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On July 20th, Tao Qing, spokesperson for the Ministry of Industry and Information Technology and Director of the Bureau of Operation Monitoring and Coordination, stated that the Ministry will accelerate the implementation of the "15th Five-Year Plan for the Development of the Pharmaceutical Industry," focusing its efforts on building "innovative medicine," "digital medicine," "inclusive medicine," and "open medicine," accelerating progress in the new field of biomedicine. The Ministry will continue to strengthen research on original technologies and key core technologies, leveraging artificial intelligence to comprehensively empower industrial development. It will also strengthen drug security for key groups such as the elderly, children, and patients with rare diseases, striving to ensure that every patient can access, afford, and effectively use medications, allowing more high-quality and innovative drugs made in China to benefit patients worldwide more quickly.On July 20th, Wang Weiming, Chief Engineer of the Ministry of Industry and Information Technology, stated that the next step is to comprehensively ensure stable industrial operation, strengthen technological breakthroughs, and promote the application of equipment, fully driving the transformation and upgrading of the equipment manufacturing industry. First, promote steady growth in the industry. Closely adhere to the "15th Five-Year Plan" national outline, implement various overall plans, and effectively publicize and implement the "15th Five-Year Plan for the Development of the Intelligent Connected New Energy Vehicle Industry." Continue to implement a new round of work plans for stabilizing growth in industries such as machinery, automobiles, and power equipment, comprehensively expanding high-quality supply and effective demand. Second, accelerate breakthroughs in key core technologies. Coordinate the reconstruction of the industrial base and major technological equipment breakthrough projects, strengthen strengths, address weaknesses, and enhance the foundation, achieving breakthroughs in a number of landmark products and continuously improving the resilience and security level of key industrial and supply chains. Third, accelerate the promotion and application of domestically produced equipment. Deepen the supply and demand matching in industries such as industrial machine tools, intelligent robots, and medical equipment, and accelerate the promotion and application of the first (set) of major technological equipment. Conduct activities to promote new energy vehicles in rural areas, continue to carry out pilot projects for the application, access, and road access of intelligent connected vehicles "vehicle-road-cloud integration," and activate the consumption potential of the bulk commodity market.On July 20, Tao Qing, spokesperson for the Ministry of Industry and Information Technology and director of the Bureau of Operation Monitoring and Coordination, stated at a press conference held by the State Council Information Office that 38 innovative drugs were approved for marketing in the first half of this year, of which 31 were domestically produced, accounting for over 80%. The licensing of innovative drug technologies to foreign entities reached a new high, with total transactions exceeding US$100 billion in the first half of the year.July 20 - The Ministry of Industry and Information Technology (MIIT) will prioritize the planning and construction of next-generation communication networks as a key driver of the information and communication industrys development, focusing on three key areas. First, we must focus on network construction and deployment, comprehensively promote the construction of basic networks, space networks, international networks, and converged networks, promote the large-scale commercial use of 5G 10-gigabit optical networks, continuously increase the reach of international submarine cables, accelerate the construction of new industrial networks, and form an infrastructure system that meets the needs of the intelligent economy and intelligent society. Second, we must focus on industrial support and empowerment, strengthen innovation and research on core technologies such as 6G mobile communication, optical communication, submarine optical cables, and satellite communication, accelerate the development of related products, support the high-quality construction and deployment of the next-generation communication network, highlight the leading role of enterprises in technological innovation, give full play to the role of industrial platforms, research institutes, and industry associations, and achieve efficient synergy between the innovation chain and the industrial chain. Third, we must focus on application innovation and promotion, deepen the application of 5G and gigabit optical networks in key industries, innovate new application scenarios and application models, deepen the integration and development of brain-computer interfaces, embodied intelligence, and intelligent connected vehicles with 5G, 6G, satellite, and the Internet, give full play to the supporting role of the digital foundation of the next-generation communication network, and collaboratively empower the integrated application innovation of water networks, new power grids, urban underground pipe networks, and logistics networks.On July 20th, Xie Cun, spokesperson for the Ministry of Industry and Information Technology and Director of the Information and Communications Administration, stated that as of the end of June, the number of 5G base stations reached 5.102 million, and the number of 10GPON ports with gigabit network service capabilities reached 32.86 million. The construction of 5G-A commercial networks is being actively promoted, with 10-gigabit optical networks being piloted in residential communities, factories, and industrial parks. The types of 5G-based smart terminals are continuously expanding, with AI-powered mobile phones and computers, smart robots, AI glasses, and AI toys becoming new hotspots for information consumption. Licenses for the use of 6GHz frequency bands for 6G trials have been approved, accelerating the second phase of 6G technology trials. The level of openness and development has steadily improved. Pilot programs to expand the opening up of value-added telecommunications services have been implemented, attracting and utilizing foreign investment with significant results. As of now, the number of foreign-invested telecommunications enterprises has reached 3,219, a 23.9% increase compared to the same period last year.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.