China, Russia complete first stage of joint military exercise

The naval and air forces from China and Russia on Sunday completed the first stage of their joint military drills code-named "Northern/Interaction-2024".

According to a statement announced by China's Ministry of National Defense on Monday, the drills aimed to deepen strategic cooperation between the two sides and strengthen their ability to respond to security threats.

During the five-day exercises, the naval and air forces from both sides completed multi-subject tasks in the waters and airspace of the Sea of Japan to test the tactical command coordination and joint operation capabilities of the two sides.

Ship-to-sea firing was launched right after the fleets reached the designated waters. According to the information sent by the air forces, the maritime joint operation group locked on to the enemy ships quickly and conducted simulated missile attacks.

Sailors used radars and photoelectricity to constantly update information about aerial targets.

Chinese guided-missile destroyer Wuxi and Russian corvette Sovershennyy fired one after another, and they both hit the targets.

"High intensity and fast pace are the prominent features of the drills, which required us to better demonstrate our continuous combat capability. Especially in anti-aircraft firing by secondary guns, the lead ship fired and hit the target instantly in the fleeting combat window. This has fully demonstrated our ability and training level," said Song Qinglong, a Chinese sailor.

As night fell, under the command of the Chinese side, the joint maritime taskforce conducted ship-to-sea firing by main guns. After Chinese guided-missile destroyer Xining took the firing position, sailors at the main firing potion carried out attacks according to the instruction and destroyed the targets successfully.

"In the drills, we applied real battlefield environment to conduct exercises on subjects such as ship-to-sea firing by main guns and anchorage ground defense at night, and effectively dealt with all kinds of emergencies in the darkness of night. We achieved the desired effect through the drills," said Dong Kai, another Chinese sailor.

China, Russia complete first stage of joint military exercise

China, Russia complete first stage of joint military exercise

China, Russia complete first stage of joint military exercise

The European Central Bank (ECB) announced on Thursday that it would slash key interest rates by 25 basis points in a bid to wind down the restrictive monetary policy.

Effective from March 12, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 2.50 percent, 2.65 percent and 2.90 percent respectively, said the central bank in a statement.

The disinflation process is well on track, with headline inflation averaging 2.3 percent in 2025, 1.9 percent in 2026 and 2.0 percent in 2027, the ECB said.

The decision to keep on cutting rates came at a time when the economy in the eurozone is facing increasing uncertainties.

In its latest edition of the staff projections on Thursday, the ECB lowered its forecast for economic growth in the eurozone to 0.9 percent for 2025, 1.2 percent for 2026 and 1.3 percent for 2027.

This marks a downward revision from the ECB's forecast in December last year, which had projected 1.1 percent growth in 2025 and 1.4 percent in 2026, while the 2027 outlook remains unchanged.

The ECB attributed the weaker growth outlook for 2025 and 2026 to declining exports and sluggish investment, citing high trade policy uncertainty and broader economic instability as key factors.

ECB cuts interest rates by 25 basis points