Chinese Foreign Minister Wang Yi to Visit Putin for Security Talks
On September 21, China’s top diplomat, Wang Yi, held a meeting with Russian President Vladimir Putin in St. Petersburg. The meeting involved detailed discussions on crucial matters pertaining to the strategic security interests of both countries.
President Vladimir Putin conveyed his warm regards to China’s President Xi Jinping and acknowledged the significant progress achieved through their landmark meeting in March. He emphasized the successful cooperation between Russia and China in various fields, highlighting Russia’s ability to effectively handle the sanctions imposed by the US and EU. He expressed his anticipation for further collaboration with China within the framework of the Belt and Road Initiative.
The ongoing Ukraine War was also on the agenda. President Vladimir Putin reiterated Russia’s willingness to pursue a negotiated settlement to the conflict.
Guangzhou Becomes the First Tier-1 City in China to Ease Housing Purchase Restrictions
On September 20th, Guangzhou became the first tier-1 city in China to relax housing purchase restrictions. The Guangzhou Municipal People’s Government Office issued a notice allowing local registered households to purchase up to two residential properties in designated urban districts.
Non-local households can purchase one residential property, provided they show proof of paying individual income tax or social insurance in Guangzhou continuously for two years prior. The notice also aims to enhance public rental housing protection.
With this move, Guangzhou becomes the first tier-1 city in China to partially ease their housing purchase restrictions. Recently, under the favorable policies such as “recognizing housing but not loans” and a reduction in commercial loan interest rates, Guangzhou’s real estate market has shown signs of recovery.
Analysts believe administrative curbs will be gradually phased out in lower tier cities below tier-1. Tier-1 cities will take a gradual approach, starting by easing restrictions in suburbs before moving to urban centers. The incremental loosening measures aim to stabilize the real estate industry and prevent systemic financial risks.
China Leads the World in Technology Clusters, as per Global Innovation Index
The World Intellectual Property Organization (WIPO) recently unveiled the 2023 edition of the Global Innovation Index (GII) “Technology Clusters” rankings on its official website. The GII serves as a comprehensive assessment of innovation performance, encompassing approximately 80 indicators across 132 economies.
The latest rankings showcased an intriguing trend: the top five technology clusters worldwide are currently situated in East Asia, with China taking the lead with the highest number of clusters. As a globally recognized assessment of the innovation capabilities of countries and economies, the official announcement of this year’s GII rankings is scheduled for September 27th. The GII 2023 focused on the theme of “Technology Clusters,” emphasizing the pivotal role of innovation hubs in fostering regional and global collaboration, as well as the challenges and opportunities for cluster development in the post-pandemic era.
The pre-release of the GII “Technology Clusters” rankings shed light on regions boasting the most concentrated global technological activities. Tokyo-Yokohama in Japan emerged as the largest technology cluster globally, closely followed by Shenzhen-Hong Kong-Guangzhou (China and Hong Kong) and Seoul (South Korea). China’s Beijing cluster and Shanghai-Suzhou cluster also secured notable positions on the list.
According to this year’s GII findings, China now boasts 24 technology clusters, marking an increase from the 21 clusters recorded the previous year. Notably, several middle-income economies experienced substantial growth in technological output within their respective technology clusters. India, in particular, boasts four top-tier technology clusters, with Chennai and Bangalore witnessing the most significant surge in the density of inventors and scientific authors. Furthermore, emerging economies such as Brazil, India, Turkey, as well as countries beyond the top 100 rankings like Argentina, Egypt, and Thailand, have witnessed rapid development in their technology clusters.
WIPO Director-General Daren Tang highlighted the criticality of technology clusters in driving innovation performance for any economy. He emphasized that by fostering collaboration among scientific communities, businesses, and entrepreneurs, these cities or regions can establish an ecosystem that effectively transforms scientific creativity into tangible impact.