CENTCOM said the US has assisted transit of more than 100 mln barrels of oil through the Strait of Hormuz over the past seven days.

An event on processing trade innovation and regional cooperation was held in Guangzhou on Oct. 15. MOFCOM official Zhang Li said processing trade remains a key component of China’s foreign trade and open economy. MOFCOM said processing-trade innovation made significant gains during the 14th Five-Year Plan and that through the 15th Five-Year Plan and beyond it will be used to respond to global supply-chain restructuring, support industrial upgrading, cultivate new export drivers, advance regional coordination and bolster employment. MOFCOM will continue to promote processing-trade innovation, aiming to raise value-chain position, strengthen supply-chain resilience, deepen regional cooperation, enhance policy management capacity and boost firms’ competitiveness.

Federal Reserve chair Kevin Warsh said artificial intelligence will boost productivity and create more wealth, but the path to that outcome will be bumpy.