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On May 30th, Qu Guochun, Director of the Equipment Industry Development Center of the Ministry of Industry and Information Technology, stated at the 2026 Equipment Power Forum that after ten years of development, my countrys high-end equipment industry has seen "accelerated progress in catching up, a gradual increase in keeping pace, and a rapid emergence of leaders." The number of key areas at the worlds leading and advanced levels has reached 60.8%, and the industrys scale accounts for over 60% of the overall equipment manufacturing industry. The international competitiveness of the high-end equipment industry has significantly improved. Specifically, intelligent connected new energy vehicles, rail transit equipment, power equipment, information and communication equipment, new energy equipment, aerospace equipment, high-tech ships, and overseas engineering equipment are already at the worlds leading level. Engineering machinery, building materials equipment, and computer equipment are at the worlds advanced level. However, gaps still exist in areas such as industrial machine tools, agricultural machinery, aviation equipment, robots, instruments and meters, semiconductor equipment, and biomedical equipment.On May 30, local time, Canadian Prime Minister Mark Carney met with Wang Yi, member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, in Ottawa on May 29. Wang Yi conveyed greetings from Chinese leaders to Carney, stating that the Prime Ministers successful visit to China had corrected the course of China-Canada relations and put them back on track. The two leaders decision to build a new type of strategic partnership between China and Canada provides strategic guidance for the development of bilateral relations. Facts have proven that the turnaround in China-Canada relations is in the interests of both countries, meets the expectations of all parties, and is the right choice for Canada. There are no fundamental conflicts of interest between the two countries, and there is enormous room for cooperation. China is willing to work with Canada to respect each other, meet each other halfway, seek common ground while reserving differences, strengthen communication, and deepen cooperation to promote the healthy, stable, and sustainable development of bilateral relations. Both sides should uphold multilateralism, adhere to the rule of international law, and maintain strategic autonomy, supporting free trade and an open world economy, which will benefit the people of both countries and inject stability from China and Canada into a volatile world.On May 30, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Canadian Foreign Minister Anand in Ottawa on May 29. Wang Yi stated that China is willing to work with Canada to maintain the correct direction of bilateral relations. He emphasized deepening cooperation in areas such as energy, finance, and law enforcement, and welcomed Canadas participation as the guest of honor at the China International Import Expo. He also stressed the importance of vigorously promoting cultural and local exchanges to solidify the public opinion foundation of bilateral relations. Finally, he called for strengthening multilateral communication and coordination to jointly reform and improve global governance.The Central Bank of the Philippines predicts that the annual inflation rate in May is likely to be between 7.1% and 7.9%.U.S. Defense Secretary Hergsays said the bold move was out of strategic necessity.

India’s RBI to soon commence pilot project of digital rupee

Jimmy Khan

Oct 09, 2022 14:09

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According to a concept paper published on Friday, the Reserve Bank of India will soon start small-scale trial launches of a central bank-backed digital rupee for certain use cases.


The RBI said it has been researching the advantages and disadvantages of a central bank digital currency for some time and is developing a plan to roll it out gradually.


The RBI noted that use cases for an e-rupee are being looked at in a manner that causes little to no disturbance to the financial system.


The Indian government had announced in February that a digital rupee will be introduced throughout this fiscal year.


With the rise of cryptocurrencies, the idea of a digital currency controlled by a central bank has gained ground in a number of nations.


The RBI said that it is the duty of the central bank to provide its people risk-free central bank digital money, which would give consumers the same experience as trading in cash in digital form, without any dangers connected with private cryptocurrencies.


The bank also said that it may take into account both wholesale and retail digital money, claiming that both has advantages.


According to RBI, a digital currency in its wholesale form might increase the efficiency and security of settlement processes, while a retail e-rupee would provide individuals with a more secure method of making digital payments.


Since the digital rupee aims to mimic the characteristics of currency, it will not accrue interest as bank deposits do. In addition, the RBI claimed that it would provide "reasonable anonymity for modest value transactions, similar to anonymity associated with real currency."


Since they are similar to cash, the RBI may take into consideration a retail central bank digital currency (CBDC) that is "token-based," as opposed to a wholesale CBDC that would be "account-based."


The RBI also ruled that banks might act as middlemen in the issuance of the e-rupee. The central bank continued to be open to many technological possibilities.


According to the concept paper, the outcomes of the pilot projects will be included into the final design.


"A CBDC is anticipated to give an extra payment pathway to consumers, not to replace the present payment systems," the bank stated. "A CBDC is designed to complement, rather than replace, current forms of money."