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China's western land-sea trade corridor sees record container throughput

China

China

China

China's western land-sea trade corridor sees record container throughput

2024-09-16 05:07 Last Updated At:11:37

More than 600,000 twenty-foot equivalent unit (TEU) containers for rail-sea intermodal transportation have been delivered via the New International Land-Sea Trade Corridor by Saturday as a train numbered X9596 heading from Qinzhou City of south China's Guangxi Zhuang Autonomous Region to southwest China's Chongqing Municipality.

The train was fully loaded with foreign goods such as edible vegetable oil, quartz sand and other materials from Southeast Asia.

The New International Land-Sea Trade Corridor, jointly built by provincial-level regions in western China and ASEAN members, now reaches more than 500 ports across over 120 countries and regions, according to sources.

"At present, the New International Land-Sea Trade Corridor has linked directly or indirectly 73 cities and 156 stations in 18 provinces, autonomous regions and municipalities of China, and the goods transported via it have reached 523 ports in 124 countries and regions around the world," said Huang Jiangnan, head of the Qinzhou Port's east railway station, Guangxi Coastal Railway Company of China Railway Nanning Bureau Group.

Data from China Railway Nanning Bureau Group showed that dozens of new commodities like Nigeria's lithium ore have been included in the corridor transportation.

Currently, the cargo transported along the route covers dozens of major categories including electronic products, complete vehicles and parts, machinery, small household appliances, and food, with commodities totaling 1,157 types.

China's western land-sea trade corridor sees record container throughput

China's western land-sea trade corridor sees record container throughput

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U.S. Fed slashes rates by 50 basis points, first rate cut in four years

2024-09-19 02:22 Last Updated At:03:17

The U.S. Federal Reserve on Wednesday slashed interest rates by 50 basis points amid cooling inflation and a weakening labor market, marking the first rate cut in over four years.

"The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance," the Federal Open Market Committee (FOMC), the central bank's policy-setting body, said in a statement.

"In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent," the FOMC said.

This signals the start of an easing cycle. Starting from March 2022, the Fed had raised rates consecutively for 11 times to combat inflation not seen in forty years, pushing the target range for the federal funds rate up to between 5.25 percent and 5.5 percent, the highest level in over two decades.

After maintaining rates at the high level for over a year, the Fed's tight monetary policy faced pressure to pivot due to the easing of inflationary pressures, signs of weakening in the job market, and slowing economic growth.

U.S. Fed slashes rates by 50 basis points, first rate cut in four years

U.S. Fed slashes rates by 50 basis points, first rate cut in four years

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