Chinese State Councilor Shen Yiqin called on the country's Winter Olympians to remain humble and steady, continue improving their competitiveness and strive for new glory in the upcoming Winter Olympics preparation cycle.
Shen made the remarks on Saturday in Beijing during a meeting with the Chinese delegation for the Milan-Cortina 2026 Olympic Winter Games, after the delegation achieved the country's best result at an overseas Winter Games with five gold, four silver and six bronze medals.
China sent its largest-ever delegation to an overseas Winter Olympics for the Milan-Cortina Games, fielding 126 athletes in 91 events across 15 disciplines. The team earned a total of 15 medals, equaling its overall medal count from Beijing 2022.
Shen extended hearty congratulations to the delegation for its brilliant performance, and emphasized that the Winter Olympians have also demonstrated the Olympic spirit and the spirit of Chinese sportsmanship.
With the new Winter Olympics preparation cycle underway, Shen also expressed her hope that the team will reflect on its successful experiences, continue to develop new talents, and strive for new heights at the 2030 Winter Olympics in the French Alps.
She highlighted the importance of leveraging the country’s new system for mobilizing resources nationwide, calling for increased efforts on strengthening the talent development framework, enhancing the competitive strength of winter sports athletes, and consolidating and expanding the achievement of involving 300 million people in ice and snow activities, to further promote the high-quality development of China's winter sports sector.
Chinese State Councilor Shen Yiqin urges Winter Olympians to pursue new glory
U.S. stocks ended sharply lower on Friday, as a stronger-than-expected May jobs report heightened bets on a potential Federal Reserve rate hike later this year.
The Dow Jones Industrial Average fell 695.15 points, or 1.35 percent, to 50,866.78. The Standard and Poor's 500 sank 200.57 points, or 2.64 percent, to 7,383.74. The Nasdaq Composite Index shed 1,121.53 points, or 4.18 percent, to 25,709.43.
Six of the 11 primary Standard and Poor's 500 sectors closed in negative territory, with technology and consumer discretionary leading the declines at 5.78 percent and 2.43 percent, respectively. Consumer staples and utilities were the top performers, rising 1.64 percent and 0.8 percent, respectively.
The U.S. Bureau of Labor Statistics reported that employers added 172,000 jobs in May, exceeding economists' expectations of around 88,000. The unemployment rate held steady at 4.3 percent.
While the strong labor market data underscored economic resilience, it also raised concerns about persistent inflation and reduced the likelihood of near-term monetary easing.
Traders now price in a Federal Reserve rate hike by the end of this year. According to the CME FedWatch Tool, the probability of interest rates rising by year-end jumped to 72.7 percent on Friday, up from 50.5 percent the previous day. This shift came even as U.S. President Donald Trump continued to press for interest rate cuts while his nominee, Kevin Warsh, assumed leadership of the Federal Reserve.
Market volatility intensified this week as investors took profits after recent rallies and adjusted expectations for Fed policy. The CBOE Volatility Index, Wall Street's fear gauge, surged over 30 percent to its highest level in two months.
In the technology sector, concerns over the artificial intelligence investment boom persisted. Broadcom continued to plummet following its disappointing earnings forecast earlier in the week, while Micron Technology, Advanced Micro Devices, and Intel also posted notable losses.
U.S. stocks tank as strong jobs report fuels rate-hike expectations
