China Media Group (CMG) on Friday signed a strategic cooperation framework agreement with the Ministry of Agriculture and Rural Affairs on better presenting stories of agriculture, rural areas, and rural residents in the country.
A signing ceremony was held in Beijing to mark the event, with the country set to celebrate the seventh Farmers' Harvest Festival on Sunday.
Established in 2018 as the first national holiday dedicated to farmers, the Chinese Farmers' Harvest Festival this year coincides with the autumnal equinox, which is one of the 24 solar terms in the Chinese lunar calendar and usually falls between Sept 22 and 24 during the country's agricultural harvest season.
While upholding the traditions of celebrating harvests, this year's celebration event is also aimed at promoting culture and revitalizing rural areas. The CMG plans to launch a series of special programs and key activities to showcase the country's progress in turning the countryside into a beautiful and harmonious place for people to live and work in.
The national broadcaster will air the grand 2024 Chinese Farmers' Harvest Festival Gala on Sunday night, spotlighting Xiantao City in central China's Hubei Province, with a panoramic display of the vibrant harvest landscape across the nation.
Other well-planned television programs will also be launched to uncover the hidden local specialties across the nation and present the development results of China's rural areas in the new era.
CMG signs strategic cooperation framework agreement with Ministry of Agriculture, Rural Affairs
U.S. consumer confidence dropped slightly in May as persistently high gasoline prices and inflation continue to strain household budgets, according to the Conference Board Consumer Confidence Index, which dipped 0.7 points to 93.1 in May, down from an upwardly revised 93.8 in April.
The Present Situation Index, which is based on consumers' assessment of current business and labor market conditions, retreated by 3.2 points to 121.2.
Conversely, the Expectations Index, based on consumers' short-term outlook for income, business, and labor market conditions, rose by one point to 74.4.
The survey period for the month's preliminary results spanned May 1 to May 19, a timeframe heavily impacted by the ongoing conflict in the Middle East, which continues to place significant upward pressure on global prices.
"Consumer confidence edged downward in May as the inflationary impacts of the war in the Middle East intensified," said Dana M. Peterson, chief economist at The Conference Board.
"Consumer appraisals of current business conditions and the current labor market were moderately less positive compared to last month. This was somewhat offset by modest improvements in consumers' expectations for business conditions and the labor market six months from now. Meanwhile, income expectations eased in May, as those anticipating less income rose,” he said.
The decline in the Conference Board's metric aligns with a separate gauge of consumer sentiment compiled by the University of Michigan, which dropped to a record low this month.
Across the U.S. economy, spikes in gasoline prices and higher food costs have worsened overall inflation. This upward price pressure has outpaced the growth in average paychecks in recent months, effectively reducing the purchasing power of many Americans.
The oil price shock remains the primary driver of consumer anxiety, with average gasoline prices nationwide hovering around 4.50 U.S. dollars a gallon in May, a sharp increase from around 3 dollars at the end of February.
Inflation, high gas prices dent U.S. consumer confidence
