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China to pursue more positive results from comprehensive reform: official

China

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China

China to pursue more positive results from comprehensive reform: official

2024-08-14 12:27 Last Updated At:19:27

China will take targeted measures to enhance the effectiveness of its comprehensive reform endeavors and strive for new achievements going forward, said an official of the State Council.

The 20th Central Committee of the Communist Party of China (CPC) adopted a resolution on further deepening reform comprehensively to advance Chinese modernization at its third plenary session held on July 15-18.

The overall objectives of further deepening reform comprehensively are to continue improving and developing the system of socialism with Chinese characteristics and modernize China's system and capacity for governance, according to the plenary session's communique.

Huang Shouhong, director of the Research Office of the State Council, said these objectives reflect the strategic arrangements made at the 20th National Congress of the CPC, focus on the theme of Chinese modernization, and showcase the Party's resolve to implement the successful experience accumulated in reforms with a focus on its central tasks. They also contribute to the enrichment and development of the overall reform objectives laid out at the third plenary session of the 18th CPC Central Committee.

The resolution says China will in particular focus on achieving seven objectives: building a high-standard socialist market economy; advancing whole-process people's democracy; developing a strong socialist culture in China; improving the people's quality of life; building a Beautiful China; advancing the Peaceful China Initiative to a higher level; and improving the Party's capacity for leadership and long-term governance.

Huang said China has confidence in realizing these objectives as the country has notable advantages in its political and institutional systems, rich experience, strong material foundation, and wide support from the people.

He said the country will make an all-out effort to seek more positive results by deepening reform.

"Guided by the overall objectives of further deepening reform comprehensively, we will continue to make reform more systematic, integrated and coordinated, and pursue new results in reform. It is necessary to gain a better understanding of the strategic focuses, priorities, main directions, working mechanisms and ways of implementation, better formulate and coordinate the implementation of reform measures in various fields and directions, and make precise, coordinated and sustained efforts to form synergy and enhance the overall effectiveness of reform endeavors," said Huang.

China to pursue more positive results from comprehensive reform: official

China to pursue more positive results from comprehensive reform: official

China to pursue more positive results from comprehensive reform: official

China to pursue more positive results from comprehensive reform: official

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ECB cuts interest rates by 25 basis points

2025-03-07 03:04 Last Updated At:03:17

The European Central Bank (ECB) announced on Thursday that it would slash key interest rates by 25 basis points in a bid to wind down the restrictive monetary policy.

Effective from March 12, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 2.50 percent, 2.65 percent and 2.90 percent respectively, said the central bank in a statement.

The disinflation process is well on track, with headline inflation averaging 2.3 percent in 2025, 1.9 percent in 2026 and 2.0 percent in 2027, the ECB said.

The decision to keep on cutting rates came at a time when the economy in the eurozone is facing increasing uncertainties.

In its latest edition of the staff projections on Thursday, the ECB lowered its forecast for economic growth in the eurozone to 0.9 percent for 2025, 1.2 percent for 2026 and 1.3 percent for 2027.

This marks a downward revision from the ECB's forecast in December last year, which had projected 1.1 percent growth in 2025 and 1.4 percent in 2026, while the 2027 outlook remains unchanged.

The ECB attributed the weaker growth outlook for 2025 and 2026 to declining exports and sluggish investment, citing high trade policy uncertainty and broader economic instability as key factors.

ECB cuts interest rates by 25 basis points

ECB cuts interest rates by 25 basis points

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