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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.

hebeishengxin.cn

The ministry also released several typical cases that we

n April 2018, Shanghai police arrested eight people from Shanlin (Shanghai) Financial In

formation Service Co, which was involved in illegal fundraising of more than 60 billion yuan.

The company, with a registered capital of 1.2 billion yuan, adopted a physical store and online ma

rketing to take public deposits. From October 2013, the company opened over 1,000 physical stores

across the nation and trained its employees to sell financial products through advertising and telemarketing wit

h the promise of high interest. In 2015, the company opened online financing platforms to raise money.

The company’s claimed investment projects were found to have no profit

ability, resulting in a huge capital gap that prevented it from repaying investors’ principal and interest. Last

www.clevru.cn

China announces new tariffs on US goodsday that it wil

China said late on Monday that it will increase tariffs on the bulk of $60 billion of US imports to three categories of rates between 10% and 25%.

For the rest of the $60 billion US imports, the duty rate will remains at 5 percent.

The tariffs will hit around 5,000 products and will take effect on June 1.

It is China’s latest response to the additional US tariffs on $200 billion of Chinese goods, which were implemented on Friday morning.

The move fully demonstrates Beijing’s firm determination to defend its due interest

s and legitimate rights in international trade and economic cooperation, according to analysts.

Guanxi, compadrazgo and bapakism. Three words from China, the Philip

pines and Indonesia that encapsulate the same values of the vast continent through the a

ges-a shared belief in the importance of the family and the community over the individual.

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Uber has also weathered controversies including revelati

ions of a culture of sexism and bullying at Uber and US Department of Justice investigations. After a series of embarrassments, Kalanick was forced to res

ign in 2017 by a group of investors. Uber then hired Khosrowshahi to lead the company.

Uber has said it has the potential to grow not just in the cab hailing business, but also as a “sup

erapp” to provide logistic services, such as grocery and food delivery, organizing freight tra

nsportation, and even financial services, much like Grab, its Southeast Asian counterpart.

But market experts have struggled to find value in a company that has consistently posted los

ses, and warned that it may never be profitable. “The business is unprofitable, new entrants can enter the ma

rket, there is potential regulatory risk, and it is very price sensitive. What is there to like about this opportunity?” Ro

bert Johnson, professor of finance at Heider College of Business, Creighton University in Omaha, Nebraska said.

zhongqianxue.cn

Foreign volunteers help out at Hangzhou scenic spot

More than 2.5 million tourists visited West Lake in Zhejiang province over the May Day holiday.

What caught the attention of many of them was the presence of a team of eight intern

ational students, all wearing yellow vests and Bluetooth headsets, and riding electric scooters.

The eight were studying in Hangzhou, Zhejiang’s provincial capital. They are the first internatio

nal volunteer team serving at the famous spot, which was listed as a UNESCO World Heritage Site in 2011.

The foreign volunteers are from India, Mongolia, Banglade

sh, Indonesia, Democratic Republic of Congo, Ethiopia, Tanzania and Yemen.

“As Hangzhou is seeing an increasing number of individual travelers from abroad followin

g the 2016 G20 Summit … we have been considering how to diversify our volunteer forces during h

olidays and peak seasons for years,” said Liu Jian, director of the volunteer program.

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Xi, citing the old Chinese saying “honoring a promise

carries the weight of gold”, pledged to install a binding mechanism for international agre

ements, to make sure governments at all levels operate in well-regulated ways, and to update laws and reg

ulations to abolish unjustified practices, keeping in line with the needs of opening-up.

“It is welcome news to hear that the National People’s Congress has

already taken steps to lay the groundwork” for implementing the new Foreign Inve

stment Law, said Gupta, who brought up the possibility of China establishing “an ombudsperson’s desk” in r

elated government agencies to address foreign businesses’ legal concerns.

Gupta said China’s Foreign Investment Law could be a model for others looking to liberalize their foreign investment re

gimes, as China’s BRI is already delivering capital and know-how to other developing countries.

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China has always maintained that its trade disputes wi

th other WTO members should be properly handled according to the WTO dispute settlement proc

edures. It not only takes the initiative to file claims in order to safeguard its legal interests and the authority

of the WTO rules, but also actively responds to charges, and respects and enforces WTO rulings.

The WTO’s ruling on this dispute over shows that the orga

nization has an important role to play in safeguarding the multil

ateral trading system. It’s not simply a matter of one side tallying up a victory against the other.

The multilateral trading system, with the WTO as its core, has been a mainstay in promoting glo

bal economic development and building an open world economy. The WTO dispute settlement system is the org

anization’s court for settling trade disputes. It maintains a balance between the WTO members’ rights and oblig

ations, and also ensures the effective implementation of WTO principles and rules.

zrwrgz.cn

French officials said the EU faced “blackmail” by hardli

ine pro-Brexit potential successors to May, such as Boris Johnson. They might try to sabotage decision-making, they said.

However, Merkel has urged the bloc to do all it can to avoid such disruption. She said before leavin

g Berlin that she favoured a delay of “several months” for May, who has pledged to quit if hardcore Brexi

t supporters in her own Conservative Party drop objections to her “soft Brexit” and help ratify the deal.

Keen to ease tension, Merkel had broken the ice as talks began by showing May a photomontage on a tablet of both wearing similar jacket

s when addressing their parliaments earlier in the day. It provoked mutual laughter as other leaders joined in.

As talks wore on beyond midnight, with May patiently waiting elsewhere in the buildin

g for word on her nation’s fate, Macron rallied support for his concerns about a long extension.

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Former Democratic Party lawmaker Lee Wing-tat was

 convicted of incitement to commit public nuisance.

Judge Johnny Chan Jong-herng handed down the verdicts. The court will h

ear defendants’ petition in the afternoon. The date for sentencing has not yet been revealed.

According to the Crimes Ordinance and the Criminal Procedure Ordinance, each charge carries up to seven years’ imprisonment.

The illegal Occupy protests saw massive sit-ins on Tim Mei Avenue and Fenwick Pier Street – major thoroughfares linking Wan Cha

i and Central – between Sept 28 and Dec 11 of 2014. It put the city in a standstill for 79 days.

China will lower the tax rates on a range of goods brought or mailed b

y individuals into the country, including food, medicines, textiles and information technol

ogy products, the Customs Tariff Commission of the State Council announced Monday.

Starting Tuesday, the tax rate on inbound articles included on the No 1 taxable

item list, which includes books, computers, food, furniture and medicines, will be reduc

ed to 13 percent from the previous 15 percent, the commission said in an online statement.

Some medicines that are currently subject to a 3-percent import value-added tax r

ate, including anti-cancer drugs and medicines for rare diseases, will enjoy favorable tax rate.

youhuileyuan.cn

The Abuja–Kaduna Railway, as the first segment of the

 Lagos–Kano standard gauge project, the first standard gauge railway in Nigeria and West A

frica, was officially inaugurated and started commercial operation on July 26, 2016.

The railway, constructed by China Civil Engineering Construction Corporation, is the first overseas railway fully adopting the Chinese r

ailway standard. Spanning 186.5 kilometers, it alleviates traffic tension, improves the investment envir

onment and promotes the coordinated development of regional economy and society.

By Jan 11, the train service had delivered 1.23 million passengers and had safely operated for 900 days without any major accident recorded since its inception.

The China-funded Colombo Port City, the largest project between C

hina and Sri Lanka under the Belt and Road Initiative, completed land reclamation of 269 hectares in January.

In addition, hydro-structure construction will be completed by the middle

of this year. The port city’s municipal facilities construction is expected to be completed in J

uly 2020. At the same time, investment promotion of the city is also being carried out.

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