to see that with the right structure, we can get tons of be

Lu Yong, vice-president of Huawei Technologies Co, said China’s d

igital economy has thrived on the basis that China has built the world’s largest 4G network.

“5G is not just a faster 4G. It will fundamentally reshape how enterprises run busine

sses and overhaul a wide range of industries by using data to create more value,” Lu said.

Foreign Ministry spokesman Lu Kang reiterated on Monday that China

has been holding a consistent position in trade frictions with the United States, say

ing the differences should be resolved through friendly consultations and negotiations.

Lu’s remarks came as US President Donald Trump said in Japan that the US isn’t ready to make a trade deal with Ch

ina, but he’s leaving open the possibility that the two nations could strike an agreement someday.

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Under the trade pressure, the world’s second-largest econo

onomy is accelerating restructuring reform and shifting from an export-dominated growth model to a more services-driven model, they added.

“The United States escalated trade tensions, but it cannot solve any problem. This causes volatility and sluggishness in global financial markets an

d hurts the global economy,” said Guo Shuqing, the People’s Bank of China’s Party secretary and also head of the China Banking and In

surance Regulatory Commission. His keynote speech was delivered by a commission spokesman at a forum on Saturday.

Impact on the Chinese economy will be very limited, said Guo. “Chinese fi

nancial markets, although they were excessively affected by trade tensions last year, are un

likely to be hit more dramatically going forward, as financial resilience is strengthening.”

The huge domestic consumer market in China will digest most of the un

salable exports, and many of China’s exports will also shift to other foreign markets. The US will con

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China will further open the financial market to welcom

e more overseas investors in. The cross-border trade and investment will be more free and convenient, said Pan.

He called China’s economy stable, as the major economic indicators were within a reasonable range.

In April, the National Bureau of Statistics said the purchasing ma

nagers’ index for the manufacturing sector stood at 50.1, indicating expansion as the reading was above 50.

The broad money supply, or M2, increased 8.5 percent year-on-year by the end of April, compared with 8.3 percent a year earlier.

“The prudential monetary policy was focused on countercyclical adjustments this year, maintaining flexibility as well as

ample liquidity to promote fast growth of credit and strengthened support of private and small enterprises,” Pan added.

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then to 0.20, together with the inclusion of Mid Cap China

 A shares, in the final step as part of the November 2019 Semi-Annual Index Review, according to the report.

About 109 companies will be added and three removed from the MSCI China A Onshore Index, whic

h will take place as of the close of May 28, and the three largest additions to this index would be the

Wens Foodstuff Group A, Contemporary A and Shenzhen Mindray A, the MSCI said.

In addition, the MSCI China A Onshore Small Cap Index will see 503 stocks added and 49 cut, with most of the new addi

tions coming from newly eligible ChiNext stocks, according to an official statement of MSCI.

MSCI also updated the list of China A Mid Cap securities that may potentially be adde

d to the MSCI China and the MSCI Emerging Markets Indexes as part of the third step of th

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Winter Games: 1,000 days to gontdown activity unfolds in Be

With 1,000 days to go before the 2022 Winter Olympics, pr

eparations are well underway for a successful and sustainable event.

Built for the 2008 Summer Games, Olympic Park in Beijing’s north

ern downtown area entered the spotlight again on Friday as the country began its cou

ntdown. The 2022 Winter Olympics, will be held in Beijing and co-host Zhangjiakou in adjacent Hebei province.

As the symbolic “1,000” flashed on a digital clock on the park’s Lin

glong Tower, a broadcasting facility for the 2008 Games, expectations were heig

htened for the winter sports extravaganza, which will run from Feb 4 to 20 in 2022. Three zones will feature athl

etic events — downtown Beijing, the city’s northwest Yanqing district and Zhangjiakou’s mountain district Chongli.

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Boosting rural areas will help solve dilemmas of ove

rcrowding and rampant construction plaguing cities, and the development of cities will also offer unique ways to bring about rural revitalization,” Chen said.

“As restrictions on hukou will gradually be removed, cities need to be well-prepared to offer

accommodation and employment opportunities, and allow children of migrant workers to have equal access to education,” Chen added.

China has made steady progress in urbanization, as the ranks of permanent urban r

esidents stood at 831 million at the end of 2018, up 17.9 million from the previous year, said the National Bureau of Statistics.

Last month, the National Development and Reform Commission said it

plans to increase the urbanization rate by at least 1 percentage point by the end of this year.

Shen Chi, vice-director of the China Center for Urban Development, said the government’s new

plan will help foster high-quality and sustainable economic development across the nation.

“Relaxing the hukou policy will be a key step in promoting the free flow of labor across

the nation,” Shen said. “A systematic consideration and arrangement of the integratio

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Probe begins after Boeings off runway into Florida river

A team of 16 federal investigators was traveling to Jacksonville, Florid

a on Saturday after a Boeing jetliner with 143 people on board slid off a runway into a sha

llow river while trying to land at a military base during a thunderstorm, injuring 21 people.

The Boeing 737-800 chartered by the US military was arriving from Na

val Station Guantanamo Bay in Cuba with 136 passengers and seven crew members when it slid

into the St. Johns river at the end of the runway at Naval Air Station Jacksonville, authorities said.

No one was badly hurt and the 21 people taken to a hospital w

ere listed in good condition, the local sheriff’s office said.

The National Transportation Safety Board said on Twitter th

at 16 investigators were arriving in Jacksonville on Saturday.

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The company will consider adding employees, researc

ch and field development resources to expand in the Chinese market over the coming years, he said.

Ministry of Commerce spokesman Gao Feng said last month that the two countries’ negotiating teams are hashing out the text of a deal, including an enforcem

ent mechanism, based on mutual respect and benefit. Both countries, the world’s two biggest ec

onomies, have been intensifying their consultations and aiming to break the deadlock in a timely manner.

In the ninth round of trade consultations, negotiators discussed tec

hnology transfers, protection of intellectual property rights, non-tariff measures, the s

ervice sector, agriculture, trade imbalances and enforcement mechanisms.

Trade between China and the US amounted to 815.86 billion yuan ($121.7 billion) in t

he first quarter of the year, an 11 percent year-on-year decline, according to the General Administration of Cus

toms. In March, Sino-US trade climbed 0.1 percent to 291.35 billion yuan, according to the administration.

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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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Regarding the second Belt and Road Forum for Intern

ational Cooperation, to be held in Beijing on Thursday through Saturday, S

ong said the ministry will help deepen economic and trade cooperation with other coun

tries. “China will build more free trade zones with countries that are willing to do so,” Song added.

“As for the existing free trade zones, we will reduce administrative barriers in trade

and investment and push the formation of a big Belt and Road marketplace.”

While some critics have argued that the initiative will lead countries i

nto debt traps, Song said debt can be solved through joint efforts to promote the devel

opment of BRI economies. “Even though some countries may have high debt levels, as their pace of indus

trialization, urbanization and modernization accelerates, their debts will gradually decrease.”

Joe Kaeser, president and CEO of Siemens AG, said, “If an initiative like the BRI unifies more than two-thirds of the global

population, it will create massive infrastructure and economic movement that will build its own rules.”

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