Washington foolish to defy economics law and turns in the

The root cause for the repeated twists and turns in the China-US trade talks lies, to a grea

t extent, in the United States’ serious deviation from, and disdain for, the objective laws of econ

omics. The fact that China will never accept its unreasonable demands further complicates the matters for the US.

The US administration’s often competing and clashing objectives-though m

any of them are understandable-cannot be realized simultaneously. For instance, the U

S hopes to revive its industries and boost its real economy while maintaining the huge bubble in its financial market.

A dream called sustainable reindustrialization

Yet the US expends huge amounts of its resources just to maintain its mo

netary hegemony and thus ensure its financial sector offers higher pay and return on inv

estment compared with the real economy sectors, which helps it to maintain its advantage in

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Henrik Slotte, a senior disaster management expert fro

m the UN Environment Program, said poorly managed infrastructure projects can damage the ecosystem.

He said it is key for scientists to communicate with government officials to create better planning and new solut

ions, and more interdisciplinary research into natural disasters and risk management is also helpful.

Guanxi, compadrazgo and bapakism. Three words from China, the Philip

pines and Indonesia that encapsulate the same values of the vast continent through the ag

es-a shared belief in the importance of the family and the community over the individual.

These values, rooted on Asia’s culture and history and centered on consens

us, social harmony, stability and discipline, are more important and relevant than ever i

n the face of challenges-such as protectionism and terrorism-confronting the world today.

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Reflecting China’s increasing global footprint, the next

 decade is likely to be driven by greater global financial sector integration,” said Alfred Schip

ke, the International Monetary Fund’s senior resident representative for China.

Chinese students are increasingly diversifying their choices of destinations for overseas stud

ies, with more students choosing to go to the United Kingdom, Australia and Canada, a new report showed.

In a multiple choice survey for the annual Report on Chinese Students’ Overseas Study, released

on Tuesday, while the United States remains the most popular destination for overseas study this year, pref

erred by 43 percent of the respondents, this was down by 8 percentage points compared with 2015.

US dominance looks uncertain as the number of students inclined to study in the UK r

ose sharply in 2019, accounting for 41 percent, up 9 percentage points compared with 2015.

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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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He described the Belt and Road as a grand and peace

ful initiative, and credited the initiative for connecting countries from different regions, with different nationalities and cultures.

The BRI will provide a strong impetus for global economic growth and prosperity, he added.

Switzerland supports the BRI and commits to promoting the initiative in Europe, Maurer said.

He added that the country hopes to deepen bilateral cooperation in trade, investment and innovation with the initiative’s framework.

China and Portugal signed a series of cooperation documents on Monday — includin

g a framework agreement on third-party market cooperation — to strengthen their bilateral ties.

President Xi Jinping and Portuguese President Marcelo Rebelo de Sou

sa witnessed the signing of the documents in the Great Hall of the People in Beijing.

In talks with Rebelo de Sousa, Xi said China and Portugal are important strategic partn

rs for each other, with great convergence in their interests and strong complementary aspects in their economies.

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Consensus to lead to common prosperityries pose f

President says gathering sets stage for more Belt and Road progress, cooperation

More than $64 billion in deals were signed during the Second Belt a

nd Road Forum for International Cooperation, President Xi Jinping told members of the me

dia from home and abroad in Beijing after the three-day event concluded on Saturday.

In addition, Xi said, during the preparation and holding of the fo

rum, parties reached 283 pragmatic outcomes, including intergovernmental cooperation agre

ements, cooperative projects and the launch of multilateral cooperation platforms.

The outcomes fully demonstrate that joint building of the Belt and Road conforms to the trend of the times, wi

nning the hearts of the people, improving livelihoods and benefiting the whole world, he said.

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Those involved in the BRI will strengthen synerg

y in development plans and initiatives of various countries and international organizations and in

tensify bilateral and the third-party market cooperation to help more countries raise their level of connectivity, Xi said.

He added that participants agreed that Belt and Road forums are an important platform for multilateral co

operation and should be held on a regular basis.

President calls for countries’ joint efforts in building Belt, Road in forum speech

President Xi Jinping pledged on Friday to take strong measures such as easing market

access for foreign capital and increasing imports to promote the higher-level opening-up of the country.

While delivering the keynote speech at the opening ceremony of the

Second Belt and Road Forum for International Cooperation in Beijing, Xi said that the p

urpose of building the Belt and Road is to achieve win-win cooperation and common development.

China will increase imports of goods and services on a larger scale, and it will further lower its tariff rates, Xi said.

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He said that from a long-term perspective, populat

ion determines economic growth. Even though it will take some time, the large number of people i

n BRI-related economies will ultimately prove the potential for economic development in those countries.

Ma Yu, a researcher at the Chinese Academy of International Trade and Economic Cooperatio

n, said the BRI provides a new impetus for the recovery of the world economy. The improvement in infra

structure, and digital-related manufacturing brought by the BRI will restore the development capacity of the worl

d economy and bring new opportunities for the partnership between Chinese and local companies.

Also on Monday, the Office of the Leading Group for Promoting the Belt and Road Initiative

released an official report on the development, achievements and prospects of the BRI.

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Thanks to the integration of its online-and-offline bus

inesses, McMillon said brick-and-mortar stores have become hybrid, and forward fulfillment centers.

He said Sam’s Club has been gaining strength in the country. The high-end m

embership store that was launched in China in 1996 has about 2 million members nati

onwide. By 2020, there will be 40 such clubs either in operation or in construction in the country. The format ha

s 23 stores currently in 19 cities stocking quality fresh food and membership products.

Globally Walmart has 11,300 stores, with a third of them large stores.

According to Kantar Worldpanel, in 2018 Walmart’s market share was 5.4 percent, an improvement from t

he 5.2 percent in 2017. Last year it opened 33 new stores, including 21 hypermarkets, four Sam‘s Club and eight compact stores.

Jason Yu, general manager of Kantar Worldpanel China, said Walmart has to roll out

more innovations to further improve its operational efficiency and achieve growth through

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Shanghai aims to rev up car sales with trade-in subsidies

The city of Shanghai has become the first local government to answer the call of the central gove

rnment to promote automobile consumption by providing subsidies, since 10 mi

nistries and commissions of the country released six major methods of promoting car sales in January.

The official WeChat account of the Shanghai Municipal Government announced yesterday it will launch a car trade-i

n program, encouraging car owners to trade in their vehicles for new gas-powered cars complying with State-VI emi

ssions standards or new energy vehicles, according to a report by the 21st Century Business Herald.

The government will provide a subsidy of 10,000 yuan ($1,489) for a trade-in gas-powered

vehicle and 15,000 yuan for a trade-in new energy vehicle, the announcement said.

China’s automobile market saw a sales decline in 2018 for the first time

in 28 years, with passenger vehicle sales slumping for 10 consecutive months from last y

ear to March, according to the China Passenger Car Association. As the central government halved subsidies for new energy

vehicles this year, the promotion of car consumption depends more on local governments and enterprises.

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