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CGTN: Eyeing Chinese modernization, China doubles efforts to further deepen reform on all fronts

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BEIJING, May 25, 2024 /PRNewswire/ — Built after China’s reform and opening up, Rizhao Port in east China’s Shandong Province is a vital global hub for the transshipment of energy and bulk raw materials.

Through recent technological innovation, the port has been upgraded into a modern port, serving as a key node for the New Eurasian Land Bridge and an important hub for the Belt and Road Initiative.

Rizhao Port, together with Qingdao Port, Yantai Port and Bohai Bay Port, formed Shandong Port Group Co., Ltd. five years ago. Last year, the total cargo throughput of the four ports exceeded 1.7 billion tonnes, ranking first in the world.

As part of his first leg of an inspection tour in Shandong Province from Wednesday to Friday, Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, visited the port, recognizing its achievements and urging the province to build a high-level platform for major international exchanges and cooperation.

“Reform is the driving force for development,” Xi emphasized on Thursday while chairing a symposium in Shandong’s capital of Jinan, attended by representatives from businesses and academia.

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To deepen reform further on all fronts, efforts should be focused on the overarching goals of improving and developing the socialist system with Chinese characteristics and modernizing China’s governance system and capacity, he stressed.

Deepening reform centered on Chinese modernization

Xi’s trip to Shandong is the first local inspection he has made since the CPC Central Committee Political Bureau held a meeting on April 30, which decided that the third plenary session of the 20th CPC Central Committee will be held in Beijing in July, and the session will primarily examine issues related to further comprehensively deepening reform and advancing Chinese modernization.

Over the years, China’s reform of the economic system has been continuously improved, and the reform of its political and cultural systems has been steadily advanced and innovated.

Meanwhile, the reform of the ecological civilization system has been accelerated, and the reform of national defense and the military has achieved historic breakthroughs.

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Comprehensively deepening reform has placed the construction of the national governance system and governance capabilities in a more prominent position. China has convened about 40 meetings of the Central Leading Group for Comprehensively Deepening Reform and 30 meetings of the Central Commission for Comprehensively Deepening Reform to improve the top-level design of reform.

From implementing the Foreign Investment Law and building pilot free trade zones to hosting a slew of major expos and accelerating the construction of Hainan Free Trade Port, China unswervingly deepens reforms and expands high-level opening up, injecting positive energy into global development and bringing tangible benefits to people worldwide.

At Thursday’s symposium, Xi said China should take resolute steps to remove the ideological and institutional barriers hindering the advancement of Chinese modernization and double down on its efforts to resolve deep-seated institutional challenges and structural issues.

Economic system reform should start with meeting realistic needs and tackling the most urgent matters, and it should advance theoretical and institutional innovation in the process of solving practical problems, he added.

A better life for the people

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Xi has been stressing that reform should focus on what the people care about and expect the most. The aim, he has said, is to give the people a stronger sense of fulfillment.

Focusing on resolving the most practical problems that are of the greatest and most direct concerns to the people, China has continued to advance major reforms and system construction in the field of people’s livelihoods to allow the results of reform to benefit all people equally and promote their comprehensive development.

The Civil Code, anticipated for decades, finally came to life and was adopted in 2020, highlighting the respect and protection of individual freedom, dignity, interests and rights.

Since the 18th CPC National Congress, the country has built a total of more than 59 million units of various types of affordable and shantytown-renovated housing, helping settle over 140 million people into new homes.

“The Chinese people’s aspiration for a better life is the goal we have been striving for, and the ultimate purpose of advancing reform and promoting development is to improve the livelihood of the people,” Xi said.

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Stressing the need to plan and advance reform based on the overall, fundamental and long-term interests of the people, Xi urged efforts to identify the key areas of reform and achieve breakthroughs based on the pressing concerns and aspirations of the general public, including employment, income growth, education, healthcare, housing, government services, childcare, elderly care, personal safety and property security.

https://news.cgtn.com/news/2024-05-24/Eyeing-Chinese-modernization-China-doubles-efforts-to-deepen-reform-1tRFe7yRTUY/p.html

View original content:https://www.prnewswire.co.uk/news-releases/cgtn-eyeing-chinese-modernization-china-doubles-efforts-to-further-deepen-reform-on-all-fronts-302155632.html

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Agora acquires Clearshift’s real estate division

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Agora, a provider of real estate investment management solutions, has acquired Clearshift’s real estate division to “reinvent cross-border payments in investment management.”

The division has utilized Clearshift’s international payments infrastructure to facilitate mass payouts and capital investments between foreign investors, asset managers, real estate property managers, and fund administrators.

While the financial details of the acquisition remain undisclosed, Agora will now serve as the division’s primary client-facing interface, offering “user-friendly investment management tools.” Clearshift will retain responsibility for payment execution and compliance functions.

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For existing Clearshift clients, this integration into the Agora platform promises “enhanced capabilities.” Agora’s clients, not currently subscribed to Clearshift, will gain “a transparent solution to foreign exchange activity” that enables “seamless distributions and contributions in any currency worldwide.”

Ari Dobner, CEO of Clearshift, noted, “After years of refining our fund manager payment solution, it became clear to us that our clients would truly benefit from a full investor management solution with seamless payment integration.”

Bar Mor, co-founder and CEO of Agora, added that the acquisition will enhance their platform with “streamlined and cost-effective international payments,” leveraging the “substantial customer overlap between Agora and Clearshift.”

This acquisition follows the recent closure of Agora’s $34 million Series B funding round, backed by Qumra Capital, Insight Partners, and UK-based investment firm Aleph.

Source: fintechfutures.com

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InScope secures $4.3m to revolutionise financial reporting and auditing

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InScope, a newly launched FinTech company, has successfully raised $4.3 million to expand its innovative financial reporting and auditing platform.

According to PYMNTS, the funding round included significant contributions from prominent investors such as Lightspeed and Better Tomorrow Ventures.

InScope is focused on transforming the traditional processes of financial reporting and auditing for private companies. The company leverages advanced technologies, including generative AI and large language models, to automate and streamline the compilation of financial statements—tasks that have historically been prone to errors and required extensive manual effort.

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The new capital will be used to enhance InScope’s platform capabilities. The company aims to shift accountants’ focus from laborious manual tasks to more strategic initiatives, thereby empowering finance professionals with tools to complete reporting and auditing tasks quickly and efficiently.

InScope’s system compiles data from a company’s core systems, such as ERP, along with publicly available information, and transforms these inputs into GAAP-compliant financial and audit documents.

InScope CEO and co-founder Mary Antony stated, “Our technology dramatically reduces the time and effort required for financial reporting and auditing, eliminating the need for outdated manual processes.” Her co-founder and COO, Kelsey Gootnick, also emphasized the transformative potential of InScope, which they conceived out of their own frustrations with existing financial processes.

The company has already begun collaborating with a select group of companies to refine and enhance their financial reporting capabilities. JC Bahr-de Stefano, a venture capital investor at Better Tomorrow Ventures, commented on this partnership: “InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.”

Source: fintech.global

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Citi extends USD Clearing service to Middle East in partnership with Emirates NBD

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Citi has partnered with Dubai-based banking group Emirates NBD to launch its USD Clearing service in the Middle East.

Through this collaboration, Emirates NBD will offer the USD Clearing service, along with its commercial and treasury payment execution capabilities, to corporate and retail clients via its branch networks in the UAE and Saudi Arabia. This service will enable clients to make cross-border USD payments with continuous availability, addressing current payment flow challenges posed by varying transaction cut-off times in the UAE.

“The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.

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Following the initial launch, the service will be extended to all Emirates NBD branches in the Middle East and globally, including partnerships with third-party institutions.

According to its website, Emirates NBD currently operates 853 branches in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.

Shahmir Khaliq, Citi’s head of services, described the collaboration as “an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers.”

“Our 24/7 USD Clearing service is a clear differentiator in the market,” Khaliq continued. “It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”

Source: fintechfutures.com

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