During the 15th Five-Year Plan period (2026-2030), China will unswervingly expand high-level opening up and promote high-quality development, which will create wider market opportunities for multinational corporations, Chinese Vice Premier He Lifeng said in Beijing on Saturday.
He, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with senior representatives of well-known multinational corporations including HSBC, UBS, Louis Dreyfus, Siemens Healthineers, Schneider Electric, Rio Tinto, Prudential, Investor AB, Standard Chartered, Suzano and TCP Group.
He noted that China's economy is making progress while maintaining overall stability, and pushing forward with innovation-led and high-quality development, adding that China welcomes multinational corporations to increase investment in China and continuously deepen mutually beneficial cooperation.
Representatives of the multinational corporations expressed confidence in China's economy and stated their readiness to further explore the Chinese market and continue to expand investment in China.
China's 15th Five-Year Plan to create opportunities for multinational corporations: vice premier
China's 15th Five-Year Plan to create opportunities for multinational corporations: vice premier
Austria is set to trim its fuel tax and cap fuel retailers' margins starting in April, as residents brace for higher living costs amid surging energy prices linked to the conflict in the Middle East.
At gas stations in Vienna, frustration is evident. Some residents said they hope the government's price intervention will ease the burden, while others remain skeptical.
"It's a disaster, because at some point you simply can't afford it anymore when petrol costs 2 euros (about 2.3 U.S. dollars) a liter," said Rudolf, a local resident.
Unlike most governments in Europe that have decided not to interfere with oil prices, Austria's measures aim to prevent another cost-of-living crisis.
Previously, the Ukraine conflict had sent inflation rates through the roof, and there are fears the current fighting in the Middle East could have a similar effect.
"What we can expect is probably an increase in energy prices if these oil prices are not tackled quickly. And then in a few month's time, probably also higher prices for industry goods, and also for basic foodstuffs in some areas, also for the rent," said Daniel Witzani-Haim, an economist for the Austrian Chamber of Labor.
The Austrian Institute of Economic Research predicts rising oil prices could increase the local inflation rate from 2.2 to 2.9 percent, with government interventions having only limited impact.
"Austria is coming from a recession and high energy will also dampen the growth perspective for the Austrian economy. So we expect this year an overall growth rate for GDP of around a quarter to one percent," said Josef Baumgartner, senior economist at the institute.
Experts warn that if oil prices climb further, inflation in Austria and Germany could even triple. Some residents are already adapting by turning to cheaper transport options.
"It's good to have a bike, and it's much healthier too. The fuel prices don't affect me at all," said Georg, a local cyclist.
But unless global oil prices ease, both drivers and cyclists may face difficult times keeping household budgets in balance.
Austria to trim fuel tax, cap margins as Middle East war pushes up oil prices
