moment for Treasury Department pronouncements to be credited by
上海419论坛女神会所market participants. Having seen the United States label China a manipulator, the worl
d will wonder whether and how the United States will get China to change its exchange-rate policies,” Summers wrote.
“If Chinese policies do not change, we will have only demonstrated our impotence to China and the world. Why is that desirable?”上海419论坛
He ended the article by saying: “There is a final problem with the Trea
sury Department’s manipulation claims. … We have only limited capacity to shape Ch
上海419论坛女神会所inese behavior. Should we not focus on areas where our position is clearly right and the stakes are high rather than areas w
here our claims are dubious and prosecuting them damages our economy?”
Summers served as treasury secretary in the administration of presiden上海419论坛
t Bill Clinton and as an economic adviser to former president Barack Obama.
Daniel Ikenson, director of the Cato Institute’s Center for Trade Policy Studies in Washington, said on social m
上海419论坛edia: “The Chinese did not devalue their currency. The yuan has been depreciating because of the tariffs and it is n
o longer tenable for China to continue to prop up the yuan. There is no manipulation.”
Last week, Trump said he would impose a 10 percent tariff on an additional $300 billion of Chinese goods starting from Sept 1.上海419论坛女神会所
In response, the yuan fell to a low of just beyond 7-to-1 against the US dollar on Monday. Allowing the yuan to fall red
uces the relative price for Chinese imports and makes US products comparatively more expensive.
上海419论坛Trump called the action “currency manipulation” and an attempt t
o steal US jobs and depress wages. The Treasury Department designated China a currency m
anipulator, but the US can’t seek formal penalties until it attempts to strike a deal with China.上海419论坛女神会所
The major stock indexes－the Dow Jones Industrial Average, the Nasdaq c
omposite and the S&P 500－closed up more than 1 percent each on Tuesday. Afte
r Monday’s sell-off, the biggest of the year, Tuesday’s rebound of 312 points put the Dow at 26,023.
In the Guangdong-Hong Kong-Macao Greater Bay Area, nine cities on the Chinese main
上海419论坛land showed good economic growth in the first half of this year, said news portal STCN.com on Wednesday.
The nine cities are Shenzhen, Guangzhou, Foshan, Dongguan, Huiz
hou, Zhongshan, Zhuhai, Jiangmen and Zhaoqing in South China‘s Guangdong province. 上海419论坛女神会所
Guangdong, one of China’s economic powerhouses, realized a 6.5 percent GDP growth to hit 5.05 trillion yuan in the first six months of 2019.
上海419论坛As core engines to drive Greater Bay Area development, Shenzhen and Guangzhou, respectively, fulfilled 1.21 trilli
on yuan and 1.18 trillion yuan in GDP in, with a 7.4 percent and 7.1 percent climb from the same period last year.
By independent innovation, setting strategic emerging industries and optimizing eco 上海419论坛女神会所
nomic structure, Shenzhen and Guangzhou transformed their growth momentum, said the news portal.
上海419论坛In the first half of 2019, Shenzhen’s industrial added value increased 7.4 percent year-on-year, whil
e the added value in the advanced manufacturing industry and the high-tech manufacturing industry jumped 10.3 p
ercent and 11 percent, respectively, which accounted for 71.2 percent and 66.7 percent of the industrial added value. 上海419论坛女神会所
Moreover, the city’s computers, communications and other electronic equipment manufacturing industries inc
上海419论坛女神会所reased 11.1 percent; electrical machinery and equipment manufacturing industries were up 4.8 per
cent; the special equipment manufacturing industry climbed 6.5 percent; ordinary machinery m
anufacturing grew 2.7 percent and pharmaceutical manufacturing industry jumped 11.4 percent. 上海419论坛
Shenzhen’s exports of high-tech electromechanical products reached 581.57
上海419论坛女神会所billion yuan in the first half of this year, while the export of labor-intensive products w
as 85.01 billion yuan, which shows high-tech products exports are six times the exports of labor-intensive products.
At the invitation of Chinese President Xi Jinping, Colombian President Ivan Duque Marq
上海419论坛女神会所uez will pay a state visit to China from July 28 to 31, the Chinese Foreign Ministry said on Tuesday.
President Xi Jinping sent a congratulatory letter to the 7th Kubuqi International Desert F
orum, which opened Saturday in the city of Ordos in North China’s Inner Mongolia autonomous region. 上海419论坛
Xi called for concerted efforts from the international community to en
上海419论坛女神会所hance international cooperation on combating desertification, promote global en
vironmental governance, and ensure full implementation of the 2030 Agenda for Sustainable Development.
China has placed great emphasis on building an ecological civilization and ma
de great headway in the prevention and control of desertification, Xi said in the letter. 上海419论坛女神会所
Puerto Rico Governor Ricardo Rossello said on Wednesday that he’s resigning, eff
ective Aug 2, amid public anger over obscenity-laced online chats involving him and his aides.
上海419论坛Rossello, 40, is the first governor to resign in the modern history of Puerto Ric
o, a territory with 3.2 million US citizens that is still recovering from a catastrophic hurricane two years ago.
Protests broke out in Puerto Rico earlier this month after the leak of hundreds of pages of text ch女神会所ats on a messaging app in wh 上海419论坛
ich Rossello and other male administration members made vulgar, sexist and inappropriate comments.
Duque’s visit will be the most important bilateral exchange between China and Colo
上海419论坛女神会所mbia this year. It also is the first meeting between the two heads of state after Duque took office.
Xi will hold a welcoming ceremony and a banquet for Duque, hold talks with Du
que, and jointly attend the signing ceremony for the cooperation documents. 上海419论坛女神会所
The two countries are negotiating to sign a number of cooperation agreements in the fiel
ds of education, justice, agriculture, agricultural imports, e-commerce and finance.
ct credit rating business with all types of bonds in China’s interbank and exchange bond markets, s
aid the State Council’s Office of Financial Stability and Development Committee.上海419论坛女神会所
Foreign financial institutions will be allowed to set up or hold stakes
上海419论坛in pension fund management companies, while foreign ownership caps in secur
ities firms, fund management firms and futures companies will be lifted by 2020, a year ahead of schedule, the office said.上海419论坛
The committee underlined the significance of financial reforms and stability and pledged to ma
intain a prudent monetary policy with proper countercyclical adjustments to keep liquidity reasonably ample.上海419论坛女神会所
Dong Dengxin, director of Wuhan University of Science and Tech
nology’s Finance and Securities Institute, said the measures are “unprecedented” in the h上海419论坛
istory of China’s financial sector opening-up and will help expand foreign participation in the domestic sector.
上海419论坛女神会所”This could go a long way toward enhancing the financial sector’s ability to serve the
real economy, as domestic financial institutions will strive to sharpen service quality in the face of inte
nsified competition and learn from advanced practices of foreign peers,” Dong said.上海419论坛
Besides furthering opening-up, “there is additional policy room” on monetary and fiscal fro
上海419论坛nts for China to tackle potential external or internal shocks, said Zhu Haibin, chief China economist at JPMorgan.
The GDP growth rate slowed to 6.2 percent in the second quarter
from 6.4 percent in the first, according to the National Bureau of Statistics.上海419论坛女神会所
Looking into the second half, economists expected steady growth in consumption and high-tech sectors, but cautioned that down
side risks may arise from lingering trade tensions and a softening global economy. Domestically, signs of a lack上海419论坛
luster manufacturing sector and weakening property investment should also be noted, they said.
上海419论坛女神会所To tackle downside pressure, Zhu expected domestic liquidity to re
main accommodative, with various options to prompt key interest rates lower.上海419论坛女神会所
The likelihood of benchmark deposit and lending rate cuts, however, is “very low”, Zhu added
The Lancet report predicts that China will surpass the United States in alc
上海419论坛品茶微信ohol intake per capita by 2030, with Chinese adults projected to drink more than 10 lit
ers annually on average and per capita consumption of alcohol in the US to drop to 9.5 liters. By then, about 77 percent of pe
ople in China are forecast to drink alcohol at least occasionally, compared with 73 percent in the US.
A recent report by major e-commerce platform Suning said that its sales of alcoho上海419论坛品茶微信
l rose greatly last year. Wine was the most popular choice, followed by spirits and beer.
Sales of the Chinese liquor baijiu, which is commonly used for wedding banquets, have risen along with the price, with som上海419论坛
e 20 million couples marrying in China from 2010 to last year. Baijiu is more popular in lower-tier cities than in me
tropolises. The greatest demand is for bottles priced from 100 to 300 yuan ($15 to $44), the Suning report said.
上海419论坛品茶微信Sales of beer and wine have also been steadily rising, especially high-qua
lity or niche products such as imported wine and craft beer. Chinese women prefer fruit
beer, nonalcoholic beer and sweet wine, with growth of all three exceeding the industry average.上海419论坛
US beer and spirits producer Alltech Beverage shipped its first Kentucky bourbon brand Town Branch to China in 2011.
上海419论坛品茶微信Jonathan Ardoin, head of Alltech Beverage Division China, said middle-class Chinese are now ready
to try spirits or beer from overseas, which wasn’t the case when the company first arrived in the count
ry. It now sells a range of imported drinks in China, and has also set up a factory in Hebei province.上海419论坛
“People are still drinking, but are willing to get out of their comfort zone,” Ardoin said.
He added that alcohol is a good “palliative solution” to relieve pr
essure for people who are constantly under stress, and Chinese consumers are foll上海419论坛品茶微信
owing a global trend that has led to increased demand for imported alcoholic beverages.
Sales of Scotch whisky are falling in Europe and the US, while Irish w
hiskey is the industry’s fastest-growing market. Alltech has received many inquiries from C上海419论坛品茶微信
hina and began importing a range of Irish whiskey into the country this year, he said.
of the United States Trade Representative threatening to impose new tariffs on $
4 billion worth of European Union goods, the trade conflict between the US and the EU has inten上海419论坛
sified. And if the US makes good the threat it issued on July 1, the additional tariffs would cover $25 billion of EU goo
上海419论坛品茶微信ds－in April the US had decided to impose additional tariffs on $21 billion of EU products. In addition, the US ad
ministration launched a Section 301 investigation against the digital service tax of France on July 10.
Washington’s move seems to have roots in the 15-year-old dispute ove上海419论坛
r the subsidies given to Boeing by the US and to Airbus by the EU. The US is using tari
ffs to exert pressure on the EU to reduce subsidies to Airbus so Boeing can maintain its competitiveness in the global
上海419论坛品茶微信market and the jobs in the US plane manufacturing industry could be protected.
The US is wielding tariff as weapon also to increase its bargaining chips in the negotiations over “thre
e zeros”－zero tariff, zero tariff barriers and zero subsidy－for non-auto industrial products.上海419论坛
Since the US and the EU have wide differences over auto and agricu
上海419论坛品茶微信ltural products, the negotiations remain mired in uncertainty, although Washington comp
elled Brussels to continue the talks by threatening to impose fresh tariffs on EU goods in April.
As US President Donald Trump prepares to launch his re-election campai
gn, he is trying to mitigate US farmers’ sufferings, as the votes from the agricultural belts helpe上海419论坛品茶微信
d him win the 2016 presidential election. The US administration has provided numerous subsidies for farmers to
help offset their losses due to the US’ trade disputes with China, the EU and other eco上海419论坛
nomies, but subsidies alone cannot solve the farmers’ problems. So Washington has put some EU agr
上海419论坛品茶微信icultural products on the tariff list in an effort to protect its agricultural products market.
However, the fact that the EU has agreed to resume negotiations on subsidies to the plane manuf
acturing industry does not mean it will not take countermeasures if the US does impose m
ore tariffs on EU goods. In April, when the US levied additional tariffs on $21 billion of EU goo
ds, Brussels responded by imposing tariffs on€20 billion ($22.43 billion) of US products.
e the more warships that it and its allies have in the strait, the more risk there is of an inadve
rtent run-in or miscalculation that may trigger a military conflict that neither the US nor Iran wants.上海419论坛
That the US stopped short of launching a retaliatory military attack agains
上海419论坛品茶微信t Iran after Iran shot down its surveillance drone suggests that the US does not want a w
ar with Iran. It hopes that its sanctions and maximum pressure will finally make Iran give in.
But that is very unlikely given the way Iran has responded to wh
at the US has done. The best solution to the current stand-off is for both sides to take a step back,上海419论坛
which Iran already seems to have taken, and engage in talks, talks in which the US should not ask for too much.
The Foreign Ministry confirmed on Monday the detention of a Canadian citizen accu上海419论坛品茶微信
sed of involvement in a drug-related case in Yantai, a coastal city in Shandong province.
Ministry spokesman Geng Shuang said at a daily news conference that a drug-related case in上海419论坛
volving foreign students is under investigation and one of the people involved in the case is a Canadian citizen.
上海419论坛品茶微信Geng also said that the case has nothing to do with a recent drug-related case in Xuzhou, Jian
gsu province, where a police crackdown resulted in the arrest of 19 people, including 16 foreigners.
He said public security authorities had made consular notificati上海419论坛
ons to relevant embassies in a timely manner and will arrange consular visits.
China will safeguard the legitimate rights of the parties concerned in accordance with law, Geng added.
The new case came as tensions continue in Sino-Canadian上海419论坛品茶微信
relations, sparked last year by the detention of Huawei’s chief financial offic
er, Meng Wanzhou, in Vancouver at the request of the United States, which is seeking her extradition.
pair Wednesday上海419论坛. Legislative officials estimated that repair
上海419论坛女神会所ing the damage may cost HK$50 million to HK$60 million ($6.4 million to $7.7 million).
On Tuesday, the building had become a crime scene where police were busy collecting evidence. A worker employed by the
Food and Environmental Hygiene Department told China Daily that over 200 workers were sent to clean up the area.上海419论坛
On Tuesday, the Law Society of Hong Kong－a professional body representing more than 95 percent of lawyers in the region－issue
上海419论坛女神会所d a statement saying that the protesters had defiantly affronted the rule of law by breaking into the Legi
slative Council building by force, inflicting bodily harm on others and causing serious damage to the building.
Their statement said there is a line separating the lawful exercise of constitutio上海419论坛女神会所
nal rights and unlawful activity, which is and should be subject to sanctions and constraints.
The founder of Huawei Technologies Co said that United States President Donald Trump’s decision
上海419论坛女神会所to loosen restrictions on the company in Shenzhen, Guangdong province, will have limited impact as it co
ntinues its shift away from US suppliers, according to a Financial Times report on Wednesday.
Analysts said the remark demonstrates that Huawei remains cautious toward the US government a
nd is determined to beef up its core technologies no matter how the situation develops.上海419论坛
Ren Zhengfei, Huawei’s founder, told Financial Times that Trump’s pl
edge to resume sales of certain US components and software to the tech giant “would not hav上海419论坛
e much impact on what we are currently doing. We will still focus on doing our own job right.”
He added that Trump’s statements are good for US companies, and Huawei is willing to continue to buy products from them.
“At the request of our high-tech companies … I agreed to allow Chinese company Hua
wei to buy products from them which will not impact our national security,” Trump said in a tweet on Sunday.
economy, Council of Foreign Relations staff members James McBride and