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in the service secto爱上海女神会所r, and deregulate the services for the elderly and children, and medical care and education.
Although its overall economic uncertainty has increased, China’s economy still has great pote
ntial in terms of service and consumption, especially because it is a market of more than 1.3 bil
lion people including a middle-income group of 400 million all of whom are seeking a better life.
Current policy package strong enough to counter headwinds, economist says
China has no immediate need of aggressive stimulus to support growth unless trade tensions with the United States m
ore visibly weigh on growth momentum, and greater patience and policy preparation are needed now for market-
oriented, longer-term reform and opening-up, a senior economist said in an exclusive interview.
Given the uncertainty from China-US trade friction, macroeconomic polic
ies should always be prepared to support the economy, especially if growth mome
Central bank vice-governor voices confidence amid currency volatility
The monetary authority vowed to stabilize the renminbi amid escala
ted trade tensions, while continuing to push forward financial opening-up and pr
otecting overseas investors’ legal rights, said a senior official from the central bank on Sunday.
“We have the foundation, confidence and capacity to maintain a stable foreign exchange ma
rket in China, and keep the renminbi exchange rate at a reasonably stable equilibrium,” said Pan Gongsheng, vi
ce-governor of the People’s Bank of China, the central bank, said in a statement on its website.
Before his pledge, the onshore renminbi rate depreciated to 6.9182 per do
llar at Friday’s close, the weakest level since December, and the offshore renminbi rate h
peration in AI governance including laws and regulations, ethical norms and international rules,” Wang said.
The State Council issued a plan in 2017 that set benchmarks for China’s AI sector, with the value of core AI indu
stries predicted to exceed 1 trillion yuan ($145 billion) and make the country the global leader of AI innovation by 2030.
In December, Tianjin unveiled a three-year plan to boost the innovative development of seven AI-related indust
rial chains including independent and controllable information systems, smart security, big data, advanced co
mmunications, intelligent connected vehicles, industrial robots and intelligent terminals.
According to the plan, the government will build Tianjin into an AI in
novation center and a hub of AI industries and innovative applications by 2020.
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.
of cooperation, defined key areas and strengthened the mechanism to seek high-quality development of the BRI, he said.
Leaders reached wide-ranging agreement on high-quality cooperation on the BRI at the leaders’ roundtable on Saturday after an i
n-depth exchange of views on issues such as connectivity, policy integration and sustainable development.
They supported comprehensive infrastructure connectivity as a way to foster economic growth and to build high-q
uality, reliable, resilient and sustainable infrastructure, according to a joint communique issued after the roundtable.
All parties involved supported strengthening synergies in development policies using the principle
of extensive consultations, joint contributions for shared benefits and building even closer partnerships, the joint communique said.
The leaders also upheld green and sustainable growth and agreed to enhance cooperation in areas such as environ
mental protection, circular economy and clean energy, according to the communique.
tween China and economies related to the Belt and Road Initiative ex
ceeded $130 billion between 2013 and 2018, injecting new growth momentum into BRI-rela
ted countries and contributing to recovery of the global economy, senior Chinese officials said on Monday.
China’s direct investment in BRI-related countries grew by 5.2 percent a
nnually on average to surpass $90 billion between 2013 and 2018, Song Lihong, an officia
l in the Ministry of Commerce’s Comprehensive Department, said at a news conference.
Song said that in the same period, China had received a total of
$40 billion in inbound investment from BRI countries as two-way investment deepened.
Within the five years, the value of the projects completed
by Chinese companies in BRI economies amounted to $400 billion, Song said.
The value of trade in goods between China and BRI-related economies exceeded $6 trillion in the same period, an av
rage annual growth of 4 percent, higher than the overall growth of China’s foreign trade, he added.