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China Media Group (CMG) presented the top 10 business news stories worldwide for 2022.
1. Russia-Ukraine conflict and global energy crisis
People seen fleeing after a Russian attack on a bridge over the Oskil River in Kupiansk, in the Kharkiv region. /AFP
People seen fleeing after a Russian attack on a bridge over the Oskil River in Kupiansk, in the Kharkiv region. /AFP
The Russia-Ukraine conflict has triggered energy and food supply challenges, exacerbating existing food systems vulnerabilities, already weakened from the effect of climate change and the COVID-19 pandemic.
2. RCEP comes into effect
The Yangshan Port in Shanghai, China, August 25, 2019. /CFP
The Yangshan Port in Shanghai, China, August 25, 2019. /CFP
Following eight years of negotiations, the Regional Comprehensive Economic Partnership Agreement (RCEP) came into effect on January 1, 2022. The world’s largest free trade deal covers 15 countries and accounts for about one-third of the world’s GDP.
3. China-Arab summit opens up new prospects for China-Arab relations
The flags of China and Saudi Arabia in Riyadh, Saudi Arabia, December 7, 2022. /CFP
The flags of China and Saudi Arabia in Riyadh, Saudi Arabia, December 7, 2022. /CFP
The China-Arab States Summit and the China-Gulf Cooperation Council (GCC) Summit, two first-of-its-kind events in Chinese-Arab history, were held here successfully. The milestone summits have yielded fruitful results between China and Arab states. The Chinese president also elaborated on building a China-Arab community with a shared future in the new era.
4. Jakarta-Bandung high-speed rail signifies strong China-Indonesia cooperation
Workers conduct an electricity inspection on a trial section of the Jakarta-Bandung High-Speed Railway in Bandung, Indonesia, November 5, 2022. /Xinhua
Workers conduct an electricity inspection on a trial section of the Jakarta-Bandung High-Speed Railway in Bandung, Indonesia, November 5, 2022. /Xinhua
The Jakarta-Bandung high-speed rail is a landmark cooperation project promoted by the top leaders of China and Indonesia. After it is completed, Indonesia will become the first country in Southeast Asia to have a high-speed railway.
5. Global inflation hits new high
People shop at a grocery store on June 10, 2022 in New York City, U.S. /CFP
People shop at a grocery store on June 10, 2022 in New York City, U.S. /CFP
Inflation in the U.S. soared to 8.5 percent in March, the fastest 12-month rise since 1981. Annual inflation moderated in April, but the Consumer Price Index still increased at a rapid pace. The eurozone has also witnessed record high inflation. And emerging markets, which are more vulnerable to shocks, are feeling the pain.
6. U.S. Fed raises interest rates
The Federal Reserve Board building in Washington, D.C., U.S., July 1, 2020. /CFP
The Federal Reserve Board building in Washington, D.C., U.S., July 1, 2020. /CFP
The U.S. Federal Reserve (Fed) raised the fed funds rate by 50bps to 4.25 percent to 4.5 percent during its last monetary policy meeting of 2022, pushing borrowing costs to the highest level since 2007, and in line with market expectations. It was a seventh consecutive rate hike, following four straight three-quarter point increases.
7. U.S. President Joe Biden signs the CHIPS and Science Act of 2022 and the Inflation Reduction Act of 2022
U.S. House Speaker Nancy Pelosi finishes the vote to approve the Inflation Reduction Act in the House chamber at the Capitol in Washington, August 12, 2022. /CFP
U.S. House Speaker Nancy Pelosi finishes the vote to approve the Inflation Reduction Act in the House chamber at the Capitol in Washington, August 12, 2022. /CFP
In August 2022, U.S. President Joe Biden signed the CHIPS and Science Act of 2022 and the Inflation Reduction Act of 2022, and the two laws entered into force.
8. World population passes 8 billion
People crowd the Juhu beach on the Arabian Sea coast in Mumbai, India, Sunday, November 13, 2022. /CFP
People crowd the Juhu beach on the Arabian Sea coast in Mumbai, India, Sunday, November 13, 2022. /CFP
The number of people on Earth passed 8 billion on 15 November 2022, according to the United Nation’s World Population Prospects 2022 report.
9. 2022 FIFA World Cup: China Railway Intl. Group builds Qatar’s largest stadium
A general view of the construction site of the Lusail Stadium, which will host the 2022 FIFA World Cup final, with a seating capacity of 80,000, in Lusail City, north of central Doha, Qatar, September 19, 2018. /CFP
A general view of the construction site of the Lusail Stadium, which will host the 2022 FIFA World Cup final, with a seating capacity of 80,000, in Lusail City, north of central Doha, Qatar, September 19, 2018. /CFP
China has been entrusted with making a major contribution to the 2022 FIFA World Cup. China’s most significant contribution was its role in the development of the Lusail Stadium, the main stadium for this year’s World Cup.
10. Sunak takes over as UK prime minister amid economic crisis
Rishi Sunak leaving No.10 Downing Street ahead of Prime Minister’s questions on December 14, 2022 in London, UK. /CFP
Rishi Sunak leaving No.10 Downing Street ahead of Prime Minister’s questions on December 14, 2022 in London, UK. /CFP
Rishi Sunak became Britain’s third prime minister this year, tasked with taming an economic crisis that has left the country’s finances in a precarious state with millions struggling to pay their food and energy bills.
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