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Monthly Archives: May 2019

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 meeting required Shanxi province, a coal-abundan

t area in North China, to conduct pilot reforms in its energy industry and take the lead in the whole country in areas suc

h as promoting clean and low-carbon energy use and enhancing innovation in energy technologies, it said.

Efforts should be stepped up to build a higher-level, higher-quality food s

ecurity system that is more efficient and more sustainable to guarantee the nation’s grain

reserves, the statement saidThe head of the US-China Business Council, whose members include major US chip

makers that are suppliers to Huawei Technologies Co Ltd, said that the ban on the Chinese telecom giant would come at a co

st to US businesses, and that fair engagement across technologies would be better than decoupling.

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Multiple channels needed to keep job market healthy

The Chinese government has accorded priority to achieving stable and expanding employment

among its six stabilization tasks. The importance of stable employment has also been highligh

ted in this year’s Government Work Report. And the State Council, China’s Cabinet, recently established the Emp

loyment Work Leading Group headed by Vice-Premier Hu Chunhua to deal with employment issues.

The government is making special efforts to stabilize and expand employment, especially be

cause of the intensifying Sino-US trade dispute and the increasing uncertainties in international trade.

The China Institute for Employment Research of Renmin University

of China has calculated the employment market index, which shows the health of th

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he May report summarized that China’s growth appear

ears to be stabilizing on the back of recently enhanced supportive measures.

The report expanded the number of countries it scrutinizes for curr

ency manipulation to 21 from 12. Countries with a current account surplus with the US e

quivalent to 2 percent of GDP were put on the watch list, compared with 3 percent of GDP before.

China didn’t meet the “currency manipulator” criteria listed by the US Treasury, but Washi

ngton will continue assessing the RMB’s performance given China’s large trade surplus with the US, the report said.

The US Treasury removed India from the watch list, while it added Singapore, Malaysia and Vietnam.

“Chinese authorities have not used the exchange rate in prior easing

cycles to support growth, and they are unlikely to do so now, as this could pose macr

oeconomic stability risk,” said Andrew Fennell, lead sovereign analyst for China at Fitch Ratings.

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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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Wu Hongwei, a researcher of China-Russia relation

s at the Chinese Academy of Social Sciences, said bilateral cooperation plays a prominent role

in guaranteeing world peace and security at a time when the global situation is clouded by tensions and turmoil.

The two countries share the same position in promoting a more stable and multipolar world, Wu said, adding that they ha

ve sent such signals through supporting and coordinating with each other on international occasions.

China would rather rely on market-oriented forces to determine the renminbi’s value than defend its currency by di

pping into its $3 trillion foreign exchange reserves amid trade disagreements, analysts said.

The United States Treasury announced on Wednesday that it could not label Chin

a as a “currency manipulator” after Washington monitored the recent performance of the RMB.

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Issoufou attended the Beijing Summit of the FOCAC in S

September. The two countries should continue to understand, trust an

d support each other on issues related to core interests and major concerns, Xi sa

id, adding that the two sides should share more experiences on governance and development. Xi called on the two nat

ions to enhance connections under the frameworks of the Belt and Road Initiative and FOCAC.

China will continue to support Niger to fight terrorism and safeguard regional peace and stabilit

y, Xi said. China would like to help Niger improve its people’s livelihood through such measures as m

edical assistance and via exchanges in areas including culture, youth, women and think tanks.

Mutual understanding between the people of both nations should also

be promoted, Xi said. He stressed that as long as all countries stick to the dev

elopment paths that suit their own national situations, make joint efforts to build the Belt and Road and remain dedi

cated to fulfilling the goal of building a community with a shared future for mankind, they will definitely achieve success.

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Talks with Vanuatu PM China seeks no private interests

and scope of influence in developing relations with Pacific island cou

ntries, and will be good friends and partners trusted by them forever, Xi said on Tue

sday. Xi made the remarks while meeting with visiting Vanuatu Prime Minister Charlot Salwai in Beijing. The Chi

na-Vanuatu relationship has become a good example of relations between China and Pacific island countries, Xi s

aid, adding political mutual trust between the two countries keeps d

eepening and exchanges and cooperation in various fields continue to expand.

Xi said the country appreciates Vanuatu resolutely adhering to the one-C

hina policy, and supports it independently choosing the development path that suits its

national conditions. Xi called for strengthening the alignment of the development strategy of the Pacific island cou

ntry with the BRI and tapping potential for bilateral pragmatic cooperation.

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Accelerating the opening up of China’s commodity futu

ures market will help foreign investors optimize their renminbi-denominated asset portfolios as they can inc

orporate investment targets of a wider variety, said Wang Tingting, an associate pro

fessor of finance with the Central University of Finance and Economics in Beijing.

“Moreover, as foreign investors’ trading helps boost liquidity in the domestic market and makes the price changes mor

e consistent with international trends, domestic market participants can also better hedge against risks,” he said.

Experts also expect China to open up the stock index futures market to foreign invest

ors, as they have large exposure in the A-share market and are therefore in need of this risk management tool.

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Besides electrified vehicles, Volkswagen and JAC have

also partnered with local authorities in Hefei to test autonomous

driving technologies, including robotaxis and autonomous fleet management, and on-de

mand mobility services, like ride hailing and car sharing, but none of the parties revealed the details.

Kong Xuanyou, vice-foreign minister and special representative of the Chinese government on

Korean Peninsula affairs, will take up his new post as Chinese ambassador to Japan on Thursday.

Kong, 59, is a fluent Japanese speaker. During his 34-year diplomatic care

er, he has spent two-thirds of the time dealing with issues related to Japan.

He has served in Chinese diplomatic missions in Japan on three occasions, and was China’s ambassador to Vietnam from 2011 to 2014.

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