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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.On August 26, the State Council Taiwan Affairs Office held a regular press conference. Spokesperson Zhang Han stated that the construction of the Xiamen-Kinmen Bridge is a shared aspiration and urgent wish of the people of both Xiamen and Kinmen. Once fully operational, the Xiamen-Kinmen Bridge will facilitate travel between the two places and boost Kinmens economic development and improve peoples livelihoods. Zhang Han also stated that the DPP authorities should face up to the interests and demands of Kinmen residents, stop political calculations, truly work for the benefit of the people, and support the early completion and opening of the Xiamen-Kinmen Bridge.

The EUR/GBP exchange rate recovers above 0.8000 in advance of Eurozone inflation and UK gross domestic product

Alina Haynes

Mar 30, 2023 16:05

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The EUR/GBP pair extended its recovery above 0.88 during the Asian trading session. Anticipating that the European Central Bank (ECB) will continue to raise interest rates to combat persistent inflation, the cross has depreciated progressively. Friday will see the publication of preliminary Eurozone Harmonized Index of Consumer Prices (HICP) and Gross Domestic Product (GDP) (Q4) figures. Prior to the publication of these figures, it is anticipated that the asset will exhibit explosive activity.

 

It is anticipated that the preliminary Eurozone HICP will decelerate significantly from 8.5% to 7.3%. While it is anticipated that the core HICP will rise to 5.7% from 5.6% in the previous release. Weak energy prices are anticipated to have a significant impact on Eurozone inflation. In light of Christine Lagarde's prediction that inflation will remain elevated for an extended period of time, the European Central Bank (ECB) is expected to continue tightening monetary policy.

 

In the interim, banking tensions are subsiding as the absence of information regarding additional collateral damage has a positive impact on the market. Chief Economist Philip Lane stated on Wednesday that ECB interest rates must rise if banking tension has no or a "relatively limited" impact.

 

Investors avidly anticipate the United Kingdom's Gross Domestic Product (GDP) data. According to the consensus, the United Kingdom's growth in the fourth quarter of CY2022 remained unchanged. It is anticipated that the annual GDP will remain unchanged at 0.4%. It is expected that the British economy will undergo a severe recession as a result of high inflation and sluggish growth.

 

The Bank of England (BoE) policymakers appear confident that inflation will moderate in the near future and that the unexpected rise in February's inflation was a one-time anomaly; however, the absence of evidence raises doubts. If inflation persists, BoE Governor Andrew Bailey stated that additional rate increases would be announced. In contrast, Bank of America (BoA) analysts anticipate that the Bank of England (BoE) will not increase rates and will maintain current levels until 2024.