China, Britain deepen green finance cooperation with new work stream
LONDON, June 26 (Xinhua) -- Financial professionals and experts from China and Britain on Thursday formally launched a joint work stream in London, in a bid to strengthen bilateral cooperation on sustainable finance and biodiversity protection.
The UK-China Nature and Biodiversity Finance Work Stream, initiated by the China-UK Green Finance Taskforce and co-led by Bank of China and Standard Chartered, will focus on cross-border collaboration and innovation in areas such as natural capital valuation, biodiversity-related disclosure tools and nature-focused investment mechanisms.
The launch coincided with a high-level forum hosted by Bank of China's London branch, titled "From Policy to Impact: A Global Perspective on the Current State of Sustainable Development." The forum, part of the official program of this year's London Climate Action Week, brought together over 100 participants from financial institutions, government agencies, regulators, think tanks and academia across China, Britain and Europe.
"Green finance and sustainable development have become central to global high-quality growth and the transformation of financial systems," said Fang Wenjian, CEO of Bank of China (UK) Limited, during the forum's opening remarks.
Charles Bowman, co-chair of the China-UK Green Finance Taskforce, said the initiative came at a critical time. "We must accelerate global capital flows to tackle the climate crisis," he said. "China and the UK are co-leading this effort through their net-zero commitments and renewable energy investments."
London Climate Action Week, founded in 2019 by climate think tank E3G and the Mayor of London's office, serves as a global platform for policymakers, business leaders, investors and academics to advance climate action and sustainable development.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
U.S. stocks advance despite mixed data
NEW YORK, June 26 (Xinhua) -- U.S. stocks saw solid gains and flirted with record highs on Thursday as investors weighed mixed economic data and remarks from Federal Reserve officials regarding the potential for interest rate cuts. The Dow Jones Industrial Average rose 404.41 points, or 0.94 percent, to 43,386.84. The S&P 500 climbed 48.86 points, or 0.80 percent, to 6,141.02, which is just shy of the record close high of 6,144.15 on Feb. 19, 2025. The Nasdaq Composite Index gained 194.36 points, or 0.97 percent, to finish at 20,167.91, barely missing record closes. Nine of the 11 primary S&P 500 sectors ended in positive territory. Communication services and energy led the gains, rising 1.77 percent and 1.50 percent, respectively. Real estate and consumer staples were the only sectors to decline, falling 0.64 percent and 0.18 percent. On the economic front, U.S. gross domestic product (GDP) contracted at an annual rate of 0.5 percent in the first quarter, according to the Commerce Department's final estimate. That marks a deeper decline than earlier estimates of 0.3 percent and 0.2 percent. Meanwhile, initial claims for unemployment benefits fell by 10,000 to a seasonally adjusted 236,000 for the week ended June 21, better than economists' expectations of 245,000. "The data are consistent with softening of labor market conditions, particularly on the hiring side of the labor market equation," said Nancy Vanden Houten, lead economist at Oxford Economics. "For now, we don't think the labor market is weak enough to prompt the Fed to cut rates before December, but the risk is increasing that once the Fed starts to lower rates, it will have some catching up to do." U.S. durable goods orders rebounded sharply, surging 16.4 percent in May after a revised 6.6 percent decline in April, according to the Commerce Department. However, new orders excluding the transportation sector only expanded 0.5 percent from the previous month, suggesting the distortion by new Boeing contracts. Political tensions also lingered over the central bank's independence, with speculation growing around U.S. President Donald Trump potentially installing a "shadow chair" to influence Fed policy ahead of the 2026 end of Fed Chair Jerome Powell's term. However, Chicago Fed President Austan Goolsbee dismissed such concerns in a CNBC interview. "That would have no effect on the FOMC (Federal Open Market Committee) itself," Goolsbee said. "Just look at the minutes and transcripts. You can see, word for word, what the rationale are in making the decisions, and they're not about elections and they're not about partisan politics." Mega-cap technology companies mostly advanced. Nvidia rose 0.46 percent to a new record high, extending gains from the previous session that reinstated its position as the world's most valuable company. Broadcom gained more than 2 percent, as did Amazon and Meta Platforms. Microsoft and Alphabet each gained more than 1 percent. Tesla and Apple slipped modestly. Despite signs of easing tensions, global economic growth remains under pressure. Fitch Ratings projected world GDP growth of just 2.2 percent in both 2025 and 2026, below the historical average of 2.7 percent, and forecast U.S. growth of only 1.5 percent this year. "Tariffs will push up inflation, labor-force growth is slowing sharply, and some inflation expectation measures remain high," the Fitch team said, adding that they expect only a single interest-rate cut from the Federal Reserve this year.
Borneo Post
an hour ago
- Borneo Post
Post-gaokao spending marks rite of passage for Chinese teens
Students celebrate after the exam at a national college entrance examination site in Changsha, central China's Hunan Province on June 9, 2025. – Xinhua photo BEIJING (June 27): As the plane touched down at Beijing Capital International Airport, 18-year-old Zhao Zhixing from east China's Fujian Province snapped a selfie from his window seat, marking the start of his first solo trip after the grueling national college entrance examination, or gaokao. 'After the intense pressure of high school, I want to relax by traveling and, at the same time, broaden my horizons by experiencing the charm of different cities,' said Zhao, who planned his post-gaokao trip to Beijing and Nanjing – over a week of sightseeing, theme parks and no textbooks – as soon as the exam ended. For millions of Chinese teens like Zhao, the end of the gaokao signals more than just academic relief. It ushers in a unique consumer trend known as the 'post-gaokao economy' as students and their families celebrate hard-earned freedom with a surge in spending on travel, electronics, lifestyle upgrades, and self-discovery experiences. This week, gaokao results have begun to roll out across the country, giving graduates even more reason to unwind and enjoy the summer break. Emotional spending spike Across China, industries ranging from tourism and consumer electronics to personal training and medical services have reported a spike in activity in the weeks following the gaokao, which is held in early June every year. According to data from Ctrip, bookings for travel packages departing between June 9 and June 11 rose by 88 per cent compared to the previous week, as many high school graduates chose to begin their trips immediately after the exam. Destinations such as Beijing, Chengdu, Hangzhou and Xi'an are attracting large numbers of student travelers, with many scenic spots offering discounted or free admission for this year's high school graduates. Retailers are also experiencing growth, with electronics ranking among the top purchases. Sun Jian, store manager of JD MALL in Chongqing, said that alongside popular items like smartphones, laptops and tablets, sales of learning devices, digital notebooks and wearable gadgets have risen by 40 to 50 per cent compared with the pre-gaokao period. Given the immense importance of the gaokao in Chinese society, both students and parents often turn to travel, shopping, or celebration as a way to find emotional release after years of academic pressure. 'My son enjoys gaming, so we promised him that if he focused on preparing for the exam, he could fully relax and have fun afterward,' said a customer surnamed Zhuang, who was shopping for a laptop at a store in Fujian's Quanzhou City. Zhuang added that he was willing to buy the best he could afford for his son, as it would also be useful for college. Style makeovers soar Beyond just spending, the post-gaokao period provides a glimpse into how today's youth are starting to explore their identities and passions. From solo trips and comic con visits to photography workshops and fitness classes, students are using the time to pursue their personal interests. A community gym in Beijing's Xicheng District has seen a surge in visitors this June. 'We receive numerous inquiry calls daily, and many new members are recent high school graduates,' a gym staff member said. 'They hope to use the summer for structured training to enter university better prepared both physically and mentally.' Zhang Qingxi, a high school graduate from Huangping County in the southwestern province of Guizhou, began driving lessons just days after the gaokao. 'I hope to get my license this summer,' she said. 'Once I have it, I plan to travel with friends and see the places I've only read about in books.' According to Zhang, nearly 100 students who recently took the gaokao attend driving lessons at her training center daily. Many students are also taking greater interest in their appearance and personal style. Wang, a hairdresser from Xi'an, said the number of students coming in for hair dyeing has surged since the gaokao, and to keep up with the demand, the salon has even extended its hours. 'Graduates often choose trendy and unique hairstyles, and some even bring in anime-style designs from comics for inspiration,' said another hair salon employee. According to data from Meituan, orders for vision correction surgery rose by 108 per cent in the first week after the gaokao, while orders for orthodontics and teeth whitening each saw a nearly 30 per cent increase week-on-week. From test takers to decision makers Like most post-gaokao travelers, Zhao planned his trip and handled all the bookings – from train tickets to hotel reservations – largely on his own. 'We don't know much about his plan. He's an adult and it's all up to him now,' said Zhao's father. ''Post-gaokao consumption' is not only a wave of youthful spending, but also an important window into the consumption trends among younger generations,' said Long Shaobo, professor from the School of Public Policy and Administration, Chongqing University. According to Xia Ri, assistant researcher at Anbound, an independent think tank in China, high school graduates often seek novelty, quality and variety in their spending, which are traits typical of young people. 'As they gradually become independent decision-makers and key players in the market, their preferences are driving consumption toward greater personalisation and experiential value, accelerating consumption upgrades and product innovation,' Xia said. – Xinhua China gaokao national college entrance examination Xinhua
The Star
2 hours ago
- The Star
Chinese healthcare firms seek expansion at Cairo medical expo
CAIRO, June 26 (Xinhua) -- Dozens of Chinese pharmaceutical and medical device companies are participating in the fourth Africa Health ExCon in Cairo, aiming to expand their presence in Egypt and tap into Africa's growing healthcare market. The three-day event, running from Wednesday to Friday at the Egypt International Exhibition Center, has attracted around 350 local and international companies. Among them are at least 24 Chinese firms showcasing products in medical imaging, diagnostics, pharmaceuticals, and general healthcare technologies. For Chinese participants, the exhibition offers a platform to connect with potential clients, distributors, and government officials. Organizers say the forum fosters knowledge exchange and collaboration to support healthcare infrastructure development across Africa. Africa Health ExCon is one of the region's largest healthcare trade events, bringing together stakeholders to tackle common challenges and explore future solutions.
