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On January 26, it was learned from a press conference held by the National Health Commission that in recent years, my country has actively promoted the use of traditional Chinese medicine (TCM) to improve the overall health of the population, carried out TCM health promotion actions, and provided TCM health services to key groups such as adolescents, women, and the elderly. Data from the press conference showed that my country has strengthened the construction of pediatric departments in TCM hospitals, achieving full coverage of pediatric departments in all tertiary public TCM hospitals nationwide, and conducting pilot projects for TCM intervention in myopia, obesity, and scoliosis in children and adolescents; promoted the establishment of prenatal and postnatal care clinics in secondary and above TCM hospitals; strengthened the construction of geriatric departments in TCM hospitals, and piloted 128 TCM health centers for the elderly in various provinces to improve the level of TCM health services for the elderly in different regions.On January 26, Wang Ya, head of the Department of Foreign Investment Administration of the Ministry of Commerce, stated at a press conference held by the State Council Information Office that in 2026, the regional layout of free trade zones will be steadily optimized and adjusted to provide broader space and richer platforms for pilot projects. The Ministry will further align with high-standard international trade and economic rules, conduct broader, deeper, and more robust institutional opening-up experiments, support free trade zones in carrying out integrated innovation across the entire industrial chain in key emerging industries, accelerate the comprehensive pilot demonstration work for expanding the opening-up of the service sector, implement the high-quality development work plan for national-level economic and technological development zones, and continuously release the dividends of institutional innovation.On January 26, Yang Mu, Director of the Department of Market Operation and Consumption Promotion of the Ministry of Commerce, stated at a press conference held by the State Council Information Office that in 2026, efforts will be accelerated to cultivate and build international consumption center cities, promote the construction of an international consumption environment and pilot projects for new consumption formats, models, and scenarios, and create a number of new consumption scenarios with broad impact and high visibility, so that domestic and foreign consumers can enjoy a better life.On January 26, Wang Zhihua, Director-General of the Department of Foreign Trade of the Ministry of Commerce, stated at a press conference held by the State Council Information Office that China will unswervingly promote high-level opening-up this year and drive innovative and balanced development of trade. China is not only willing to be the worlds factory, but also the worlds market; its massive market will provide broader opportunities for products and services from all countries.According to RIA Novosti, the Kremlin positively assessed that constructive dialogue on the Ukraine issue has begun.

Oil Prices Surge by $5 A Barrel As EU Inches Closer to Imposing A Ban on Russian Oil

Aria Thomas

May 05, 2022 09:46

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Oil prices spiked Wednesday after the European Union, the world's largest trade bloc, announced intentions to phase out Russian oil imports, sparking concerns about further market tightening as those nations seek enough supply.


Following Moscow's invasion of Ukraine, crude benchmarks have steadily increased in price over the last two months. Until far, the European Union has been unwilling to completely phase out Russian oil and gas imports, and its current plans do not include a blanket ban on all EU members.


Europe imports around 3.5 million barrels of Russian oil and petroleum products per day and is also reliant on Moscow's gas supply.


"Inventories are extremely low, and against this backdrop, there are a lot of worries about how (Europe) can compensate for this restriction," said Phil Flynn, senior analyst at Price Futures Group.


Brent crude futures finished at $110.14 a barrel, up $5.17, or 4.9 percent. West Texas Intermediate crude futures finished at $107.81 a barrel, up $5.40, or 5.3 percent, from the previous day's close.


President of the European Commission Ursula von der Leyen recommended a phased oil embargo against Russia on Wednesday, as well as penalizing Russia's central bank.


Von der Leyen stated that the Commission's proposals include phasing out Russian crude oil supply within six months and refined products by the end of 2022. Additionally, she committed to mitigate the move's impact on European economy.


Hungary and Slovakia, on the other hand, will be permitted to continue purchasing Russian crude oil under current contracts until the end of 2023, an EU source told Reuters.


Russia may compensate for the loss of a major customer by exporting oil to other importers such as India and China. Neither country has ceased purchasing goods from Moscow.


Needs for significantly increased supplies are unlikely to be fulfilled at Thursday's Organization of the Petroleum Exporting Countries and allied producers conference. OPEC+ is anticipated to follow through on its plan to gradually increase monthly production.


According to the US Energy Information Administration, oil stockpiles increased marginally last week. Stocks increased by 1.2 million barrels as the US increased the amount of crude released from its strategic reserves.


Fuel stocks declined in part as a result of increased exports of products following Russia's invasion, as importers sought alternative suppliers.


The markets have largely recovered from the Federal Reserve's announcement that it would raise interest rates by a half-point in an attempt to rein in growing inflation.


"Given the market's performance prior to the announcement, I believe (the Fed's decision) was a foregone conclusion," said Gary Cunningham, director of market research at Tradition Energy.

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