Mainland Chinese tech companies are using Hong Kong as a "strategic adaptation ground" to transform themselves into multinational enterprises. Financial Secretary Paul Chan Mo-po visited tech companies in Shanghai and Nanjing last week. He wrote on his blog that mainland tech companies expanding into international markets had moved beyond simply exporting products.
Taiwan’s Mainland Affairs Council (MAC) referred five agricultural groups to the Ministry of Agriculture for investigation after they were accused of signing cooperation deals at the Straits Forum in southeastern Fujian province earlier this month. The move triggered a backlash from opposition politicians and farming groups. The dispute comes just days after the forum held in the mainland city of Xiamen.
Former leader Leung Chun-ying urges Hong Kong to develop professional services for the aerospace and shipping sectors. Leung is vice-chairman of the Chinese People’s Political Consultative Conference. He wants Hong Kong's first five-year plan to focus on initiatives that align with mainland China's development goals.
Washington and Tehran signed a memorandum of understanding Wednesday to end the nearly four months of war. China condemned the war from the outset, denounced the killing of Iranian Supreme Leader Ayatollah Ali Khamenei and other senior officials in the opening U.S.-Israeli strikes. China has spent years trying to present itself as a responsible major power that respects sovereignty, favors dialogue, and avoids military adventurism abroad. Analysts say China has emerged from the conflict with several important strategic gains.
Value of out-licensing agreements between Chinese biotech companies and Western drug makers would reach about US$240 billion this year. Washington is trying to restrict investment and technology transfers between China and the United States. Chinese biotech firms had signed more than 20 deals with Western drug companies by the end of May.
Donald Trump thanked China for staying neutral during the US-Israeli war against Iran. China is Iran's largest oil customer, a primary financial lifeline and a diplomatic shield. Since February, Foreign Minister Wang Yi has held dozens of calls with counterparts in Tehran, Islamabad and Persian Gulf capitals. Special envoy Zhai Jun went on a regional shuttle mission to push for dialogue.
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Donald Trump hailed his Iran deal this week, but the outlook is less optimistic after planned US-Iran peace talks in Switzerland were abruptly called off and Iran said it was justified in closing the strait of Hormuz again. The cost of a barrel of crude oil dropped below $80 a barrel after the agreement was announced, for the first time since the early days of the war. Inflation in the US has surged to 4.2%, its highest rate in three years, and drivers are paying $1 a gallon more for petrol than a year ago. Kevin Warsh, the newly appointed Federal Reserve chair, was chosen in the hope he would deliver a string of interest rate cuts
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