China accelerates development of atomic-scale manufacturing industry: official

China will accelerate the development of atomic-scale manufacturing by integrating technological and industrial innovations, according to the 2024 Equipment Manufacturing Forum in southwest China's Chongqing Municipality.

The four-day event, which began on Monday, focused on intelligent, green, and integrated equipment. It gathered officials, industry experts, scholars and representatives from international organizations, enterprises and financial institutions, to discuss trends and explore development opportunities in the sector, according to the organizers.

The forum featured over 40 events, including a main session, thematic forums, roundtable discussions, matchmaking events, and exhibitions, providing a platform for collaboration and exchange.

Mao Junfeng, deputy director of the Department of High and New Technology at China's Ministry of Industry and Information Technology (MIIT), noted that China is strategically advancing industries such as atomic-scale manufacturing, quantum technology, and clean hydrogen.

Atomic-scale manufacturing, which involves processing at the atomic level to create devices and products with specific atomic-scale structural characteristics, is seen as the future of manufacturing.

Compared to traditional manufacturing, it offers unparalleled precision and is regarded as the ultimate form of manufacturing technology.

"Take atomic-scale manufacturing as an example. We believe that China's atomic-scale manufacturing is at a critical juncture, transitioning from theoretical innovation and key technological breakthroughs to industrialization," said Mao.

Looking ahead, the MIIT plans to strengthen innovation-driven growth by launching major national projects in atomic-scale manufacturing and issuing implementation guidelines on the sector's innovative development to enhance its ecosystem.

Moreover, efforts will focus on integrating atomic-scale manufacturing with strategic sectors such as high-end equipment, aerospace, and new materials, driving their leap-forward development.

China accelerates development of atomic-scale manufacturing industry: official

The U.S. Federal Reserve on Wednesday decided to maintain its target range for the federal funds rate at 3.5-3.75 percent, in line with market expectations.

"Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has been little changed in recent months. Inflation remains somewhat elevated," said the Federal Open Market Committee (FOMC) in a statement.

Nevertheless, "uncertainty about the economic outlook remains elevated. The implications of developments in the Middle East for the U.S. economy are uncertain. The Committee is attentive to the risks to both sides of its dual mandate," the statement said.

"In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent," the statement said. "In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks."

In the statement, the FOMC reiterated its strong commitment to supporting maximum employment and returning inflation to its 2 percent objective.

Of the 12 FOMC members, 11 voted for keeping the rate unchanged. Stephen Miran voted against the action. He preferred to lower the target range for the federal funds rate by 25 basis points at the meeting.

U.S. Fed keeps interest rate unchanged at 3.5-3.75 pct