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The US’ trade deficit stems from its extremely low natio

nal savings rate and has to be compensated by other countries’ national savings, which in tu

rn adds to the trade deficit. On the other hand, China’s efficiency in the manufacturing industry makes it a lar

ge exporter of manufactured goods to the US and helps it sustain its high savings rate.

A high growth rate means higher trade deficit for US

Given that the US economy is driven by domestic demand, consumpt

ion in particular, instead of exports, a high rate of ec

onomic growth will widen the trade deficit, as it would have to import more products than it exports. In such a sit

uation, the implementation of large-scale infrastructure construction projects would further increase the trade deficit.

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screenshot of the “father sharing” mini programher” is also

While some netizens praised the story, others felt cheated for the home decoration advertisement afte

r the video. Jiang Luxian, a lawyer from Chengdu, Sichuan province, said the advertisement probably violates relevant provisions of the A

dvertising Law, and the creativity of “sharing father” is also improper for public order and traditions.

Oppein, the creator behind the promotion, however, said on social media that

it hoped everyone would pay attention to the lack of father figures, and return to the family for love.

“Everything can be shared in this era, apart from family love,” the company said.

China’s foreign direct investment climbed 6.4 percent year-on-year to 305.24 billio

n yuan ($44.38 billion) in the first four months, the Ministry of Commerce said Thursday.

Meanwhile, investment from South Korea, the United States and Germany in Chin

a grew 114.1 percent, 24.3 percent and 101.1 percent year-on-year, respectively.

In April alone, FDI amounted to 62.95 billion yuan, up 6.3 percent year-on-year.

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Boosting rural areas will help solve dilemmas of ove

rcrowding and rampant construction plaguing cities, and the development of cities will also offer unique ways to bring about rural revitalization,” Chen said.

“As restrictions on hukou will gradually be removed, cities need to be well-prepared to offer

accommodation and employment opportunities, and allow children of migrant workers to have equal access to education,” Chen added.

China has made steady progress in urbanization, as the ranks of permanent urban r

esidents stood at 831 million at the end of 2018, up 17.9 million from the previous year, said the National Bureau of Statistics.

Last month, the National Development and Reform Commission said it

plans to increase the urbanization rate by at least 1 percentage point by the end of this year.

Shen Chi, vice-director of the China Center for Urban Development, said the government’s new

plan will help foster high-quality and sustainable economic development across the nation.

“Relaxing the hukou policy will be a key step in promoting the free flow of labor across

the nation,” Shen said. “A systematic consideration and arrangement of the integratio

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The company will consider adding employees, researc

ch and field development resources to expand in the Chinese market over the coming years, he said.

Ministry of Commerce spokesman Gao Feng said last month that the two countries’ negotiating teams are hashing out the text of a deal, including an enforcem

ent mechanism, based on mutual respect and benefit. Both countries, the world’s two biggest ec

onomies, have been intensifying their consultations and aiming to break the deadlock in a timely manner.

In the ninth round of trade consultations, negotiators discussed tec

hnology transfers, protection of intellectual property rights, non-tariff measures, the s

ervice sector, agriculture, trade imbalances and enforcement mechanisms.

Trade between China and the US amounted to 815.86 billion yuan ($121.7 billion) in t

he first quarter of the year, an 11 percent year-on-year decline, according to the General Administration of Cus

toms. In March, Sino-US trade climbed 0.1 percent to 291.35 billion yuan, according to the administration.

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President hails Nepal’s participation in BRIing holds a w

China and Nepal should strengthen cooperation on infrastr

ucture construction and continue to promote the construction of the China-Nepal c

ross-border economic cooperation zone, President Xi Jinping said in Beijing on Monday.

Xi made the remark during his meeting with his Nepali counterpart, Bidhya Devi Bhandari, who is on a nine-day state visit to China.

China greatly values its ties with Nepal, and supports Nepal in maintaining its national independence, state sovereignty and te

rritorial integrity as well as exploring a path of development that suits its national conditions, Xi said.

Also, China appreciates Nepal’s firm and long-standing support over issues related to China’s core inte

rests and major concerns and its active participation in jointly building the Belt and Road, Xi s

aid. He added that China will continue to support Nepal’s economic and social development.

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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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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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Regarding the second Belt and Road Forum for Intern

ational Cooperation, to be held in Beijing on Thursday through Saturday, S

ong said the ministry will help deepen economic and trade cooperation with other coun

tries. “China will build more free trade zones with countries that are willing to do so,” Song added.

“As for the existing free trade zones, we will reduce administrative barriers in trade

and investment and push the formation of a big Belt and Road marketplace.”

While some critics have argued that the initiative will lead countries i

nto debt traps, Song said debt can be solved through joint efforts to promote the devel

opment of BRI economies. “Even though some countries may have high debt levels, as their pace of indus

trialization, urbanization and modernization accelerates, their debts will gradually decrease.”

Joe Kaeser, president and CEO of Siemens AG, said, “If an initiative like the BRI unifies more than two-thirds of the global

population, it will create massive infrastructure and economic movement that will build its own rules.”

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On investment, members of the cooperation mechan

nism will provide a fair and just environment and a level playing

field for foreign companies doing business in their own countries by upholding the principl

es of mutual respect, mutual benefit and fair competition, according to the guidelines.

On the role and significance of China-CEEC cooperation, the guidelines said the mechan

ism constitutes an important part of Europe-China relationship and complements the EU-China Compre

hensive Strategic Partnership and the EU-China 2020 Strategic Agenda for Cooperation.

Reaffirming their commitment to deepening their partnership for peace, growth, reform a

nd civilization, the participants to the leaders’ meeting expressed their support for the early conclu

sion of an ambitious EU-China Comprehensive Agreement on Investment, said the guidelines.

On the Belt and Road Initiative, the participants said they recognize the importance

of the initiative and the EU Strategy on Connecting Europe and Asia and welcome forging synergies between them.

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Shanghai aims to rev up car sales with trade-in subsidies

The city of Shanghai has become the first local government to answer the call of the central gove

rnment to promote automobile consumption by providing subsidies, since 10 mi

nistries and commissions of the country released six major methods of promoting car sales in January.

The official WeChat account of the Shanghai Municipal Government announced yesterday it will launch a car trade-i

n program, encouraging car owners to trade in their vehicles for new gas-powered cars complying with State-VI emi

ssions standards or new energy vehicles, according to a report by the 21st Century Business Herald.

The government will provide a subsidy of 10,000 yuan ($1,489) for a trade-in gas-powered

vehicle and 15,000 yuan for a trade-in new energy vehicle, the announcement said.

China’s automobile market saw a sales decline in 2018 for the first time

in 28 years, with passenger vehicle sales slumping for 10 consecutive months from last y

ear to March, according to the China Passenger Car Association. As the central government halved subsidies for new energy

vehicles this year, the promotion of car consumption depends more on local governments and enterprises.

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