Moreover, Washington has forbidden US companie

 to sell chips to ZTE, a Chinese multinational telecommunications equipment and

systems company, even after imposing huge fines on the company. By so doing, the US has act

ually encouraged China to increase investment in its high-tech sector. So, even if China and the US were to strike a de

al, China would be prompted to import lower volumes of energy and agricultural products from the US.

In macroeconomic terms, the China-US trade dispute has added h

uge uncertainties to the US economy and raised the likelihood of recession. Which cou

ld thwart the US president’s chances of being re-elected in 2020. And the trade dispute c

ould prevent the US from taking the measures it intends to in order to consolidate its national power.

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es it a large exporter of manufactured goods to the US and

Given that the US economy is driven by domestic demand, consumption in particular, instead of exports, a high rate of eco

nomic growth will widen the trade deficit, as it would have to import more products than it exports. In such a situa

tion, the implementation of large-scale infrastructure construction projects would further increase the trade deficit.

To make up for the increasing savings gap, the US needs to introduce and use more foreign ca

pital, which will further enlarge the trade deficit. Therefore, the US cannot simultaneously maintain a high g

rowth rate, invest massively in infrastructure, reduce the trade deficit and restrict the inflow of foreign capital.

What is really questionable is that, despite its contempt for over-regulation of the economy, the US administration has been tryi

ng to impose regulations on international trade, even for its trade partners’ domestic economic management.

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Asked whether China will retaliate by targeting certain US co

 companies, Lu said that as for foreign enterprises operating in Chi

na, there is no need for them to worry as long as their businesses are law-abiding.

S President Donald Trump issued an executive order on Wednesd

ay in which he declared a national economic emergency and banned the technology and

services of “foreign adversaries” deemed to pose “unacceptable risks” to US national security.

The US intention is so obvious that media outlets around the world have without exception interpr

eted this as targeting Huawei, by excluding the Chinese telecommunications giant from US networks.

Washington has repeatedly claimed that Huawei’s equipment poses a security threat, but for all the sound and fury, it sign

ifies nothing, as it has never produced any credible evidence, indeed any evidence at all.

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China has exercised great restraint and goodwill in

trying to maintain stable relations with the US,” he said.

Li Haidong, a professor of US studies at China Foreign Affairs Universi

ty, said Washington has pushed a hard line in relations with Beijing in recent years.

“The Taiwan question is much more complicated and nonnegotiable,” Li said.

“If the US side continues to misinterpret the one-­China policy, it will irreparably damage Sino­-US ties,” he warned.

The US Senate will have to vote on the act before it can become law. The time of the vote is unknown.

“The consensus among US officials is to be tough on China, and room for rational option

s is rapidly shrinking as overconfidence and rash actions become the new norm,” he said.

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Core technologies to better drive digital shiftShijia and Hu

More efforts are needed to make breakthroughs in core technologies, advance infor

mation infrastructure construction and provide further impetus to the digital transformation of ind

ustries, said a senior official at the Second Digital China Summit, which opened in Fuzhou, Fujian province, on Monday.

Huang Kunming, a member of the Political Bureau of the Communist Party of China Central Committee and head of the Pu

blicity Department of the CPC Central Committee, called for more work to accelerate the research and de

velopment of 5G, as well as promote the building and application of the Beidou Navigation Satellite System.

Huang said achieving breakthroughs in core technologies should be the top pri

ority, with innovation fully pursued and intellectual property rights better protected.

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Xi also called for the two countries to further enhan

ce exchanges between their legislatures, political parties, youth, think tanks, media

and local authorities to cement their people’s support for friendly bilateral ties.

Bhandari said the joint building of the Belt and Road is a historic initiative and has an important global influence.

The initiative has served as a good platform for Nepal-China cooperation, she said.

The Nepali president expressed her congratulations on the 7

0th anniversary of the founding of the People’s Republic of China, and s

aid it is admirable what the Chinese people have achieved under the leadership of the Communist Party of China.

China is a true friend of Nepal, and Nepal sees opportunities in China’s prosperity and stability, Bhandari said.

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And, despite ongoing tensions, the total value of impo

orts and exports rebounded sharply in March, reaching 9.6 percent higher than March 2018. S

o, overall trade grew by 3.7 percent year-on-year in the quarter despite low growth rates in January and Febru

ary. Exports of electrical and mechanical products, which are higher value added, grew by 5.4 percent in the qua

rter. And, private sector trade grew 9.9 percent, far more than the overall growth rate.

I am worried to see that total investment in real estate grew by 11.8 per

cent year-on-year. Having lived through the 2008 finan

cial crisis in the United States, I’m wary of continued high investment in real estate in a time when property prices are al

ready astonishingly high and China’s living space per person has already surpassed that in Europe.

The bottom line is that fiscal and monetary policies combined with policies to promote structural transformation have

achieved a stable macroeconomic situation and steady movement toward supply side upgrading.

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Overall, the country’s industrial output grew 6.5 percent

year-on-year in the first quarter, compared with 5.7 percent in the previous quarter.

The ministry said more than two-thirds of enterprises it surveyed received ample orders to

keep factories busy after the Spring Festival break, also signifying an upward trend.

Qu Xianming, an expert at the National Manufacturing Strategy Advisory Committee, s

aid the sound performance in the first quarter is the result of improved market expecta

tions and it mirrors the resilience and sustainability of the country’s manufacturing sector.

“The central government said in March that it would slash the value-a

dded tax rate of 16 percent in manufacturing to 13 percent. Such an aggressive cut sends a strong

positive signal to companies, which has motivated them to accelerate production and intensify investment,” Qu said.

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They are willing to conduct cooperation using the

rtunities provided by the initiative and the strategy, which for the EU me

mber states would also complement relevant EU initiatives, said the guidelines.

Announcing that 2020 will be the Year of China-CEEC Agricultural Diversity Cooperation, the p

articipants said they support expansion and deepening of cooperation in sustainable agriculture through

academic discussions, project docking, talent training and exhibitions as well as forums.

More Chinese people take trips during holidays compared to 10 years ago, according to official statistics and academic reports.

Both the number of domestic and outbound tourists have seen

a steady increase from 2008 to 2018, with the number of domestic tourists rocketing from

merely 1.71 billion in 2008 to a stunning 5.54 billion in 2018, data from the National Bureau of Statistics (NBS) show.

Tourists in China have become more active in spending their public

holidays on traveling, according to a report from China Tourism Academy.

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Xiongan has global reach, robust growthshows a constructio

Companies upbeat on 2-year-old new area as goals in place for development

Xiongan New Area, which was first announced two years ago, has been attracting

increasing attention from foreign companies given its huge development potential.

Located about 100 kilometers southwest of Beijing, Xiongan is aiming to become a significant part

of the Beijing-Tianjin-Hebei cluster, and plans to take over Beijing’s noncapital functions and pr

ovide a Chinese solution to “big city malaise”, including overcrowding, pollution and traffic congestion.

On April 1, 2017, China announced plans to establish Xiongan New Area, which an official statemen

t called “a strategy that will have lasting importance for the millennium to come, and a significant national event”.

Massimo Bagnasco, vice-president of the European Union Chamber of Commerce in China, said tha

t there are many opportunities for foreign companies to benefit from Xiongan.

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