d protectionism, China will simplify procedures for both imports and exports and reduce customs clearance times, make full use
上海会所品茶微信of statistical systems for cross-border e-commerce business and diversify the country’s export destinations.
Li said exports of high value-added mechanical and electrical products have maintained 上海会所
strong growth momentum in the first half of this year, boosted by the country’s ongoing industrial upgrading.
上海会所品茶微信Year-on-year exports of portable computers rose by 11.4 percent, electronic passenger ca
rs rose by 91.9 percent and solar cells rose by 57.1 percent, according to customs officials, as
Chinese enterprises sought to tap more markets beyond traditional trade hubs such as the United States. 上海会所
Zhang Xiaoyi, vice-president of Guangdong-based Midea Group, one of China’s biggest home appliance manu
上海会所品茶微信facturers, said the company has seen increasing sales in overseas markets in recent years. Last year, overseas sales rep
resented 43 percent of its total sales, and of these, half of the orders originated in economies involved in the BRI.
Trade with economies involved in the BRI outpaced total trade in the first half of this year, customs officials said, while imp 上海会所
orts from and export to BRI markets reached 4.24 trillion yuan. That represented growth of 9.7 percent year-on-y
上海会所品茶微信ear, about 5.8 percentage points higher than overall trade growth, accounting for 28.9 of the country’s total trade.
Domestic sales also are on the rise, especially in high-tech products, given China’s industrial upgrades amid rising domestic demand.
Zhou Jialin, deputy general manager of Shengyi Technology Co, the world’s second-largest producer of copper-clad lam 上海会所
inate materials by production volume, said the city of Dongguan, Guangdong province, once was an exp
orter of low-end products. But now, export volume is not the only standard to evaluate a company’s competitiveness. 上海会所品茶微信
“Domestic demand from companies such as Huawei Technologies Co has increased, and a number of foreign com
panies have set up their factories in China to cater to domestic demand instead of exporting overseas,” Zhou said.
war is intensifying within the US. For example, the US Chamber of Commerce – one of the country’s most powerful bu
上海会所siness lobbies – has called for the reversal of all tariffs imposed over the past two years.
The effects of the trade war have already spread to cross-border investment
. In recent years, rising Chinese production costs have driven many foreign enterp上海会所女神会所
rises – and, increasingly, even Chinese enterprises – to relocate their operations to lower-cost countries such as
Vietnam and Thailand. The trade war is accelerating this process. According to the Vietnamese government, inward for
上海会所eign direct investment increased by nearly 70 percent year-on-year in the first five months of 2019, the highest such i
ncrease since 2015. Meanwhile, the growth of US investment in China is slowing.上海会所女神会所
Essential to improve investment environment
上海会所The US administration wants American companies to leave China. It is u
p to China to persuade them to stay. That means improving the local investment envi
ronment, including responding to foreign companies’ justifiable complaints – say, by strengthening intellectual p上海会所
roperty rights protection – and, more broadly, better adhering to World Trade Organization rules.
But the pressure on China does not end there. The US is also eager to exclude the count
上海会所女神会所ry’s high-tech companies from global value chains. Trump recently announced that he would allow US co
mpanies to continue to sell to Chinese high-tech giant Huawei, after a months-long campaign against the company. But it r
emains highly unlikely that the US administration – which reversed a similarly aggressive policy toward sm
artphone company ZTE last year – will abandon its efforts to strangle China’s high-tech industries.上海会所女神会所
China has three options. First, it could accede to US pressure to disengage from global value chains. Second, it could remain
committed to integration, hoping that, thanks to existing interconnections, sanctions on Chinese high-tech com上海会所
panies will also hurt their US counterparts (such as Qualcomm) enough for the US administration to back d
上海会所女神会所own. The third option is to focus on supporting domestic high-tech companies’ effo
rts to strengthen their own positions within global value chains and develop contingency plans.
o Greater Bay Area, which aims to be a world-class technological hub, SSGKC will play a key role in cr
上海会所eating an innovation platform for the coordinated development of the cities in the region. Officials said it can be smoothly con
nected with the business environments of Hong Kong and Macao and promote multilateral economic collaborations.上海会所品茶微信
Of particular interest, the local government said it aims to build a data exchange center and a technological innovation park for the greater bay area.
As the country’s only pilot zone for intellectual property applications and protection, SSGKC will provide compr
ehensive services to protect the achievements of companies and facilitate their patent applications. Meanwhile, it pla上海会所
ns to build an International IP Exchange Center for the Belt and Road Initiative, the local government said.
“One of the main reasons that overseas resources and companies are choosing to cooperate with the knowledge city or settle do上海会所品茶微信
wn here is that SSGKC is relentless in its efforts to be as good as its global counterparts in terms of IP pr
上海会所otection,” said Yu Long, president of Sino-Singapore International Joint Research Institute.
More than 80 IP-related organizations and institutes are located in SSGKC, including the IP
Court of Guangzhou, one of the patent examination centers of the China National Intellectual Property Ad上海会所品茶微信
ministration and the first overseas representative office of the Intellectual Property Office of Singapore.
上海会所Li Lietao, co-founder and board chairman of Lion TCR Pte, a renowned clinical-stage biotechnolo
gy company in Asia, said his decision to move the company from Singapore to SSGKC two years ago has been proven wise.
He said he was attracted by the familiar planning of SSGKC, which, in上海会所品茶微信
itially based on the planning idea of Liu Thai-Ker, former master planner of Singapore, has be
en developed into a naturally harmonious community on the 123-square-kilometer plot.
strong and popu上海会所品茶微信lar enough and able to connect with European citizens
who showed the highest turnout in 20 years in the elections for the European Parliament in late May.上海会所
“They should be able to work in an efficient manner with world leaders and be strong enough to galvani
ze worldwide support. We live in a very challenging world, and Europe needs strong and effective leadership,” Islam said.上海会所品茶微信
There have been major disagreements between leaders of the two major member states. German Chancellor Angela Merkel favors the process of lead candi
date, known as Spitzenkandidaten in German. She supported Manfred Weber, the lead candidate of the center-ri上海会所
ght EPP, the largest bloc in the European Parliament, a bloc of which Merkel is a member.
But French President Emmanuel Macron and some other EU leaders oppose Weber to replace Jean-Claude Juncker as president of European Commission.
Their attitude was in stark contrast to how similar, large protests have been handled in their own countries, the office said.上海会所品茶微信
Legislative Council President Andrew Leung Kwan-yuen said many people from Hong Kong were saddened by the scenes of violence.
上海会所Leung, after inspecting the aftermath of the vandalism, said the council will cancel its remain
ing meetings before its summer recess in mid-July because of the time needed to repair the extensive damage.
The damage may cost taxpayers HK$50 million to HK$60 million ($6.4 million to $7.7 million) to re
上海会所品茶微信pair, according to estimates of the council’s Finance Committee chairman, Chan Kin-por.
In the wake of the violence, barrister and lawmaker Martin Liao Cheung-kong, together with some、
20 lawmakers, accused the opposition camp of ignoring the acts of the violent protesters and blaming the SAR government instead.
Maggie Chan Man-ki, a Hong Kong deputy to the National People’s Congress, accused the上海会所品茶微信
opposition of continuing to condone and encourage the violent behavior, which sends the wrong message to society.
Richard Cullen, an Australian visiting law professor at the University of Hong Kong, said: “This sort
of behavior leaves a stain on Hong Kong’s rule-of-law reputation. It is plainly not compatible with the rule of law.”
Meeting with the media in the early hours of Tuesday, Chief Executive of
the Hong Kong SAR Carrie Lam Cheng Yuet-ngor strongly condemned the extreme use of violence and vandalism
to take the delayed effect of balance sheet reduction conducted earlier into its consideration of rate cuts. The current phase-out of balanc
上海会所e sheet reduction already has some easing effect, and only after the balance sheet reduction ends in September, can its impact become clearer.
By incorporating that impact into consideration, the Fed can draw up a better rate cut plan that maximizes effects of the policy mix.上海会所
Thirdly, the market may have overestimated how much the Fed will cut the rates. There may be no more than three rate cuts by the end of 2020.
St. Louis Fed President James Bullard – the major advocate of this
round of rate cut – has suggested the use of the modern-day Taylor rule, which fairly well explains th上海会所
e Fed’s interest rate decisions. Even based on this model adopted by dovish Fed officials, we found that the degree of rate cuts may be weaker than m
上海会所arket expectation for quite some time going forward: at most one cut by the end of this year and likely two or three cuts by the end of 2020.
By contrast, before the June FOMC meeting, the market expected a higher-than-85-percent chance of more than one rate cut by the
end of this year as well as an about 60-percent chance of more than three cuts by the end of 2020, according to Bloomberg data.上海会所品茶微信
In conclusion, we think as economic downside pressure gradually emerges, the Fed will have to kick off the rate cut cycle. But the rate cut si上海会所品茶微信
gnal, timing and degree may not measure up to the market expectation. Therefore, two future developments appear possible:
First, investor sentiment can reverse drastically if the Fed’s action fails to meet market expec上海会所品茶微信
tation. Considering the market has fully priced in the unrealistic expectation of rate cuts sinc
e early June, any reversal of expectation can lead to short-term fluctuations of key price signals such as the US Treasury yield cu
rve, the US Dollar Index, and the gold price, which may pose extensive spillover shocks to asset portfolios.
Second, the long-term trend of rate cuts will continue even if the market expectation reverses. In the long
run, the Fed is expected to proceed with rate cuts in a fairly slow and smooth way. This will enlarge the monetary policy room of ot
her major economies and expedite the shift toward an easing global monetary environment, which may in turn lift the sen
timent of global stock markets and ease any currency risk of emerging markets gradually.
Cheng Shi is the managing director, head of research and chief economist of ICBC Interna
tional Holdings Ltd.Qian Zhijun is a senior economist of ICBC International Holdings Ltd.
hina Petrole上海会所品茶微信um and Chemical Corp, the world’s larg
est refiner by volume, has agreed to establish a joint venture with Russia’s Novatek and Gazp
rombank to market natural and liquefied natural gas (LNG) in China, Sinopec said on Thursday.
The agreement, which aims to sell LNG produced by Novatek in the Arctic, was signed fo
llowing talks in Moscow between Russian President, Vladimir Putin, and Chinese President, Xi Jinping.
The agreement will be of considerable economic and social benefit an
d will further diversify China’s natural gas imports, while meeting ever-increasing ga
s demand in the country, said Dai Houliang, China Petrochemical Corp president.
success of winning the Nobel Prize in Literature in 2012, Zhang Qinghua, professor at Beijing Normal University, believes that Mo’s way of dealing with this h
as been to make a return to his hometown, a village in Gaomi, Shandong province, both in reality and spiritually.
Mo didn’t publish any new work in the five years following the award, when in 2017 he
released several short stories, poems and theater works, mainly reminiscing about his hometown.
Unlike Mo’s former novels, Peking University professor Chen Xiaoming notes th
at his new works are more reserved, realistic stylistically and employ more simple language. Literary cri
tic Li Jingze is impressed that Mo has remained acutely sensitive to the realities of urban and rural life.