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On April 23, the Ministry of Commerce and the State Administration for Market Regulation jointly issued the "Action Plan for Standardization of Trade in Services (2026-2030)," which mentions increasing efforts in the development of standards in areas such as intellectual property, technology services, geographic information, human resources, language, consulting, inspection and testing, and creative design services. The plan aims to promote the coverage of relevant standards across the entire service supply chain both domestically and internationally, and enhance the international service capabilities of professional service organizations. It also aims to improve the standardization level of service outsourcing, focusing on promoting standardization in areas such as biopharmaceutical R&D outsourcing, information technology outsourcing integrated with manufacturing, and intellectual property protection for service outsourcing companies.On April 23, the Ministry of Commerce and the State Administration for Market Regulation jointly issued the "Action Plan for Standardization of Trade in Services (2026-2030)," which emphasizes accelerating the development of standards in areas such as tourism services and inbound consumption, improving service specifications, promoting the alignment of service standards with advanced international standards, strengthening the implementation and promotion of standards, and promoting the establishment of a comprehensive standardization system covering travel service quality, safety, scenarios and applications, and guarantees and supervision. The plan also prioritizes the development of standards and systems in areas such as the digitalization of shipping trade, accelerating the digitalization, greening, and internationalization of international transportation services. Furthermore, it focuses on strengthening research into standards for agricultural service trade terminology classification, agricultural foreign technical service specifications, and cross-border outsourcing of agricultural supplies services, enhancing the international service capabilities and standardization levels of agricultural service institutions, and providing "Chinese standard" technical support for overseas agricultural development.On April 23, the Ministry of Commerce and the State Administration for Market Regulation jointly issued the "Action Plan for Standardization of Trade in Services (2026-2030)," which mentions promoting innovation in trade in services standards. It emphasizes the close integration of standards with service, technology, and application scenario innovation; strengthening the development of standards related to new services and technologies; proactively planning and promoting pre-standardization research on new trade formats and models; effectively leveraging the guiding role of standards in the high-quality development of trade in services; and enhancing the guarantee capabilities of services in key links and areas. It also emphasizes strengthening intellectual property protection during the standard-setting process.On April 23, the Ministry of Commerce and the State Administration for Market Regulation jointly issued the "Action Plan for Standardization of Service Trade (2026-2030)," which mentions optimizing the supply structure of service trade standards. It promotes the coordinated development and complementary support of government-issued standards and market-developed standards in the service trade sector. Based on the development of the service industry and trade, it strengthens the effective supply of national standards, focusing on protecting personal health and safety, national security, ecological and environmental safety, and meeting basic needs of economic and social management. It increases the intensity of mandatory standard formulation and revision, strengthens standard implementation supervision, and improves the standardization of industry development. It encourages social organizations to formulate urgently needed and internationally competitive group standards based on market competition and innovation needs. It fully leverages the role of leading enterprises, encouraging all types of enterprises, including private and foreign-invested enterprises, to strengthen innovation and formulate cutting-edge enterprise standards. It promotes the domestic transformation of advanced and applicable international standards, drives the formulation and application of international standards in the service trade sector, and enhances their global recognition and influence. While improving the foundation of the domestic standard system, it focuses on strengthening the research and application of service trade-related standards that are internationally oriented and support cross-border delivery.On April 23, the Ministry of Commerce and the State Administration for Market Regulation jointly issued the "Action Plan for Standardization of Trade in Services (2026-2030)," which mentions the coordinated advancement of standardization work in trade in services. The plan emphasizes strengthening research on the layout of standards in the service trade sector, taking market demand as the guide, focusing on basic and general standards, key industries, international cooperation, and the digitalization of service trade. It aims to cultivate Chinese standard brands in key areas, increase the promotion and implementation of standards and international cooperation, and accelerate the construction of a well-structured, focused, internationally aligned standard system that meets the development stage and needs of my countrys service trade. The goal is to gradually form a working pattern driven by the market, guided by the government, with full participation, and open sharing.

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.


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