The Russian city of Ufa witnessed the launch of the New Development Bank on Thursday, a joint initiative by Brazil, Russia, India, China and South Africa, and part of China's efforts to build a multinational financial network.
The distance between Ufa, a major city in Russia, and the capital, Moscow, is less than 1,500 kilometers, but I have to wait at least six hours for a plane. It's not like in China, where Beijing is connected with every provincial capital by dozens of daily flights.
"Economic and trade cooperation between BRICS countries is experiencing vigorous development. I hope that businesspeople from the five countries will work together to face any challenges and make contributions to boost each state's economy to a higher level."
Ripple effects from the stock market plunge have put the yuan under pressure and prompted the government to introduce more measures to restore stock exchange stability.
President Xi Jinping confirmed on Wednesday that he has invited Russian counterpart Vladimir Putin to visit China in September and attend the country's activities commemorating the 70th anniversary of the end of World War II.
The first of six passenger trains ordered by Macedonia has been completed at a plant operated by a subsidiary of China Railway Rolling Stock Corp at Zhuzhou, Hunan province.
Eleven typhoons have formed in the Pacific and South China Sea so far this year, double the average for the period, and two are expected to make landfall in eastern and southern China over the next three days, the national meteorological authority has warned.
Item from July 9, 1986, in China Daily: The country's domestic satellite communication network officially went into operation yesterday afternoon, signaling a new stage in China's communication industry.
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Raymond Zhou
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