Chinese premier stresses efforts to build distribution hubs for bulk commodities

Chinese Premier Li Qiang has called for efforts to accelerate the building of hubs for the distribution of bulk commodities and important materials to ensure both development and security.

Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks during trips to Zhoushan and Ningbo in east China's Zhejiang Province from May 25 to 27.

He emphasized the importance of doing a good job in regulating the reserves of bulk commodities and important materials, strengthening the functions of strategic guarantee, macro-control and responding to urgent needs, and improving the resilience of industrial and supply chains.

In Zhoushan, Li heard officials' reports on work related to petroleum and grain reserves, inspected reserve facilities, and inquired about the construction and operation of related projects.

Li said that building good reserves of bulk commodities and important materials is of great significance for the stability of the economy and society, as he urged efforts to push forward the construction of multiple types of reserve facilities and expand the reserve capacity.

He also called for technological innovation in reserve work and management to enhance the level of intelligence, and deepening the reform of systems and mechanisms to promote the coordinated operation of strategic reserves and commercial reserves.

At the Zhejiang Mercantile Exchange in Zhoushan, Li learned about progress in building a resource allocation hub and inquired about trading activities.

He urged efforts to build an integrated service platform, improve multi-category and full-chain trading services, and strengthen China's influence on global pricing mechanism.

Li then inspected the Ningbo Section of the Jintang undersea tunnel, and the Meishan port area of Ningbo-Zhoushan Port, which has ranked first globally in cargo throughput for 17 consecutive years.

The 16.18-km undersea tunnel is a key facility for the Ningbo-Zhoushan high-speed railway and is set to be the world's longest undersea high-speed railway tunnel upon completion.

At the construction site of the undersea tunnel, the premier emphasized safe and green practices given the tunnel's complex geographic conditions, and urged strict quality control throughout the process.

At the port, Li observed unmanned container loading and unloading operations. Noting the port's strong advantages and leading role, he called for enhancing infrastructure and promoting multi-modal transport through sea, land, air and digital trade.

He also underscored the advancement of smart and digital transformation to boost throughput capacity and foster port-related industries, with the goal of building Ningbo-Zhoushan Port into a world-class port.

Chinese premier stresses efforts to build distribution hubs for bulk commodities

Chinese premier stresses efforts to build distribution hubs for bulk commodities

Japan's reliance on U.S. economic policy is allowing foreign funds to acquire Japanese assets at bargain prices, according to Japanese economist Kazuhide Uekusa.

He warned that the government's economic and defense strategies prioritize foreign capital and political profits over public welfare, failing to bring true prosperity to ordinary citizens.

The Bank of Japan (BOJ) on Friday raised its policy interest rate by 0.25 percentage points to 1.25 percent, the highest in about 31 years, following a two-day board meeting.

According to Uekusa, the timing of the shift aligns perfectly with the interests of large American funds.

"The Takaichi Cabinet has been reluctant to raise interest rates, thus allowing the yen to continue to depreciate. I think this is actually equivalent to helping foreign capital purchase Japanese assets at a low price. However, U.S. Treasury Secretary Scott Bessent has recently made a clear adjustment to the policy direction of the U.S. dollar against the Japanese yen, promoting the appreciation of the Japanese yen. The reason is that some large funds in the United States have basically completed their investment layout in Japanese assets," said Uekusa.

Uekusa also said Japan cannot attempt to revitalize its economy by expanding military spending and supporting the defense industry, and such a military buildup strategy is unlikely to bring about true prosperity and stability.

"I think it is true that the Japanese economy has been stagnant for a long time. However, to expand military spending in an attempt to revitalize the economy is, in my opinion, an extremely foolish and even crazy move. To achieve peace and stability in Japan, the foundation should be to establish friendly relations with neighboring countries rather than military expansion. The reason why the Japanese government attaches so much importance to the military industry is that it can generate huge profits, and a part of these profits may flow back to political parties or political figures through various means. I don't think this is at all for the benefit of the people," he said.

Japanese economist criticizes gov't policies for enabling cheap asset sales to foreign funds