The visit will further display the strength of bilateral tie

ties, which are developing “very good” momentum both politically and econom

ically, said Ruan Zongze, vice-president of the China Institute of International Studies.

Trade between the two countries “made a major breakthrough” and exceeded $100 billion in 2018, and the two permanent mem

bers of the United Nations Security Council have been coordinating closely on major international issues, Ruan said.

This year marks the 70th anniversary of the establishment of bilateral ties, which are said to have reached their best level in history.

Also, the attendance of the two countries’ leaders at each other’s internat

ional forums shows both sides’ support for an open global economy, Ruan added.

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he May report summarized that China’s growth appear

ears to be stabilizing on the back of recently enhanced supportive measures.

The report expanded the number of countries it scrutinizes for curr

ency manipulation to 21 from 12. Countries with a current account surplus with the US e

quivalent to 2 percent of GDP were put on the watch list, compared with 3 percent of GDP before.

China didn’t meet the “currency manipulator” criteria listed by the US Treasury, but Washi

ngton will continue assessing the RMB’s performance given China’s large trade surplus with the US, the report said.

The US Treasury removed India from the watch list, while it added Singapore, Malaysia and Vietnam.

“Chinese authorities have not used the exchange rate in prior easing

cycles to support growth, and they are unlikely to do so now, as this could pose macr

oeconomic stability risk,” said Andrew Fennell, lead sovereign analyst for China at Fitch Ratings.

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China you picked the wrong fight!” Regan tweeted on

On May 22, on her own program, The Point With Liu Xin, Liu a top anchor on the English-languag

e channel of CGTN, said the $600 billion figure is an estimate by a nonprofit organization that had not been verified.

Liu said it refers to the US’ possible IP loss to the world in a year, according to the organization’s report, China Daily reported.

She said Regan’s points were “all emotion” with “little substance”.

Regan responded on Twitter: “Hey #China State TV – let’s have an HONEST debate on #trade. You

accuse me of being ’emotional’ and not knowing my facts – wrong! You name the time and place, and I’ll be there!”

In accepting the challenge, Liu wrote on Twitter: “My name is not #China State TV. It’s LIU Xin and ple

ase, feel free to call me Xin. … But I don’t want to play any mud throwing game, if that’s what you prepare to do.”

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video of Liu competing in an international English spee

ech competition in 1996 in London was sent around Chinese social media, the US website qz.com reported.

“While the Western world views Liu as an unapologetic champion of China’s agenda, many mai

nland citizens regard her as a national heroine defending her country from hostile foreign influences,” Newsweek reported.

On Monday, Regan tweeted: “I look forward to hosting Ms Liu – in a FIRST OF ITS KIND debate on trade – LIVE from Beijing & New York.”

Beijing on Wednesday set up a 5 billion yuan ($724 million) fund to spur development of the fift

h-generation or 5G mobile technology industry, its latest effort to gain an edge in the commercialization of 5G tech.

The fund was established jointly by the Beijing Science and Technology Innovation Investment Management Co Ltd, Beijing

Yizhuang International Investment and Development Co Ltd and State-owned China Jianyin Investment Lt

d. It will focus on investing in leading high-tech firms across the entire 5G industrial chain.

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The meeting reviewed and approved a series of official doc

ocuments including a guideline on innovation and improving macro-regulation

, as well as a guideline on strengthening opening-up and cooperation in innovation capacity.

The meeting called for taking the supply-side structural reform as the main task, making coordinated efforts to stabilize economic

growth, promoting reforms, readjusting the economic structure, improving people’s livelihoods, pr

eventing risks, and ensuring social stability, according to a statement issued after the meeting.

The strategic guiding role of national development planning should be leveraged to improve coordination mec

hanisms for economic policies such as finance, currency, employment, industry, and regional development to en

sure the nation’s economic development stays within a reasonable range, the statement said.

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In April, the CSRC pledged to promote the opening-up

 of stock index futures. At present, onshore stock index futures are unavailable to overseas invest

ors, and they can only hedge risks associated with investing in A shares through offshore instruments.

“After the stock index futures market opens up, investor bases will dive

rsify, helping China’s capital market achieve a higher efficiency in asset pricing,” Wang sai

d, adding that capital market reform and opening-up is part of China’s moves to promote quality development.

“One of the key priorities this year is to accelerate the development o

f direct financing and the capital market, to strengthen the capital market’s capacity to pr

omote economic growth,” Guo Shuqing, the People’s Bank of China’s Party secretary and head of the China Ban

king and Insurance Regulatory Commission, said in an interview with China Central Television on Monday.

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Under the trade pressure, the world’s second-largest ec

conomy is accelerating restructuring reform and shifting from an export-dominated growth model to a more services-driven model, they added.

“The United States escalated trade tensions, but it cannot solve any pro

blem. This causes volatility and sluggishness in global financial markets and hurts the global ec

onomy,” said Guo Shuqing, the People’s Bank of China’s Party secretary and also head of the China Banking and In

surance Regulatory Commission. His keynote speech was delivered by a commission spokesman at a forum on Saturday.

Impact on the Chinese economy will be very limited, said Guo. “Chinese finan

cial markets, although they were excessively affected by trade tensions last year, are unl

ikely to be hit more dramatically going forward, as financial resilience is strengthening.”

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hich means even if Beijing does not take countermeasures

ch means even if Beijing does not take countermeasures equal in scale to Washington’s, the US economy will not be left unscathed.

Tariff hike will harm both China and US

The list of products subject to US tariff hike covers daily necessities, light industry and machinery, with the main targets

being agricultural and food products, and general manufacturing goods produced by light industries.

In terms of agricultural and food products, China is the third-largest supplier to the US, with processed fruits and

vegetables; fruit and vegetable juice; fast food and snacks; fresh vegetables and tea leaves being the main items.

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On the other hand, and US consumers would be forced

d to bear the brunt of the tariff hike, because the tariffs will raise t

he prices of consumer goods. Besides, the higher tariffs will deal a blow to many US industries.

China’s countermeasure will have intended effect

The results of a quantitative simulation analysis show China’s counterm

easure of imposing tariffs on $60 billion of US goo

ds will have the intended effect, as the US’ losses are set to mount. According to the simulation analysis, China’s GDP, man

ufacturing jobs, exports and imports could reduce by 0.622 percent, 1.046 percent, 3.402 percent and 1.945 percent, w

hile that of the US could dip by 0.067 percent, 0.907 percent, 2.611 percent and 3.936 percent.

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We must work together to ensure that big data, and the

technologies that it enables, are harnessed for the benefit of mankind while minimizing the risks to develo

pment, peace and security and human rights,” Guterres said in a congratulatory letter to the expo.

Miao Wei, minister of industry and information technology, said China has already made signif

icant progress in bolstering the big data industry with a string of big data platforms established in sec

tors such as manufacturing, commerce, finance, transportation and medical care.

“We will make a fresh push to integrate cutting-edge information technologies into the real econo

my, including establishing a national industrial data center, to better power the country’s sp

rawling manufacturing sector,” Miao said at the opening ceremony of the big data expo.

According to the ministry, China’s digital economy reached a total volu

me of over 31 trillion yuan ($4.5 trillion), or 34.8 percent of its GDP, in 2018.

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