Monthly Archive May 2019

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Substantial and resolute efforts must be made to prevent

?major contradictions and outstanding problems through coordinated planning and targete

d measures to make reform better serve the country’s economic and social development, Xi said.

The meeting reviewed and approved a series of official documents including a guideline on innovation and improving ma

cro-regulation, as well as a guideline on strengthening opening-up and cooperation in innovation capacity.

The meeting called for taking the supply-side structural reform as the main task, making coordinated efforts to stabilize eco

nomic growth, promoting reforms, readjusting the economic structure, improving people’s livelihoods, pr、

eventing risks, and ensuring social stability, according to a statement issued after the meeting.

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The visit will further display the strength of bilateral tie

ties, which are developing “very good” momentum both politically and econom

ically, said Ruan Zongze, vice-president of the China Institute of International Studies.

Trade between the two countries “made a major breakthrough” and exceeded $100 billion in 2018, and the two permanent mem

bers of the United Nations Security Council have been coordinating closely on major international issues, Ruan said.

This year marks the 70th anniversary of the establishment of bilateral ties, which are said to have reached their best level in history.

Also, the attendance of the two countries’ leaders at each other’s internat

ional forums shows both sides’ support for an open global economy, Ruan added.

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a socialist economy with Chinese characteristics … we are q

ite mixed, very dynamic and very open as well.”

Liu said that according to statistics, about 80 percent of Chinese employees were employed b

y private enterprises, and 80 percent of Chinese exports were done by private companies.

Asked how the US businesses operate in China with the risk of their intellectual property rights b

eing stolen, Liu said many American companies have been established in China and they’re very profitable.

“The great majority of them, I believe, plan to continue to invest i

n China and explore the Chinese market as well,” Liu said. “Now, US President Donald Tru

mp’s tariff makes it a little bit more difficult — makes the future a little bit uncertain.”

Liu said that there is consensus among Chinese people that no c

ountry or individual “can be stronger” and “develop itself” without intellectual prop

erty protection, and that isolated cases do not mean that America is stealing or Chinese people are stealing.

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President’s Russia visit eyes global stabilityernational Coo

President Xi Jinping’s upcoming visit to Russia reflects close cooperation between China and Russia, which is impo

rtant to maintain the stability of the international community amid rising uncertainties, analysts said.

Xi will make a state visit to Russia from June 5 to 7 and attend the 23rd St. Petersburg Inter

national Economic Forum, Foreign Ministry spokesman Lu Kang announced on Wednesday.

The trip is part of the annual exchange of visits between the two countries’

heads of state, after Russian President Vladimir Putin attended the Second Belt and Road For

um for International Cooperation in Beijing in April and had talks with Xi on the sidelines.

The visit will further display the strength of bilateral ties, which are developing “very good” momentum both politically and

economically, said Ruan Zongze, vice-president of the China Institute of International Studies.

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ang said by the end of this year, 5G network construc

The Beijing municipal government plans to invest at least 30 billion yuan by 2022 to build 5G networks, according to a 5G devel

opment plan released in January. In Beijing’s road map for 5G development from 2019 to 2022, the municipal gov

ernment has set a goal to develop its 5G-related industry to realize an income of 200 billion yuan by 2022.

The city said it hopes that by 2022, Beijing-based scientific research

units and enterprises can be a key contributor to global 5G technical standards, acc

ounting for more than 5 percent of all primary and essential international 5G patents.

Huang Jianjun, vice-president of China Jianyin Investment Ltd, said 5G technologies have been deeply integrated with

artificial intelligence, big data, the internet of things and other emerging technologies, ushering in a new era of in

ternet of everything and deep interaction between humans and machines.

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The NDRC said in the recent media interview that Chin

na will adhere to the principle of fair and free trade in its management of rare-earth ex

ports, but “the Chinese people will be unhappy” if the country’s exported rare-earth metals are used against China.

Since the start of the China-US trade friction more than a year ago, Washington has taken many measures, includin

g taking advantage of its edge in high-end chip making, to stymie Chinese high-tech firms, the NDRC said.

The NDRC added that in its latest move to dampen China’s industrial development, the US governme

nt has used an executive order to effectively ban products of Chinese tech giant Huawei from being use

d in the US, which has been widely seen as unreasonable and unfair. Having been increasingly used in high-tech ind

ustries, rare-earth metals are critical in making products from advanced weaponry to chips and hybrid cars.

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President Xi Jinping visited the JL MAG rare-earth Co

?on May 20 in Ganzhou, Jiangxi province, during a three-day inspection tour.

Xi learned about the rare-earth industry’s development in Ganzhou, a major producer of rare-earth resources and products

in China. During the seven trading days from May 20 to Tuesday, the A-share listed company hit the 10 percent da

ily upside limit six times, with its share price rising by 90 percent after closing on Tuesday.

xperienced climbers and guides called for alpinists without adequate training to think tw

ice before taking on the world’s highest peak, especially during a crowded climbing season.

As of Tuesday, the death toll of climbers attempting to reach the summit of Qomolan

gma — known as Mount Everest in the West — reached 11 during this climbing season. Nine died on the Nepali s

ide and two on the north face of the mountain in China’s Tibet autonomous region, according to media reports.

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ue to encouraging weather forecasts, many teams decid

ed to scale the summit from the Nepali side on May 22 and 23. As a result, crowded conditions form

ed about 100 to 150 meters from the peak, Ma said in Kathmandu, Nepal’s capital. “I was force

d to wait in a line for about 20 minutes on my way down. Such circumstances can be fatal to climbers if the

y panic and consume more oxygen than planned. Also, they can easily get frostbite if they don’t keep moving.”

This year, about 90 percent of the climbers at Qomolangma are

first-timers. Lack of professional training and experience as well as undetected health issue

s should be mainly blamed for the casualties on the mountain rather than the traffic jam, Ma added. “Some expe

dition companies failed to prepare the climbers for crowded conditions which is really irresponsible.”

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“It looks like it’s going to be a big win for the Brexit

Party,” Farage told reporters in Southampton in southern E

ngland where vote tallies from across the southeast region were being collated.

“The intelligence I get is that the Brexit party is doing pretty well,” sa

id Farage, who headed one of the two Brexit campaigns in the 2016 referendum.

While May was forced to delay Brexit after agreeing a deal that the British parliament and much of her party reject

ed, the Labour Party has voiced both support for another referendum and a promise to honour the result of the 2016 vote.

The impact of such a severe election drubbing for the major parties is

unclear though potential successors to May are calling for a more decisive Brexit, while L

abour leader Jeremy Corbyn is under pressure to openly support another referendum.

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The US administration’s “America first” policy, repres

ented by its unilateral and protectionist moves, has harmed both countries’ economic interests an

d proved to be a drag on the global economy, as the recent turmoil in the international capital market shows.

Simulation tests of large general equilibrium models show that

both countries’ economic indicators would suffer due to the US tariff hike on $200 billio

n of Chinese goods two weeks ago. For example, China’s GDP could decline by 0.657 percent, manufacturing jobs by 1.02

8 percent, exports by 3.359 percent, and imports by 1.384 percent, while the decrease in the US’ GDP would be 0.004 per

cent, manufacturing jobs 0.652 percent, exports 1.876 percent, and imports 3.883 percent. And global GDP, ma

nufacturing jobs and trade could reduce by 0.123 percent, 0.28 percent and 0.79 percent.

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