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Also, these new first-tier cities have preferential po

policies for residence permits and financial incentives to lure more talent.

For example, Zhenjiang in Jiangsu province, promised bonuses of 150,000 and 200,000 yuan for house purchases to gradua

tes with master’s and doctoral degrees, respectively, after they work in the city for three years.

Haikou, capital of Hainan province, is attracting college students with a monthly rent s

ubsidy of 1,500 yuan, with an 18,000-yuan allowance to graduates who decide to buy an apartment there.

Employment, especially some groups such as college gradu

ates and demobilized military staff, remains a priority to the government.

Premier Li Keqiang said at a teleconference on May 13 that employme

nt pressure will be felt this year by a larger number of college graduates. However, promotin

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According to the latest plan, the new line will extend north

ward underground to Lize Financial Business Area, which is about 3.5 km from Caoqiao Statio

n, so passengers can transfer to Line 14 and Line 16, which are under construction, and Line 11, which is planned.

Masood Khalid, Pakistani ambassador to China, said Chinese culture is a reflection of the cou

ntry’s long and rich history. “It is a civilization that has made an imprint on global culture,” he said.

The ambassador listed a variety of manifestations of Chinese culture, which include Chinese cuisine, dance, art, and costume.

“The way Chinese people attach importance to their family and their children, lookin

g after the elderly – all these practices and traditions have been inherited over time,” he said. “Then after har

d work, they come together with their families and friends.”

A city terminal will be established in the Lize Financial Business Area, p

roviding check-in and luggage check services. Passengers will enjoy more convenience with

the ability to check their luggage and get their boarding passes before they arrive at the new airport.

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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

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All of this has inspired confidence that the Chinese eco

Chinese economy can reach its indicative growth target of 6-6.5 percent in 2019.

Lower growth rate may mean more room for adjustment

Most Chinese economists seem quite comfortable with this targeted range. One explanati

on is that China’s potential growth rate is 6-6.5 percent, and a target should be set accordingly. Another is that a

lower growth rate would give the economy more room for structural adjustment.

From 1978 to 2008, China averaged an impressive 9.5 percent annual g

rowth rate. Then the global financial crisis struck, causing growth to plummet from 9.7 p

ercent in the third quarter of 2008 to 6.6 percent in the second quarter of 2009. A 4-trillion-yuan ($640 billion) sti

mulus package, introduced in November 2008, soon brought about a powerful rebound, with GDP growth rea

ching 12.1 percent in the first quarter of 2010. But since then China’s economic growth has been declining, partly b

ecause the government withdrew its stimulus. Last year, China’s GDP grew by 6.6 percent.

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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.

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China’s pledges included shortening its negative lis

 for foreign investments, opening up more sectors to foreign busines

ses, guaranteeing fair competition and planning new free-trade zones and ports.

Sourabh Gupta, resident senior fellow at the Washington-based Institute for China-American Studies, specifically praise

d the new Foreign Investment Law-passed in March by China’s national legislature and effective in 2020-which he s

aid is “a farsighted piece of legislation” that “will firmly usher in a new round of reform and opening-up”.

“Strong measures to deal with political, regulatory and administr

ative noncompliance are envisaged. A robust working mechanism to promptly address fo

reign businesses’ complaints is also envisaged,” said Gupta, who believes the prov

isions are a big step in assuring foreign businesses that the playing field is leveled in China.

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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.

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Country’s 1st space station to be shared a full-size m

China’s plan to involve international communities in its space mis

sions to jointly conduct space research shows its determination to further enhance global coop

eration in space projects, according to the director of the United Nations Office for Outer Space Affairs. That incl

udes opening up its planned space station to other countries, especially developing countries.

China’s space station, which is expected to be completed and operating by 2022, will be the world’s first space station open

for cooperation with all UN member states in manned space flights and exploration. The station will be able to sup

port research on astronomy, space life sciences, biotechnology, microgravity fundamental physics and space materials science.

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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.

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China mulls amendment to securities lawendment to the

A draft amendment to the Securities Law was submitted Saturday to a bimonthly session of the

National People’s Congress Standing Committee, China’s top legislature, for a third reading.

The latest revisions to the law include rules on the newly-devised science and technology inn

ovation board, which will pilot a registration-based initial public offering (IPO) system.

Under the current IPO system, new shares are subject to ap

proval from the China Securities Regulatory Commission before being listed.

Other revisions in the draft are made in light of new p

rogress of reforms and new developments of the capital market.

A draft amendment to the law was previously submitte

d to the top legislature for first reading in April 2015, mainly

to meet the legislative demand of reforming the IPO system toward a registration-based one.

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