities of tankers moving the oil by re-naming and re-flagging vessels, covering vessel names with paint or blankets, and turning off the electronics that track vessels’ locations for the safety of ships and their crews. Torlak and his co-conspirators allegedly received tens of millions of dollars from PdVSA in payment for transporting Venezuelan oil, and hid the ultimate beneficiaries of the related transactions from U.S. financial institutions, who then unwittingly processed payments in furtherance of the scheme. The complaint further alleges that Torlak and his co-conspirators explicitly discussed the need to hide their conduct from the U.S. Government and its agencies, including OFAC, as well as commercial maritime entities.
Homeland Security Investigations Washington D.C. is investigating the case.
Assistant U.S. Attorney Maeghan Mikorski for the District of Columbia and Trial Attorneys Sean Heiden and Chantelle Dial of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case. Valuable assistance was provided by the U.S. Attorney’s Office for the Southern District of Florida.
A complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
At today’s (Monday 4 November) meeting of the Black Isle and Easter Ross Committee members were provided with an update on the phased implementation of the Recycling Improvement Funded waste and recycling service change project.
Black Isle and Easter Ross was the first area where service change was introduced earlier this year. In April and May householders received a new grey 140 litre non-recyclable waste bin and silver food waste caddies were delivered to properties in food waste areas:
Muir of Ord 1251; Strathpeffer 497; Munlochy 264; Avoch 531; Fortrose and Rosemarkie 1158; Culbokie 337; Invergordon 1767; Alness 2816; Dingwall 2396; Evanton 612; Maryburgh and Conon Bridge 1491; North Kessock 608.
In other non-food waste areas, a new grey 180 litre non-recyclable waste bin was provided. In all areas, the green bin was successfully changed to a mixed plastic and metal containers recycling bin, and the blue bin was changed to a paper, card and cardboard recycling bin.
The Committee members were told that the overall response from householders and businesses has been very positive, demonstrating the communication and engagement with the public has been well received and understood.
Importantly, early data shows an encouraging reduction in non-recycling waste being sent for disposal.
Since the service change, there has been a reduction of around 30% in the amount of kerbside non-recyclable waste collected in Easter Ross. Participation in the new weekly food waste collection service is also very high
Chair of the Committee, Councillor Lynsey Johnston said: “Now the rollout of the new collection service changes in our area is complete, I’d like to take the opportunity to acknowledge the hard work of the waste and recycling team and to thank the public for their support.
“I think we have all got into the new swing of what goes in what bin and when they are collected. It is very encouraging to see from the figures, that in a relatively short time the changes are reducing the amount of waste that is being sent for disposal.”
On Monday, the International Trade and Constitutional Affairs committees questioned Šefčovič, Slovak candidate for Trade and Economic Security/ Interinstitutional Relations and Transparency.
The committee chairs and political group coordinators will meet without delay to assess the performance and qualification of the Commissioner-designate.
In his introductory statement, Mr Šefčovič reminded MEPs that trade is “marked by stark competition over disruptive new technologies, and the weaponisation of economic dependencies”, making trade a “geostrategic tool”. With the US election imminent, the Commissioner-designate said: “Regardless of the outcome of the US elections, I will put forward an offer of cooperation”. He added that the EU will have to solve its disputes with the US, citing steel and aluminium, and protectionist elements in the Inflation Reduction Act (IRA).
On inter-institutional relations, he committed to enhancing the Commission’s cooperation with Parliament, not least through the soon to be revamped Framework Agreement. Mr Šefčovič also referred to a Commission’s commitment to follow-up on Parliament’s indirect legislative initiatives, ensure that comprehensive justification would be provided for the use of the extraordinary procedure of Article 122, and facilitate progress on Parliament’s call for a full right of inquiry. Further, he announced an expansion of the EU’s Transparency Register’s scope “to all managers”.
China
Mr Šefčovič described China as the most challenging trading partner, one with which the EU needs to rebalance its relationship. He told MEPs that, after EU’s duties on electric vehicles made in China, in place since last week, Commission negotiators are now in talks with Chinese counterparts on price undertakings. “EU is not interested in trade wars, we are looking for rebalancing our relationship with China in areas where we feel our relationship is not fair,” Mr Šefčovič said, citing overcapacity, subsidies, and the lack of level playing field.
Mercosur, Israel and FTAs
MEPs grilled the Commissioner-designate over the ongoing negotiations with Mercosur countries, Brazil, Argentina, Uruguay and Paraguay. Mr Šefčovič pledged to continue work on free trade agreements (FTA) with Mexico and Australia, and said he wants the EU to be more present in Thailand, the Philippines and India. Responding to MEPs, he pointed to the Sustainable Investment Facilitation Agreement (SIFA) with Angola and the Economic Partnership Agreement with Kenya as new types of agreements that could help the EU.
Asked by MEPs if the EU was breaching international law as it keeps its trade ties with Israel under the EU-Israel association agreement, Mr Šefčovič said that the agreement “can be changed only by unanimity” among member states.
Priorities for interinstitutional relations
Many MEPs highlighted the importance of treaty change based on Parliament’s proposals which were inspired by the Conference on the Future of Europe. The Commissioner-designate said that the key to moving forward on this is getting a clear position by the European Council: they will work with the new presidency of Antonio Costa to this aim.
The debate revolved around the need for reforms to prepare for enlargement and to activate the “passerelle” clause in key policy areas, as well as transparency, with some MEPs bringing up worrying reports about Commission practices. Other topics included better cooperation with national parliaments and applying the findings of the Draghi report in the EU’s institutional architecture.
Press point
At the end of the hearing, the Chair of the Committees of International Trade, Bernd Lange, and Constitutional Affairs, Sven Simon, held a press point outside the meeting room: watch it here.
Next steps
Based on the committee recommendations, the Conference of Presidents (EP President Metsola and political group chairs) is set to conduct the final evaluation and declare the hearings closed on 21 November. Once the Conference of Presidents declares all hearings closed, the evaluation letters will be published.
The election by MEPs of the full college of Commissioners (by a majority of the votes cast, by roll-call) is currently scheduled to take place during the 25-28 November plenary session in Strasbourg.
Source: United States House of Representatives – Congressman Chris Deluzio (PA-17)
WASHINGTON, D.C. – Today, Pennsylvania Congressmembers Chris Deluzio (PA-17), Mary Gay Scanlon (PA-05), and Madeleine Dean (PA-04) sent a letter to President Joe Biden commending the Biden-Harris Administration’s historic work to rein in price gouging corporations. In the letter, they also urge the administration to expand on their efforts to increase competition across the American economy and thus reduce costs for hardworking American families.
The letter highlights the fact that under the leadership of appointees like Federal Trade Commission Chair Lina Khan and Assistant Attorney General Jonathan Kanter, the Biden-Harris Administration has won victory after victory in their battle to lower costs for American families. From banning non-compete clauses in employment contracts, preventing companies from closing anti-competitive mergers, or prosecuting price-fixing executives and corporations, leaders at the FTC, DOJ, and CFPB have done more to fight corporate power than any administration in more than seventy years.
However, as the Representatives note in the letter, there is still more work to do. They write in the letter,“We ask that you continue this critical and necessary work to hold accountable corporations that use their massive size and financial resources to take advantage of consumers and small businesses by price gouging on everything from groceries to gas to prescriptions, all to pad their bottom lines and enrich their shareholders.”
Source: United States House of Representatives – Congressman Danny K Davis (7th District of Illinois)
Washington, DC: November 1, 2024 – Rep. Danny K. Davis (D-IL), Rep. Don Bacon (R-NE), and Rep. Jamie Raskin (D-MD) welcome the opportunity provided by the joint Request for Information(RFI) on the use and conservation of federal benefits for foster youth, as well as other ways federal agencies may play an appropriate role supporting broader Federal, State, and local efforts to improve the outcomes of foster youth who receive federal benefits, published today by the Social Security Administration (SSA) and the Children’s Bureau, an office of the Administration for Children & Families (ACF) within the U.S. Department of Health and Human Services (HHS).
In December 2022, Representatives Davis, Bacon, and Raskin urged the Biden Administration to use its executive branch authority to limit the state practice of using the assets and benefits of foster youth to reimburse state costs of care until more comprehensive legislation is enacted. Although Congress will need to act to permanently stop this practice all together, SSA and HHS have statutory and regulatory authority to stop or at least limit this practice now.
In August 2023, the Biden Administration encouraged reform efforts and reminded states and tribal child welfare agencies of their responsibility to foster youth when serving as a Social Security Representative Payee for foster youth via a joint letterissued by SSA and ACF. Further, SSA has taken multiple additional stepsto educate its staff and child welfare agencies about the responsibilities of an agency Representative Payee, and ACF has hosted webinars focused on state and local efforts to conserve the federal benefits of foster youth.
Importantly, states can stop this practice without any action by the federal government, and many are working to do so. Four states and jurisdictions (Arizona, Oregon, Massachusetts, and the District of Columbia) have enacted comprehensive reform, and an additional six states or jurisdictions (California, Connecticut, Illinois, Maryland, New Mexico, and New York City) have adopted substantial reforms to protect some of the assets and benefits of orphaned and disabled foster youth. Nine more (Alaska, Colorado, Florida, Hawaii, Minnesota, Nebraska, New Hampshire, New Jersey, and Washington) have adopted more limited reform ranging from legislation, executive order, resolution, agency policy, state trust, or litigation. Unfortunately, the majority of states still choose to bolster their own financial security rather than help the orphaned and disabled youth, often without the youth, their attorneys, or other caring adults knowing.
Today, SSA and the Children’s Bureau took a critical step to better protect foster youth. The Request for Information from youth, families, and stakeholders on how the use and conservation of federal benefits could improve outcomes for foster youth will serve as the foundation for agency reform – giving the agencies important perspectives on what actions are possible and how to implement those actions to best improve child well-being.
“I thank Social Security Commissioner Martin O’Malley and Administration on Children, Youth and Families Commissioner Rebecca Jones Gaston for taking the important step of collecting information from youth, families, and stakeholders about how Federal, State, and local governments can use and conserve the federal benefits of foster youth to improve their well-being,” said Rep. Davis. “I proudly lead legislation to protect the benefits and assets of foster youth by stopping states from taking the youths’ funds. This new request for information serves as a foundation for future agency action. I am proud to have partnered with Representatives Don Bacon (R-NE) and Jamie Raskin (D-MD) to urge executive branch action to help states stop this practice until more comprehensive legislation is enacted. My home state of Illinois is a national leader in this area, and I greatly appreciate the Biden-Harris Administration’s multiple steps to encourage states to protect foster youth.”
“Foster youth should be able to keep their social security benefits and not be stolen from them by their state,” said Rep. Bacon. “In 2020, Nebraska received over $2.6 million in social security benefits from youth in care. That is their money and being a foster youth is hard enough without the expectation that they pay for the care they received when they were placed into the care of the state due to no fault of their own. The Executive Branch must take action to address this problem.”
“States have a duty to care for vulnerable foster children, yet many smash their piggy banks and seize their Social Security benefits to reimburse the costs of their care,” said Rep. Raskin. “I am grateful to Commissioner O’Malley, the Social Security Administration and Children’s Bureau for heeding our calls and taking a closer look to ensure federal benefits are best serving all children and young people in foster care. I have been working to solve this problem since my time in the Maryland State Senate, and today I’m proud to stand with Rep. Danny Davis and Rep. Don Bacon to applaud this further step by the Biden-Harris administration to protect foster kids across America.”
“Foster youth deserve a fair chance to benefit from their benefits. Now that a majority of states have initiated or taken action to protect foster youth assets, this RFI paves the way for meaningful rules that will help beneficiaries in care thrive. We are grateful for the leadership of SSA and Commissioner O’Malley and look forward to collaborating with SSA and ACF on behalf of impacted youth.” Amy C. Harfeld, JD,National Policy Director, Children’s Advocacy Institute
“Child welfare agencies have long been taking Social Security benefits from foster children who are disabled or have deceased parents, leaving the children penniless. I applaud the leadership of the Social Security Administration—and the efforts of Representatives Davis, Bacon, and Raskin—in this important step towards better protecting foster youth’s resources for their struggle against the odds as they leave foster care.” Daniel Hatcher,Professor of Law at the University of Baltimore and author of The Poverty Industry
“Listen to courageous foster youth like Marissa Pike, Katrina White, Ian Marks, Justin Kasieta, and Anthony Jackson. The Center for the Rights of Abused Children remains focused on stopping states from taking foster youth’s federal benefits and delivering comprehensive reform in a child-centric way. We appreciate federal policymakers engaging on this issue, and we encourage governorsand state legislatorsto take action today.” J. Kendall Seal,Vice President of Policy, Center for the Rights of Abused Children.
A copy of the letter by Reps. Davis, Bacon, and Raskin is available here.
Source: Hong Kong Government special administrative region
HKETO San Francisco celebrates long-term collaborations with film festivals in Hawai’i, New Mexico and California (with photos) HKETO San Francisco celebrates long-term collaborations with film festivals in Hawai’i, New Mexico and California (with photos) ******************************************************************************************
Through October, the Hong Kong Economic and Trade Office in San Francisco (HKETO San Francisco) celebrated another year of successful collaborations with the Hawai’i International Film Festival (HIFF) in Hawai’i, the Santa Fe International Film Festival (SFiFF) in New Mexico and the Los Angeles Asian Pacific Film Festival (LAAPFF) in California to foster cultural exchanges between Hong Kong and these locations in the United States. In Honolulu, Hawai’i, SFETO and its long-time collaborator HIFF once again curated the Spotlight on Hong Kong programme, which featured six Hong Kong productions that included new releases and a restored classic: “Love Lies”, “The Last Dance”, “Stuntman”, “All Shall Be Well”, “Fly Me to The Moon” and “Shanghai Blues”. The festival was held from October 3 to 13 (Honolulu time). Speaking at the VIP reception hosted by HKETO San Francisco on October 11 (Honolulu time), the Director of HKETO San Francisco, Ms Jacko Tsang, said the return of “Making Waves – Navigators of Hong Kong Cinema”, presented by the Hong Kong International Film Society, made the Hong Kong programme at the 44th edition of the festival even more remarkable this year. She pointed out that the First Feature Film Initiative supported by the Hong Kong Film Development Council had funded 24 films with over $120 million since 2013, and that SFETO was excited to showcase these excellent works by new talent in the Hong Kong film industry. At the Awards Gala of the HIFF on October 12 (Honolulu time), iconic Hong Kong actress and filmmaker Sandra Ng was honoured with the HIFF Spotlight On Hong Kong Filmmaker in Profile. She attended the festival with renowned filmmaker Peter Chan and received the award from celebrity comedian Ronny Chieng. Alongside Ng, Hong Kong actresses Patra Au and Michelle Wai, as well as directors Sasha Chuk, Anselm Chan, Albert Leung and Hebert Leung also participated in the festival. They attended live post-screening Q&A sessions at the primary screening of their respective films. The audience greatly appreciated their presence with enthusiastic interactions. In Santa Fe, New Mexico, HKETO San Francisco collaborated with SFiFF for the second consecutive year. “Twilight of the Warriors: Walled In” and “All Shall Be Well”, two talk-of-the-town feature films from Hong Kong, were showcased at the festival held from October 16 to 20 (Santa Fe time). Hosting the filmmakers’ brunch on October 19 (Santa Fe time), Ms Tsang introduced some of the latest measures implemented by the Hong Kong Government to inject new power into Hong Kong cinema, including the Hong Kong-Europe-Asian Film Collaboration Funding Scheme, which aims to subsidise film projects coproduced by filmmakers from European and Asian countries to produce films featuring Hong Kong, European and Asian cultures. She encouraged filmmakers to explore opportunities in Hong Kong and be a part of the revival journey of Hong Kong cinema. In Los Angeles, California, the third annual “LAAPFF Presents: Hong Kong Generations of Cinema” took place on October 26 and 27 (Los Angeles time) featuring six Hong Kong titles from different decades around the theme of Cantopop: “Rouge”, “Days of Being Wild”, “Happy Together”, “July Rhapsody”, “Anita” and “The Lyricist Wannabe”. Each film highlights the connection between music and storytelling in Hong Kong’s film history. Delivering her remarks after a special reception on October 26 (Los Angeles time), Ms Tsang said that the office was honoured to work with Visual Communications, the organisation behind the LAAPFF, to bring the programme to Los Angeles three years in a row. She expressed delight that the programme had expanded from a one-day showcase to a two-day celebration of Hong Kong cinema following the success of the first two years. The above Hong Kong film programmes were made possible with the support from the Film Development Fund, the Cultural and Creative Industries Development Agency, and the Culture, Sports and Tourism Bureau of the Hong Kong Special Administrative Region Government.
Ends/Saturday, November 2, 2024Issued at HKT 10:00
People experience a BYD Han electric car during a media preview of the 100th Brussels Motor Show in Brussels, Belgium, Jan. 13, 2023. [Photo/Xinhua]
China’s Ministry of Commerce (MOC) said on Friday that it hoped the new phase of talks on price commitment with the European Union (EU) regarding the latter’s anti-subsidy probe into China-made electric vehicles (EV) will reach a mutually acceptable solution.
In a statement, the MOC said that the technical teams of China and the EU have immediately launched a new phase of consultations on price commitment following a discussion held via video link on Oct. 25 between Chinese Commerce Minister Wang Wentao and European Commission Executive Vice President and Trade Commissioner Valdis Dombrovskis.
After intensive communication, the EU side indicated that it will be in China to continue consultations on the specific contents of the plan, the MOC said.
“China welcomes this and hopes that the next phase of consultations will follow the principle of pragmatism and balance to reach a solution acceptable to both sides,” the MOC said.
On Oct. 29, the EU said it had decided to impose definitive countervailing duties of up to 35.3 percent on EVs from China for a period of five years.
A screen promoting the upcoming 7th China International Import Expo (CIIE) is pictured at the entrance of National Exhibition and Convention Center (Shanghai), the main venue for the CIIE, in east China’s Shanghai, Oct. 22, 2024. [Photo/Xinhua]
The seventh China International Import Expo (CIIE) highlights China’s commitment to global openness and willingness to engage in trade with countries worldwide, a Zambian economic expert has said.
Bernadette Deka-Zulu, founder of Shaping Futures Zambia, a non-governmental organization supporting youth involvement in policy, described China’s move to embrace opening up as a significant step toward fostering a global environment conducive to free trade among nations.
“The CIIE has offered itself as a leading example to bring about different countries and companies representing various regions, and this is offering an openness. China is saying we are ready to trade with anyone, it also shows that China is open for business,” she told Xinhua in an interview on Thursday.
She noted that the CIIE not only contributes to China’s economic growth but also serves as a gateway for emerging economies to access an open market, allowing them to display their products and tap into China’s demand for diverse commodities.
As a former executive director of the Policy Monitoring and Research Center, Deka-Zulu emphasized that the CIIE will also offer a valuable platform for China to learn from other nations and for other countries to observe China’s industrialization progress.
She further emphasized that China’s commitment to globalization through events like the CIIE has set a benchmark for global economic integration, ensuring equal participation for all countries regardless of economic size — a move critical for enhancing global livelihoods.
In an era marked by protectionist policies, China’s openness creates a strategic advantage for emerging economies in global trade, she said, praising China’s zero-tariff policy for all least-developed countries with diplomatic relations, calling it a tangible example of its commitment to fair trade.
She expressed optimism that this initiative would boost exports and elevate economies in these countries. Additionally, she noted that nine Zambian companies have so far registered for this year’s expo, marking a notable increase from previous years and paving the way for more participation in future events.
Scheduled from Nov. 5 to 10 in Shanghai, the annual CIIE has, since 2018, supported international procurement, investment promotion, cultural exchange, and cooperative partnerships.
This photo shows a view of the National Exhibition and Convention Center (Shanghai), the main venue for the upcoming 7th China International Import Expo (CIIE), in east China’s Shanghai, Oct. 22, 2024. [Photo/Xinhua]
Finland’s government announced on Friday that Minister for Foreign Trade and Development Ville Tavio will attend the upcoming China International Import Expo (CIIE) in Shanghai.
“China is an important trading partner for Finland, so it is useful to support export promotion and trade in sectors that benefit Finnish businesses. This is the fourth time that Finland has a national pavilion at the CIIE,” Tavio stated in a press release.
The release also noted that Shanghai hosts the largest cluster of Finnish businesses in China.
According to the release, Tavio will lead a Finnish trade delegation in China from Nov. 4 to 8. Following engagements in Shanghai, he and the delegation will travel to Shenzhen in southern China, with the visit ending in the Hong Kong Special Administrative Region.
The seventh China International Import Expo is scheduled in Shanghai from Nov. 5 to 10.
An exhibitor displays honey products from Kyrgyzstan at the 6th China International Import Expo (CIIE) in east China’s Shanghai, Nov. 7, 2023. [Photo/Xinhua]
The China International Import Expo (CIIE), the world’s first national-level import-themed expo, is about to be held for the seventh consecutive year in Shanghai, with overseas enterprises gathering to take the pulse of the Chinese market.
Scheduled to be held from Nov. 5 to 10, the 7th CIIE has attracted participants from 152 countries, regions and international organizations, and achieved a new record with 297 Fortune Global 500 companies and industry leaders set to attend.
The previous six editions saw nearly 2,500 new products, technologies and services make their debuts, with combined intended turnover reaching over $420 billion.
The CIIE serves to showcase China’s major opening-up measures and confidence, and to share China’s new development opportunities with other countries. It has become a platform for high-level opening up and a public good for the whole world.
China has continued to roll out policies to spur foreign trade growth and attract foreign investment, cultivating new international competitive advantages and achieving mutual benefits with other countries.
On Oct. 25, the country issued a guideline to promote the experience in aligning some eligible free trade zones and the Hainan Free Trade Port with high-standard international economic and trade rules.
The eligible FTZs are in Shanghai, Guangdong, Tianjin, Fujian and Beijing. The pilot measures, which will be replicated in other FTZs or even nationwide, cover six aspects: trade in goods, trade in services, digital trade, personnel entry, business environment, and risk prevention and control.
China has built 22 pilot FTZs, covering coastal, inland and border areas, contributing about 20% of the country’s total foreign investment and import-export volume. Foreign trade of the FTZs expanded by 11.99% year on year in the first three quarters of 2024.
Continuous efforts have been made to lower tariffs. In September, China announced it would give all the least developed countries having diplomatic relations with the country zero-tariff treatment for 100% tariff lines starting from Dec. 1 this year.
China also keeps rolling out policies to nurture fertile ground for foreign investors. The new edition of the national negative list for foreign investment took effect on Friday, scrapping the two remaining items in the manufacturing industry on the previous list.
The items on the latest negative list, specifying fields off-limits to foreign investors, have been further slashed to 29.
This fully demonstrates China’s active willingness to expand mutual benefits and a clear attitude to supporting economic globalization, said Jin Xiandong, an official with the National Development and Reform Commission, adding that further efforts will be made to improve the level of foreign investment liberalization and facilitation, and to optimize service for foreign-invested enterprises.
Besides the manufacturing sector, China is also pushing forward broader and deeper opening up in the service sector.
China announced in September that it would allow the establishment of wholly foreign-owned hospitals in certain cities and regions, including Beijing, Tianjin, Shanghai, Nanjing, Suzhou, Fuzhou, Guangzhou, Shenzhen and throughout the island of Hainan.
In October, the country decided to allow foreign investors to operate wholly-owned businesses such as internet data centers and engage in online data processing and transaction processing in certain areas as part of a pilot program to expand opening up in value-added telecom services.
A total of 42,108 new foreign-invested firms were established across China in the first nine months of 2024, up 11.4% year on year. Notably, foreign direct investment inflows into medical equipment and instrument manufacturing surged 57.3%, while inflows into computer and office device manufacturing grew by 29.2% during this period.
Opening up to the outside world is not just a matter of “opening the door,” but, more importantly, is actively aligning with international economic and trade regulations as well as other high-standard rules, said Zhang Bin, deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.
Zhang underlined the need to enhance synergy between the domestic and international markets as well as resources to constantly cultivate and consolidate new advantages in international economic cooperation and competition.
Source: People’s Republic of China – State Council News
BEIJING, Nov. 2 — The China International Import Expo (CIIE), the world’s first national-level import-themed expo, is about to be held for the seventh consecutive year in Shanghai, with overseas enterprises gathering to take the pulse of the Chinese market.
Scheduled to be held from Nov. 5 to 10, the 7th CIIE has attracted participants from 152 countries, regions and international organizations, and achieved a new record with 297 Fortune Global 500 companies and industry leaders set to attend.
The previous six editions saw nearly 2,500 new products, technologies and services make their debuts, with combined intended turnover reaching over 420 billion U.S. dollars.
The CIIE serves to showcase China’s major opening-up measures and confidence, and to share China’s new development opportunities with other countries. It has become a platform for high-level opening up and a public good for the whole world.
China has continued to roll out policies to spur foreign trade growth and attract foreign investment, cultivating new international competitive advantages and achieving mutual benefits with other countries.
On Oct. 25, the country issued a guideline to promote the experience in aligning some eligible free trade zones and the Hainan Free Trade Port with high-standard international economic and trade rules.
The eligible FTZs are in Shanghai, Guangdong, Tianjin, Fujian and Beijing. The pilot measures, which will be replicated in other FTZs or even nationwide, cover six aspects: trade in goods, trade in services, digital trade, personnel entry, business environment, and risk prevention and control.
China has built 22 pilot FTZs, covering coastal, inland and border areas, contributing about 20 percent of the country’s total foreign investment and import-export volume. Foreign trade of the FTZs expanded by 11.99 percent year on year in the first three quarters of 2024.
Continuous efforts have been made to lower tariffs. In September, China announced it would give all the least developed countries having diplomatic relations with the country zero-tariff treatment for 100 percent tariff lines starting from Dec. 1 this year.
China also keeps rolling out policies to nurture fertile ground for foreign investors. The new edition of the national negative list for foreign investment took effect on Friday, scrapping the two remaining items in the manufacturing industry on the previous list.
The items on the latest negative list, specifying fields off-limits to foreign investors, have been further slashed to 29.
This fully demonstrates China’s active willingness to expand mutual benefits and a clear attitude to supporting economic globalization, said Jin Xiandong, an official with the National Development and Reform Commission, adding that further efforts will be made to improve the level of foreign investment liberalization and facilitation, and to optimize service for foreign-invested enterprises.
Besides the manufacturing sector, China is also pushing forward broader and deeper opening up in the service sector.
China announced in September that it would allow the establishment of wholly foreign-owned hospitals in certain cities and regions, including Beijing, Tianjin, Shanghai, Nanjing, Suzhou, Fuzhou, Guangzhou, Shenzhen and throughout the island of Hainan.
In October, the country decided to allow foreign investors to operate wholly-owned businesses such as internet data centers and engage in online data processing and transaction processing in certain areas as part of a pilot program to expand opening up in value-added telecom services.
A total of 42,108 new foreign-invested firms were established across China in the first nine months of 2024, up 11.4 percent year on year. Notably, foreign direct investment inflows into medical equipment and instrument manufacturing surged 57.3 percent, while inflows into computer and office device manufacturing grew by 29.2 percent during this period.
Opening up to the outside world is not just a matter of “opening the door,” but, more importantly, is actively aligning with international economic and trade regulations as well as other high-standard rules, said Zhang Bin, deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.
Zhang underlined the need to enhance synergy between the domestic and international markets as well as resources to constantly cultivate and consolidate new advantages in international economic cooperation and competition.