China has to walk a fine balance between local govern

nment debt management and stable economic growth, especially at a time when trade te

nsions with the United States have imposed more downward pressure, said economists.

More financial resources and investors will be involved in the debt resolution process, said Qiao Baoyun, head of the Acad

emy of Public Finance and Public Policy at the Central University of Finance and Economics.

The last round of local government debt swaps started in 2015 and ended in August 2018, w

hich saw 14.34 trillion yuan ($2.08 trillion) of local government debt being swapped into bonds.

Local governments are set to face more debt burden in the next three ye

ars, as many of the previously issued bonds are set to expire, income from land sales has

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Mired in Brexit deadlock and forced to delay Britain’s M

 March 29 exit from the EU, May’s Conservatives suffered major losses in local election

s this month and are trailing in opinion polls before May 23 European Parliament elections.

With Labour and Brexit-supporting rebels in the Conservatives p

lanning to vote against her deal, it is unlikely to be approved as things stand.

Pro-Brexit Conservative lawmakers were unimpressed with May’s failure to set a firm date to quit. One, who declined to be na

med, described it as “yet further procrastination which is causing appalling damage to the Conservative Party.”

Another, Andrew Bridgen, said May was “an increasingly beleaguered and isolated prim

e minister who is desperate to salvage something from her premiership and is prepared to drive thro

ugh an agreement that would fatally hamstring any future prime minister in negotiations with the EU.”

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The downward trend will linger in the first half of th

f the year until July or August, when the market may see a recovery, Xu Haidong, assistant to

the China Association of Automobile Manufacturers’ secretary-general, told the newspaper.

The reason for the slowdown in China’s automotive market lies in the lack of consumer confidence, according to CA

AM. In addition, the upcoming stricter Nation VI emission standards, market expectation for the country’s stimulating spe

nding policy and a strong wait-and-see mood, are all contributing to the bleak picture, the association said.

With the actual policy effects from tax cuts and fees reduction

s, a promising consumer market boosted by infrastructure investment, the country’s a

utomobile market will have a stable development throughout the year, said the association.

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In Forbes’s ranking, 309 of the world’s top 2,000 largest publ

 public companies are from the Chinese mainland and Hong Kong.

The United States has 575 companies, the most among the 61 countries and regions involved in the ranking.

Japan is third-largest contributor, with 223 companies joining in the list.

This year marks the 17th release of the Global 2000 ranking since it was first published by Forbes in 2003, when the Unite

d States was home to 776 companies in the list while the Chinese mainland and Hong Kong only had 43.

Industry-wise, banks and diversified finance make

up most of the list, with 453 companies appearing on it, followed by tech ind

ustry and construction industry, with 184 and 123 companies on the list, respectively.

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He said that it’s of great importance to promote such philos

philosophies to enhance the exchanges and mutual learning of diverse civilizations.

Frederick W. Russell-Rivoallan, a program specialist and head of social and human sciences for UNESCO, hailed the dialogue of Asian civilizations.

“It’s a great way to concentrate in this part of world, but it’s also

a global inspiration – bringing countries together, understanding other cultures, respecting each

other and sharing with each other,” he said. “That’s the way that we can understand each other better and live together better.”

China will extend 1,000-Megabyte broadband connection to more than 300 cities and cut the

average service rates by 15 percent for small and midsized enterprises this year. The measures are desi

gned to achieve multiplying effects of expanding domestic demand, boosting employment and improving people’s lives.

The decision was made at the State Council’s executive meeting chaired by Premier Li Keqiang on May 14.

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hina promises to counter US tariffsay urged tes to c

China’s Ministry of Commerce on Thursday urged the United States to correct its use of tariffs, and vo

wed to take necessary countermeasures if the US’ new tariff plan targeting $300 billion in Chinese imports takes effect.

The US government’s bullying behavior and maximum pressure regime on China violate mu

ltilateral trade rules, ministry spokesman Gao Feng said at a regular news conference.

The office of the United States Trade Representative proposed to take further action by imposing 25 percent of addition

al tariffs on Chinese imports with an annual trade value of approximately $300 billion. The USTR is seek

ing comment and will hold a public hearing regarding the proposed modification on June 17.

Gao said the impact of US tariffs imposed on Chinese products starting last year was “completely controllable.”

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Move shows Beijing’s resolve to safeguard its interests

China said late on Monday that it will increase tariffs on the bulk o

$60 billion of US imports to three categories of rates between 10 percent and 25 percent.

For the rest of the US imports, the duty rate remains at 5 percent, acc

ording to a statement released by the Customs Tariff Commission of the State Council.

The tariffs will hit around 5,000 products such as food, chem

icals and auto parts, and are due to take effect on June 1, the commission said.

In a separate statement on Monday, the commission said i

t will be open to tariff exemption applications for part of qualified US imports.

This is China’s latest response to the additional US tariffs on $200

billion of Chinese goods, which were implemented on Friday morning.

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f the escalation of the bilateral trade dispute is not a short det

detour before reaching a deal sooner or later, then the economic impact for consumers in China and t

he US, as well as other parts of the world, will be fairly costly, said Chen Wenling, chief econ

omist at the China Center for International Economic Exchanges.

Whether they buy finished products or goods made from r

aw materials and components, the tariffs still exist, Chen said.

The escalation will make goods produced by both countries less co

mpetitive and cause large-scale job losses, said Chen.

Wei Jianguo, former vice-minister of commerce, said economic conflict

s and trade friction between China and the US that draw global attention will happen fro

m time to time in the future, and these should be rationally regarded and prepared for.

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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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Conflict also disrupts growth. Although many conflic

icts appear to have a religious or ethnic basis, some scholars believe their root cause may be economic, with ethnic divisio

s serving as a way to exclude other groups from access to scarce resources and opportunities. Whatever its so

urce, inequality of opportunity has a highly disruptive effect on governance and hence growth.

But these obstacles are not insurmountable. For one th

ing, developing countries now have huge potential export markets in middle-inc

ome countries, and no longer depend entirely on advanced economies for access to global markets.

Belt and Road can play vital development role

There is also a renewed awareness of the importance of infrastructure in e

nabling growth. In addition to roads, railways and ports, electricity and digital conn

ectivity are crucial. In this regard, the rapid expansion of cellular wireless technology, combined with the install

ation of high-capacity undersea broadband pipes around Africa, represents major prog

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