May 2019 archive

In a statement on May 16, Huawei said that losing acce

ss to US suppliers “will do significant economic harm to the US companies” and affect “tens of thousands of US jobs”. In total, US firm s sold an estimated $11 billion worth of components to Huawei last year, according to earlier media reports. “I’m not able to tell you exactly what the costs will be; …

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Xi calls for bolstering reform and developmentforts to p

Xi Jinping, general secretary of the Communist Party of China Central Committee, called on Wednesday for further efforts to prevent and eliminate major problems in the nation’s reform and development against the backdrop that uncertainties and instabilities are on the rise. Xi, also Chinese president and chairman of the Central Military Commission, made the remarks …

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The world’s second-largest economy maintained its fore

eign exchange reserves at $3.095 trillion at the end of April. The reserve amount was stable, altho ugh it slightly retreated from $3.098 trillion at the end of March, according to the State Administration of Foreign Exchange. Li Yang, director of the National Institution for Finance and Development of the Chinese Academy of Social Sciences, …

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In May, the offshore RMB exchange rate against the US do

dollar dropped more than 3 percent under market pressure as global investors worried about the escalation of trade friction. Guo Shuqing, Party secretary of the People’s Bank of China, the central bank, said on Monda y that higher US tariffs on China’s imports triggered financial market volatility, and this also affected the offshore RMB. The …

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The Sino-US trade tensions have had a limited impact

mpact on China’s financial markets and the effects will be “even smaller” in the future, Guo said. Yi Huiman, chairman of the CSRC, also pledged earlier in May to continuously enhance the quality of listed firms as part of s upply-side reforms in the financial sector to promote the high-quality development of the real economy. …

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China is the world’s largest producer of rare earths, acco

counting for about 80 percent of global supply. However, the country’s rare-earth industry is faced with such pro blems as rapidly decreasing inventory, inefficient production and environmental pollution. Analysts also said that the low prices of China’s exports have failed to reflect the real value of the precious resource. The division of labor of the …

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President’s Russia visit eyes global stabilitys talks with his

President Xi Jinping’s upcoming visit to Russia reflects close cooperation between China and Russia, which is important 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 International Economic Forum, Foreign Ministry spokesman …

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We must work together to ensure that big data, and the

e technologies that it enables, are harnessed for the benefit of mankind while minimizing the risks to devel opment, peace and security and human rights,” Guterres said in a congratulatory letter to the expo. Miao Wei, minister of industry and information technology, said China has already made sig nificant progress in bolstering the big data …

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ale Zhang, managing director of Shanghai-based con

nsultancy Automotive Foresight, said SEAT’s smaller cars will help its parent company to reach custo mers in China’s smaller cities, where electric cars built on Volkswagen’s own platforms would be less affordable. Volkswagen, as well as its subsidiaries from Audi to Porsche, plan to deliver aro und 1.5 million electrified vehicles, most of them pure …

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Still, the victory of the Brexit Party could prompt the Cons

servatives to choose a new leader to campaign on a “no-deal” Brexit. But this has little or no chance of being accepted by the British parliament, which means the B rexit stalemate will continue until there is a general election or a second referendum. In any case, the normally pr ofree trade voice of the …

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