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Real-time News
On May 7, Li Hongzhong, member of the Political Bureau of the CPC Central Committee and Vice Chairman of the Standing Committee of the National Peoples Congress, conducted research in Beijing. He emphasized the need to adhere to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as guidance, thoroughly study and implement the spirit of General Secretary Xi Jinpings important speeches during the National Peoples Congress and the Chinese Peoples Political Consultative Conference (NPC and CPPCC) sessions, earnestly implement the arrangements of the Fourth Plenary Session of the 20th CPC Central Committee and the "15th Five-Year Plan" outline, actively leverage the functions of the NPC, and better serve high-quality development. Building a modern industrial system and achieving an overall leap forward in the industrial system are important strategic tasks during the "15th Five-Year Plan" period. The NPC should focus on consolidating and strengthening the foundation of the real economy and leading the development of new productive forces, strengthen institutional supply and legal guarantees, actively promote legislation in emerging fields such as artificial intelligence, low-altitude economy, and biomedicine, improve the ecosystem for industrial innovation and development, and cultivate and strengthen new drivers of growth.On May 7th, Boston Federal Reserve President Collins stated that she agrees with the position of her colleagues who objected to the wording of last weeks monetary policy meetings post-meeting statement, which suggested the Fed would eventually resume interest rate cuts. Collins said she "strongly supports" the decision to keep interest rates unchanged, but at the same time prefers to adjust the wording of the statement to "not be too close to statements suggesting the next step will be a rate cut." Collinss view on the statements wording highlights a further shift within the FOMC towards no longer considering near-term rate cuts. A growing number of officials want the Fed to signal more clearly that the next step could be either a rate cut or a rate hike. Collins stated that with the energy shock triggered by the Middle East conflict delaying progress toward the 2% inflation target, she tends to take a more "agnostic" stance on the future path of interest rates. Interest rates may remain unchanged for "a longer period," with "further easing expected in the more distant future." However, in some cases, the Fed may need to consider raising rates, but she emphasized that this is not her baseline expectation. "Im more concerned about the persistence of inflation," Collins said, noting that as the global spillover effects of war continue, supply chain disruptions could cause price increases to spread from energy to the food sector. She added that interest rates should remain at their current "moderately restrictive" level. "But if the inflation path looks clearly heading in the wrong direction," policymakers will "need to reassess what is the right policy."May 7th - During the May Day holiday, 325 million domestic trips were made nationwide, a year-on-year increase of 3.6%; total domestic tourism spending reached 185.492 billion yuan, a year-on-year increase of 2.9%.On May 7th, Spanish Foreign Minister Álvarez reported that the Israeli Chargé dAffaires in Spain, Ehrlich, was summoned for the second time on May 6th. The Spanish Ministry of Foreign Affairs conveyed a statement to the Chargé dAffaires, stating that the "illegal detention" of Spanish nationals held by Israeli authorities from the "Global Resilience Fleet" should not be extended. The Spanish government believes that the Israeli militarys detention of Spanish crew members violates international law and that the detained crew members must be released immediately.On May 7th, the Beijing Municipal Commission of Planning and Natural Resources released its fourth round of proposed commercial residential land supply list for 2026, involving five plots with a total area of approximately 14 hectares and a building area of approximately 290,000 square meters. These plots are planned for supply in the near future. All projects on this list are located near subway stations, focusing on mature areas in the central urban area while also considering areas with significant demand. Two plots are located in Fengtai District, and one each in Tongzhou, Daxing, and Changping Districts.
