China to optimize digital development environment, contribute to global rule-making: spokesman

China will continue to improve its digital development environment and offer Chinese solutions to the improvement of international rules, a Foreign Ministry spokesman said on Thursday, in commenting on the launching of the five-day Fifth Global Digital Trade Expo in Hangzhou City of east China's Zhejiang Province a day earlier.

Chinese Premier Li Qiang attended and addressed the launching ceremony, which was attended by over 1,200 representatives from various sectors of close to 50 countries and regions and relevant international organizations.

"In response to questions such as where global trade is heading amid the trend of digitalization, what should the world do to capitalize on that trend, and what role can China play, Premier Li Qiang shared three observations. First, he called for the need to grasp the new changes and new trends in global trade through digital trade. Flourishing digital trade provides new impetus and opportunities. Second, he said openness is essential to enable better development of global trade in the digital era. Third, China will make greater contribution to global digital trade," said Guo Jiakun, the spokesman, at a press conference in Beijing.

"We will keep expanding digital consumer demand and share market opportunities with countries around the world. China's technology advancement follows an open-source approach such as in the field of artificial intelligence to build 'digital ladders' accessible to all countries. We will continue to improve the environment for digital development and offer China's solutions to setting up well-rounded international rules," said the spokesman.

Japan's benchmark 10-year government bond yield temporarily spiked to 3.055 percent on Wednesday, the first trading day after the country's five-day Silver Week holiday period.

According to public broadcaster NHK, the 10-year government bond yield, a key barometer of long-term interest rates, reached its highest level since September 1996.

Bond prices and yields maintain an inverse relationship. As bond yields rise, bond prices fall, and conversely, when yields decline, bond prices rise.

Higher bond yields will put further pressure on Japan's debt-servicing costs. According to the International Monetary Fund, Japan has the highest public debt ratio among advanced economies, at about 207 percent of its gross domestic product. That is roughly double the average of the Group of Seven economies.