Monthly Archive May 2019

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US President Donald Trump, in the name of “national sec

urity”, signed an executive order on May 15 that led the US Department of Commerce to put Huawei and its affilia

tes on an Entity List, which would restrict the sale or transfer of US technologies to the company.

Craig Allen, president of the council, said many of its members are suppliers to Huaw

ei, and all of them have been impacted by the Department of Commerce’s move.

Founded in 1973, the council represents around 200 US companie

s doing business with China, including Apple and Microsoft. It also includes chipmakers Inte

l and Qualcomm, which have said they would stop offering supplies to Huawei until further notice.

The members will follow US law, but there is a cost associated with that, Allen told China Daily.

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Over 80 percent believed internship experience on the

e mainland will improve their competitiveness, and most expected to learn more of the vocational culture and work environment.

The HKUYA Student Exchange Network, an organization unde

r the Hong Kong United Youth Association, launched this year’s summer internship program on Wednesday.

More than 200 Hong Kong college students will go to Beijing, Shanghai, Harbin and Dalian to take part in a six-week

program. They will work in government organs, State-owned enterprises, cultural and business institutions.

Stanley Choi Tak Shing, honorary chairman of the student exchange network, said he hoped students would learn

more about the country’s development through the internship, especially those who want to work on the mainland.

A student who will work in the Mei Lanfang Theater in Beijing this summer vacation said she wanted to work in the art indu

stry after graduation, and expected to learn more about the industry through the internship.

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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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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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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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China you picked the wrong fight!” Regan tweeted on

On May 22, on her own program, The Point With Liu Xin, Liu a top anchor on the English-languag

e channel of CGTN, said the $600 billion figure is an estimate by a nonprofit organization that had not been verified.

Liu said it refers to the US’ possible IP loss to the world in a year, according to the organization’s report, China Daily reported.

She said Regan’s points were “all emotion” with “little substance”.

Regan responded on Twitter: “Hey #China State TV – let’s have an HONEST debate on #trade. You

accuse me of being ’emotional’ and not knowing my facts – wrong! You name the time and place, and I’ll be there!”

In accepting the challenge, Liu wrote on Twitter: “My name is not #China State TV. It’s LIU Xin and ple

ase, feel free to call me Xin. … But I don’t want to play any mud throwing game, if that’s what you prepare to do.”

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In April, the CSRC pledged to promote the opening-up

 of stock index futures. At present, onshore stock index futures are unavailable to overseas invest

ors, and they can only hedge risks associated with investing in A shares through offshore instruments.

“After the stock index futures market opens up, investor bases will dive

rsify, helping China’s capital market achieve a higher efficiency in asset pricing,” Wang sai

d, adding that capital market reform and opening-up is part of China’s moves to promote quality development.

“One of the key priorities this year is to accelerate the development o

f direct financing and the capital market, to strengthen the capital market’s capacity to pr

omote economic growth,” Guo Shuqing, the People’s Bank of China’s Party secretary and head of the China Ban

king and Insurance Regulatory Commission, said in an interview with China Central Television on Monday.

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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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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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