South Korea to give up developing nation status at WTO

09:40, October 25, 2019

• 

  China indifferent to S.Korea changing status at WTO

  File photo taken on April 2, 2019 shows the WTO logo on the main gate of the World Trade Organization (WTO) in Geneva, Switzerland. (Photo: Xinhua)China will not follow South Korea or feel any pressure as Western media claimed after South Korea decided to give up its developing country status at the World Trade Organization (WTO) on Friday, because of different economic development levels and to maintain international fairness and justice, Chinese economists said.South Koreas decision came after US President Donald Trump put pressure on the WTO in July to change how it designates developing countries, and listed countries, including China and South Korea, for "unfairly getting preferential treatment.""We are in a difficult situation to be recognized as a developing country for any longer in the international community, given South Koreas economic standing," the Yonhap News Agency quoted South Korean Finance Minister Hong Nam-ki as saying.South Korea has kept its developing country status since 1995 to protect its agriculture industry, especially rice, the Yonhap News Agency reported.Western media, including the Financial Times, claimed that South Koreas move will pressure China to follow suit.Experts said who the developing members of the WTO are and by what criteria and procedure they are categorized are not decided by the US or some Western media. Pressuring China to give up its developing country status reflects Western hegemony, with the ultimate purpose of containing China.Bai Ming, deputy director of the Ministry of Commerces International Market Research Institute, told the Global Times that South Koreas decision will not pressure China, as China is still a developing country.As the worlds second-largest economy and one of the fastest growing economies, China lags behind developed countries in GDP per capita, and reducing income gap and poor population.The World Bank said Ch...

• 

  National AI plan to drive development

  A visitor shakes hands with a 5G robot at China Mobiles display area during the Light of Internet Expo at the sixth World Internet Conference in Wuzhen, Zhejiang province, on Sunday. (Photo: China Daily)Artificial intelligence is poised to become a core industry by 2030Chinas artificial intelligence industry has ushered in a new age of development as the technology matures and demonstrates real-world applications, said experts at the AI forum held at the sixth World Internet Conference, or Wuzhen Summit, on Monday.Chen Zhaoxiong, vice-minister of industry and information technology, said that the application of AI can be widely found in the fields of medical services, transportation, finance and education. Traditional industries have been upgraded and transformed, while the efficiency of the countrys economic development has improved.China is implementing a national AI-development plan that aims to build a 1 trillion yuan ($141 billion) core artificial-intelligence industry by 2030, which is expected to stimulate growth in related businesses valued around 10 trillion yuan.Peter Riedl, vice-president of BMW Group Technology Office China, said that the openness of the Chinese market toward the adoption of AI, strong local partners, such as Baidu, and keen entrepreneurship in China will help BMW to get a better understanding of the market demand for AI, which is "a key driver for future mobility solutions".Zhou Bowen, director of JD AI Research, said that the Chinese AI industry has accumulated a huge amount of data over the past few years. The talent pool has been very much enriched by favorable government policies."The capital markets pursuit of AI in the past few years has cooled down lately. The market is now keeping an eye on the scenarios in which AI has already been adopted. In this sense, the trusted AI technologies will mark a new phase when smart industries can truly become integrated and bring innovative results," he s...

• 

  'Never give up': Draghi sums up hard-fought ECB term

  During his eight years as head of the European Central Bank, Mario Draghi, is widely credited with saving the euro. (Photo: AFP)Departing European Central Bank president Mario Draghi said Thursday the proudest legacy from his eight-year term was the ability to "never give up" in the face of economic crises, internal dissent and external criticism."In a sense, this is a part of our legacy: never give up," Draghi said at his last press conference in Frankfurt of his work with colleagues on the ECB governing council since 2011."If there is one general thing Im proud of, its the way in which the governing council and myself have constantly pursued our mandate" of price stability in the 19-nation eurozone, the 72-year-old added."Under Mario Draghis presidency, the ECBs determination to fulfil its mandate, and its commitment to do whatever it takes within this mandate, provided the central bank with its greatest asset: its credibility," commented Pictet Wealth Management strategist Frederik Ducrozet.As expected, Draghi left the banks monetary policy unchanged at his final meeting, after the council agreed just last month cut the interest rate on banks deposits to -0.5 percent and loosen conditions on a new round of cheap credit to lenders.More controversially, that stormy September meeting also saw Draghi relaunch asset purchases to the tune of 20 billion euros ($22.2 billion) a month, sparking a rare public barrage of criticism from some council members.Looking to calm fears that the divisions could hobble the ECB, Draghi said "one of the dissenters called for unity and full implementation of the policy package" while another said "bygones are bygones"."Ive taken this as part and parcel of the ongoing debate and discussion," he told reporters, adding it was not the first time disagreements had divided the 25 council members."It seemed as if the hawks did not want...