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On April 30th, it was announced that the 9th issue of Qiushi magazine, to be published on May 1st, will carry an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the Peoples Republic of China, and Chairman of the Central Military Commission, entitled "Speech at the Seminar for Provincial and Ministerial-Level Leading Cadres on Studying and Implementing the Spirit of the Fourth Plenary Session of the 20th CPC Central Committee." The article points out that it is essential to solidly build a modern industrial system. The backbone of a modern industrial system is advanced manufacturing. It is necessary to maintain a reasonable proportion of manufacturing and vigorously develop advanced manufacturing. Modern infrastructure is an integral part of a modern industrial system. Attention should be paid to calculating input and output to improve the matching degree. Developing new types of productive forces is an inevitable requirement for building a modern industrial system. It is necessary to adhere to adapting to local conditions and promote the deep integration of scientific and technological innovation and industrial innovation based on reality.Switzerlands KOF Leading Economic Index for April was 97.9, below the expected 95.9 and the previous reading revised from 96.1 to 95.6.Spains first-quarter GDP annualized growth rate was 2.7%, in line with expectations and down from 2.70% previously.Spains first-quarter GDP growth rate was 0.6% quarter-on-quarter, below the expected 0.5% and the previous value of 0.80%.On April 30, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Belgian Deputy Prime Minister and Foreign Minister Jean-Michel Prévost in Beijing. Wang Yi stated that the current international situation is complex and volatile. Both China and Belgium are defenders and practitioners of multilateralism, supporters and beneficiaries of an open world economy, advocate for resolving disputes through dialogue and politics, and uphold international law. The two sides share broad common interests. China is willing to take the 55th anniversary of the establishment of diplomatic relations as an opportunity to work with Belgium to uphold mutual respect, seek common ground while reserving differences, strengthen dialogue and communication, enhance mutual understanding and trust, strengthen people-to-people exchanges, and explore the potential for pragmatic cooperation, thus elevating China-Belgium relations to a new level. Wang Yi noted that Belgium is the location of the EU headquarters and an important gateway for China-EU cooperation, and the significance of China-Belgium relations extends beyond the bilateral scope.

The price of oil decreases, taking a pause from a sharp surge

Charlie Brooks

Jul 19, 2022 10:30

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Oil prices declined on Tuesday, taking a breather after rising more than $5 a barrel in the previous session, as a weakening dollar boosted buying excitement and investors speculated that the U.S. Federal Reserve may not hike interest rates as anticipated.


Brent oil futures for September delivery fell 69 cents to $105.58 per barrel at 00:36 GMT. The 5.1% increase on Monday was the greatest percentage gain since April 12.


WTI oil futures for August delivery fell 65 cents to $101.95 per barrel. On Monday, the contract jumped by 5.1%, the largest percentage gain since May 11.


The WTI August contract expires on Wednesday, while the more actively traded September future fell 63 cents to $98.79 a barrel.


Both benchmarks had weekly declines of more than 5 percent last week.


As Western sanctions on Russian crude and gasoline supplies impeded trade flows to refiners and end-users, oil prices oscillated between supply anxieties and rising concern that central bank measures to tame surging inflation may cause a recession that would diminish future fuel demand.


This week, two Federal Reserve officials stated that the central bank is unlikely to raise interest rates by more than 75 basis points at its July 26-27 meeting.


A drop in the rate of growth might result in a less severe economic recession, hence reducing fuel use.

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