As for China, US seclu上海会所ans scientific fields that r

t rely heavily on importation of advanced equipment will be affected the m

ost. “The silver lining of US pressure is that China will be forced to innovate and be self-suffi上海会所

cient,” Pan said. “The US cutting off exchanges will slow us down a little, but will not stop our strides for progress.”

上海会所品茶微信Given the uncertainty of the situation, scientists and scholars around the world fear that the worl

d will be divided into two major blocs, like during the Cold War. “Splitting the world into two syst

ems and hyping the clash of civilizations will be disastrous for all humanity,” Pan said.上海会所

“The current international systems were mostly put in place after World War II, but this world

上海会所品茶微信order did not anticipate the astonishing rise of China,” he said. “As a result, some norms within the current glob

al systems must change in order to accommodate the new dynamics, a process in which China is willing to help.”

China has been slowly and sincerely contributing its own standards

and knowledge to global governance, especially in regard to the social impact and上海会所

governance of artificial intelligence, biosciences and other emerging technologies, Pan said.

上海会所”China is not a disrupter, but a contributor to the current world order,” he said.

China’s economic growth weakened to 6.2 percent year-on-year in the second quarter, but remained stable on the wh

ole in the first half of this year at 6.3 percent, according to data released by the National Bureau of Statistics on Monday.上海会所品茶微信

The country’s industrial output rose by 6.3 percent year-on-year i

n June, compared with 5 percent in the previous month, official data showed.

But in the first half of this year, industrial output growth dropped to 6 percent, down from 6.5 percent in the first quarter.上海会所品茶微信

Fixed-asset investment growth was 5.8 percent in the first six month

s combined, compared with 6.3 percent in the first quarter, according to the NBS.

Retail sales increased by 8.4 percent year-on-year in the first hal上海会所

f of this year, compared with 8.3 percent in the first quarter, the data showed.

Production rises 34.6 percent for new energy vehicles and 20.1 percent for solar cells year-on-year in H1, the NBS said.上海会所品茶微信

The bureau said that growth remained on track despite increasing external uncertainties and new downward growth pressure.

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hina rolls out psycholo上海会所program targeting elderly

hina has intr上海会所oduced a two-year pilot program to find out the psychological condition

s and needs of senior citizens at the primary level, the National Health Commission (NHC) announced Thursday.上海会所

Covering 1,600 urban communities and 320 villages, the pilot program targets permanent re

上海会所品茶微信sidents aged 65 or above, said Wang Haidong, director of NHC‘s Department of Ageing and Health.

Under the program, psychological assessment is carried out based on the personal will of the elderly, said Wang, adding that

necessary mental interventions and suggestions of medical treatment would be offered depending on the results.上海会所

The program is initiated in response to increasingly prominent mental problems among the elderly over the recent years, according to the NHC.

In wake of urbanization and the acceleration of aging proc

ess, China sees an expanding population of migrant and left-behind senior people, who are vu上海会所品茶微信

lnerable to mental issues, especially when they catch chronic diseases or lose their spouses or friends.

With training sessions, the program is expected to improve the ability of medical workers a

上海会所t the primary level to better identify common psychological issues and offer corresponding help, Wang said.

data storage has become a top 10 emerging technology of 2019 on this year’s World

Economic Forum’s annual list released in Dalian, Northeast China’s Liaoning province.上海会所品茶微信

Other technological breakthroughs with the greatest potential to make a positive impact on our world include social ro

bots, cheaper and safer nuclear reactors and a novel way of reining in rogue proteins.

上海会所品茶微信The technologies on the list were selected based on their potential to have a mainstrea

m impact on societies and economies within five years and be both disruptive and attractive to investors and researchers.

“From income inequality to climate change, technology will play a c

ritical role in finding solutions to the challenges our world faces today. This year’s e上海会所品茶微信

merging technologies demonstrate the rapid pace of human innovation and offer a glimpse int

webaobo.cn

On the other hand,上海会所he past, the Fed now has t

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.

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inopec establish joint venture with Russian companie

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.

www.aaart.org.cn

The China Fushan Cup International Barista Champions

ship was launch上海会所女神会所ed in 2012 in Chengmai, a place well known

for longevity in northwestern Hainan island. As the top international barista event in Ch

ina, the championship has attracted a total of more than 180 players from 40 countries over the years.

Kayonga Charles, Rwandan ambassador to China, said the Fushan C

up International Barista Championship sponsored by Chengmai county, where Fus

han is located, has not only promoted coffee products and displayed coffee-making skills, but also has built a plat

form for exchanges among coffee makers from all over the world. The ambassador said Rwanda has about 40

0,000 farmers growing coffee and 98 percent of the products are sold overseas every year.

He said Rwanda hopes to work with Hainan companies to build a mutually beneficial and win-win partnership.

zhoujianhe.cn

mier Li Keqiang presides over a State Council meeting on

上海会所品茶微信Premier Li Keqiang called for greater strides in reform and opening-up to stimulate market vitality and to tra

nsform and upgrade economic structure in revitalizing the rust belt in Northeast China.

Li’s remarks came as he presided over a State Council meeti

ng on Thursday on revitalizing the country’s traditional industrial bases.

He underscored the importance of transforming government functions a

nd bettering the business environment, and urged government departments to offer m

ore support to provinces in the Northeast in streamlining administration.

The tax cuts and fee reduction policies must be implemented in full, and the country w

ill make the region a priority in special transfer payments to localities, he said.

The reform of State-owned enterprises must be moved forwa

rd, and more work must be done to expand the private sector, he said.

changjiangjiaoxiang.cn

arks the 70th anniversary of the establishment of China-Russi

Yunnan student on Friday was allowed 30 percent extra time in the natio

nal college entrance exam, or gaokao, due to her physical disability, local media has reported.

This is the first reported case of such an allowance in the province.

Xu Ruiyang, who lives with spinal muscular atrophy, is confined to a wheelchair and writes slower than other students.

Authorities approved extra time for her, in a bid to let her operate on the same level as her classmates.

Premier Li says a ‘special difference’ can spur market vitality and jobs

China will issue more measures to further implement the country’s innov

ation-driven development strategy and incentivize business startups and innovation nationwide, the State

Council’s executive meeting chaired by Premier Li Keqiang decided on Wednesday.

www.improvecfan.cn

Low travel costs may stimulate college students to trave

el more frequently, and enable them to have higher budgets for spending on accommodati

on and destination entertainments,” said Sun Peiming, director of e-commerce at Sichuan Airlines.

Last year, along with graduate students, there were 37 million enrolled college students in the country,

according to the National Bureau of Statistics. In 2018, students registered on Qunar flew 4.4 time

s annually on average, higher than the average of 3.45 times nationwide, according to the company.

“Low prices have a decisive impact on their choices. Compani

es that provide cheaper options will attract more students and gain the initiative in seizing tho

se future backbone consumers,” said Liu Simin, a researcher at the Beijing Foreign Studies University.

www.zrwrgz.cn

The Global Times called the face-off of the two ancho

orwomen “friendly, meaningful talks. Both agreed: trade war is bad! (For Trish, that’s a change of hea

rt, since she had tried to justify the US trade war against China.)”, it said on its Twitter account.

A Twitter user, Ryan Bryant @RayCaiYan, said in a reply to Regan’s tweet, “That was not even a DEBATE, more like a Q&A session

. I thought Trish could leverage some of Liu’s answers to discuss the issues further, but sadly she couldn’t.”

FionaXu tweeted: The American hostess is talking about free market. Tell me how American

market is “free” under Trump’s government? You mean protectionism equals free market???”

Jon Taylor, a professor of political science of the University of St. Thomas in Houston, said that while they pretty muc

h disagreed on everything, it offered US viewers the chance to actually hear the Chinese side of the issues.

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The world’s second-largest economy maintained its fore

eign exchange reserves at $3.095 trillion at the end of April. The reserve amount was stable, altho

ugh it slightly retreated from $3.098 trillion at the end of March, according to the State Administration of Foreign Exchange.

Li Yang, director of the National Institution for Finance and Development of the Chinese Academy

of Social Sciences, said that China is unlikely to sacrifice foreign exchange reserves to de

fend its currency, even if depreciation pressure rises amid any escalation in trade tension.

In May, the offshore RMB exchange rate against the US dollar dropped more than 3 percen

t under market pressure as global investors worried about the escalation of trade friction.

Guo Shuqing, Party secretary of the People’s Bank of China, the central bank, said on Monday that higher US tariffs on Chin

a’s imports triggered financial market volatility, and this also affected the offshore RMB.

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