Month: April 2019 (page 1 of 9)

Other commonly used disaggregated growth meas

ures are consistent with the top-line measured GDP growth number. For example, production and

supply of electricity, thermal power, gas and water increased by 7.1 percent in the quarter. Pl

us, value-added index of transport, storage and post increased by 7.3 percent.

A closer look at the highest growth sectors shows that the economy is moving toward the long-term goal of shif

ting away from a development strategy based on heavy investment in industry and

infrastructure to one based on services and domestic consumption. Also, more productive industries that tur

n out higher-value added goods are growing at a much faster rate than traditional heavy industry.

Among large companies, State-owned enterprises grew 4.5 percent yea

r-on-year while shareholding enterprises grew almost twice as fast, at 7.8 percent. So, stro

ng progress is being made toward the goal of promoting private enterprise, which was re

inforced by many policies announced at last month’s meeting of the National People’s Congress.

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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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Medical experts said bills for patients requiring 29

of the 55 rare disease medicines available on the Chinese mainland

have been partly or fully covered by the country’s medical insurance system.

The average medical bill for rare disease patients is 200,000 yuan ($

29,700) a year and more than 40 percent of patients have received no medical tre

atment due to the high prices, according to Li Linkang, China Alliance of Rate Diseases executive director.

Biogen, the United Sates-based pharmaceutical compa

ny that developed the drug, said that it is talking to the C

hinese government, the medical and patient communities, and charitable orga

nizations in a bid to establish a co-payment system to make the drug available to more patients.

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Consensus to lead to common prosperityries pose f

President says gathering sets stage for more Belt and Road progress, cooperation

More than $64 billion in deals were signed during the Second Belt a

nd Road Forum for International Cooperation, President Xi Jinping told members of the me

dia from home and abroad in Beijing after the three-day event concluded on Saturday.

In addition, Xi said, during the preparation and holding of the fo

rum, parties reached 283 pragmatic outcomes, including intergovernmental cooperation agre

ements, cooperative projects and the launch of multilateral cooperation platforms.

The outcomes fully demonstrate that joint building of the Belt and Road conforms to the trend of the times, wi

nning the hearts of the people, improving livelihoods and benefiting the whole world, he said.

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China welcomes financial institutions around the worl

 to participate in financing Belt and Road projects, Xi said, adding that multiple participants will bring common benefits.

Xi announced that China will support 5,000 people from innovative sectors in Belt and Road

countries in conducting exchanges, training programs and joint research in the next five years.

Xi called for joint efforts to facilitate trade and investment and oppose protectio

nism, saying that the flow of products, funds, technology and people can propel forces for economic growth.

According to Xi, more than 150 countries and internat

ional organizations have signed cooperation documents to jointly build the Belt and Road.

The BRI has opened new space for global economic growth and

built a new platform for international trade and investment, Xi said.

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China to support 5,000 people for BRI innovation excha

China will support 5,000 people from innovation sector in Belt and Road countries i

n conducting exchanges, training programs and joint researches in the next five years.

Sustainable development under BRI stressed

China will work with other parties to promote a coalition of sustainab

le cities and an international coalition for green development under the Belt and Road Initiative.

China to invite 10,000 representatives of political parties, think tanks, NGOs from B&R countries

A total of 10,000 representatives of political parties, think ta

nks and non-governmental organizations from count

ries participating in the Belt and Road Initiative will be invited to China for exchanges in the next five years.

China to allow foreign businesses in more sectors with controlling or full stake

China will allow foreign investors to operate businesses in more sec

tors with controlling or full stake. China will roll out a new batch of pilot free trade zones.

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ent Xi Jinping speaks at the opening ceremony of the

hina will increase imports of goods and services on a larger scale. China will further lower its tariff rates.

China not to adopt beggar-thy-neighbor currency devaluation

China will continue to improve the exchange rate formation mechanism of its curren

cy, the renminbi, and keep the exchange rate generally stable on a reasonable and balanced level.

China establishes mechanism for fulfilling international agreements

China attaches great importance to the establishment of a constrain

t mechanism for the fulfillment and implementation of international agreements, and the modi

fication and improvement of laws and regulations in accordance with the need of further opening-up.

Fair treatment to Chinese enterprises, students, scholars abroad called for

All countries should create a sound investment environment, and treat Chinese e

nterprises, students and scholars abroad as equals. All countries should provide a fair and friendly envir

onment for them to carry out normal international exchanges and cooperation.

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Also, the UNOOSA just signed a framework agreeme

 with China, allowing UN member states to participate in its scientific missions for the exploration of the solar system. It will bri

ng scientists from all over the world to work together, which will bring a lot of innovation,” she added.

The meteorological satellite jointly designed and constructed by

Chinese and French scientists has already started to send back data on the wind and ocean wave

s after it was sent to orbit by a Chinese rocket in October. The data can help scientists learn more about climate chan

ge, said Lionel Suchet, chief operating officer of the National Centre for Space Studies of France.

“In 2021, France and China plan to jointly launch an astronomical satellite to help the world deepen

its understanding on the gravitational wave,” Suchet said. “Space is our future, we need to step into it together.”

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Liu also announced that a multilateral development

financing cooperation center has recently been established — jointly with eight multilateral develo

pment institutions including the World Bank, Asian Development Bank and Asian Infrastructure In

vestment Bank — to prepare for “high-quality” projects and promote international standards for BRI financing.

Chinese financial institutions have provided more than $440 billion for BRI infrastructure projects. Renminbi-denom

inated overseas investment funds amounted to over 320 billion yuan ($47.49 billion) and the Chinese capital mark

et has helped companies raise 500 billion yuan through equity funding. BRI countries and companies have issued mor

e than 65 billion yuan in Panda bonds in the Chinese onshore market, according to the central bank.

The World Bank said BRI cooperation is predicted to reduce global trade costs by 1.1 percent to 2.2 percent in 2019.

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Xi added that the two countries should jointly prom

mote the building of the Asia-Pacific free trade zone and maintain the multilateral trading system.

He said China and Latin American countries should support each other, make full use

of their complementary advantages and achieve win-win cooperation. The two sides should pursue comm

on development and jointly build a community with a shared future for China and Latin America, Xi added.

The Chilean president said the Belt and Road Initiative, put forward by Xi, has show

n the glorious history of the ancient Silk Road and promoted exchanges between different cultures in the new era.

Chile supports the building of the Belt and Road, and it hopes t

o learn from China’s experience in innovative and green development, he said.

Pinera said Chile, which is dedicated to maintaining multilateralism and the multilateral t

rading system, would like to enhance coordination with China on regional and multilateral affairs.

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