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Real-time News
On January 28th, Westpac joined other major banks in predicting a 25 basis point rate hike by the Reserve Bank of Australia (RBA) at its February meeting. Westpac believes that persistently high inflation has cast a "decisive vote" for policy tightening, while maintaining its basic assessment that this rate hike will be a one-off move, not the start of a long-term rate hike cycle. Westpac argues that accurately identifying spare capacity in an economy nearing full employment and full capacity utilization is difficult. In this environment, inflation outcomes become the most reliable policy guide. The bank points out that underlying inflationary momentum is currently higher than the level needed for a smooth return to the RBAs 2-3% target range, leaving the RBA with little room to delay action. Nevertheless, Westpac does not expect automatic and continuous rate hikes. Current policy is considered to be at a restrictive level, and the remaining task of cooling inflation is relatively modest. The most likely outcome is a wait-and-see approach after February, while clearly conveying that the RBA is prepared to act again if inflation fails to slow as expected.January 28 – Following the completion of necessary internal procedures by both parties, the Hong Kong-Turkey Investment Promotion and Protection Agreement (Investment Agreement) will come into effect on February 4. According to the agreement, both governments commit to providing protections for each others investors, such as fair, equitable, and non-discriminatory treatment of their investments, compensation in the event of investment expropriation, and allowing the free transfer of investments and profits overseas. The agreement also stipulates that investment disputes can be resolved in accordance with internationally recognized rules, including arbitration. Hong Kongs Secretary for Commerce and Economic Development, Edward Yau, stated that by strengthening investment protections, the Investment Agreement will enhance investor confidence, expand investment flows between Hong Kong and Turkey, and benefit the economic development of both places.On January 28th, Pang Xiaogang, Vice Chairman of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), stated at a press conference held by the State Council Information Office that state-owned enterprises (SOEs) will further promote the "AI+" special action in the next step. First, they will strengthen investment-driven development. This includes planning the "15th Five-Year Plan" strategic plan for artificial intelligence for central SOEs, accelerating the construction and efficient utilization of information and communication networks, the national integrated computing power network, and domestic intelligent computing clusters, and promoting high-quality industrial development through effective investment. Second, they will deepen scenario cultivation. Focusing on key areas such as embodied intelligence and energy and power, they will explore the establishment of "AI+" industrial communities, increase the openness of scenarios, and create more comprehensive major scenarios, industry-integrated scenarios, and high-value niche scenarios. Third, they will optimize data supply. Under the premise of security and compliance, they will accelerate the open development of data resources in key areas such as transportation and logistics, smart energy, green and low-carbon development, and financial services, providing strong support for model optimization and iteration, intelligent computing facility construction and use, and large-scale application in industry scenarios.The Hang Seng Tech Index rose to 1%, while the Hang Seng Index is currently up 1.63%.On January 28, Zhang Jianlong, Director of the Science and Technology Innovation Bureau of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), stated at a press conference held by the State Council Information Office that SASAC is currently drafting a working document on promoting the cultivation of emerging pillar industries by central enterprises, guiding them to achieve leapfrog development from major project investment, cultivation of leading enterprises, and breakthroughs in key areas to the overall optimization of the layout of the state-owned economy.
