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Monthly Archives: April 2019

Services are growing rapidly. The value-added of th

 tertiary sector, which is mainly services, grew from 56.7 to 57.3 percent of GDP from the same period last year. The

Index of Services Production increased 7.4 percent year-on-year, higher than the growth rate of overall GDP.

Overall retail sales of consumer goods also grew at 8.3 percent. Sales of upgraded consumer goods witnessed fast gro

wth, with the highest rates concentrated in upgraded products such as cosmetics, phones and computers.

And, high-tech services grew at an astonishing rate of 21.2 percent. In prepa

ring for consumer 5G telecoms next year, the output of mobile communications base stations grew 153.7 percent.

The data also show strong movement toward the government’s goal

of creating an ecological civilization. New energy automobiles and solar cells grew by 48.2 percen

t and 18.2 percent, respectively. Sales of urban rail vehicles grew by 54.1 percent, showing the

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investment in environment-friendly urban mas

 transit. According to NBS preliminary estimates, the share of consumption of clean energy such as natural gas, hydropo

wer, nuclear power and wind power in total energy consumption in the first quarter was 1.5 percentage points hi

gher than that of the same period last year. Energy consumption per unit of GDP went down by 2.7 percent year-on-year.

Total investment in fixed aassets grew by 6.3 percent, with private invest

ment growing at 6.4 percent, slightly faster than the overall number. This is es

pecially significant in the light of last year’s fears that private investment in the econo

my might collapse. So, the government’s efforts to strengthen the private sector appear to have borne fruit.

Investment in high-tech manufacturing rose by 11.4 percent and investme

nt in high-tech services rose 19.3 percent, both far higher than overall investment gro]

wth. This shows that the shift toward advanced manufacturing and services is well underway.

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And, despite ongoing tensions, the total value of impo

orts and exports rebounded sharply in March, reaching 9.6 percent higher than March 2018. S

o, overall trade grew by 3.7 percent year-on-year in the quarter despite low growth rates in January and Febru

ary. Exports of electrical and mechanical products, which are higher value added, grew by 5.4 percent in the qua

rter. And, private sector trade grew 9.9 percent, far more than the overall growth rate.

I am worried to see that total investment in real estate grew by 11.8 per

cent year-on-year. Having lived through the 2008 finan

cial crisis in the United States, I’m wary of continued high investment in real estate in a time when property prices are al

ready astonishingly high and China’s living space per person has already surpassed that in Europe.

The bottom line is that fiscal and monetary policies combined with policies to promote structural transformation have

achieved a stable macroeconomic situation and steady movement toward supply side upgrading.

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Hospital in Boao has business license revoked over ille

Hainan provincial health authorities have revoked Boao Yinfeng Healthcare International H

ospital’s business license, for illegally administering HPV 9-valent vaccines, according to a statement Sunday.

Located in the Boao Lecheng International Medical Tourism Pilot Zone, the hospit

al has since January last year vaccinated 37 customers with HPV 9-valent, charging each 9,000 yuan.

They did so without obtaining an official vaccination outpatient license, said the statement.

It said the local health commission of Qionghai, where the Boao pilot zone is loc

ated, on April 18 issued the hospital a notice of penalties, including a warning, confiscati

on of illegal income, a fine of 8,000 yuan, and a revocation of its business license as a medical institution.

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They maintained that Belt and Road construction wi

l make positive contributions in implementing the 2030 Agenda for Sustainable Development of the United Nations.

The leaders also pledged to pursue trade and investment liberalization

and facilitation, reject protectionism and unilateralism and uphold the rule-based mul

tilateral system with the World Trade Organization at the center, according to the communique.

Xi told reporters that the consensus reached by the leaders has set the right course for the development of the BRI.

Our shared goal is that we work together to make the interconnectivity among various countries more efficient, foster mo

re robust economic growth, develop even closer international cooperation and enable people to live a better life, he said.

Xi also said BRI cooperation projects will be market-based. To ensure s

ustainable development, the leaders agreed to promote a level playing field for business com

munities and create a nondiscriminatory business environment, he said.

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Chris Rowley, a visiting professor from Oxford Unive

rsity’s Kellogg College in England, called opening to more foreign investment a very important development.

“Of course this will expose both inward investors and indigenous organiza

tions to some stark differences in management and doing business between them, which in tu

rn requires more globally effective leaders who are less ethnocentric and more culturally aware,” he said.

Sikhumbuzo Zondi, a research assistant at the Institute for Global

Dialogue associated with the University of South Africa, said another important aspect of Xi’s

opening address was the desire to invest more resources in scientific innovation and technology.

The aim is to develop technologies and business models that will foster new growth an

d development. To do this, China is committed to spearheading the Belt and Road Science, Technology and In

novation Cooperation Action Plan to advance information and communications technology infras

tructure development with the aim of improving internet connectivity and security, Zondi said.

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Jon Taylor, a professor of political science at the Uni

versity of St. Thomas in Houston, Texas, in the United States, said Xi

wants to convey a specific message: that China sees the BRI as a method by which it can make

a substantial and permanent contribution to lasting peace, common security and global prosperity.

“While some Westerners may scoff at the impact they think the BRI m

ay have on these issues, Xi genuinely sees the BRI as a global development project and will cont

inue to wholeheartedly put China’s money, resources and energies into this project,” he said.

Chen Weihua in Brussels, Bo Leung in London, Zhao Huanxin in Washington, Edith Muteth

ya in Nairobi and Chen Yingqun in Beijing contributed to this story.The profits of China’s major indu

strial firms surged by 13.9 percent in March, a drastic rebound compared to the 14-percent decline in January-Febru

ary period, official data from the National Bureau of Statistics (NBS) showed Saturday.

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Yi pledged to use more market-based commercial fund

 He also said improving transparency for projects’ financing is needed, especially for green

financing, and using local currencies in BRI investments to curb exchange rate risks. “The opening of local curr

ency-denominated bond markets will effectively attract long-term funds and reduce risks of currency mismatches,” he said.

Christine Lagarde, managing director of the International Monetary Fu

nd, said at the forum that China’s increased focus on the long-term success of BRI projects and the

BRI debt sustainability framework “are very welcome steps in the right direction”.

The further opening-up of China’s financial sector, such as the b

ond market, will enable diversification and foster renminbi internationalization, she said.

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President calls on think tanks to boost teamwork, Belt, Roa

President Xi Jinping called on Wednesday for exchanges and cooperation between Chinese and foreign think

tanks for more high-quality research results to push Belt and Road construction to a higher level.

Xi made the remark in a congratulatory letter to the i

naugural meeting of the Belt and Road Studies Network held in Beijing on Wednesday.

The launch of the think tank network took place ahead of the Second Belt and Road Fo

rum for International Cooperation being held from Thursday to Saturday in the capital.

Xi said in the letter that the development of history, the prosper

ity of civilizations and the progress of mankind are closely connected with the guidance of advanced thought.

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The Belt and Road Initiative, which originated in C

 China but belongs to the world, has become an open and inclusive platform for international cooperation and a well-recog

nized global public good thanks to the concerted efforts of the parties involved, Xi said.

Calling think tanks significant forces for Belt and Road constructi

on, the president said developing think tank exchanges and cooperation helps deepen mu

tual trust, unite consensus and promote the BRI to achieve high-level development.

He expressed the hope that the think tank network would develop in-depth academic exchanges to promote solid coope

ration under the BRI and contribute to the building of a community with a shared future for mankind.

Also on Wednesday, a ceremony to mark the release of the English and French editions

of a compilation of remarks by Xi on the Belt and Road was held in Beijing by the State Council Information Office.

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