Chinese vice premier meets U.S. delegation on economic ties

He Lifeng, Chinese vice premier and Chinese lead person for China-U.S. economic and trade affairs, met with a delegation led by Jay Shambaugh, under secretary for international affairs at the U.S. Department of the Treasury, on Friday in Beijing.

He noted that China and the United States should implement the important consensus reached between the two presidents at their San Francisco meeting and during a phone call in April this year, maintain economic communication and exchanges, strengthen macroeconomic policy coordination, properly handle each other's concerns on the basis of equality and mutual respect, and promote the steady and sound development of China-U.S. economic relations.

Shambaugh, who is in China to attend the fifth meeting of the China-U.S. economic working group, said the U.S. side is willing to maintain economic communication with China and develop healthy economic relations.

Chinese vice premier meets U.S. delegation on economic ties

Chinese vice premier meets U.S. delegation on economic ties

Chinese vice premier meets U.S. delegation on economic ties

Chinese vice premier meets U.S. delegation on economic ties

Chinese vice premier meets U.S. delegation on economic ties

The spillover effects of the ongoing Middle East conflict have driven up commodity prices in Ethiopia, taking a heavy toll on people's daily life, especially for the low-income population.

With U.S.-Israeli joint military strikes on Iran now exceeding one month and no clear resolution in sight, the economic aftershocks are spreading far beyond the Middle East.

As part of its response to U.S. and Israeli operations, Iran has restricted navigation through the Strait of Hormuz, targeting ships associated with the United States and Israel. The blockade of this vital global energy route has driven up oil and gas prices worldwide.

In Addis Ababa, the Ethiopian capital, long queues of vehicles could be seen at gas stations waiting for fuel. Prices of other goods are also on the rise.

"The prices of goods are going up every day. If the conflict continues, life will become very hard, especially for people with low incomes," said Zeynu Yelma, a shop owner.

Beyond rising living costs, the surge in prices has also hit the local construction industry.

"Over the past two weeks, the prices of building materials have risen sharply, severely affecting our work. The price of cement has nearly doubled. Sand and gravel costs continue to rise. The price of steel has also surged. If this trend continues, I'm afraid our work may have to stop," said Yetbarek Workenhe, manager of a construction site.

Although local authorities have been working to secure supplies, provide subsidies, and prioritize public services, the severe international situation continues to widen the supply gap.

Spillover effects of Middle East conflict push up prices in Ethiopia