June Chen China's savings are at a very high level in the world, and when a country's savings rate is relatively high, it is prone to overcapacity, China's former central bank governor Zhou Xiaochuan said yesterday. Speaking at the 2025 Caijing annual conference in Beijing, he explained if there is not enough supply to meet demand in a country with a low savings rate, it would normally take time to source fresh funds to build new capacity and fill the void. This slow process caused by limited savings will avoid too much investment being rushed in to bridge the shortfall, which in turn could lead to overcapacity. In China, the opposite holds true, he said. China generated 28 percent of total global savings in 2023, only a little less than the 33 percent share of the US and European Union combined, according to the International Monetary Fund. Zhou also pointed out that boosting domestic demand was not contradictory to overseas investment. Boosting domestic demand needs significant effort as well as a lot of research, Zhou said. But even if domestic demand grows, it would be still hard to tap into the huge amount of savings in the mainland. Therefore, it is likely that there would be a large amount of excess savings still remaining and that would be used for overseas investment. "Therefore, it is important for us to study two-way opening up," Zhou said. In Zhou's opinion, the main task about overseas investment at present is to improve investment quality and avoid blind asset allocation. These improvements could include choosing proper investment destinations from economies in Belt and Road Initiative to diversify geopolitical risks. And besides traditional high-technology industries, investors should also pay attention to emerging sectors with potential such as green energy and the energy transition, which will also benefit the utilization rate of equipment at home. Additionally, foreign exchange reserves and large state-based financial institutions accounted for a relatively large proportion of investors in the past, but the amount of foreign investment by the private economy has increased very fast in the past 20 years. Therefore, Beijing should also launch policies to help private investors to make better overseas investment decisions, he said.The highly anticipated matchup between the reigning champions of the Bundesliga and Serie A, as Bayer Leverkusen takes on Internazionale Milano, promises to be a clash of titans as the two powerhouse sides battle it out on the pitch. Leverkusen, known for their attacking prowess and relentless style of play, will face off against Inter Milan, a team that has built a reputation for its solid defense and tactical discipline.
Thomas uses big drives and putts to hold lead in Bahamas
LONDON: Britain's online safety regime came into force on Monday, requiring social media companies like Meta's Facebook and ByteDance's TikTok to take action to tackle criminal activity on their platforms and make them safer by design. Media regulator Ofcom said it had published its first codes of practice on tackling illegal harms such as child sexual abuse and assisting or encouraging suicide. Sites and apps have until March 16, 2025, to assess the risks illegal content poses to children and adults on their platforms, Ofcom said. After the deadline, they will have to start implementing measures to mitigate those risks, such as better moderation, easier reporting and built-in safety tests, Ofcom said. Ofcom Chief Executive Melanie Dawes said the safety spotlight was now firmly on tech companies. "We'll be watching the industry closely to ensure firms match up to the strict safety standards set for them under our first codes and guidance, with further requirements to follow swiftly in the first half of next year," she said. The Online Safety Act, which became law last year, sets tougher standards for platforms such as Facebook, YouTube and TikTok, with an emphasis on child protection and the removal of illegal content. Under the new code, reporting and complaint functions will have to be easier to find and use. High-risk providers will be required to use automated tools called hash-matching and URL detection to detect child sexual abuse material, Ofcom said. The regulator will be able to issue fines of up to 18 million pounds ($22.3 million) or 10% of a company's annual global turnover if they fail to comply. Britain's Technology Secretary Peter Kyle said the new codes were a "material step change in online safety". "If platforms fail to step up the regulator has my backing to use its full powers, including issuing fines and asking the courts to block access to sites," he said.
Thomas uses big drives and putts to hold lead in Bahamas
When it comes to sentencing in cases of rape of mentally ill individuals, courts must take into consideration the impact of the assault on the victim's mental health and well-being. Sentencing criteria may include factors such as the severity of the assault, the vulnerability of the victim, the presence of any aggravating circumstances, and the offender's intent. Additionally, courts may consider the need for rehabilitation and support services for the victim to address the trauma resulting from the assault.AP Trending SummaryBrief at 3:51 p.m. EST