[Ministry of Industry and Information Technology: Fostering More Specialized, Refined, and Innovative "Little Giant" Enterprises and Manufacturing Single-Item Champion Enterprises] The State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan," where officials from the Ministry of Industry and Information Technology introduced the relevant situation regarding the full implementation of the 15th Five-Year Plan and the acceleration of new industrialization. The press conference stated that efforts will be focused on cultivating high-quality enterprises, improving the tiered cultivation system for high-quality enterprises, fostering and strengthening specialized, refined, and innovative SMEs, and creating more specialized, refined, and innovative "little giant" enterprises and manufacturing single-item champion enterprises. The Ministry will also deepen the integrated development of large, medium, and small enterprises, and promote collaborative innovation across the industrial chain. Furthermore, it will build and utilize a nationwide "one-stop" service network for SMEs, implement a special action to reduce the burden on enterprises, launch more innovative services, and enhance enterprises' sense of gain. (CCTV News)

[my country Has Successfully Developed Nearly 200 Key Artificial Intelligence Standards] Xin Guobin, Vice Minister of Industry and Information Technology, stated at a press conference held by the State Council Information Office on August 26th, during the "Starting the 15th Five-Year Plan" series of themed press conferences, that from an application perspective, artificial intelligence in my country has basically permeated the entire chain, including R&D, design, manufacturing, quality inspection, and maintenance. Nearly 200 key artificial intelligence standards have been successfully developed, and multiple cities are currently conducting AI ethics reviews and service practices. (Xinhua News Agency)

【Under the pressure of government debt, the independence of central banks faces the test of "fiscal dominance"】 (1) Against the backdrop of expanding debt and rising borrowing costs, the Jackson Hole Symposium will focus on "fiscal dominance"—that is, the situation where the government relies on the central bank to purchase government bonds or provide support due to fiscal pressure. In the past few decades, this has been considered taboo because it could trigger inflation, currency devaluation and capital flight. (2) Global public debt has continued to rise since 2008, and the US fiscal deficit has exceeded 4% of GDP annually since 2019 (usually only during recessions). The sharp rise in long-term government bond yields has pushed up government financing costs, and although the Treasury has expanded the repurchase of old bonds, the effect has been limited. Treasury Secretary Bessant even suggested that the Federal Reserve "consider expanding" liquidity tools for foreign central banks. (3) In 2011, the Federal Reserve lowered long-term interest rates through "Operation Twist"; the Bank of Japan has kept long-term bond yields low for nearly 10 years; the European Central Bank's bond-buying program has also faced similar criticism. During World War II, the Federal Reserve imposed a cap on government bond yields until the Treasury-Federal Reserve Agreement in 1951 restored its independence. (4) The current discussion is still speculative, and radical proposals (such as canceling government bonds or canceling government bonds held by the central bank) are not accepted by the mainstream. However, as debt expands, investors are increasingly concerned about how long the "wall" between fiscal and monetary policies can be maintained.