The danger here lies in the fact that excessively low

growth targets, based on excessively low estimates of potential growth, lead to lower actual growth. Fo

r an economy the size of China’s, a difference of even 1 percentage point has a huge impact on welfare.

Many economists would counter that a conservative growth target is useful-or even necessary-to create space for struct

ural adjustment. But this claim is unconvincing. Reducing China’s excessive reliance on investment in real es

tate-one of the economy’s most serious structural problems-does not necessarily require a reduction in FAI gro

wth, let alone GDP growth. Nor is slower GDP growth a prerequisite for improving financial stability.

China must pursue as high a growth rate as possible

In my view, because no one is sure what exactly China’s potential growth rate is, the best strategy is to try to achieve as high a g

rowth rate as possible, so long as it doesn’t worsen inflation and hinder structural adjustment.

koryoung.com.cn

the World Trade Organization in 2001. That paved the

way to more than a decade of export-led double-digit economic grow

th, and the ongoing shift from export-led quantitative economic growth to inno

vation-led qualitative development, which has accelerated under President Xi Jinping’s leadership.

China’s industrialization peaked between the late 1990s and 2008, when the

global financial crisis broke out. Now China’s rate of growth is decelerating, which has been

the norm for all industrialized countries from Great Britain in the 19th century to the US in the 20th century.

In China, deceleration is a sign that rebalancing toward consumption and innovation by 2030 is on track.

Nevertheless, the living standard in China continues to improve st

eadily. Today, it is about a third relative to the US. In other words, it has multiplied six tim

es relative to US living standard, thus supporting the rise of the world’s largest emerging middle-income group.

www.xyzaw.cn

Chan also said that trade secrets at times were diffic

cult to legally protect in the past, causing “huge trouble for American tech

nology companies in protecting core and critical technologies” that they could not patent.

The latest amendments to the Anti-Unfair Competition Law, which unde

rwent a substantial revision in 2017, have emphasized protecting trade secrets.

He said in that in January, China’s Supreme People’s Cour

t set up an IPR court to handle complex appeals on patent litigation.

Chan said “all these measures” have led to progress for 59 percent of t

he US companies operating in China in protecting trademarks and brands in the pa

st five years, according to the American Chamber of Commerce in China.

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She added that Nepal sticks to the one-China policy an

 and will not allow any forces to use its territory to conduct any anti-China activities.

The two leaders witnessed the signing of bilateral cooperation documents after the meeting.

hinese tech giant Huawei reported a 149 percent rise in research and development spendin

g from 2014 to 2018, faster than its counterparts Apple and Samsung, according to a Bloomberg report released last Friday.

The company’s R&D expenditure increase was just behind Amazon, which rose 210 percent during the 5-year period.

China is now Nepal’s biggest source of foreign investment

, second-largest trade partner and second-largest source of foreign tourists.

Ahead of the First Belt and Road Forum for International Coopera

tion, China and Nepal signed a memorandum on Belt and Road cooperation in May 2017.

deng-di.cn

Leveraging private funds prioritized in BRI projects

China’s financial minister and central bank governor vowed to strengthe

n debt management and leverage more private funds for infrastructure construction un

der the Belt and Road Initiative, suggesting a new framework to assess debt risks for partner countries on Thursday.

The Ministry of Finance published a debt-sustainability analysis framework for the BRI’s participating economies at the start of t

he Second Belt and Road Forum for International Cooperation, a three-day event in Beijing.

Financial institutions of China and other BRI economies are encouraged to use the “nonmandatory” policy t

ool for rating debt risk before making lending decisions. The analysis method is based on in

ternational standards provided by the International Monetary Fund and World Bank, according to the ministry.

ex079.cn

Analysts guessing over central bank’s next move

Debates on whether the central bank needs to further ease monetary policy or not are continuing amo

ng analysts, with their emphasis on guessing the next liquidity injection through reducing banks’ reserved deposits.

Supporters of monetary easing expect that another cut in the re

serve requirement ratio (RRR) may come no later than this week, as a liquidity shorta

ge may occur after commercial banks pay back 366.5 billion yuan ($54.65 billion) to the central bank on Wedn

esday. That amount of interbank lending was conducted previously under the medium-term lending facilities (MLF) scheme.

Opponents, however, contend that the current liquidity is sufficient, and any further ea

sing will fuel inflation risks, especially as Chinese economy has started its upcycle.

The central bank’s monetary policy committee held the first quarter’s regular meeting on Friday.

The members achieved a consensus to continue the counter-cyclical measures and stren

gthen coordination between monetary and fiscal policies. Policy fine-tuning should be at the proper time, to prev

ent risks with the priority of stabilizing growth, according to a statement after the meeting.

renrencanzheng.org

The school established an AI research institute in Decem

ber 2017 for graduate students. Many instructors at the school are working on AI-related res

earch so there will be no problem finding capable teachers for the new students, Lin said.

China’s booming AI industry has resulted in a growing demand for tal

ent. It is common for students in AI-related fields to have

already committed to companies before they even graduate and enter the job market, he said.

Master’s graduates majoring in AI can easily find jobs with salaries over 300,000 y

uan ($44,700) per year, and salaries for doctoral graduates are even higher, he said.

Chinese universities are catching up with their counterparts in the United

States in terms of basic research in AI and the numbe

r of published papers, yet they still lag behind in transforming research into application, he added.

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Tu Liangcheng, one of the leading scientists of the Tia

nqin project, said that the project has been going smoothly.

“So far nearly 200 Chinese scientists from more than 30 dome

stic research institutions and universities and about 30 researchers from at l

east eight other countries-including Russia, Italy, Germany and France-have participated in the pr

oject,” said Tu, who is also director of the gravitation center at the Wuhan university.

Shen Zhiqiang, head of the Chinese Academy of Sciences’ Shanghai Astronomical Observatory, and a membe

r of the EHT team, said the success of the first black hole image has encouraged Chinese scientists to engage in mo

re international collaboration and boost the country’s ability in studying deep space.

Chinese scientists participated in Hawaii and Spain in the observations

that yielded the black hole image. They were highly involved in follow-up data analysis and th

eoretical explanation throughout the two years that followed the five-day observations in April 2017.

cn-yongan.com

In 2018, bilateral trade reached a historical high, surpa

ssing $682 billion, and it is only natural that the two sides should seek to consolidate their trade and economic cooperation since it provides a solid foundati

on for strengthening their overall relationship, and they have everything to gain from building on the current g

ood momentum in their relations and docking their respective development strategies.

At the 21st China-EU Leaders’ Meeting in Brussels on Tuesday, Premier Li Keqiang is expected to underscore China’s resolve to deepen st

rategic mutual trust and cooperation with the EU, including on the Belt and Road Initiative that China has prop

osed as a means for improving global connectivity and shared development.

This year, Italy and Luxembourg signed memorandums of under

standing with China to jointly advance the construction of the Belt and Road, bringing to 22 the total num

ber of European countries that have signed cooperative agreements with China on the initiative.

It is not all hunky-dory of course, as two major powers, the two sides do differ on some issues, a

nd there are some disputes between them. However, their common interests far outweigh their differences.

www.chinacctm.cn

Small train supplies water to mountain for 44 years

 For residents in Huojugou village in China’s Changbai Mountains, a train whistl

e is a euphonious sound that will bring gurgling water to their kitchen and bathhouse.

For 44 years, the mountainous village and several others in northeast China’s Jilin Province

have relied on a train, which only has one locomotive and one tank car, to provide their water supply.

The train commutes between the towns of Songshu and Baihe, nestled deep in Changbai Mountain. Since 1975, it has run for m

ore than 1.6 million km, delivering water to over 2,600 nearby villagers that had limited access to clean water.

Though cisterns have been built to store water unloaded from the trains, villagers along the line

still keep the tradition of welcoming the train in person, clanking their buckets and bottles.

Fetching water used to be a big headache. We had to travel to a far-away river to get water and e

ven make a hole in the ice during winter,” said Li Zuopei, an 80-year-old resident in Yingbishan village.

“Then the small train sent water right to our doorsteps, and it’s amaz

ing that the service has been going on uninterrupted for so many years,” said Li.

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