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chinadaily.com.cn 2022-04-27 17:33

A duty-free store draws a crowd of shoppers in Haikou, Hainan province. [Photo/Xinhua]

>China to further tap consumption potential

China on Monday unveiled guidelines to further tap the country's consumption potential, with detailed measures to tackle short-term bottlenecks and boost longer-term consumption vitality.

The country plans to build a batch of warehouses in the suburbs of large and medium cities to ensure the supply of daily necessities in case of emergencies, according to the guidelines released by the General Office of the State Council.

The guidelines also required financial institutions to further support the real economy through measures such as lowering lending rates and cutting fees, to help cope with the impact of COVID-19.


A bank staff member counts RMB and US dollar notes in Nantong, Jiangsu province. [Photo/Sipa]

>China to cut RRR for foreign currency deposits

China's central bank announced Monday that it will cut the reserve requirement ratio for foreign currency deposits by 1 percentage point from the current 9 percent to 8 percent, starting from May 15. The move aims to strengthen the management of foreign currencies in financial institutions, the People's Bank of China said in an online statement.


Students in Chengnan Experimental primary school learn about space by making an astrovehicle during an event in Haian, Jiangsu province, on Sunday, which was China's annual Space Day. ZHAI HUIYONG/FOR CHINA DAILY

>China mulls building defense system against near-Earth asteroids

China is set to build monitoring and defense systems protecting the planet from the dangers of near-Earth asteroids (NEAs).

Wu Yanhua, deputy director of the China National Space Administration (CNSA), told China's CCTV News recently that China will start building an Earth-based and space-based NEA monitoring and warning system, in order to ensure the safe, stable and orderly operation of spacecraft.

China plans to set up an NEA defense system, map out an NEA defense blueprint, and develop virtual software to simulate NEA-derived risk scenarios.


A US 5 dollar note is seen in this illustration photo June 1, 2017. [Photo/Agencies]

>Goldman Sachs sees some risk US economy will stumble

There is a real chance that the US economy is going to suffer a recession or “hard landing” in the next two years, according to the economic team at Goldman Sachs.

The bank’s economists see the odds of a recession at about 15% in the next 12 months, with the odds rising to 35% over the next 24 months.

With inflation above 8% for the first time in 40 years, Fed officials say they are laser-focused on getting interest rates up.

The Fed wants to try to engineer a soft landing, raising rates enough to cool inflation but not so much as to damage the labor market.

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