Top news of the week:

• China cuts forex reserve ratio by 1 percentage point starting from 15 May 2022

  April 25, 2022

  To enhance financial institutions’ ability to utilize foreign exchange funds and in response to the recent outbreaks of COVID-19, the People’s Bank of China has announced that from 15 May 2022, the foreign exchange reserve ratio for financial institutions will need to hold 8% of foreign

• China proposes to set up a near-Earth asteroid monitoring and defense system

  April 26, 2022

  China National Space Administration (CNSA) recently said that China is set to build monitoring and defense systems protecting the planet from the dangers of near-Earth asteroids (NEAs). The country hopes to approach an asteroid to observe it closely before impacting it to alter its orbit in 2025 or 2026, a rehearsal to prevent NEAs from endangering our planet in the future, according to Wu.

• China’s Omicron variant vaccine approved for clinical trial

  April 27, 2022

  A Chinese inactivated vaccine against Omicron variants, developed by the China National Biotec Group affiliated with Sinopharm, was approved for clinical trials by the National Medical Products Administration. Research showed that the inactivated vaccine against Omicron variants and other variants could produce high and low-level neutralizing antibodies.

• China decided on greater policy support on employment and smooth logistics

  April 28, 2022

  To maintain employment stability and ensure the stable and regular operation of the economy, China came to a decision on intensifying policy support for keeping payrolls stable and creating employment opportunities, according to a decision made at the Council’s executive meeting chaired by Premier Li Keqiang. The meeting also reviewed reports on ensuring smooth transport and logistics and required further actions to unclog bottlenecks and make circulation unimpeded.

• Political Bureau of CPC Central Committee convenes meeting on development of talents

  April 29, 2022

  The Political Bureau of the CPC Central Committee convened a meeting on April 29 to analyze the current economic situation and economic work, and to deliberate the National Plan for the Development of Talents during the 14th Five-Year Plan. General Secretary Xi Jinping presided over the meeting and further stressed the importance of efficiently coordinating the prevention and control of the pandemic and bolstering economic and social development.