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Real-time News
On August 26, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan". Xin Guobin, Vice Minister of Industry and Information Technology, said that during the 15th Five-Year Plan period, efforts should be made to cultivate growth drivers, promote the deep integration of scientific and technological innovation and industrial innovation, develop new productive forces according to local conditions, adhere to the principle of "industry posing questions, science and technology answering questions", strengthen the construction of public technology service platforms, pilot testing platforms and other carriers, promote the rapid transition of original technologies to pilot testing and achieve large-scale application, actively explore and cultivate new scenarios, new business forms and new models, and expand the supply of high-quality products to meet the consumption needs of different groups.On August 26, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan." Xin Guobin, Vice Minister of Industry and Information Technology, stated that during the 15th Five-Year Plan period, significant efforts will be made to create a favorable ecosystem. We must act as a supportive "family member" for enterprises, implement key tasks for deepening reform, strengthen planning guidance, standardization, policy guarantees, and high-level opening-up and cooperation to create a sound industrial ecosystem. We must strengthen legislative research in emerging fields such as the digital economy and artificial intelligence, improve the mandatory standards system in the industrial and information technology sector, and use standards improvement to support the high-quality development of the industry. We must intensify efforts to clear overdue payments to enterprises, continue to implement special actions to reduce the burden on enterprises, and further enhance the sense of gain for enterprises, especially small and medium-sized enterprises.On August 26, Yao Jun, Director of the Planning Department of the Ministry of Industry and Information Technology, stated at a press conference held by the State Council Information Office that during the 15th Five-Year Plan period, we will organize and implement a revitalization action for traditional industries, strengthen the guidance of national standards, empower with digital and green technologies, and constrain environmental and safety regulations to consolidate the foundation, improve quality, build brands, and accelerate the improvement of the quality and efficiency of traditional industry development. First, we will focus on technological transformation. This is an important means to promote the transformation and upgrading of traditional industries. We will deepen the pilot projects for new technological transformation in manufacturing cities, strengthen technological innovation, equipment upgrading, and model innovation, and vigorously promote new technological transformation aimed at improving quality and efficiency, focusing on the application of digital and intelligent technologies and green and low-carbon technologies, to promote the intelligent, green, and integrated development of traditional industries. For example, in the petrochemical industry, we will accelerate the upgrading and transformation of old equipment, fully utilize digital and intelligent technologies and green technologies to effectively reduce safety and environmental risks, achieve synergistic effects in pollution reduction and carbon reduction, and promote high-quality development of the industry. Second, we will focus on standard improvement. We will implement an action to guide the optimization and upgrading of traditional industries through standard improvement. Third, we will focus on quality upgrading.On August 26, the National Food and Strategic Reserves Administration announced that the 11th APEC Ministerial Meeting on Food Security was held in Hangzhou, Zhejiang Province on August 25. The meeting adopted and released the "Principles Paper on Enhancing the Resilience of Food Systems in the Asia-Pacific Region through Innovation and Digitalization," calling on economies to apply innovative achievements and digital technologies such as artificial intelligence to improve decision-making capabilities, interconnectivity, and responsiveness across the entire food system chain. This aims to help food systems better anticipate risks, withstand shocks, adapt to changes, and restore production capacity, thereby improving operational efficiency and overall effectiveness.August 26th - The Bank of Korea will hold its next interest rate decision on Thursday, with market opinions divided on whether to raise rates again or hold them steady. The Bank of Korea raised rates by 25 basis points to 2.75% in July. A further rate hike in August would indicate that the Bank of Korea is taking a preemptive approach to curb inflation and maintain financial stability, and would also mean that South Korea will tighten monetary policy before the Federal Reserve. Kang Seung-won, an analyst at NH Investment & Securities, stated that the August decision is crucial as it will determine the tone of the current rate hike cycle: preemptive or cautious. Kim Myung-sil, an analyst at iM Securities, stated that waiting until October to act offers little benefit, and the cost of delaying a rate hike is rising. Those predicting no change in rates believe that the Bank of Korea can spend more time assessing the impact of last months rate hike, citing factors such as slower inflation in July, a stronger won, and the recent stock market correction. Kim Ji-na, an analyst at Eugene Investment & Securities, stated that there is no need to take unnecessary risks; simply maintaining the communication that "further rate hikes are possible in the future" will have a tightening effect.
