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Wang said the Sino-US trade talks have made important

and substantive progress thanks to efforts from both sides. Meanwhile the talks face some serious problems which need to be resolved.

The top diplomat said that as long as the negotiations meet the general direction of China’s reform an

d opening-up policy, adhere to China’s basic needs about high-quality development and serve the com

mon interests of the Chinese and US people, the negotiator teams from both sides could have the capability and w

isdom to settle their reasonable demands and eventually achieve a win-win agreement.

Wang said China insists on upholding national sovereignty, safeguarding the inter

ests of its people and defending national honor when negotiating with any country.

According to the General Administration of Customs, trade between

China and the US in the first four months stood at 1.1 trillion yuan ($160 billion).

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Chinese exporters have from 20 to 50 percent of the

 US market in other low-value-added markets, plus electrical machinery and equipment, mechanical

appliances, and iron and steel. In most other categories, China has less than 20 percent of the US market.

China also assembles and then exports a lot of phones, computers and other gadgets to the US. But, most of the profits and

wages go to Japanese or South Korean component producers or US-based designers. For example, China ma

kes less than $9 from each iPhone. The total price of a phone is ridiculously counted as a Chinese export to the US.

It’s a good thing that China is no longer a low-wage country. Most Chinese

are much better off than they were even 10 years ago. But it does mean that these lo

w-skilled, labor-intensive industries will be moving to less-developed nations. US tariffs on such products will only se

rve to hasten the transition to higher value-added industries that China has to make anyway.

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Xi’s remarks will guide younger generations in taking his

tory as a mirror, and combining their personal ideals with the dream of national rejuvenation, Hu Xianzhong, a senior re

searcher at the China Youth and Children Research Center, said in an article published by China Youth Daily on Sunday.

Since the movement began nearly a century ago, the country’s youth

has been collectively marching with the times and the people under the leadership of the C

PC-whether in periods of revolution, construction, or in the nation’s campaign of reform and openingup, Hu said.

As the centenary of the movement draws near, a good understanding of its history will make yout

hs know more about why their futures are closely connected with the rejuvenation of the Chinese nation so that

they will find their niches and play bigger roles in the country’s socialist cause, he added.

Chen Yuhao, a postgraduate student at the U

niversity of International Business and Economics, said the spirit of patriotism, progress, democracy and s

cience is still the core value of Chinese youth, and should be upheld and carried forward in the new era.

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The Temburong Bridge, the largest infrastructure

unei’s history, will become the country’s longest sea-crossing bridge with a total length of about 30 km. It is scheduled to open to traffic by the end of November 2019.

The CC4 section of the bridge is constructed by China State Construction Engineering C

orp. At around 11.6 km of the 11.8 km-long section will be a land viaduct traversing the mangrove swamp of the

Labu Forest Reserve, the company has established a set of strict safety and green construction evaluation systems to mee

t the high demand for environmental protection and cope with unprecedented difficulty in construction.

The Padma Bridge, 25 meters in width and 10 km in length, will

be built over the Padma River, one of the three major rivers in Bangladesh.

In June 2016, China Railway Major Bridge Engineering Group Co Ltd was awar

ded a $1.55-billion contract by the Bangladeshi government to build the core structure of the bridge.

The bridge is the country’s largest infrastructure project, as wel

l as the largest foreign bridge project undertaken by Chinese companies in terms of total cost.

Once completed, travel time between the capital, Dhaka, and the southern city of Khulna will be shortened to about three hours from 13 hours.

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But the underlying trend for the past five years is enc

ncouraging: annual TFP growth of about 3 percent, with especially strong growth in the tertiar

y sector. So, notwithstanding the recent slowdown in aggregate GDP growth, services-led Chi

nese rebalancing is imparting meaningful productivity leverage to the economy as a whole.

The question now is: Can China sustain its recent TFP trajectorya dist

inct possibility in light of an increasingly powerful shift to indigenous innovation and

the sustained services-led productivity of a growing cohort of well-educated knowledge workers-as well as rea

p the benefits of continued upgrading of its capital stock? If it can, the new Chinese study concludes that China’s potential GDP growth rate could hold aro

nd 6 percent over the next five years. Such an outcome would conform quite closely with China’s longer-term ambitions.

So, despite the days of 10 percent Chinese growth being over, which w

as inevitable, there is good reason to believe that the real story is China’s shift from qua

ntitative to qualitative growth. Which suggests China will defy yet again widespread fears of a looming middle-income trap.

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Ardern met with Premier Li Keqiang on Monday morn

ing, and the two witnessed the signing of four cooperative documents to pr

omote cooperation in tax issues, agriculture, finance and science at a signing cer

emony. A joint declaration on climate change was also released after their meeting.

Zhao Jianglin, a researcher of Asia-Pacific economic studies at the Chinese Academy of Social Sciences, said the visit by Ardern

will provide a timely boost to China-New Zealand relations after the dispute over the use of Chinese telecom equipment.

China has been a key trade partner with New Zealand, which could also provide important s

upport to the Belt and Road Initiative and China’s relations with countries in the South Pacific, she said.

A price cut swept China’s many sectors on Monday, as value-added tax rate reduction officially kicked in.

This year’s Government Work Report, which was released las

t month, said the rate bracket of 16 percent in manufacturing and other industries will

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The Italian side looks forward to enhancing cooperati

tion with China on jointly building the Belt and Road, She said.

Noting that the history of Italy-China exchanges for the past 50 years has been a history of dia

logue and friendship, the speaker said the Italian Senate is willing to facilitate exchanges between the two cou

ntries’ legislative institutions, and continue to make contributions to deepening Italy-China friendly cooperation.

Xi arrived in Rome Thursday for a state visit to Italy, the first stop of his three-nation Europe tour, which will also take him to Monaco and France.

hinese authorities have unveiled detailed measures to implement valu

e-added tax reform, a key step to boost market vitality and stabilize economic growth.

Starting April 1 this year, the 16 percent VAT rate that applies to manufa

cturing and other sectors will be lowered to 13 percent, while the rate for construction, tran

sport and other sectors will be reduced from 10 percent to 9 percent, said a joint statement released on Th

ursday by the Ministry of Finance, State Taxation Administration and the General Administration of Customs.

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The research team also completed its first test drillin

g without a drill pipe core in polar ice bedrock, which helped the scientists obtain the first few samples of bedrock unde

r the ice cores at the station. The conwwwhebeishengxincn-2/ion was also compleexpedition.

Xuelong left Shanghai on Nov 2 and arrived at Zhongshan Station on

Nov 30. The icebreaker entered the Amundsen Sea in early January for a marine survey but

experienced “the worst sea conditions since departure”, according to an earlier report by China Ocean News.

On Jan 19, the ship was caught in a sudden thick fog on the Amundsen Sea and collided with an

iceberg, Cheng Xiao, dean of the College of Global Change and Earth System Science at Beijing Normal University, told Xinhua.

An increase of cyclones in the area since the start of 2019 has great

ly increased the number of floating ice fragments, while in 2018 the area was a single large ice sheet, Ch

en said. The floating ice drifted to the north, pushed by the wind, which also affected navigation on Xuelong’s trip home, he added.

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As election looms, Thais yearn for stabilityl Times Publish

Thailand’s Election Commission rejected Princess Ubolratana Rajakanya’s candidacy for next month’s general elec

tion on Monday. This is in keeping with the Thai tradition that says the monarchy must remain above politics.

This incident has added another twist to the election the run-up to which has been complicated.

In 2014, Thailand’s military seized control of the country after negotiations with rival political factions failed. Sub

sequently, then head of the army General Prayuth Chan-o-Cha took over as the Prime Minister. It is expected that the up

coming general election on March 24 would end the more than four-year-old rule of Prayuth’s junta.

However, originally scheduled for February, the election was postponed by one month due to King Maha Vajiralongkorn’s coronation, which led to unrest.

The military government has not done much for economic development, regardless of its con

tribution to social stability. Thus, the public hopes the election be held as soon as possible so th

at the junta can hand state power back to the people and the nation’s economy can be developed.

Hence, any news of election delay unsettles Thai people. Fortunately, one month is not too long a wait.

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China to remain NYSE’s major contributor of int’l IPOs i

China has been a major market for the New York Stock Exchange (NYSE) when it comes to international initial public offerings

(IPOs) over the past few years, and the trend will continue in 2019, according to the exchange.

The wholly-owned subsidiary of Intercontine

ntal Exchange finished 2018 with 125 billion U.S. dollars in proceeds raised from 356 transactions. In a year mark

d by elevated volatility in U.S. equity markets, NYSE issuers raised 30 billion dollars in proceeds from 73 IPOs, statistics showed.

A total of 25 international IPOs were executed during the year, raising 10 bi

llion dollars in proceeds, including Tencent Music Entertainment Group from C

hina, PagSeguro Digital Ltd. from Brazil, and Hudson Ltd. and Farfetch Ltd. from Britain.

A total of 18 Chinese companies raised more than 4 billion dollars in proceeds las

t year, the exchange said in its response to Xinhua’s inquiry. The compa

nies are from a variety of industries, including education, hospitality, technology, and automotive.

Alex Ibrahim, head of international capital markets at NYSE, told Xinhua that it was a “huge highlight” to have compan

ies like Tencent Music Entertainment listing on the exchange and raising over 1 billion dollars.

The IPO of Nio, a leading Chinese electric vehicle maker, also raised more than 1 b

illion dollars and was a very successful transaction, he noted. “It was super exciti

ng to see those cars in front of the exchange and in Times Square,” Ibrahim said in an exclusive interview with Xinhua.

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