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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alwai highly commended China’s achievements in its ref

form and opening-up drive, and said the country’s success has not only brought changes to itself, but als

o has profound and positive influence on the world. Vanuatu firmly honors the one-China policy

and supports the Chinese government in its efforts to realize peaceful national reunification, he added.

oreign investors may get access to more onshore commodity contracts?

China will give foreign investors more access to its commodity futures market as part of it

s continuing efforts to strengthen the real economy, the top securities regulator said on Tuesday.

The move will benefit both overseas and domestic market participants, and

the opening-up of the stock index futures market will also speed up, experts said.

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Pompeo said in an interview with CNBC that, “We’ve been

working at the State Department to make sure that everyone understands the risks.”

“Recently, some US politicians have repeatedly made rumors about Huawei but canno

t provide any evidence that other countries have requested,” Lu told a daily news conference.

He noted that the US public is having more and more doubts over the market turbulen

ce and undermined industrial cooperation caused by the trade war and technology war initiated by the US.

“So some US politicians have continually created rumors, tr

ying to mislead the public and stir up ideological opposition, which is illogical,” Lu said.

Ideological differences do not necessarily impede tra

de, industrial and technological cooperation between countries, he said.

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China will further open the financial market to welcom

e more overseas investors in. The cross-border trade and investment will be more free and convenient, said Pan.

He called China’s economy stable, as the major economic indicators were within a reasonable range.

In April, the National Bureau of Statistics said the purchasing ma

nagers’ index for the manufacturing sector stood at 50.1, indicating expansion as the reading was above 50.

The broad money supply, or M2, increased 8.5 percent year-on-year by the end of April, compared with 8.3 percent a year earlier.

“The prudential monetary policy was focused on countercyclical adjustments this year, maintaining flexibility as well as

ample liquidity to promote fast growth of credit and strengthened support of private and small enterprises,” Pan added.

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The US’ trade deficit stems from its extremely low natio

nal savings rate and has to be compensated by other countries’ national savings, which in tu

rn adds to the trade deficit. On the other hand, China’s efficiency in the manufacturing industry makes it a lar

ge exporter of manufactured goods to the US and helps it sustain its high savings rate.

A high growth rate means higher trade deficit for US

Given that the US economy is driven by domestic demand, consumpt

ion in particular, instead of exports, a high rate of ec

onomic growth will widen the trade deficit, as it would have to import more products than it exports. In such a sit

uation, the implementation of large-scale infrastructure construction projects would further increase the trade deficit.

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Washington foolish to defy economics law and turns in the

The root cause for the repeated twists and turns in the China-US trade talks lies, to a grea

t extent, in the United States’ serious deviation from, and disdain for, the objective laws of econ

omics. The fact that China will never accept its unreasonable demands further complicates the matters for the US.

The US administration’s often competing and clashing objectives-though m

any of them are understandable-cannot be realized simultaneously. For instance, the U

S hopes to revive its industries and boost its real economy while maintaining the huge bubble in its financial market.

A dream called sustainable reindustrialization

Yet the US expends huge amounts of its resources just to maintain its mo

netary hegemony and thus ensure its financial sector offers higher pay and return on inv

estment compared with the real economy sectors, which helps it to maintain its advantage in

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Separately, on the same day, the US Commerce Department

said it would be adding Huawei and its 70 affiliates to an Entity List, which will ban the compan

y from buying parts and components of US companies without prior government approval.

Gao Feng, spokesman for the Ministry of Commerce, said at a briefing that the con

cept of national security “should not be used as a tool for trade protectionism”.

“China strongly opposes other countries imposing unilateral sanctions on Chinese entities,” Gao said.

He called on the US to stop its wrongful behavior and make more efforts to create conditions for normal international trade cooperation.

Huawei has been increasing its 5G commercial contracts worldwide, with more countries giving the com

pany a vote of confidence. But it is facing security allegations from the US, which Huawei has said are unfounded.

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“Learning to work together in an orderly, high trust

level, and supported by diverse interest groups will prevent conflicts among stakeholders in the South China Sea,” Santarita said.

Scientists from China and other countries involved in the Belt and Road Initiative will work together to enhance scientifi

c and technological cooperation in disaster prevention and mitigation, according to a joint declaration.

He said Asia’s emphasis on “respect for authority, respect for the environment and the discipli

ne to control the use of resources” will also see Asian leaders pursuing a more eco-friendly dev

elopment path and honor their commitments to the Paris climate agreement.

“If there is harmony, discipline, stability and the primacy of family and com

munity over the individual, then any problem can be easily addressed,” Santarita said.

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The legislation states that Washington should condu

ct “regular sales” of “defense articles” to Taiwan and back its participation in international organizations.

“We urge the US side to keep its promise, abide by the one--China policy a

nd the three joint communiques, and block the bill’s progress,” Geng said.

He urged the US to “appropriately handle the Taiwan question to avoid serious da

mage to Sino-US cooperation in key areas, and the peace and security of the region”.

Experts said the bill will further damage Sino-US relations, and the confr

ontational approach taken by the US against China will damage regional peace and security.

Yuan Zheng, director of US foreign relations research at the Institute of American Studies under the Chinese Academy of

Social Sciences, said the recent passage of US naval vessels through the Taiwan Straits, arms sales and

political support to Taiwan are meant to help Taiwan separatists and pressure Beijing.

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Boosting rural areas will help solve dilemmas of ove

rcrowding and rampant construction plaguing cities, and the development of cities will also offer unique ways to bring about rural revitalization,” Chen said.

“As restrictions on hukou will gradually be removed, cities need to be well-prepared to offer

accommodation and employment opportunities, and allow children of migrant workers to have equal access to education,” Chen added.

China has made steady progress in urbanization, as the ranks of permanent urban r

esidents stood at 831 million at the end of 2018, up 17.9 million from the previous year, said the National Bureau of Statistics.

Last month, the National Development and Reform Commission said it

plans to increase the urbanization rate by at least 1 percentage point by the end of this year.

Shen Chi, vice-director of the China Center for Urban Development, said the government’s new

plan will help foster high-quality and sustainable economic development across the nation.

“Relaxing the hukou policy will be a key step in promoting the free flow of labor across

the nation,” Shen said. “A systematic consideration and arrangement of the integratio

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