Big Statement by Jerome Powell on US Economic changes

June 25, 2021

US Federal Reserve Chairman Jerome Powell has said that the Kovid-19 epidemic is posing a risk to the US economic outlook as the pace of vaccination has slowed in the meantime.
In a written statement released on the Fed’s website prepared for Tuesday’s hearing before the House Select Subcommittee on Coronavirus, Powell said on Monday afternoon, “Vaccination progress has limited the spread of COVID-19,” Xinhua news agency reported and it will likely continue to mitigate the effects of the public health crisis on the economy.

He continued, “However, the pace of vaccination has now slowed and the risk of new strains of the virus remains. Continued progress in vaccination will support a return to more normal economic conditions.
Following warnings from public health experts that the highly contagious delta variant remains a threat to the US and is particularly at risk in states with the lowest vaccination numbers, Powell’s statement revealed.

At a news conference in Beijing on June 21, several Chinese officials shed concrete light on the recently issued Hainan Free Trade Port Act and issued a clear signal that China would firmly expand openness and advance economic globalization.
The construction of Hainan Free Trade Port began on June 1 of 2020. Statistics show that in 2020, the total amount of import-export of cargo in Hainan reached 93.51 billion yuan, which was 1.2 percent higher than the country’s average growth rate.
Hainan infused foreign capital of about $3 billion in 2020, compared to $56 million in the first quarter of 2021, an increase of 4.3 times year-on-year.

The enactment of the Hainan Free Trade Port Act provides in-principle and basic legal guarantees for high-level openness in Hainan. Freedom of trade, investment is the priority of the construction of Hainan Free Trade Port. Legal administration is the best business environment.
After the issuance of this law in Hainan, a more attractive business environment will be created in Hainan. Along with this, the resolve and confidence of foreign businesses to do business in Hainan will also be strengthened. -input IANS

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