Digital transformation is emerging as a powerful engine for sustainable development across Asia, according to a new report released by the Boao Forum for Asia on Tuesday.

The European Commission unveiled proposals on Thursday aimed at making the EU's capital markets more competitive by simplifying cross-border operations and expanding the powers of the European Securities and Markets Authority (ESMA).

The European Commission on Wednesday presented the Competitiveness Compass, a strategic blueprint aimed at restoring the European Union (EU)'s economic edge and driving technological leadership as it seeks to close the gap with the United States (U.S.) and China, News.az reports citing Xinhua.

The European Union Chamber of Commerce in China cautioned that this trend could expedite deglobalization and hinder global economic growth, News.az reports citing Euronews.

The lack of European competitiveness or falling behind compared to the US, China and other vibrant Asian economies has rung the urgency bell, prompting the presentation last week at the European headquarters in Brussels of a comprehensive, one-year preparation report. One year ago, the former Italian Prime Minister and former chief of the European Central Bank, Mario Draghi, was carefully selected by the presidency of the European Commission to undertake this critical study on European competitiveness.