producers or US-based designers. For example, China ma

akes less than $9 from each iPhone. The total price of a phone is ridiculously counted as a Chinese export to the US.

It’s a good thing that China is no longer a low-wage country. Most Chinese are much better off than they were even 10 ye

ars ago. But it does mean that these low-skilled, labor-intensive industries will be moving to less-developed nations. US t

ariffs on such products will only serve to hasten the transition to higher value-added industries that China has to make anyway.

Roughly 20 years ago, when China’s admission to the World Trade Organiz

ation was being negotiated, China’s economy was tiny as a portion of world GDP. It was clearly a poor, less-deve

loped country that, except in a few areas, was not able to compete with Western companies in high-value-added products.

As Alexander Hamilton, the first US Treasury secretary, argued, a dev

eloping country may need to protect its “infant industries” from already established foreign

aishedesaf.com

Opening up of film market leads to vibrancy

the 22nd film of Marvel Cinematic Universe, has made more than $2 billion globally wit

h over $576 million, nearly a third of the total, being contributed by the Chinese market.

The percentage of Hollywood films contributing to China’s box office has witnessed a gradual decline in recent years

thanks to the rise of successful Chinese films including The Wandering Earth and Dying to Survive.

Due to its explosive growth in third-and fourth-tier cities, the Chinese movie market is certainly poised to become the larg

est in the world in the not too distant future. Last year, China’s total box office exceeded 60 billion yuan ($8.9 billion), gra

dually closing the gap with the United States whose box office was about $11.6 billion. China has become such a form

idable force in the global film industry that international film producers cannot afford to overlook it.

www.gqrcdg.cn

Pledges at forum draw overseas experts’ praise

The international community has hailed President Xi Jinping’s call on Friday to ease market

access for foreign capital and increase imports so that opening-up reaches a higher level.

Xi said in his keynote speech at the opening ceremony of the S

econd Belt and Road Forum for International Cooperation in Beijing that the purpose of buil

ding the Belt and Road is to achieve win-win cooperation and common development.

China will increase its imports of goods and services and will further lower its tariff rates, Xi said.

Francis Chua, chairman emeritus of the Philippine Chamber of Commer

ce and Industry, noted Xi’s emphasis on quality imports and state-of-the-art products.

“China will keep its commitments,” said Chua, who was attending the forum as a member of the Philippine business delegation.

gzbbwhl.com

Unlike the second version, the latest one included rule

on the new science and technology innovation board, which will pilot the registration-based IPO system, according to Xinhua.

To accommodate the progress of reforms and development of the capital market, other modifications have also been made, cov

ering public issuance of securities, securities trading, and the protection of investors’ rights and interests, Xinhua said.

Dong expects the latest version to legitimize registration-based IPO systems not only

on the new board, but also across China’s whole A-share market. “Once the system achieves success on the n

ew board, it should be adopted on other submarkets as soon as possible,” Dong said.

President Xi Jinping announced in November that China will launch the S&T innovation board and pilot the registr

ation-based IPO system. Analysts expect the new board to begin trading around the middle of this year.

“The latest draft is expected to make comprehensive revisions, and it could go a long way

toward restoring public investors’ confidence and modernizing the regulation and governance of the ca

pital market,” said Liu Junhai, director of the Business Law Center at Renmin University of China.

www.jsLongsun.com

sees big growth in Marcha supermarket in Lianyungang

China’s consumer price index (CPI), a main gauge of inflation, rose 2.3 p

ercent year-on-year in March, the National Bureau of Statistics (NBS) said Thursday.

The increase was up from 1.5 percent in February.

Food prices climbed 4.1 percent year-on-year in March, up from 0.7 perc

ent in February, yet on a month-on-month basis food prices went down 0.9 percent, the NBS said.

Due to low vegetable yields in spring and cold rainy weather, prices of fresh vegetables posted a fast growth of 16.2 perce

nt year-on year in March, contributing 0.42 percentage points to the year-on-year CPI growth.

The growth of the pork price rebounded after declining for 25 consecutive months, rising 5.1 percent year-on-year in March.

On a month-on-month basis, the pork price moderately went up 1.2 percent on average nati

onwide as outbreaks of African swine fever were gradually contained, according to the NBS.

www.koryoung.com.cn

The China-Belarus Industrial Park, located 25 km from Mi

insk and covering an area of 91.5 square kilometers, is the first special economic area in Bela

rus and the largest intergovernmental cooperation project between China and Belarus.

The industrial park is stepping up efforts to attract more global investors, with 43 companies registered by the end of February.

Among the 43 companies, 26 are from China, 10 from Belarus, and seven from other countries, like the United States and Ru

ssia. The companies have signed agreements to make total investments of more than $1 billion in the park.

The China-funded Djibouti International Free Trade Zone, which started construction in January 2017, opened on July 5, 2018.

Covering an area of 48.2 sq km, the zone is operated by a join

t venture with investment by Chinese enterprises, including China Merchan

ts Holdings and Dalian Port Corp Ltd, as well as the Djibouti Ports and Free Zone Authority.

More than 20 enterprises from the commerce, logistic, processing sectors have signed letters of intent to re

gister with the FTZ, as infrastructure in the first phase of the FTZ, which covers an area of 6 sq km, has been basically completed.

The FTZ is expected to become a crucial junction linking other African countries involved in the Belt and Road Initiative, and

make Djibouti, the small northeast African country, a marine logistics hub linking Africa, Asia and Europe.

www.riuy8.cn

According to the 2018 International Energy Agency re

port, global energy-related carbon dioxide emissions rose by 1.7 percent to 33 gigatonnes last year, the highest level since

2013. Coal use in power generation alone surpassed 10 Gt, accounting for one-third of the total increase.

The fact that most of the increase in coal use comes from coal power plants in developing Asia points to the harsh reality that greenhouse gas emissions are the cost be

ing paid for development. That the majority of coal power plants in Asia are only 12 years old on average, decades short of the

average life span of around 50 years, shows how challenging it is to cut CO2 emissions and maintain economic growth.

That the developing countries obtain help from their developed co

unterparts in both funds and technologies is essential to the fight against global warming.

It is high time that countries appreciated the urgency of this comm

on challenge and how important it is for concerted efforts to cut greenhouse gas emissions.

www.shlf17.com