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The Sino-Singapore Guangzhou Knowledge City is getting
bolder in its reforms and experimentation, following an official upgrade centering on its ambitio上海乌托邦女神会所
ns to be a world-class knowledge city, an outstanding source of innovation in the region and a global talent magnet.
According to a framework agreement signed by the Chinese and Singaporean governments on Mo上海乌托邦
nday, the iconic Sino-Singaporean collaboration project based in Guangzhou, capital of South China’s
上海乌托邦Guangdong province, was officially elevated to the status of a State-level bilateral project.
Both governments pledged in the agreement that they will use the project to deepen coopera上海乌托邦
tion in the fields of technological innovation, advanced manufacturing, artificial intelligence, int
上海乌托邦女神会所ellectual property protection, smart city construction and urban management.
According to official figures, 1,216 companies have registered with SSGKC since 2010, with an
aggregate registered capital of 125.8 billion yuan ($18.1 billion) and about 91 billion yuan in fixed assets.上海乌托邦
Industry insiders said companies registered with SSGKC, especially those in the sector of biomedic
ines – including General Electric, BeiGene and Innocare – will see explosive growth once they are p上海乌托邦女神会所
ut into operation in the next two years and will make the community a global rising star in its field.
上海乌托邦Shortly after the agreement, the Guangzhou government said in a press release that as a model for a city’s
knowledge economy, SSGKC will undertake more innovative reforms and measures to make itself Guangzhou’s top in
vestment destination for global enterprises and an ideal place for them to develop.上海乌托邦女神会所
Companies in the knowledge city will also enjoy incentive policies that the c
ountry has gradually rolled out for the pilot free trade zones and will work together to cre
ate a model for the integration of advanced manufacturing with free trade, according to the local government.
The knowledge city is seeking approval from higher-level authorities
to launch 18 innovation policies, across the fields of intellectual property, financial services, foo
d and medicine supervision, and for the construction of key platforms, the press release said.
Herd instinct is the human nature to follow the crowd and act collectively – and market expectation always does not change smoothly but t
上海乌托邦ends to over-react to new information. The current market expectation of the US Federal Reserve’s rate cuts is a case in point.
On June 20, the latest meeting of the Fed’s policy-setting Federal Open Market Committee shrugged off the market’s high expectation of rate cuts and gave no clear policy signal confirming a cut.
We believe the market had overreacted in forming its expectation of rate cuts after the Fed swiftly adopted a dovish tone from the end of last上海乌托邦
year. Specifically, we believe market expectation – it has formed since May – of a change in policy stance, as well as the timing and degree of rate cuts, may not fully materialize.
We will elaborate on this now. It should be noted the misconceived expectation of Fed rate cuts could ind上海乌托邦
uce a drastic reversal in investor sentiment and asset price fluctuations, if the Fed’s moves miss expectation.
Firstly, the market may have overestimated the degree of the Fed’s policy stance change. A clear rate cut signal may not emerge until the end of this month.上海乌托邦
According to Bloomberg, the Fed funds futures market has recently priced in a 98.5-percent chance that the Fed will lower rates at least once this year.
上海乌托邦品茶微信However, the Fed’s earlier forward guidance only indicated the end of monetary policy n
ormalization, which does not necessarily point to the beginning of a rate cut cycle. Also, the Fed h
as removed the word “patient” from the latest FOMC meeting statement but did not confirm a rate-cut stance.
We believe that because of the following two reasons, the Fed is still on cautious lookout, and t
here will not be any clear rate cut signal or plan until the next FOMC meeting at the end of this month.上海乌托邦品茶微信
Externally, the Fed is expected to stand pat until trade dispute uncertainties ease, to give itself an advantage in its game with the US Administration.
The Fed would put itself in an unfavorable position if it initiated a rate cut before majo上海乌托邦品茶微信
r uncertainties over the China-US trade dispute are removed, because the pre-emptive move may enc
ourage the US Administration to escalate the trade dispute, which will in turn pose a dilemma to the Fed.
That’s because any escalation in trade tensions will, on the one hand, d
ssipate and even offset the easing boost from rate cuts and force the Fed to accelerate the上海乌托邦品茶微信
rate cut pace. On the other hand, the escalation could further fuel imported inflation, which will significantly reduce the
Fed’s room for rate cuts. The Fed will then face a policy-making dilemma of whether to further cut rates.
hing is especial上海乌托邦女神会所ly problematic in threatening to turn a trade war into a protracted and destru
ctive economic cold war,” Roach said. “Now, more than ever, a fragile world is in desperate need of political will and wisdom.”
Discussions between the Chinese and US trade teams are underway, said Vice-Minister of Commerce Wang Shouwen on Monday.
Speaking at a news briefing, Wang said China supports necessary reform in the World Trade Organization to promote its authority and efficiency.
“We hope the G20 summit could further build positive consensus on advocating for the
multilateral trading system and opposing unilateralism and protectionism.”
The country will stick to open policies, building a free, fair, nondiscri
minatory, transparent, foreseeable and stable trade and investment environment, Wang said.