No evidence was found to show Chinese monetary

 authority intervention in foreign exchange markets over the past se

veral months, according to the US Treasury’s semiannual foreign-exchange report to Congress.

The May report summarized that China’s growth appears to be stabilizing on the back of recently enhanced supportive measures.

The report expanded the number of countries it scrutinizes for curre

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

equivalent 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 Washington will continue asse

ssing the RMB’s performance given China’s large trade surplus with the US, the report said.

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China will further open the financial market to welcom

e more overseas investors in. The cross-border trade and investment will be more free and convenient, said Pan.

He called China’s economy stable, as the major economic indicators were within a reasonable range.

In April, the National Bureau of Statistics said the purchasing ma

nagers’ index for the manufacturing sector stood at 50.1, indicating expansion as the reading was above 50.

The broad money supply, or M2, increased 8.5 percent year-on-year by the end of April, compared with 8.3 percent a year earlier.

“The prudential monetary policy was focused on countercyclical adjustments this year, maintaining flexibility as well as

ample liquidity to promote fast growth of credit and strengthened support of private and small enterprises,” Pan added.

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Washington foolish to defy economics law and turns in the

The root cause for the repeated twists and turns in the China-US trade talks lies, to a grea

t extent, in the United States’ serious deviation from, and disdain for, the objective laws of econ

omics. The fact that China will never accept its unreasonable demands further complicates the matters for the US.

The US administration’s often competing and clashing objectives-though m

any of them are understandable-cannot be realized simultaneously. For instance, the U

S hopes to revive its industries and boost its real economy while maintaining the huge bubble in its financial market.

A dream called sustainable reindustrialization

Yet the US expends huge amounts of its resources just to maintain its mo

netary hegemony and thus ensure its financial sector offers higher pay and return on inv

estment compared with the real economy sectors, which helps it to maintain its advantage in

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Separately, on the same day, the US Commerce Department

said it would be adding Huawei and its 70 affiliates to an Entity List, which will ban the compan

y from buying parts and components of US companies without prior government approval.

Gao Feng, spokesman for the Ministry of Commerce, said at a briefing that the con

cept of national security “should not be used as a tool for trade protectionism”.

“China strongly opposes other countries imposing unilateral sanctions on Chinese entities,” Gao said.

He called on the US to stop its wrongful behavior and make more efforts to create conditions for normal international trade cooperation.

Huawei has been increasing its 5G commercial contracts worldwide, with more countries giving the com

pany a vote of confidence. But it is facing security allegations from the US, which Huawei has said are unfounded.

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The company will consider adding employees, resear

rch and field development resources to expand in the Chinese market over the coming years, he said.

Ministry of Commerce spokesman Gao Feng said last month that the t

wo countries’ negotiating teams are hashing out the text of a deal, including an enfo

rcement mechanism, based on mutual respect and benefit. Both countries, the world’s two biggest eco

nomies, have been intensifying their consultations and aiming to break the deadlock in a timely manner.

In the ninth round of trade consultations, negotiators discussed tec

hnology transfers, protection of intellectual property rights, non-tariff measures, the servi

ce sector, agriculture, trade imbalances and enforcement mechanisms.

Trade between China and the US amounted to 815.86 billion yuan ($121.7 billion) i

n the first quarter of the year, an 11 percent year-on-year decline, according to the General Administration of Cus

toms. In March, Sino-US trade climbed 0.1 percent to 291.35 billion yuan, according to the administration.

qe86w.cn

Two Chinese nationals were confirmed killed, the

Chinese Embassy in Colombo said.The embassy is verifying the number of Chinese injured in the attacks.

Earlier information from the embassy said that four Chinese nationals were injured

in the multiple church and hotel explosions that ripped through the island nation on the Easter day.

The Chinese Embassy has activated an emergency response mechanism immediately a

fter the blasts, and embassy officials have visited the injured who were in hospital for treatment.

Curfew and ban on social media imposed

The government has imposed a nationwide curfew from 6 pm Sunday to 6 am local time on Monday.

The Sri Lankan government has also imposed a temporary ban on social media to prevent the spread of false information.

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The meeting highlighted the importance of implementi

ting the spirit of December’s Central Economic Work Conference.

Macro policies should be stable, micro policies should be flexible and social policies should guarantee the basic needs of the grassroots

people, the statement said. Macro policies should focus on promoting high-quality growth and stimulating market vitality.

The importance of manufacturing’s high-quality development in stabilizing economic growt

h was stressed. Traditional industries should be guided to upgrade, and new industries should grow stronger.

The development of small and medium-sized companies and private businesses should be supported through measures like s

peeding up the supply-side structural reform of finance and providing better loan services, the stat

ement said. It also reaffirmed that houses should be used for living rather than for profit.

Reform should be further deepened and opening-up boosted, and forei

gn capital should have bigger access to the Chinese market. Poverty reduction is a key meas

ure of building a moderately prosperous society in all respects, which must be achieved by the end of next y

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Hu said the administration also will promote anti-smug

ling and wildlife protection knowledge among the public, and it welcomes public supervision or reports of smuggling.

As social networks and online stores have become increasingly important tools for wildlife s

mugglers, the administration has beefed up its anti-smuggling work online this year.

Customs officials are working on cases involving another 100 tons

of endangered wildlife and wildlife products, of which about 300 kilograms are tusks and ivory products.

Last year, the administration purchased advanced screening and detection equipment to improve th

e efficiency of its anti-smuggling work, according to Wang Wei, director of the administration’s ports supervision department.

People caught entering China with endangered wildlife or wildlife

products worth less than 200,000 yuan ($29,800) face up to five years in prison. If such contr

band goods are worth more than 1 million yuan, the penalty upon conviction is a minimum of 10 years in prison.

shejio.org

IMF upbeat on China’s 2019 growth in Zhuhai, Guangdong

The International Monetary Fund said on Tuesday that it expects China’s economy to grow 6.3 percent in 2019-up 0.1 perce

ntage point from its prediction in January. Analysts said the world’s second-large

st economy is set to remain stable as authorities continue to implement supportive policies.

The latest World Economic Outlook, released at the start of the sp

ring meetings of the IMF and the World Bank in Washington, also predicted the United States e

conomy would grow 2.3 percent this year, 0.2 percentage point lower than the IMF’s earlier forecast.

The outlook for China falls within the range of the country’s targeted goal of securing between 6 p

ercent and 6.5 percent growth for this year, and is very close to that of Chinese researchers.

On April 1, Zhang Ping, a researcher at the Institute of Economics of the Chinese Acad

emy of Social Sciences, said China’s GDP growth should remain at 6.2 percent in the fir

st half, and average 6.3 percent for the whole year, thanks to incentives including tax and fee cuts.

shadoujiazu.com.cn

China has set a goal of making itself a developed count

ntry in the forest sector by the middle of this century in a guideline on promoting the greening of the homeland issued in November. The count

ry also aims to increase its percentage of forest cover from 21.7 percent in 2018 to about 23 percent in 2020, and 26 percent in 2035.

China’s digital trade is expected to lead global trade development, with the economic value of di

gital trade-enabled productivity benefits to the Chinese economy estimated to reach 37 trillion yu

an ($5.5 trillion) by 2030,according to a report on how China can capture digital trade opportunities at home and abroad.

Digital trade has become increasingly important; there are a lot of definitions of digital trade going on, with

the most common one being e-commerce, including monetary transactions and exchanges of goods and services, said re

search project head Konstantin Matthies, noting the report studies digital trade with a much broader approach.

“Digital trade” refers to the production, distribution, marketing, sale or delivery of goods and servi

ces – domestically and abroad – supported by cross-border digital flows. This consists of trade in digi

tally enabled products and services and cross-border data flows that create economic value in the domestic economy, acc

ording to the report jointly released by the Center for China and Globalization as well as the Hinrich Foundation.

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