After more than years 上海龙凤1314ng-up, now is the time

for local governments, particularly those that are eager to interact wit

上海龙凤1314女神会所h the outside world, to improve their ability to communicate with foreign parties, and m

inimize the influence of linguistic and cultural differences on mutual understanding.

When trade frictions among major economies escalated and talks were suspended, th上海龙凤1314女神会所

e G20 played a significant role in mitigating trade tensions, facilitating dialogue and safeguarding the m

上海龙凤1314ultilateral economic governance mechanism. And since economies still face difficulties in settling trade disputes, th

e G20 should continue to help them negotiate and reach acceptable agreements.

There is no doubt that unilateralism and trade protectionism pose a threat to economic globa上海龙凤1314女神会所

lization and intensify the global governance deficit. In particular, the US’ punitive tariffs on imports, e

specially from China, has intensified the trade conflicts and hurt the world economy-so much so that the Interna

上海龙凤1314tional Monetary Fund has warned that global GDP growth will decline by 0.5 percent if the trade frictions continue till 2020.

China has advocated that the World Trade Organization be reformed and the global economic order

maintained based on the principle of multilateralism so that trade disputes can be settled according to WTO rules.上海龙凤1314女神会所

But the economies disagree with some of the existing WTO rules and the system of governance. De

spite that, they are yet to find ways to improve them. Also, the economies don’t have any agreement on how

上海龙凤1314女神会所to govern emerging industries such as e-commerce and deal with behaviors harmful to the market. Which means there

is a need to strengthen the global economic governance system by modernizing rules, especially those of the WTO.

Besides, the major economies need to coordinate their policies to provide more public goods a

nd work together to improve global economic governance. Only if major economies cooperate can they produ上海龙凤1314

ce more public goods and strengthen economic governance. Therefore, to sustain global g上海龙凤1314女神会所

rowth and strengthen economic governance, major powers need to synergize their trade policies.

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On the one hand, judging上海龙凤1314ustrial developme

nt history, the relocation of some manufacturing industries from

上海龙凤1314China to overseas destinations is inevitable given the extent of China’s development. On the other h

and, this phenomenon does not mean China will lose its manufacturing and economic power.上海龙凤1314品茶微信

During the previous five industrial migrations, the economic development of the leading countries that hosted such industries didn’t stop after

some of the traditional sectors relocated to other countries. Instead, they soon saw the rise of new industries, high-end m上海龙凤1314

anufacturing and the service sector-and they are still developed economies. For example, the US is still the world’s larg

上海龙凤1314品茶微信est economy even 60 years after the third industrial migration, while Japan, Germany and Britain are ranked among the

top seven economies in terms of size and quality even decades after the industrial migration.上海龙凤1314

Relocation speed and scope not alarming

As a country with the world’s largest population, the third-largest territory, and the longest continuous上海龙凤1314

economic growth curve, China’s case will be the same even after the relocation of some of its manufacturing industries.

First, as mentioned above, the speed and scope of the manufacturing units’ relocation from China are not as fast and large as s

上海龙凤1314品茶微信ome people imagine. The industrial relocation from China started after the 2008 global financial crisis br

oke out, accelerated in 2012, and gained pace last year due to the Sino-US trade conflicts.

But the consequences are not expected to be very serious. For instance, from 2008 to 2018, global trade grew at an annual aver

age rate of 2.4 percent, while China saw 6.3 percent annual average export growth, which shows China’s export g上海龙凤1314品茶微信

rowth has been not only steady, but also 3.9 percentage points higher than that of global trade.

As a result, the share of China’s exports in global exports rose from 8.9

percent in 2008 to 12.9 percent in 2018, an increase of 4 percentage points. Which is a clear indica上海龙凤1314

tion that the relocation of manufacturing industries from China is not fast enough to make us feel worried.

Second, the rapid rise of emerging manufacturing industries in China will to a large extent offset t上海龙凤1314

he impact of the relocation of low-end industries on its entire manufacturing industry and e上海龙凤1314品茶微信

conomy. Therefore, China will continue to be a manufacturing and economic powerhouse.

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The most inspiring thing上海龙凤1314see the cluster of th

Boosted by the Guangdong National Online Game and Animation Indu

stry Base and the Guangdong National Digital Publishing Base, a large group of comp上海龙凤1314

etitive cultural companies with independent innovative abilities have been established in the district.

上海龙凤1314uangzhou’s Tianhe district will focus on expanding its financial industry, and will continue to improve the business envir

onment to attract companies to set up headquarters there in the next five years. It aims to increase its gross do

mestic product (GDP) to 500 billion yuan ($73.84 billion)by 2020, the district government work report said on last Tuesday .上海龙凤1314女神会所

Tianhe district is the top economic area in Guangzhou, Guangdong province. Last year, the district’s GDP reached 343.3 billion yuan.

上海龙凤1314The financial services industry is dominant in Tianhe district. Accor

ding to the district government work report, Tianhe will continue to improve the mo上海龙凤1314

dern financial service system and optimize financial development environment.

上海龙凤1314女神会所By the end of 2020, the added value of the Tianhe financial sector hopes to reach 24 percent of GDP.

The district will set up high-level, high-quality, and high-tech indust

rial cluster. The new generation information technology industries including mobile i上海龙凤1314

nternet, cloud computing and big data will gather in Tianhe’s smart city area.

上海龙凤1314女神会所The district also has built a “Internet Plus” town. Currently, more than 400 interne

t companies are operating in this area, generating 50 billion yuan annual revenue in 2015.

In the next three years, the district government will deeply integra上海龙凤1314

te the information technology into modern service industry and high-end m

anufacturing industry to create a 100 billion yuan “internet” industrial cluster in the town.上海龙凤1314女神会所

Tianhe’s CBD area contributes 70 percent of its economic aggregate. The dis

trict government will improve the area’s environment and adjust industry str

ucture to build a park-like CBD in Zhujiang new town during the 13th Five-Year Plan (2016-2020) period.

上海龙凤1314女神会所In the next five years, the government will also sharpen its competitivenes

s in its investing environment by upgrading its management and service level. It pla

ns to attract no fewer than 225 Global Fortune 500 companies to locate in its CBD area by 2020.上海龙凤1314女神会所

Tianhe district’s other goals are to becoming a more livable ar

ea for people, and to build incubators for young people to start businesses.

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Former US treasury上海龙凤1314女神会所lson may hav

ve over-estima上海龙凤1314女神会所ted the impacts of US sanctions on Huawei in his latest Financial Times pi

ece. Because they do not work like a “death sentence” at all with Huawei raking in 5G contracts at home and abroad.

But he made a critically important point in warning that “we now face the very real prospect that an economic iron curtain may descend”.

The US approach that threatens to “Balkanize” technology and “decouple” it from China, as Paulson suggested, risks dividi

ng the global technological and economic landscape, isolating the US itself, and undermining US capabilities for innovation.

His observations deserve a broader audience, especially those whole-heartedly trumpeting an all-round trade war.

But as Paulson also pointed out, what is at stake goes far above and beyond a trade war

www.prxffc.cn

an touches the wind上海龙凤131 4品茶微信subway train, June

The train is au上海龙凤131 4品茶微信tomatic driven. With intelligent monitoring and warning system, it can realize on-route fault early warning and initiat

e repair work when needed, compared with planned repair work on traditional subway trains.

The train can run at a speed of up to 140 kilometers per hour, faster than traditional subwa

y train. What’s more, it runs more stably because it uses full active suspension technology for the first time.

Thanks to the new sound-proof materials, the noise within carriages is five decibel lower than traditional carriages.

The train is also adaptable to bad operational environment. It can r

un smoothly in high or low temperatures, on high altitude, small-radius curves and big ramps.

The train is expected to undergo track test in July.

hmijw.cn

Sun was joined o上海龙凤1314女神会所expedition by other

 two female Chi上海龙凤1314女神会所nese climbers: Ma Liyamu from the Xinjiang Uygur autonomous region, and Tsang Yin Hung from Hong Kong.

For Ma and Tsang, it was their second ascent to the summit of Mount Qomolangma, as Ma had reached th

e top of the mountain in 2016, and Tsang conquered it in 2017. But for Sun, this was her first such experience.

“What surprised me when I reached the top was the shadow of Mount Qom

olangma on other mountains. It was simply magnificent and stunning and it was a heavenly experience,” she shared.

Growing up, Sun didn’t have any aspirati

ons to climb Mount Qomolangma, but she loved drawing, especially nature and mountain scenes.

Having worked as a designer, she had some mountaineering exp

erience after climbing Mount Manaslu in September last year. Before she came into contact w

ith Ma, it was not in her mind to form an all-female, all-Chinese team to summit the mountain.

nyavov.cn

Learning to work together in an orderly, high trust lev

, and supported by diverse interest groups will prevent conflicts among stakeholders in the South China Sea,” Santarita said.

China is in the midst of implementing a host of reforms, which are focused on opening up its economy to foreign compet

ition and strengthening its private sector. They are needed to upgrade its industries and avoid the dreaded middle-income trap.

Many of these reforms are exactly what the United States is asking for in the trade negotiation

s, but China is actually pursuing these reforms primarily to achieve its own long-term internal economic goals.

He said Asia’s emphasis on “respect for authority, respect for the environm

ent and the discipline to control the use of resources” will also see Asian leaders purs

uing a more eco-friendly development path and honor their commitments to the Paris climate agreement.

“If there is harmony, discipline, stability and the primacy of family and com

munity over the individual, then any problem can be easily addressed,” Santarita said.

www.pldyjo.cn

Ministry: No winners in China-US trade wartrade war, and C

There is no winner in a trade war, and China hopes to solve the issue through dialogue rather than unilateral mea

sures, said Gao Feng, Commerce Ministry spokesperson at a news conference on Thursday.

The two countries should meet each other halfway and resolve problems through cooperation and discussion, Gao said.

Qin Guangrong, former Party chief of southwest China’s Yunnan Province, is being investigated for suspe

cted serious violations of Party disciplinary rules and laws, according to the country’s top anti-graft body Thursday.

Qin is being investigated by the Communist Party of China Central Com

mission for Discipline Inspection and the National Supervisory Commission.

He voluntarily surrendered.The peaceful resolution of Sino-US tra

de tensions is the expectation of the whole world, the spokesman added.

www.chitudoudemao.cn

Balancing growth with structural reformting perform

After a disappointing performance in 2018, China’s economy appears to be stabiliz

ing. In the first quarter of 2019, GDP growth, at 6.4 percent year-on-year, matched that of the previous quarter. But grow

th in industrial production exceeded expectations, expanding by 6.5 percent year-on-year (and by 8.5 percent in Mar

ch). Even exports growth was positive, albeit weak, despite the ongoing trade frictions with the United States.

Moreover, fixed-asset investment (FAI) grew by 6.3 percent-0.2 percentage points higher than in the previous quar

ter. Investment in real estate grew the fastest (11.8 percent), followed by manufacturing (4.6 percent) and in

frastructure (4.4 percent). The growth of investment both in real estate and infrastru

cture was stronger not only sequentially, but also year-on-year. As usual, consumption growth was stable.

www.weishow.com.cn

But one of the first things taught to economics gradu

 students, even back in my day, is to be wary of the perils of data mining. And the middle-income tra

p is a classic example of the pitfalls of endless number crunching. Give me a database and a po

werful computer, and I can “validate” almost any economic relationship masquerading as an analytical co

njecture. There are five key reasons to dismiss the widespread diagnosis that China is ensnared in the middle-income trap.

First, a middle-income trap may not even exist. That is the conclusion of a rigorous empirical stud

y by Lant Pritchett and Lawrence Summers that covers a broad cross section of 125 economies from 1950 to 20

10. The best they could come up with is a strong tendency for growth discontinuities and mean reversion. At the recent China Development Forum in Be

ijing, Summers went further in assessing likely outcomes in rapidly growing developing economies, dubbing any

mean-reverting slowdown as merely a tendency to close a “post-miracle gap”. Needless to say, the statistical regularity of s

uch periodic growth gaps is very different from the permanent quagmire of a growth trap.

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