Ministry of Commerce: The integration process in Africa will provide new opportunities for economic and trade cooperation between China and Africa
According to a press conference held by the Ministry of Commerce on June 13th, the progress made in African integration in recent years has been particularly reflected in the construction of free trade zones on the African continent. The mainland free trade zone was officially launched on January 1, 2021, committed to forming a large market covering 1.3 billion people and 2.3 trillion US dollars. At present, 54 out of the 55 members of the African Union have signed the main agreement, and substantive negotiations such as tariff concessions and rules of origin are accelerating.
Cameroon and 8 other countries have started pilot free trade for some products, and supporting systems such as pan African payment and settlement, and African trade monitoring have all been launched and promoted. At the same time, the construction of cross-border infrastructure in Africa is accelerating, and good progress has been made. African economic integration will inject strong momentum into local economic and social development, and also provide new opportunities for China Africa economic and trade cooperation.
US CPI increased by 4% year-on-year in May
The US CPI in May increased by 4% year-on-year, reaching a lower level since March 2021, and lower than the expected 4.1% and 4.9% respectively; The core CPI of the United States increased by 5.3% year-on-year in May, higher than expected by 5.2%, but lower than the previous 5.5%. This data may provide a reason for the Federal Reserve to suspend interest rate hikes this week.
At present, economists generally believe that the Federal Reserve will keep interest rates unchanged this week, but there are disagreements on whether the Federal Reserve has reason to raise interest rates again at next month's meeting in July.
The strictest forest protection law in the EU is about to be launched
Last December, the European Union agreed to a new regulation prohibiting companies from selling coffee, beef, soybeans, rubber, palm oil, and other products related to deforestation to the EU market. Enterprises must prove that their supply chain has not damaged forests, otherwise they will be fined 4% of their turnover in EU member countries.
Legislators expect this legislation to be implemented before the end of 2024. Although consumer goods manufacturers are particularly affected, other industries that import goods related to deforestation, including commodity companies and industrial enterprises, will also face scrutiny.
Amazon uses AI to identify and combat false comments
On June 13th, there were media reports that Amazon is using the latest artificial intelligence (AI) to identify and combat false comments.
It is understood that fake comment brokers use third-party platforms, including social media and encrypted messaging services, to purchase, sell, and host fake comments. In 2022, Amazon reported more than 23000 groups abusing social media, with over 46 million members and fans, contributing to false comments on social media websites.
The company stated that it will continue to invest in more "complex tools" to improve the protection of customers and sellers on its platform. Amazon's fraud detection artificial intelligence can examine a range of factors to calculate the likelihood of comments being fake. This may include the author's relationship with other online accounts, their login activity, comment history, and any unusual behavior.
TikTok Shop to be opened to Chinese sellers in the United States
On June 13th, it was announced that TikTok's US cross-border small store is about to open to the public. Currently, TikTok Shop only supports local stores in the United States, but from late July to early August, TikTok will begin opening up Chinese based sellers to settle in.
If the seller already has a US presence, they can settle in by the end of June. Amazon sellers can apply for residency if they meet the following requirements: having a US entity (Chinese people holding shares is sufficient); There is stock available locally in the United States, which can be shipped by the US FBA; Amazon's US site has an annual sales of over $2 million.
Source: Souhang Network
