China's top legislator Zhao Leji met with Annita Demetriou, president of the House of Representatives of Cyprus, in Beijing on Friday.
In their meeting, Zhao, chairman of the National People's Congress (NPC) Standing Committee, said China looks forward to strengthening exchanges and cooperation with Cyprus at all levels and in various fields to enrich the content of the two countries' strategic partnership and better benefit the two countries and their people.
Zhao said China appreciates Cyprus's adherence to the one-China principle, expressing hope that Cyprus would continue to provide firm support on issues related to China's core interests. China will continue to firmly support Cyprus' efforts to safeguard its national sovereignty and territorial integrity, he said.
Stressing that exchanges and cooperation between legislative bodies are an important part of China-Cyprus relations, Zhao said the NPC is willing to strengthen cooperation with the Cypriot House of Representatives to share experiences and facilitate exchanges.
Sharing China's achievements and experience in development, Zhao noted that every nation has the right to pursue a development path that suits its own national conditions. He underlined that China is willing to increase exchanges and mutual learning with Cyprus as companions and partners on the path of modernization.
Demetriou reaffirmed Cyprus's firm commitment to the one-China principle. Cyprus is willing to further deepen cooperation with China in areas such as the Belt and Road Initiative, trade, and culture, thus promoting the development of Cyprus-China and Europe-China relations, according to the parliamentary speaker.
She also said the House of Representatives of Cyprus looks forward to strengthen exchanges and cooperation with the NPC of China, and to make legislative contributions to the friendly relations between the two countries.
China's top political legislator meets president of Cypriot House of Representatives
The U.S. Federal Reserve's 25 basis point cut on Thursday aligns with market expectations, said Li Fuyi, associate researcher at Institute for Foreign Economic Studies under the Academy of Macroeconomic Research.
The Fed on Thursday slashed interest rates by 25 basis points amid cooling inflation and a weakening labor market, marking the second rate cut in this easing cycle.
Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated, the Federal Open Market Committee (FOMC), the central bank's policy-setting body, said in a statement.
"From a policy perspective, the 50 basis point cut in September was a more precautionary move, aimed at preventing the policy from lagging too far behind developments. Moving forward, the rate cuts should slow and follow a more gradual pace, allowing enough room for policy adjustments. The Fed would lower rates by another 50 basis points by the end of the year, so the November 25 basis point cut aligns with market expectations. In terms of economic data, Fed policy mainly responds to changes in employment and inflation," Li explained the interest rate cut.
"Currently, U.S. inflation is gradually approaching the Fed's 2 percent objective. For instance, the initial core PCE figure for the third quarter was 2.2 percent. At the same time, the labor market is roughly in line with the Fed's full employment target range. In this situation, there is no urgent need for a major rate cut. A moderate rate cut also avoids overly pessimistic market interpretations of the current economic situation. This approach is an optimal solution for the Fed's delicate balance between curbing inflation and avoiding economic cooling," she said.
US Fed's 25 basis point cut aligns with market expectations: expert