ic importance to Huawei. “TSMC produces most of H

uawei’s chips. Only with its cooperation is it possible for Huawei to have a Plan B in stocking

in-house processors in order to offset fallout from the US ban on its access to US chips,” Xiang said.

He said the move by Panasonic also showcases that the Japanes

e tech company is not willing to surrender to political pressure from Washington, after ear

lier reports that it had stopped shipments of certain components to Huawei. The firm bought $6.3 billion wort

h of products including batteries and electronic components from Panasonic in 2018, according to Nikkei Asian Review.

United Kingdom-based mobile operator EE said on We

dnesday that its 5G network in the UK would rely on equipment made by Huawei.

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Recent monetary and fiscal stimulus measures are expe

cted to bolster domestic demand, partially offsetting the adverse impact of trade tariffs on overall growth,” the report said.

The US recently signaled its intention to impose additional tariffs on the European Union, primarily targeted at the

aircraft and food industries. It is in addition to the imposition of steel and aluminum tariffs that are already in place.

Amid unresolved trade disputes and higher tariffs, the projected growth of world tra

de has been revised downwards to 2.7 percent in 2019, slowing markedly from 3.4 percent in 2018.

The report warns that “the impact of a spiral of additional tariffs and retalia

tions would not only dampen growth of these large economies, but also have severe spi

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Trade agreements can affect the types of goods being

traded and they can redirect trade toward one country, away

from others. They cannot directly affect any country’s worldwide current account balance. A count

ry that saves less than it invests will have to borrow foreign funds to import foreign goods to make up that difference.

There are two ways to reduce the US trade deficit. A serious recession would reduce investme

nt, but nobody advocates that as a strategy. The only other path is to change the US financial and gove

rnment system to encourage increased savings. China has almost nothing to do with it.

Ironically, the disputes between the US and China center around both nations’ legitimate desires to

protect some current low-skilled jobs, or at least to allow an easier transition to new jobs and industries.

US administration’s economic policy has rightly focused on the need to

retain jobs for working-class people in the US. And, China’s companies that export to the U

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Currently, 13 countries have been involved in the proje

roject, including Russia, Egypt and Algeria, and 17 domestic research teams, including on

e from University of Science and Technology of China, have started research on the site, Zheng noted.

The site will “offer research teams with observation equipmen

t, support for outdoor observation and data sharing services”, he said.

Wu Zhongliang, director of the administra

tion’s Institute of Earthquake Forecasting, said the experimental site will help for

m a “united front” at the national and international level to work on earthquake forecasting.

Referring to earthquake forecasting as a hard nut to crack, Wu said the work can

not see marked progress just in a few days, but forecasting capability will be improved a

s technology develops. “If it’s a war between humans and earthquakes, it’s us that will finally win,” he said

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China is an important stakeholder in Arctic affairs,” Wang

“The country has always adhered to international treaties, such as the Charter of the United Nations, the United Natio

ns Convention on the Law of the Sea, and the Spitsbergen Treaty, as well as other international laws and upheld the p

rinciple of respect, cooperation and common winning and sustainability when actively participating in Arctic affa

irs and contributing Chinese wisdom and power in the sustainable development of the Arctic region,” he said.

The annual Arctic Circle Forum, established in 2013 and initi

ated by Iceland’s then-president Olafur Ragnar Grimsson, is a platform to help the inter

national community care for, understand and protect the Arctic and discuss Arctic governance.

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China’s tech heavyweights said the digital economy ha

s become a driving force behind economic growth, and interne

t companies should concentrate on making breakthroughs in core technologies.

“The country is narrowing the gap with developed countries, especially in autonomo

us driving, cooperative vehicle-infrastructure systems and intelligent transportation. We started a little late, but o

ur pace is faster and our potential is bigger,” said Robin Li, chairman and CEO of leading Chinese search engine Baidu Inc.

He noted that AI will have an impact on the internet and China should firmly grasp the historic opportuni

ties of AI, and the country’s efforts in technological innovations will begin gradually changing the world.

Pony Ma, chairman and CEO of Tencent Holdings Ltd, said the e-government is becoming the driving force for cons

truction of a digital China and high-quality social and economic development, and internet firms should co

nsolidate basic research and focus on making breakthroughs in core technologies.

www.hheeh.cn

This issue is similar to the environment. External critics

ent. External critics of China don’t appreciate that Chinese themselves realize there

are issues to be addressed. They are doing so. These developments should be encouraged.”

President Xi Jinping, who spoke at the Second Belt and Road Foru

m for International Cooperation in Beijing recen

tly, listed areas in which China will improve the environment for foreign investment.

The president said the nation will work hard to create a business environ

ment that respects the value of intellectual prop

erty, will improve the legal system for IPR protection at all levels, will strengthen law enforcement and pr

otection for the legitimate rights and interests of foreign IP owners and will bar the

forced transfer of technology, improve protection of trade secrets and crack down on infringement.

www.euitdm.cn

The General Office of the State Council will take cha

e charge of the task, according to the decree signed by Premier Li Keqiang.

All government services, unless otherwise specified by laws and regulations or involving state secrets, shall

be processed online in line with the procedures determined by the State Council, the decree noted.

Government service providers must not require enterprises or ind

ividuals to submit information that is already acces

sible through information sharing. Neither are they allo

wed to put the submitted information to other uses.

The decree also confirms the legal validity of electronic signatures, seals, certificates and archives.

The decree came into effect the day it was made public.

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Fourth, the daunting challenges that China faces at this po

point in its economic development are far more important than whether its slowdown is

a gap or a trap. What comes after the catch-up to advanced economies operating on the technological frontier? This

is where China’s stated goal of shifting from imported to indigenous innovation comes in. Middle-versus high-inco

me status is a relative comparison for developing economies seeking to operate on that frontier. Notwithstanding the

temporary effects of periodic exogenous disturbances-such as deleveraging, global slowdowns, or even trad

e wars-catching up to the frontier and joining others pushing to move beyond it is the ultimate reward of economic development. That goal is ensh

rined in President Xi Jinping’s aspiration for China to achieve high-income status by 2050.

And fifth, productivity growth is far more important than GDP gro

wth in determining a country’s development prospects. As such, I would be far more wor

ried about China falling into a productivity trap than a GDP growth trap. A new study on total factor prod

uctivity (TFP) by a team of Chinese researchers offers some comfort here. Like the work of Pritchett and Summers, thi

s latest assessment of Chinese TFP growth reveals several discontinuities over the past 40 years.

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The Italian Senate warmly welcomes Xi for his visit, Casell

llati said, noting that the Italian and Chinese peoples have always trusted each other and

maintained profound friendship, with close ties in such fields as economy and trade, and culture.

The Senate speaker said she agrees with Xi on his remarks about the traditional friendly exchanges between the two cou

ntries dating back over 2,000 years, published in leading Italian newspaper Corriere della Sera ahead of his visit.

China and Italy are major countries that boast a rich culture, she said, adding that Italy is willing to boost communication and c

ooperation with the Chinese side in such fields as culture, art, language, heritage protection, tourism, science and tec

hnology, and innovation, and encourage their youths to increase exchanges and mutual understanding.

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