Category: NEWS

On October 24th, the second International Youth Scholars Forum was held at Nanchang Hangkong University, bringing together numerous young scholars to discuss the vital role of aviation in national development.

In his opening remarks, Lu Chao, the Vice President and Provost of Nanchang Hangkong University, emphasized the increasing competition for international talents amid a globalizing world and rapid technological advancements. “As a gathering place for scientific talents and a source of innovation, higher education institutions bear a significant responsibility and a glorious mission in talent development,” Lu noted.

Since entering the new era, Nanchang Hangkong University has prioritized talent resources as the core of its educational strategy, implementing a robust “talent-enhancement” plan known as the “5455 Talent Project.” This initiative aims to establish the university as a key hub for aviation talents in central China, helping Jiangxi Province become a prominent destination for exceptional individuals. To attract and retain high-caliber talents, the university focuses on practical application of knowledge, increasing investments in research projects and providing ample funding and experimental resources.

Additionally, the university fosters an environment that encourages innovation and entrepreneurship, refining its talent evaluation and incentive mechanisms to ensure that contributors receive appropriate recognition and rewards. It also strengthens collaborations with leading international universities and research institutions, offering a broader perspective and platform for talent development.

During a keynote presentation, Vice President Guo Zhenghua highlighted the rich history and solid foundation of the aviation industry in Jiangxi Province. He pointed out that the province serves as a vital engine for economic transformation, leveraging its substantial advantages. With capabilities in developing and manufacturing both rotary-wing and fixed-wing aircraft, Jiangxi stands out as a significant aviation resource hub, notably contributing to the domestic large passenger aircraft C919, of which a quarter of its fuselage is produced in Jiangxi.

Guo emphasized that Nanchang Hangkong University is committed to building a strong talent team by enhancing career planning, creating a nurturing environment, and fostering shared goals. The university has established a comprehensive five-part framework for talent attraction and development, ensuring that exceptional PhD holders can be effectively recruited, engaged, and retained as it continues to advance toward establishing a new benchmark for aviation talent.

On October 26, the Global Wealth Management Forum · 2024 Shanghai Suhewan Conference convened under the theme “Promoting Global Common Development through Financial Cooperation.” The topic of Chinese assets sparked robust discussions among finance executives from around the world. Experts at the conference indicated that the potential for long-term institutional investors to allocate to renminbi assets is expected to expand further.

Michael Levin, Head of Morgan Stanley Investment Management for the Asia Pacific, highlighted the transformative changes in China’s capital markets since the country joined the World Trade Organization in 2001 and implemented the Qualified Foreign Institutional Investor program in 2002. Levin noted that the establishment of stock and bond market connectivity has catalyzed rapid growth, positioning China’s capital markets as the second largest worldwide.

In response to emerging economic challenges, China has recently introduced several new policies. Neil Godfrey, Managing Director and Head of Global Distribution at Abrdn, pointed out that the latest policies from the Chinese government have brought the country back into focus. He emphasized that the synergistic effects of fiscal and monetary policy enhancements have improved economic prospects, generating exciting opportunities for long-term investors due to attractive relative valuations.

Liu Jian, Chairman of Shenwan Hongyuan, echoed this sentiment in his opening remarks, stating that there is a low allocation of equity assets among domestic insurance funds, banks, and wealth management subsidiaries, leading to a necessary rebalancing for foreign investment institutions in A-shares. With favorable factors accumulating, there is significant potential for long-term institutional investors to increase their holdings in renminbi assets.

Foreign asset management firms see new growth opportunities in China amid ongoing green transformation efforts. Niall Quinn, Partner and Global Head of Institutional Business at Pictet Group, remarked that China serves as a remarkable global example in its commitment to carbon reduction and has emerged as the world leader in green technology, spanning areas such as solar panels, wind turbines, and electric vehicle batteries. Quinn also noted that China is restructuring its industries to reduce the share of high-emission manufacturing.

With the backing of national policies and commitments, Pictet Group has bolstered its confidence in the growth potential of environmental opportunities in China, particularly in sectors like green transportation, renewable energy, resource efficiency, and industrial decarbonization. Quinn disclosed that in 2023, Pictet launched a dedicated investment strategy focused on A-shares that directs international investment into leading environmental solution providers in the Chinese market.

In recent years, the China Securities Regulatory Commission has implemented a series of effective reforms aimed at promoting the long-term health of the capital market, enhancing the quality of listed companies, and improving mid-to-long-term returns for investors. Liu Jian highlighted that in 2023, A-share listed companies distributed a record 2.2 trillion yuan in dividends, signaling the gradual formation of a sound ecosystem for long-term investment in China’s capital market. The A-share market is poised to become a significant venue for global capital allocation.

On October 15 and 16, the Supreme People’s Procuratorate held expanded meetings of the Procuratorial Committee and the Party Group. During these sessions, they reported on the cases that did not meet quality standards in national procuratorial operations since 2019 and discussed measures to strengthen and improve prosecutorial management while reducing the burden on grassroots agencies.

Chief Procurator Ying Yong, who presided over the meetings, emphasized the importance of adhering strictly to the law, being pragmatic, and following established practices. He called for a shift from merely managing data to a more comprehensive emphasis on business operations, case management, and quality control. He noted the need to integrate macro-level case quality analysis with micro-level case quality assessments and to further implement and refine the judicial accountability system.

According to reports, in the first three quarters of this year, the national prosecutorial agencies experienced continuous and coordinated growth in their four major functions. The strength of legal supervision has increased significantly, overall case handling quality has been good, and special campaigns like “Prosecutorial Support for Enterprises” and “Protecting People’s Livelihoods” have shown clear results. Additionally, high-efficiency case-handling mechanisms are being improved as various prosecutorial activities progress steadily. However, challenges remain, such as ensuring proper standards for criminal case review and arrest, making better use of civil retrial prosecutorial recommendations, providing stronger administrative judgment supervision, and improving the quality of public interest litigation cases.

The meetings acknowledged that while the overall operational status of prosecutorial agencies is good and there is a growing awareness among prosecutors about high-quality case handling, some agencies and personnel remain overly focused on data indicators and performance rankings. This focus diverts attention from achieving substantive case quality and efficiency, with improper assessments playing a significant role in this issue.

It was determined that the Supreme People’s Procuratorate must take the lead in tackling problematic assessments and pressures in management practices. This includes alleviating the burden of data-driven focuses that detract from effective case handling.

The meetings decided to eliminate all unnecessary, inappropriate, and unreasonable assessments of procuratorial agencies, especially at the grassroots level. They will no longer enforce the prosecutorial business evaluation indicator system, nor will they rank and report on business data across different regions. Instead, they aim to shift the focus of prosecutorial management to emphasize business, case, and quality management, and to analyze key types of cases, key areas of handling, and important operational trends. This approach aims to integrate macro-level quality analysis with micro-level assessments, guiding procuratorial agencies and personnel to adopt a correct view of performance.

Moreover, the emphasis on not executing the business evaluation system and not ranking data does not mean ignoring data or management altogether. Instead, the goal is to ensure that data is accurate, objective, and truthful, while using this information to analyze case handling quality, efficiency, and effectiveness comprehensively. This will help identify the core issues affecting prosecutorial efficacy and provide a more scientific basis for high-quality case handling.

Alex Enumah in Abuja

In a recent interview, we spoke with key stakeholders about the positive recognition Nigeria has received from the Financial Action Task Force (FATF) in relation to its efforts in improving Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) measures.

The FATF, the global standard-setting body for AML/CFT issues, commended Nigeria at the conclusion of its October Plenary Meeting held in Paris, France. According to a statement by Sani Tukur, spokesperson for the Nigeria Financial Intelligence Unit (NFIU), the task force also approved Nigeria’s 4th Progress Report. This marked an important step for Nigeria, which was placed on the “grey list” of jurisdictions under monitoring in February 2023.

During our conversation, he highlighted that the FATF acknowledged Nigeria as having established “strong systems in place for international cooperation to tackle serious crimes, including asset recovery. The country has also strengthened national coordination to combat terrorism and implemented effective measures to prevent the non-profit sector from being exploited for terrorist financing.”

Since being placed on the monitoring list, Nigeria has made significant strides in executing an Action Plan aimed at addressing weaknesses outlined in the 2021 AML/CFT Mutual Evaluation Report.

We also had the opportunity to speak with NFIU’s Chief Executive Officer (CEO), Mrs. Hafsat Abubakar Bakari, who attended the meeting in Paris. She emphasized the collective efforts of public and private sector stakeholders in Nigeria, stating, “We have successfully completed nearly half of the items in our Action Plan to improve our standing and exit the grey list.”

Mrs. Bakari expressed optimism about the future, saying, “With the ongoing commitment and leadership of President Bola Ahmed Tinubu, along with members of the Federal Executive Council and the Inter-Ministerial Committee on AML/CFT, led by the Honourable Attorney-General and the Ministers of Finance and Interior, we are confident that Nigeria will fulfill all remaining actions before the May 2025 deadline.”

She also took a moment to thank all stakeholders for their contributions, particularly the Commander in Chief and the heads of various agencies that have worked diligently to improve Nigeria’s standing, urging everyone to maintain their focus and efforts.

Additionally, the FATF’s Paris Plenary meeting made updates to its grey-list. Senegal was successfully removed from the list, while Algeria, Angola, Côte d’Ivoire, and Lebanon have been added for monitoring.

On October 23rd, the Bank of Canada announced a significant cut in its overnight lending rate, reducing it by 50 basis points from 4.25% to 3.75%. This decision aligns with market expectations and marks the fourth interest rate cut by the Bank since early June, with this being the most substantial reduction to date.

During a press conference in Ottawa, Bank of Canada Governor Tiff Macklem explained that the larger cut was warranted due to inflation having fallen back to the target level of 2%. He emphasized the importance of maintaining low and stable inflation moving forward.

The Consumer Price Index (CPI) in Canada has dropped from 2.7% in June to 2.0% in August and further down to 1.6% in September, reaching its lowest point since February 2021. Macklem noted that recent indicators suggest the inflation rate for October is likely to remain around 2%, indicating that Canada has returned to a low inflation environment.

He pointed out that while household spending and business investment have both seen a rebound this year, they remain weak, which helps mitigate any remaining inflationary pressures. The reduction in interest rates is expected to support a resurgence in demand, thereby bolstering economic growth. As demand strengthens, the downward pressure on inflation is anticipated to ease, leading to a balance between upward and downward forces.

In the latest monetary policy report, the Bank of Canada identified two main upward risks to inflation: persistent service price inflation and potential inflationary pressures arising from global geopolitical changes. Conversely, the primary downside risks include the possibility of continued weak household spending in Canada and a slowdown in the global economy, which could lead to weaker-than-expected commodity price inflation.

Macklem indicated that if economic trends align with the Bank’s predictions, further cuts to the policy rate may be on the horizon. The timing and magnitude of any additional cuts will depend on forthcoming economic indicators and assessments of the inflation outlook.

For the first half of the year, Canada’s economic growth was around 2%, with the Bank expecting a slowdown to approximately 1.75% in the second half. However, the unemployment rate remained at 6.5% in September, reflecting ongoing weaknesses in the labor market. Overall, the economy continues to be in a state of excess supply.

The Bank of Canada’s next policy meeting is scheduled for December 11th.

On October 18, 2023, in an interview with Zhang Xiang, the Deputy Director of the Shanxi Provincial Development and Reform Commission, we discussed the significant progress made by Shanxi over the past five years since it became the first province in China to be approved as a comprehensive reform pilot for the energy revolution.

Shanxi has long been known for its rich coal and electricity resources, but in the context of China’s dual carbon goals, the province is now actively and steadily advancing its carbon reduction initiatives. Zhang highlighted that nearly 82% of Shanxi’s coal production comes from advanced capacity, and all existing coal power units meet natural gas emission standards. Additionally, the completion of adjustments to the “West-to-East Power Transfer” project has facilitated a steady increase in coal and unconventional natural gas production.

Recent data shows that more than 50% of coal production capacity in Shanxi has achieved smart mining, and the province has established 30 demonstration coal mines for green mining. Shanxi has led the nation in coal production for four consecutive years, while its electricity exports rank second in the country, with 157.6 billion kilowatt-hours delivered to 23 provinces in 2023.

The development of new energy and clean energy in Shanxi has accelerated significantly. As of the end of August this year, the installed capacity of new energy sources made up 48% of the total, an increase of 14.1 percentage points since 2019. Production of unconventional natural gas reached 14.59 billion cubic meters in 2023, more than doubling since 2019. Moreover, hydrogen fuel heavy trucks have achieved their first fully commercial operations over medium distances.

In the energy consumption sector, Shanxi has seen a cumulative decrease in energy intensity of 10.9% during the first three years of the 14th Five-Year Plan, placing it among the leading provinces nationally. A total of 115 national-level green factories have been established.

Shanxi is leveraging its energy industry to build a technological edge in energy. The Huairou Laboratory’s Shanxi research institute is fully operational, the “Jinchuang Valley” innovation platform is being steadily implemented, and Huawei’s global headquarters for coal mining has been established in Taiyuan. The world’s first industrial internet platform for coal operations is now running, and a range of innovative products, including the first hybrid electric vehicle and a new methanol traction truck, have been launched.

In terms of institutional reforms, Shanxi’s electricity spot market has become the first to operate officially in China, and significant breakthroughs have been achieved in the exploration of coalbed methane. Pilot projects for simultaneous coal and aluminum mining are underway, while national climate investment and financing pilot projects are being steadily advanced in Taiyuan and Changzhi.

Moreover, Shanxi is collaborating with international organizations such as the Asian Development Bank and the European Investment Bank to implement a series of green and low-carbon development demonstration projects. Exports of “new three types” of products—electric vehicles, lithium batteries, and photovoltaic products—are experiencing robust growth, with solar panel export values increasing by 225.3% from January to August compared to the previous year.

Zhang concluded by stating that Shanxi aims to accelerate the planning and construction of a new energy system that prioritizes non-fossil energy as the main supply source, uses coal and coal power as a baseline security measure, relies on a new power system for essential support, and promotes energy savings through green and intelligent measures.

On October 21, 2023, the 2024 Yangtze River Three Gorges Regional Tourism Cooperation Changsha-Wuhan Rotating Presidency meeting took place in Wanzhou, Chongqing. During the meeting, it was announced that the two regions will leverage the world-class natural resources of Qutang Gorge, Wuxia Gorge, and Xiling Gorge to jointly create a world-class tourism brand for the Yangtze River Three Gorges.

The Yangtze River Three Gorges is one of China’s earliest recommended golden tourism routes, celebrated globally for its scenic beauty of high gorges and tranquil lakes, alongside modern hydropower engineering marvels. Recent data reveals that the Three Gorges cruise in Chongqing hosted 1.3762 million tourists in 2023, setting a historic record.

Luo Shaolu, Deputy Director of the Chongqing Municipal Commission of Culture and Tourism Development, shared insights about the cooperative initiatives. He stated that Chongqing and Hubei will strive to develop Qutang Gorge, Wuxia Gorge, and Xiling Gorge into world-class tourist attractions. They aim to enhance the overall system of smart tourism services, improve tourist facilities, management, service quality, and diverse international collaborations.

Additionally, the two regions plan to jointly push for the inclusion of the Yangtze River Three Gorges Archaeological Site Park in the fifth batch of national archaeological site park projects, with the goal of establishing China’s first cross-provincial, cross-regional archaeological site park featuring multiple points within a single park.

Since 2023, Chongqing and Hubei have actively promoted the initiative to take the Yangtze River Three Gorges “out of the gorges and into the sea.” Hubei has organized tourism marketing efforts in countries like Malaysia, France, and New Zealand, while Chongqing has implemented the “Ba-Yu Culture Going Global Plan,” facilitating visa processes and customs measures to enhance efficiency.

During the meeting, the Chongqing Municipal Commission of Culture and Tourism and the Hubei Provincial Department of Culture and Tourism signed a memorandum on tourism cooperation for the 2024-2025 period, aimed at fostering collaboration in the Yangtze River Three Gorges tourism sector.

On October 25, during the World Bank and International Monetary Fund Annual Meetings in Washington, D.C., China’s Vice Minister of Finance, Liao Min, co-hosted the sixth meeting of the U.S.-China Economic Working Group (EWG) with U.S. Deputy Secretary of the Treasury, Jay Shambaugh. The Chinese delegation emphasized the current macroeconomic situation in China and the rollout of a series of stimulus policies, while also expressing concerns over U.S. tariffs on China and sanctions related to Russia. In response, the U.S. side raised continued concerns regarding China’s excess capacity and its impact on American workers and businesses.

Following the meeting, the Chinese Ministry of Finance announced that discussions were held on both countries’ macroeconomic policies, addressing global challenges, and cooperating to assist low-income countries facing liquidity issues, as well as planning for future communications.

The press release from the Chinese Ministry also noted that Liao Min had a courtesy meeting with U.S. Treasury Secretary Janet Yellen after the EWG session.

According to a statement from the U.S. Treasury on October 25, attendees discussed recent macroeconomic policy trends in both the U.S. and China, including China’s announcement of several stimulus measures. The dialogue also explored areas for collaboration, particularly in supporting low-income nations dealing with liquidity challenges. The U.S. reiterated its concerns regarding China’s overcapacity and its implications for American industry.

Yellen emphasized the importance of the Economic Working Group as a communication channel between the two nations. The press release highlighted that the EWG was established in September 2023 under the leadership of Yellen and China’s Vice Premier He Lifeng, with the group directly reporting to both leaders.

The fifth EWG meeting took place from September 19 to 20 in Beijing, where Liao Min and Shambaugh also co-chaired discussions involving relevant economic departments from both countries. During that meeting, China formally addressed serious concerns about U.S. tariffs, investment restrictions, sanctions related to Russia, and actions impacting Chinese enterprises. Meanwhile, the U.S. raised issues related to China’s increasing overcapacity, non-market practices, and support for Russia in the Ukraine conflict.

On October 23, Israeli Defense Minister Yoav Gallant released a video addressing the Israeli Air Force personnel, asserting that after an airstrike on Iran, the world would witness Israel’s military capabilities.

Rumors suggest that Israel may soon launch airstrikes against Iran in retaliation for a large-scale ballistic missile attack on Israel that occurred on October 1. According to sources, Israeli actions are expected to take place before the U.S. presidential election on November 5.

In his video shared on the social media platform X, Gallant emphasized to Air Force members, “After we strike Iran, everyone will understand your power, readiness, and training process. Any enemy attempting to harm Israel will pay a heavy price.”

The video was filmed at the Hatzerim Air Force Base in Israel, which also served as the launch point for the air force operations that killed Hezbollah leaders at the end of September.

The Biden administration has urged Israel to refrain from attacking Iranian oil infrastructure or nuclear facilities, expressing concern that tensions could escalate in the critical two weeks leading up to the U.S. election.

Gallant’s message was clear: “At the Hatzerim base, alongside the air and ground crews who continue to operate with strength and professionalism in the ‘war of seven fronts,’ I stressed this to them—after we strike Iran, everyone will understand your might. Any enemy that seeks to harm the State of Israel will pay a heavy price.”

On October 26, at 4:35 PM, a 5.5-magnitude earthquake struck the city of Kuqa in the Aksu region of Xinjiang, China, according to data from the China Earthquake Networks Center. The earthquake occurred at a depth of 10 kilometers and was strongly felt in areas such as Shaya County and Luntai County. So far, there have been no reports of casualties or damage to buildings. Communication and electricity services in Kuqa and the surrounding areas are functioning normally.

The epicenter of the earthquake was located within the boundaries of Tarlim Town, approximately 25.6 kilometers from Village 2 of Caohuhai and about 35.6 kilometers from the Tarlim Town Government. The earthquake was felt lightly in the urban area of Kuqa, which is about 113.5 kilometers away.

Within a 5-kilometer radius of the epicenter, the village of Reheman Bayi is located, while no towns can be found within 50 kilometers. However, within 100 kilometers, there are several towns, including Tarlim, Gaizikumu, Tuoyibaoledi, Hanikata, Dunkuotan, Gulebag, Shaya, Akuxitang, Gulibake, and Yakela.

Following the earthquake, local authorities promptly activated their emergency response plan. The Kuqa Housing and Urban-Rural Development Bureau is coordinating inspections and has dispatched two teams to the epicenter. A 20-member advance team from the Kuqa Fire Rescue Brigade is en route to the site, while other rescue teams from surrounding counties are on standby, ready to deploy.

In the aftermath, the local government convened an emergency meeting to coordinate search and rescue efforts across various towns and departments. Reports indicate that the earthquake’s epicenter is located about 93 kilometers from Luntai County, 100 kilometers from Shaya County, and 437 kilometers away from Urumqi City.