The International Finance Forum (IFF) and the China Electric Power Construction Association (CEPCA) announced the establishment of the IFF Energy Transition and Development Committee on Thursday in an effort to drive sustainable energy practices and fostering global cooperation in the energy sector.

The establishment of the IFF Energy Transition and Development Committee marks a significant milestone in the global efforts to accelerate the transition to renewable and sustainable energy solutions worldwide. Through the committee, the IFF and the CEPCA leverage their respective strengths and expertise in energy, finance, technology to promote innovation, investment, and policy frameworks that support the global energy transition as well as green transition.

"Today, the establishment of the Committee further demonstrates the IFF's continuous efforts to promote sustainable development and global cooperation, especially when humanity is faced with unprecedented challenges due to climate change. The Committee is a testament to the IFF and CEPCA's collective determination to quicken the green transition, " said Han Seung-soo, IFF Co-chairman, Chair of the Council of Presidents of the UN General Assembly, and former Prime Minister of the Republic of Korea.

China’s inflation edged up 0.2% in June from a year ago, data from the National Bureau of Statistics showed on Wednesday.

The consumer prices index rose for the fifth straight month in June. But prices fell 0.2% on a monthly basis.

Core inflation, which excludes volatile food and energy prices, went up 0.6% last month.

China’s production and sales of new energy vehicles (NEVs) surged in the first half of 2024, industry data showed on Wednesday.

The output of NEVs increased 30.1% year on year to 4.9 million units in the first half of the year, data from the China Association of Automobile Manufacturers showed.

China sold 4.9 million in the period, up 32% from a year earlier.

China issued draft rules tightening investment for solar photovoltaic (PV) manufacturing projects.

In a draft ruling issued by the Ministry of Industry and Information Technology (MIIT), companies need to have a minimum capital ratio of 30% for each project.

MIIT said the rules were intended to guide the development of the sector and would not affect project approvals.

The rules also laid out minimum efficiency levels for solar panel technologies.

The total value of China’s service trade rose 16% year on year in the first five months of the year, according to the Ministry of Commerce.

The total value of service exports and imports reached 3 trillion yuan in the period.

Exports rose 11% while imports increased 19.6% in the Jan.-May period.

US inflation fell to 3% year on year in June, data from the Bureau of Labour Statistics showed on Thursday.

On a monthly basis, the consumer price index fell 0.1%.

The decline was driven by decrease in gasoline prices. The index for gasoline fell 3.8% in June.

Prices excluding food and energy rose 3.3% year on year.

German inflation rose 2.5% year on year in June, official data showed on Thursday.

On a monthly basis, prices edged up 0.2%.

“Energy and food prices have had a dampening effect on overall inflation since the beginning of the year,” says Ruth Brand, President of the Federal Statistical Office.

Japan’s average household spending fell 1.8% in May, data from Statistics Bureau of Japan showed.

Meanwhile, the average monthly income per household rose 3% in May from a year ago.

South Korea needs to strengthen its public finances, enhance competition, raise its low birth rates and address the consequences of population ageing to boost resilience and growth, the Organization for Economic Cooperation and Development (OECD) urged on Thursday.

In its latest economic survey of South Korea, the OECD expected the country’s economy to grow 2.6% in 2024.

Raising the country’s birth rate, which has the world’s lowest of 0.7 children per woman in 2023, has become a priority for the Korean government, the report said.

Britain’s economy grew 0.4% in May, up from zero growth in April, official data showed on Thursday.

Growth in services was the largest contributor to the growth in GDP, according to the Office for National Statistics (ONS).

Wholesale and retail trade brought the largest contribution to the increase in the services sector.