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CGTN: 5 years on, President Xi reemphasizes China’s western region development strategy
BEIJING, April 24, 2024 /PRNewswire/ — Chinese President Xi Jinping has reemphasized the need to boost the high-quality development of China’s western region during his inspection in Chongqing Municipality on Monday and Tuesday. He said the western region is of great importance for the whole country’s modernization.
This is the latest move by the Chinese president to promote the country’s regional development. Xi, also general secretary of the CPC Central Committee and chairman of the Central Military Commission, just finished his inspection of central China’s Hunan Province last month. In Hunan, he stressed vigorously energizing the central region and promoting the development of the Yangtze River Economic Belt, aiming to bolster a more balanced regional development.
China’s western area consists of 12 provincial-level regions, covering over 70 percent of the country’s land area and containing 27 percent of China’s population. The western region is well-known for its abundant renewable energy sources such as solar and wind energy, and various underground mineral resources such as rare earth, bauxite, coal and natural gas, which accounts for more than 70 percent of the country’s total reserves.
In March 2019, in a meeting of the CPC central committee for deepening overall reform chaired by Xi, a guideline for advancing the development of the western region in the new era was passed. The guideline puts forward that by 2035, the western region will catch up with the eastern region in the fields of public service, infrastructure connectivity and people’s livelihood. China’s eastern region recorded nearly triple the GDP of the western region in 2023.
Five years on from the passing of this guideline, Xi pointed out that, though the western region has seen significant achievements, it still faces many development challenges. He urged the region to focus on its competitive local industries and accelerate its opening up.
Xi said at the symposium that the 12 provincial-level regions should develop modern manufacturing and strategic emerging industries such as new energy and bio-medicine based on local conditions, and speed up industrial transformation and upgrading. He added that tourism and other service sectors can be developed into the region’s pillar industries.
Xi made it clear that China’s economy is transforming from high-speed to high-quality development, so every region should develop its economy based on its specific conditions and play to its comparative advantages. During his inspection in Chongqing, he visited an international logistics hub, a community in Jiulongpo District, and a digital urban operation and governance center. Local officials introduced the development of the New International Land-Sea Trade Corridor, urban renewal projects and city governance to him.
The trade corridor is a major channel between China’s western region and countries of the Association of Southeast Asian Nations (ASEAN). It reached 490 ports in 120 countries and regions as of January, and saw its cargo volume rise 21 percent year-on-year in 2023, according to the government work report of Chongqing Municipality.
Xi on Tuesday called on the region to accelerate the building of the corridor and better integrate itself with the Belt and Road Initiative (BRI) to promote the opening up of the region. He had previously said that the active participation of China’s western region in the BRI would greatly improve connectivity between China’s eastern and western regions and between China and the outside world.
So far, the connectivity pattern has taken shape in the western region. China’s National Bureau of Statistics (NBS) data shows that a total of 35,000 China–Europe freight trains have been launched from the western region in the past five years, accounting for 50.5 percent of the country’s total. In 2023, the total import-export volume of the western region increased 37 percent compared to 2019.
As the western region is the birthplace of China’s great rivers such as the Yangtze River, Yellow River and Lancang River, and has many rare wild animals, Xi also vowed to safeguard national ecological security.
He stressed accelerating major projects for protecting and restoring ecosystems, boosting the Three-North Shelterbelt Forest Program to counter sandstorms and soil erosion in the northern region, and promoting energy saving and carbon reduction in traditional sectors, as well as the clean and efficient use of coal.
China started to implement the national strategy for the large-scale development of the western region in 2000. As of 2020, the average annual GDP growth of the region reached 10.2 percent, greatly closing the economic gap with other regions. More than 21.3 million hectares of farmland have been converted into forests or grassland, with the forest coverage rate surpassing 19 percent, data from the National Development and Reform Commission shows.
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The General Assembly of Siniora Food Industries Company approved the distribution of cash dividends amounting to JD 4.2 million representing 15% of its paid-in capital, and stock dividends amounting to 2,147,059 shares
AMMAN, Jordan, May 6, 2024 /PRNewswire/ — In its ordinary and extraordinary meetings held on April 28, 2024, the general assembly of Siniora Food Industries Company approved the distribution of cash dividends amounting to JD 4.2 million to its shareholders, representing 15% of the company’s paid-in capital of JD 28 million. It also approved the distribution of 2,147,059 as stock dividends by capitalizing JD 2,147,059 from the balance of its returned earnings at year-end 2023.
Chairman of the Board of Directors Mr. Tarek Aggad commented that Siniora realized stable results in 2023 despite all the challenges faced by the company, including the war on our people in Gaza, the rise in bank interest rates, especially in Turkey, where the company operates a branch, in addition to the negative impact on the company’s results due to the application of International Accounting Standard #29 there. Aggad clarified that despite all these difficult circumstances witnessed by the region, which also included an increase in raw material costs and shipping expenses due to global events, the company achieved a net profit of JD 4.428 million in 2023 compared to JD 5.224 million in 2022. He added that the results attained in 2023 were supported by an increase of 10% year on year in the company’s sales, which amounted to JD 46.960 million in 2023 compared to JD133.628 million in 2022.
Aggad added that the company successfully issued bonds worth USD 80 million even under such exceptional circumstances, a testament to the company’s respected standing in the banking sector and strong financial and operational performance. Aggad stated that issuing bonds at a fixed interest rate of 7.75% for five years is a significant achievement for the company and will lead to reducing bank interest and improving the company’s results during the current year.
Aggad indicated that the company is in the final stages of increasing its capital cash by around JD 11 million, pending approval from the Securities Commission for its implementation, a move that will further the company’s ability to continue implementing its investment and expansion plans, especially in the construction of the company’s new factory in Jeddah, Saudi Arabia.
He added that the company continued its social responsibility initiatives by supporting the local community in all areas within which it operates, supporting various sectors including the medical, educational, and social sectors, and assisting our people in the Gaza Strip. Total investment in social responsibility in 2023 amounted to JD 455,000 compared to JD 366,000 in 2022.
Speaking about the company’s results, Siniora CEO Engineer Majdi Al-Sharif affirmed that Siniora maintained its sales level in the Jordanian and Palestinian markets despite all the conditions surrounding the region, which also included losing the company’s sales in the Gaza Strip during the last quarter of 2023. The company’s sales in the Gulf witnessed a significant growth of 12% and in the Turkish market by 30% due to inflation, which reflected on the company’s financial results for the past year.
He added that the company has launched the initial stages towards establishing its factory in Jeddah, Saudi Arabia, which will be a paradigm shift for the company and will support the company’s sales in the Saudi market.
Siniora Food Industries is a publicly listed company on the Jordanian financial market, and the owner of the Siniora, Unium, Polonez, and Al-Masa brands, and is a subsidiary of the Arab Palestinian Investment Company – APIC.
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TerraPay Continues to Attract Top Industry Talent, Names Hassan Chatila as Vice President and Global Head of Network
LONDON, May 6, 2024 /PRNewswire/ — TerraPay, a leading global money movement company, is excited to announce the appointment of Hassan Chatila as Vice President – Global Head of Network.
This key addition to TerraPay’s global network leadership also marks a critical step in the company’s ongoing strategy to simplify and streamline global money movement for businesses and individuals alike, underscoring its commitment to enhancing its network capabilities.
With over 20 years of experience in the cross-border payments, Hassan brings with him a rich legacy of leadership and innovation. Before joining TerraPay, he served as the Global Head of Western Union’s Account Payout Network, where he played a pivotal role in expanding and optimizing the network to support seamless global transactions. His impressive career portfolio also includes key leadership roles at Earthport and Temenos, where he led significant payments transformation initiatives and drove substantial growth.
In this new role at TerraPay, Hassan will lead the expansion and optimization of TerraPay’s global payout network. He will work closely with internal and external stakeholders to enhance the network’s capabilities, ensuring that TerraPay continues to offer its partners transparent and efficient payment solutions.
Welcoming Hassan to the team, TerraPay Founder and CEO, Ambar Sur, said, “It gives me great pleasure to welcome Hassan on board. As an industry expert, he comes with a highly reputable cross-border payment expertise and deep leadership experience. On TerraPay’s journey of growth, Hassan’s appointment is a critical step in furthering our network expansion goals. I look forward to working together and further deepen TerraPay’s position as a global money movement leader.”
Hassan Chatila, VP – Global Head of Network, TerraPay, commented on his new role, saying, “I am thrilled to join TerraPay at this pivotal time. Over the years, TerraPay has built an expansive global money movement network driven by the mission to build a borderless world of payments. I look forward to leveraging my experience to further develop our network capabilities, create new opportunities across markets and help TerraPay achieve its ambitious goals.”
For media inquiries, please contact [email protected]
About TerraPay
TerraPay simplifies global money movement – by providing a single connection to the most expansive cross-border payments network regulated in 31 global markets and enabling payments to 144 receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa and Visa.
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IRIS Business Services Introduces “IRIS Myeinvois” SaaS Platform for Seamless e-Invoice Compliance in Malaysia
NAVI MUMBAI, India, May 6, 2024 /PRNewswire/ — IRIS Business Services (BSE: 540735), a leading provider of innovative regulatory reporting software solutions, proudly announces the launch of ‘IRIS Myeinvois’, a cutting-edge Software as a Service (SaaS) platform designed to streamline e-Invoice compliance for taxpayers in Malaysia.
As per the mandate set forth by Malaysia’s tax regulator, Lembaga Hasil Dalam Negeri (LHDN), businesses are required to adopt electronic invoicing for tax compliance. In response to this regulatory requirement, IRIS Myeinvois offers a comprehensive solution that empowers businesses to achieve e-Invoice compliance effortlessly.
The hallmark feature of IRIS Myeinvois is its capability to seamlessly transform data from diverse source systems into the prescribed format for e-Invoice generation. This functionality not only simplifies the compliance process but also enhances efficiency by eliminating manual data entry errors.
Furthermore, IRIS Myeinvois provides users with flexible connectivity options, including API integration, file-based SFTP integration, manual file uploads, and direct manual entries via the intuitive portal interface. This versatility ensures that businesses of all sizes and technological capabilities can easily leverage the platform to meet their e-Invoice compliance obligations.
In addition to its core functionality, IRIS Myeinvois offers a range of value-added features to enhance user experience and maximize productivity. Customizable invoice templates enable businesses to tailor their invoices according to their branding and specific requirements. Real-time alerts ensure timely notifications for important events and deadlines, enabling proactive compliance management. Moreover, robust analytics capabilities provide valuable insights into invoicing trends and patterns, empowering businesses to make data-driven decisions.
“We are thrilled to introduce IRIS Myeinvois to the Malaysian market,” said Gautam Mahanti, Business Head at IRIS Business Services. “With its user-friendly interface, advanced features, and seamless integration capabilities, IRIS Myeinvois is poised to revolutionize e-Invoice compliance for businesses across Malaysia.”
About IRIS Business Services
IRIS Business Services is at the forefront of solutions for regulatory reporting and compliance, trusted by over 30 regulators, 6000+ enterprises, in 52 countries.
The tax technology division of IRIS, IRIS Tax Tech, aids businesses in fulfilling their GST compliance obligations and in processing e-invoices by serving over 1500 companies in India, generating over 3 mn e-Invoices every month.
Additionally, it is appointed by the Indian government as an Invoice Registration Portal (IRP) for companies to meet the e-invoicing mandate.
For more information visit – www.irisbusiness.com.
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