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ng should be leveraged to improve coordination mechanisms
for economic policies such as finance, currency, employment, industry, and regional develop
ment to ensure the nation’s economic development stays within a reasonable range, the statement said.
The meeting highlighted the importance of strengthening innovative cap
abilities as well as opening-up and cooperation in this regard, and called for improving the serv
ices and environment for opening-up and cooperation so that development is promoted through opening-up, inn
ovation is advanced through reforms and win-win results are achieved through cooperation, it said.
Tough and newly emerging problems should be resolved through deepening reforms, the state
ment said, adding that the capability of dealing with challenges and preventing risks should be intensified.
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.
Three officials in Wuxi, East China’s Jiangsu province, have been gi
ven Party and administrative punishments on Thursday over an inappropriate question about
whether kindergarten children were involved in gangs, the local government said on its official Wechat account.
According to the government of Wuxi’s Xishan district, Feng Dongyan, director and Party chief
of the Xishan Education Bureau, has been given the punishment of warning within the Party.
Wang Zhaoyu, director of the educational bureau’s general office, has been given a serious warni
ng within the Party and removed from office. Lu Zhongxian, director of the bureau’s educational equi
pment and student aid management center, was also given a serious warning and dismissed.
hina’s innovative and high-quality development,” Sui Zhenjiang, vice-mayor of Beijing, said on Wedne
sday during a 5G industrial development and investment summit held in Yizhuang, in southeastern Beijing.
“Beijing is actively transforming itself as a national scientific and tech
nological innovation center. With advantages in complete telecom infrastructure, abunda
nt talent and strong research and development capabilities, we have the resolve to accelerate the push for making brea
kthroughs in 5G technologies and build an independent and innovative 5G industrial system,” Sui said.
As of May 24, the three major telecom operators－China Mobile, Chin
a Telecom and China Unicom－have established 4,700 5G base stations in Beijing, acc
ording to Wang Gang, head of the Beijing Municipal Bureau of Economy and Information Technology.
completed 5G call tests and more than 500,000 commercial 5G base stations are expected to be
built in South China’s Guangdong, North China’s Hebei, East China‘s Zhejiang and Jiangxi, and Central Chi
na’s Hubei provinces and the cities of Shanghai, Harbin, Tianjin, Chongqing and Wuhan in the future, the report said.
“With technologies and products related to the 5G network maturing, the main parts of the 5G ind
ustrial chain, including systems, chips and terminals, are ready for commercial use,” Wen Ku, a
spokesman for the Ministry of Industry and Information Technology, said on Tuesday.
The report said the ministry, having made a general plan fo
r 5G application, is estimated to formally issue 5G licenses at some point this year.