Monthly ArchiveMay 2019

administration escalating tariffs and Beijing retaliating.

It is important that we come to an agreement over time that addresses the problems that we have identified. And the sooner the better,” Allen said.

He said the council had opposed the use of tariffs from the very beginning and hop

ed a “mutually acceptable and supportive” agreement could be reached in the near term.

“But, currently, we are moving away from that agreement. We want to get back to moving toward a

n agreement so that our two economies can begin to interact with each other in a more normal manner,” he said.

Allen, who was in Lexington, Kentucky, last week for the Fifth US-China Governors Fo

rum, said he had spoken to a number of Chinese investors in Kentucky and throughout the United St

ates who are bringing jobs and opportunities that did not exist previously.

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In a statement on May 16, Huawei said that losing acce

ss to US suppliers “will do significant economic harm to the US companies” and affect “tens of thousands of US jobs”. In total, US firm

s sold an estimated $11 billion worth of components to Huawei last year, according to earlier media reports.

“I’m not able to tell you exactly what the costs will be; it differs from company to company,” said Allen.

“But clearly, from a corporate perspective, this Department

of Commerce action has created costs and has escalated the uncertainty quite a bit.”

Asked to comment on some voices in the US calling for the “decoupling” of the two countries, especially in the technology sect

or, Allen said both sides should pursue a playing field of “smart competition and engagement”, in which the

y play by a “common set of rules” that are mainly set by World Trade Organization obligations.

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The world’s second-largest economy maintained its fore

eign exchange reserves at $3.095 trillion at the end of April. The reserve amount was stable, altho

ugh it slightly retreated from $3.098 trillion at the end of March, according to the State Administration of Foreign Exchange.

Li Yang, director of the National Institution for Finance and Development of the Chinese Academy

of Social Sciences, said that China is unlikely to sacrifice foreign exchange reserves to de

fend its currency, even if depreciation pressure rises amid any escalation in trade tension.

In May, the offshore RMB exchange rate against the US dollar dropped more than 3 percen

t under market pressure as global investors worried about the escalation of trade friction.

Guo Shuqing, Party secretary of the People’s Bank of China, the central bank, said on Monday that higher US tariffs on Chin

a’s imports triggered financial market volatility, and this also affected the offshore RMB.

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RMB’s value determined by market forcesce forex rese

Beijing will not sacrifice forex reserves to defend its currency, analysts say

China would rather rely on market-oriented forces to determine the renminbi’s value than defend its currency by d

ipping into its $3 trillion foreign exchange reserves amid trade disagreements, analysts said.

The United States Treasury announced on Wednesday that it could not label China a

s a “currency manipulator” after Washington monitored the recent performance of the RMB.

No evidence was found to show Chinese monetary authority intervention in foreign exchange markets over the past sev

eral months, according to the US Treasury’s semiannual foreign-exchange report to Congress.

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The debate seems to be generating wide interest in Chi

 China, with related hashtags getting more than 150 million views on Weibo.

Eunice Yoon, Beijing bureau chief and Inside China host at CNBC Interna

tional, tweeted to Regan that 120 million people viewed a Chinese hashtag that she tran

slated to: “Fox News female anchor challenges debate after being accused by CCTV for being emotional”.

Yoon, incidentally, was a former classmate of Regan’s at Phillips Exeter Academy, a prep school in New Hampshire.

“Seeing the kind of reaction online, I want to say, it’s important for us to have a meaningfu

l discussion to try to understand each other better. I appreciate the opportunity,” Liu wrote on May 24.

Liu has been working at CCTV since 1997, after graduating from Nanjing University’s English studies program.

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Local government authorities said the races may disturb g

 Chen Xiang, head of the sports bureau of Qiannan prefecture in Guizhou, t

old the thepaper.cn. It was agreed after meetings with education authorities and parents of stud

ents that the large crowd gathered during dragon boat races will create noise, Chen said.

Therefore, the dragon boat racing activities in the city, previ

ously scheduled on June 5-7, were postponed to June 9-11. Teams participating in the races were cont

acted and told the reason for the delay. They understood the reasons, Chen added.

An official at the sports bureau of Chizhou city, Anhui, said they have received letters and calls f

rom parents of examinees and people, expressing their concerns (that noise generated by dragon boa

t races may disturb students sitting the gaokao). So the bureau decided to postpone the races until June 9-10.

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Wuxi officials punished over kindergarten ‘gang’ question

Three officials in Wuxi, East China’s Jiangsu province, have been gi

ven Party and administrative punishments on Thursday over an inappropriate question about

whether kindergarten children were involved in gangs, the local government said on its official Wechat account.

According to the government of Wuxi’s Xishan district, Feng Dongyan, director and Party chief

of the Xishan Education Bureau, has been given the punishment of warning within the Party.

Wang Zhaoyu, director of the educational bureau’s general office, has been given a serious warni

ng within the Party and removed from office. Lu Zhongxian, director of the bureau’s educational equi

pment and student aid management center, was also given a serious warning and dismissed.

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Belt, Road high on China-Niger agendaming ceremoident

China and Niger should enhance Belt and Road cooperation and implemen

t major projects in areas such as infrastructure, energy and agriculture, President Xi Jinp

ing said on Tuesday. Xi made the remark while meeting with Niger’s President Mahamadou Issoufou at the Gre

at Hall of the People in Beijing. Issoufou is paying a state visit to China from Sunday to Thursday.

Witnessed by the two leaders, China and Niger signed a number of cooperation documents after their talks. Xi appre

ciated Issoufou’s efforts in promoting the China-Niger and China-Africa friendship over the past few years. Not

ing that China and Niger are good friends, partners and brothers, Xi said that the two countries have enhanced mu

tual political trust and have achieved fruitful outcomes in practical cooperation in several areas.

China would like to work with Niger to jointly implement the outcomes of the Beijing Summit of the Forum on China-Afri

ca Cooperation, strengthen strategic cooperation and bring more benefits to the people of both countries.

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The 5G tech will not only improve the way people liv

 live and work, but also accelerate China’s social digital transformation as well as build key competence amid the uphill battle in the global industry,” Huang said.

“There are huge investment opportunities for 5G industries, including materials, chips,

main equipment suppliers, base stations, antenna, cloud computing, internet of vehicles and the internet of things,” Hu

ang said. “5G will bring historic opportunities for China’s economic and social development.”

A new 5G research institute has also been established in Yizhuang, Beijing on Wednesday.

According to a new report by Global System for Mobile Communications Associ

ation, China is set to become the largest 5G market in the globe, with 460 million 5G users by 2025.

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Foreign investors’ access to onshore stock index futures

“Moreover, as foreign investors’ trading helps boost liquidity in the domestic market and makes the price changes mor

e consistent with international trends, domestic market participants can also better hedge against risks,” he said.

Experts also expect China to open up the stock index futures mark

et to foreign investors, as they have large exposure in t

he A-share market and are therefore in need of this risk management tool.

Foreign investors’ access to onshore stock index futures is an “infrastructure” for fin

ancial market opening-up, without which foreign investors’ passion for Chinese shares may be dampened, said Wa

ng Maobin, investment department chair at the University of International Business and Economics in Beijing.

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