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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 struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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