Chinese vice premier calls for strengthening digital economy cooperation

China

Chinese vice premier calls for strengthening digital economy cooperation

2025-07-11 20:56 Last Updated At：22:47

Chinese Vice Premier Ding Xuexiang on Friday attended the opening ceremony of the 2025 Shanghai Cooperation Organization (SCO) Digital Economy Forum in north China's Tianjin Municipality, calling for efforts to strengthen digital economy cooperation.

Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, said in a keynote speech that in the face of opportunities and challenges brought by digitalization, efforts should be made to accelerate the implementation of the important consensus reached by the SCO Heads of State Council and the Global Digital Compact.

Ding suggested promoting digital economy cooperation, strengthening policy communication and the alignment of development plans, and making full use of cooperation platforms such as the SCO Digital Economy Forum to inject vitality and momentum into the development of the digital economy.

Efforts should be made to enhance the connectivity of digital infrastructure, strengthen the capabilities in computing power scheduling and data processing, and build a high-quality Digital Silk Road to create a regional digital infrastructure system that is more extensive, stable, and responsive, Ding said.

The vice premier suggested promoting the sharing of achievements on digital technology innovation, and enhancing the accessibility of digital economy benefits and digital transformation so as to enable all countries to tap into the fast track of digital economic development.

Ding also called for jointly building a multilateral and collaborative digital security governance system, strengthening international cooperation in digital governance, and supporting the United Nations in playing a leading role in global digital governance and rule-making.

The forum was co-organized by the National Data Administration and the Tianjin municipal government, and approximately 600 participants from China and abroad, including government officials, business leaders, and scholars from academia and think tanks, attended the opening ceremony.

U.S. stocks close higher amid criminal probe into Fed chair Powell

U.S. stocks finished slightly higher on Monday, staging a late-session recovery as investors navigated a volatile landscape marked by a criminal probe into the Federal Reserve leadership.

The Dow Jones Industrial Average rose 86.13 points, or 0.17 percent, to 49,590.2. The S&P 500 added 10.99 points, or 0.16 percent, to 6,977.27. The Nasdaq Composite Index increased by 62.56 points, or 0.26 percent, to 23,733.9. Despite the positive close, the market experienced significant intraday turbulence, with the Dow dropping nearly 500 points at its session lows.

Nine of the 11 primary S&P 500 sectors ended in positive territory. Consumer staples and industrials led the gainers, rising 1.42 percent and 0.75 percent, respectively. Financials and energy were the primary laggards, declining 0.8 percent and 0.66 percent.

Market sentiment was initially shaken by an announcement on Sunday from Fed Chair Jerome Powell, who confirmed that federal prosecutors are investigating him over the Fed's multi-billion-dollar project to renovate its headquarters. Powell characterized the probe as an attempt by the Trump administration to compromise the Fed's independence.

Further weighing on the financial sector was a proposal by U.S. President Donald Trump to cap credit card interest rates at 10 percent for one year, which triggered a sell-off in banking stocks amid concerns over restricted lending and reduced profitability. Capital One shares plummeted 6.42 percent, while Citigroup, JPMorgan and Bank of America also recorded losses.

In contrast, retail giant Walmart led the Dow's advance, climbing 3 percent following news of its upcoming inclusion in the Nasdaq 100 index. The company also announced a strategic partnership with Google's Gemini AI to enhance the digital shopping experience.

Investors are awaiting Tuesday's release of the U.S. consumer price index for December 2025. Following last week's cooling labor market data, market participants increasingly expect the Fed to maintain interest rates at their current levels during the upcoming January meeting.