The Chinese economy is in transition, but China’s financial

The Chinese economy is in transition, but China’s financial

system hasn’t turned around yet. This is why private enterprises are facing difficulty in financing recently.

Small- and medium-sized enterprises have been squeezed out of the formal financing market, pushing up interest rates on informal financing.

Interest rate liberalization is crucial for the financial system to support the private eco

nomy, which will increase interest rates on formal financing and lower rates on informal financing.

It is necessary to regulate the informal financial sector, but not eliminate it. Shadow b

anking and fintech sectors do pose certain risks, but they are the meaningful products of financial liberalization.

Wang Yiming, deputy director of the Development Research Center of the State Council

We are still a developing country, with capital stock and per capita stock much lower than

in developed countries. So there is nothing wrong with stabilizing investment, which should be not seen as a sin.

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The government should appropriately increase investm

The government should appropriately increase investm

ent in emerging infrastructure, especially in 5G and industrial internet infrastructure, in which there is much room for investment.

Li Bo, vice chairman of the All-China Federation of Returned Overseas Chinese

The core of securities regulation is information disclosure, rather than letting the government decide or mainta

in stock indices at certain levels. Therefore it is essential to introduce registration-based IPO system reform more

quickly and comprehensively. Moreover, reform to the social security system for seniors should be swiftly enacted. If we want to increase the weight of l

ong-term stable institutional investors in the A-share market, reform to the social security system for retirees is a crucial step.

Lu Lei, deputy director of the State Administration of Foreign Exchange

The development model characterized by a low factor cost and low added-value is not sustainable, w

hich is a long-term challenge for China’s economic health. Meanwhile, overdependence on liquidity,

reflected by low interest rates and leverage ratios, is the short-term challenge.

All the crises and lessons in emerging markets derive from internal imbalances, namely, that the r

eal economy lacks competitiveness and operates with high leverage. External risk management and c

ontrol may buy time, but it can only delay systemic risks if there is no effective internal structural reforms.

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bilateral trade is expected to further increase provided that

bilateral trade is expected to further increase provided that

there is a relatively stable world economy. The high-technology sector and e-commerce can be

especially fast-growing given their rapid development in both countries, Li Xin, director of the Ru

ssian Center for Central Asian Studies at the Shanghai Institute of International Studies, told the Global Times on Thursday.

Li added that some traditional industries, such as energy, could witness a decrease in total trade as international fuel prices decline.

The expansion in China-Russia trade in 2018 was largely due to stable international economic growth and a closer

bilateral relationship, rather than a consequence of the China-US trade dispute, Li said.

Both countries have introduced policies encouraging trade cooperation, and these policies have clearly borne fruit, Li said.

However, the US-China trade conflict, which is hitting global confidence, could potentially play hav

oc with the world economy including trade between China and Russia if it escalates further in 2019, according to Li.

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Meanwhile, Japan continued signing agreements with

Meanwhile, Japan continued signing agreements with

one with the UK in 2017 and another with India the following year. By exploiting the power of these regional countries, Japan aims to secure military provisions for

its SDF in the Indo-Pacific region from the US, Canada, Australia and India and in the North Atlantic region from the US, the UK, France and Canada.

This has laid the foundation for Japan to broaden its SDF activities and ensure military provision with its partners. It is a sm

all-scale bilateral military alliance system centered on Japan. This shows Japan’s long-term strategic plan.

Since the 21st century, Japan has clearly labeled China as its biggest real and potential rival. Esp

ecially since Shinzo Abe took office, he spared no efforts at containing China. During Abe’s first te

rm, the Japanese government raised the idea of the “arc of freedom and prosperity.” When he became prime mini

ster for a second time, the policies advocated by his cabinet, including the values-based alliance, the alliance of m

aritime democracies, the democratic security diamond and the freedom corridor, have all kept China in focus.

Because of the ACSAs with Australia and India, Japan can militarily c

onstrain China’s Belt and Road Initiative in the Pacific and Indian Ocean regions. In the At

lantic, it can also exert forceful intervention in China’s policy in Europe, North Africa and West Africa.

In some areas where China’s military strength has not reached, Japan has crafted its military plan in advance by ut

ilizing its bilateral alliance system, trap-falling China’s military strategy into a passive position.

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With many Chinese not having traveled abroad yet, raising

With many Chinese not having traveled abroad yet, raising

According to the latest data released by the State Administration of Foreign Exchange, China’s tourism trade deficit reached $237.4 billion in 2018, an increase of $21.4 billion over the prev

ious year. While the record high figure reflects the growing scale of outbound tourism consumption by domestic residents, it remains qu

estionable whether the domestic demand is so strong that it even caused the record outbound tourism consumption.

However, by analyzing relevant reports and statistics, I believe some of the figures about China’s tourism industry may

be dodgy, which could therefore be misleading for investment decision-making and should be clarified.

According to the preliminary statistics of the China Tourism Academy, Chinese travelers made 140 million outbound trips in 2018, up 1

1 million from 129 million in 2017. To a certain extent, the steady increase in the number of Chinese o

utbound trips indicates that the consumption is still growing and not falling.

But the important question is how many people actually traveled abroad

out of the 140 million outbound trips. According to the Annual Report of China Outbound Tou

rism Development 2018, Chinese trips to foreign countries and regions accounted for about 33.3 percent of total out

bound trips in 2017. Assuming that the ratio remained unchanged in 2018, then the number of trips to foreign c

ountries and regions came to about 46.67 million. Again assuming that half of the people who went abroad on av

erage twice last year, then the number of Chinese who went to foreign countries and regions was approximately 31 million.

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Can playing China card boost BJP’s chances in India’s

Can playing China card boost BJP’s chances in India’s

The upcoming general elections are posing quite a challenge to Indian Prime Minister Narendra Modi and the situation is looking so tough that the ruling B

haratiya Janata Party (BJP) is raising just every possible issue which it thinks could work in its favor as the vote is about 60 days away.

As a last resort, the BJP is now trying hard to make an election issue of Congress chief Rahul Gandhi’s reported meeting with

some Chinese ministers and officials during his religious trip to Kailash Mansarovar. Addressing a rally in the eastern Indi

an state of Odisha, Gandhi had cited his recent meeting with some Chinese leaders saying India s

hould learn from the experience of China in creating jobs for youths. He mentioned China as an example to

emulate for fighting unemployment but the ruling BJP has added a new twist to his remark.

According to a government survey reported by an Indian business daily, India’s unemployment

rate stood at 6.1 percent in 2017-18 which was the highest in the past 45 years. Gandhi quickly t

urned to Twitter to hit out at the BJP dispensation, describing it as “National Disaster” but the ruling party termed it “fake news.”

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hina and Pakistan have enjoyed a great relationship for

hina and Pakistan have enjoyed a great relationship for

bilateral ties were upgraded to an all-weather strategic partnership.

“We wish that our relationship could be closer and the bond of friendship will be further strengthened in the future,” the admiral said.

Abbasi also noted that the Indian Ocean is vital for the global economy. Thr

eats to this region cannot be tackled by any navy alone. The Chinese navy’s mission to en

sure maritime security in the Indian Ocean has provided a lot of security to shipping in the region, he said.

Shao Shuguang, commander of the Task Group 998, said during meeting w

ith Abbasi that “Karachi’s long history and culture, the hospitality of the Pakistani pe

ople, especially the professionalism of our counterparts in your navy, have left a deep impression on me.”

“I hope that the navies of our two countries will have further close exchang

es and cooperation to jointly maintain maritime security and stability in the Indian Ocean,” Shao said.

During the visit to Kunlunshan, the admiral also reviewed the PLA Navy’s guard of honor.

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Xiao was rescued when procurators from Pingyuan county

Xiao was rescued when procurators from Pingyuan county

visited his village during a campaign focused on protecting children’s rights in March last year.

Procurators interviewed Xiao’s grandparents, visited Xiao’s former primaryers, and contacted Xiao’s mother during their visit.

Procurators then transferred Xiao’s case to local police and suggested the detention of his aunt while they further investigated the case, having found evidence of maltreatment in his uncle’s home.

After a health examination in a local hospital, Xiao returned to live with his grandparents.

With the help of the county’s procuratorate and relevant government departments, Xiao returned to school in September.

The procuratorates of Meizhou city and Pingyuan county have jointly granted a 60,000 yuan ($8,860) relief fund to help financially support Xiao.

An open public hearing into the matter is to be launched by Pingyuan county people’s court.

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In recent years, the world’s major economies have take

In recent years, the world’s major economies have take

China has been positioning itself as a key competitor in the global AI sector.

“The opportunity for AI in China is on a scale that demonstrates the transformative im

pact that the technology can have on society. It will also mean a ripple effect on the global economy in terms of accelerating inn

ovation, integration and efficiencies that pass through the supply chain globally,” said Anand Rao, global AI Leader at PwC.

Stanford University’s AI Index 2018 Annual Report found t

hat 83 percent of 2017 AI industry reports on Scopus’ citation database originated fr

om outside the US. Some 25 percent of these papers originated in China, behind only Europe with 28 percent.

The number of AI papers published in China grew 150 percent between 2007 and 2017, the report noted.

The China AI Development Report 2018, released by the China Institu

te for Science and Technology Policy at Tsinghua University, highlighted the vast pote

ntial of the AI sector in China, saying the country’s AI market surged by 67 percent year-on-year to hit 23.7 billion yu

an ($3.5 billion) in 2017. It found the top three segments were computer vision, and voice and natural language processing.

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hina has become the biggest owner of AI patents, follo

hina has become the biggest owner of AI patents, follo

wed closely by the US and Japan, the report revealed. The three countries own 74 percent of all issued AI patents globally.

The CISTP report noted that while China has the world’s secondlargest AI talent pool, it has a lower percentage of top talents.

By the end of 2017, China had amassed more than 18,000 AI specialists, behind only the US. But, Ch

ina had only 977 top-tier AI specialists, just one-fifth of the number in the US, ranking sixth globally.

“China’s strengths are mainly shown in AI applications and it is still weak on the front of core techn

ologies of AI, such as hardware and algorithm development,” the report noted. “China’s AI de

IJING – China’s new yuan-denominated loans stood at 3.23 trillion yuan ($477 billion) in

January 2019, up 328.4 billion yuan year-on-year, central bank data showed Friday.

velopment lacks top-tier talent and has a significant gap with developed countries, especially the US, in this regard.”

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