Tariffs pose threat to global industrial chains, official says

The tariff increases that the United States has placed on Chinese goods affect not only the interests of Chinese companies and consumers, but also their US cou

nterparts and threaten the security of global industrial and supply chains, according to a senior Chinese industrial official.

“We once again urge the US to stop unreasonably suppressing Chin

ese companies. Chinese companies deserve to invest and operate in a fair and just en

vironment in the US and the world,” Vice-Minister of Industry and Information Technology Wang Zhijun said.

Concerning the US decision to further increase tariffs on Chinese imports, Wang s

aid during a recent interview with news media that the total impact is “controllable”.

The nearly $200 billion of Chinese goods hit by additional US tariffs on May 10 acco

unted for 41.8 percent of China’s US exports in 2018, or 8 percent of its total exports.

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rvices will be provided based on the results of a sur

China will offer customized data services for disaster prevention throug

h its Fengyun meteorological satellites for more countries along the Belt and Road, said a

senior official of the China Meteorological Administration’s National Satellite Meteorological Center.

The services will be provided based on the results of a survey of 81 countries. By the end

of April, 22 countries, including Afghanistan, Pakistan, Iran, Russia, Libya and Sudan, had responded to the survey.

All of the respondents said they wanted to install the application software platforms

of the Fengyun satellites for weather forecasting, as well as climate and environment monitoring.

They also requested a range of services, especially in monitoring rainf

all, droughts, dust storms, heavy fog and lightning, in addition to training courses on F

engyun meteorological satellite data analysis, remote-sensing applications and data collection.

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Disaster-proofing the world’s largest infrastructure ini

nitiative is a challenge, but achievable,” she said, adding that at the heart of this challenge lies great potenti

al for innovation and creativity, such as new disaster risk prediction and analysis, and disaster-resilient infrastructures.

Huang Runqiu, vice-minister of the Ministry of Ecology and Environment, said dis

aster risk reduction of natural hazards along the initiative is crucial for its success and sustainability.

Regions at the heart of the initiative, such as the Tianshan-Pamir Platea

u, the Himalayas, eastern parts of the Qinghai-Tibet Plateau and South Asia, are facing serio

us disaster threats due to tectonic movements, fragile ecosystems and extreme weather, he said.

Henrik Slotte, a senior disaster management expert from the UN Environm

ent Program, said poorly managed infrastructure projects can damage the ecosystem.

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The legacy plan for the Olympic and Paralympic Win

ter Games was unveiled in February. Plans aim to optimize the

venues’ designs and operations to be beneficial to the hosting regions after 2022.

“Here, you have the venues from 2008 that are going to be used in 2022 for a complete set of winter sports. This is a wonde

rful legacy story,” said Juan Antonio Samaranch, vice-president of the International Olympic Committee.

Powering all the 2022 venues using green energy while minimizing environmental impacts, while

planning for their post-Games operations, are key in venue preparation this year, Liu said.

To support the preparations financially, Beijing 2022 has signed nine domestic market

ing partners and four second-tier sponsors, while the Games’ licensing program, whic

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Growth resilience may surprise on the upside in more

 aspects,” he said, adding that besides a growth rate withi

n a reasonable range, the economy is likely to register accelerated prog

ress toward higher-quality development this year amid a new round of reform and opening-up.

“Structural opportunities (in the capital market) may con

tinuously emerge from the development of the new economy and mass co

nsumption upgrades, fueling the long-term inflow of international capital,” he said.

IMF Managing Director Christine Lagarde sai

in a recent interview with China Central Television that China’s economic d

evelopment now allows for “a focus on quality growth”, rather than necessarily quantity growth.

“And China’s development is clearly at the stage whe

re it can afford and should afford to do that,” Lagarde said.

Over the past year, amid the escalation of US-China trade tensions, credit tighten

ing took place in China, macroeconomic stress was seen in Argentina a

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But one of the first things taught to economics gradu

 students, even back in my day, is to be wary of the perils of data mining. And the middle-income tra

p is a classic example of the pitfalls of endless number crunching. Give me a database and a po

werful computer, and I can “validate” almost any economic relationship masquerading as an analytical co

njecture. There are five key reasons to dismiss the widespread diagnosis that China is ensnared in the middle-income trap.

First, a middle-income trap may not even exist. That is the conclusion of a rigorous empirical stud

y by Lant Pritchett and Lawrence Summers that covers a broad cross section of 125 economies from 1950 to 20

10. The best they could come up with is a strong tendency for growth discontinuities and mean reversion. At the recent China Development Forum in Be

ijing, Summers went further in assessing likely outcomes in rapidly growing developing economies, dubbing any

mean-reverting slowdown as merely a tendency to close a “post-miracle gap”. Needless to say, the statistical regularity of s

uch periodic growth gaps is very different from the permanent quagmire of a growth trap.

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May has come under intense pressure to quit the prime minis

 minister’s post as the price of winning support for the deal.

At a meeting Sunday at the prime minister’s country retreat, Chequers,

prominent Brexiteers told May they might back the deal — if she agreed to step d

own so a new leader could take charge of the next phase of negotiations, which will

settle Britain’s future relations with the EU.

Former Foreign Secretary Boris Johnson, who attended the meeting and is likely to be a conten

der in any future Conservative leadership race, accused the government

of lacking “gumption” and chickening out on delivering Brexit.

Britaina’s best-selling newspaper, The Sun, put a call on its front page for the

prime minister to resign under the headline “Time’s up, Theresa.”

May is hanging on, hoping she can persuade Brexit-backing lawmakers that

rejecting her deal means Britain may never leave the EU.

She told lawmakers that Britain would not leave the EU without a deal unless

Parliament — which has already rejected the idea — voted for it.

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talian Prime Minister Giuseppe Conte has said he may sig

  a series of memorandums of understanding on Belt and Road infrastructure investments during Xi’s upcoming visit to Italy, Reuters reported. If the

y are signed, Italy would be the first one of the Group of Seven industrialized nations to participate in the BRI.

  Speaking at a news conference in Beijing on Wednesday, Vice-Foreign Mi

nister Wang Chao said the country appreciates Italy’s active involvement in the BRI.

  ”We believe the signing of relevant cooperation documents conforms to the common interests of both countries,” Wa

ng said, adding that Belt and Road cooperation aims to generate mutually beneficial and win-win results.

  Regarding skepticism about the BRI, Wang said practice will prove that the initia

tive will have positive effects on countries’ economic development and bilateral cooperation.

  He added that the infrastructure investment of Chinese companies in Europe is purely business practice and will ab

ide by market rules and business principles on the basis of equality, mutual benefit and transparency.

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Mentality of US poses biggest threat to humanity from space

Forget asteroids, it is the United States and its pathological need to maintain its he

gemony at any cost that pose the biggest threat to humanity from space.

In its latest Defense Intelligence Agency report, the US claims that Russia and Chi

na have taken steps to challenge the US in space technology, blatantly ig

noring the fact that space does not belong to it, and every country has the right to peacefully explore it.

The report says that “long-standing technological and cost barriers to

space are falling, enabling more countries and commercial firms to participate in sa

tellite construction, space launch, space exploration and human spaceflight”.

But from the way it talks about what China and Russia or other countries have a

chieved in their development of space technology, it seems as if the US believes th

at when it planted a flag on the moon it staked the claim to have the sole use of space.

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Americans to spend $14.8 bln on Super Bowlllars as they watch

Americans are expected to spend 14.8 billion US dollars as they watch the New England Pa

triots take on the Los Angeles Rams in the Super Bowl on Sunday, a survey showed.

According to the latest annual survey released by the National Retail Federation and

Prosper Insights & Analytics, about 182.5 million American adults plan to watch this year’s National Footb

all League (NFL) championship game, and each of them is expected to spend 81.3 dollars on average.

The biggest spenders will be those who are between 35 and 44 years old, as they are willing to spend an average of 123.26 dollars, the survey showed.

Viewers in the northeastern part of the country plan to spend the most, at an avera

ge 94.89 dollars, followed by the western part at 84.01 dollars, said the survey.

According to the survey, about 61 million people who plan to watch the game will attend a par

ty, 44 million people will throw a party while 13 million people will watch it in a bar or restaurant.

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