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.
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
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.
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.
arned against further raising tariffs. “Increasing tariffs will only continue to harm America
n consumers and businesses of all sizes and across all sectors, as well as threat en American econ
omic growth and leadership in innovation,” said Naomi Wilson, the council’s senior director of policy for Asia.
US chemical manufacturers also called for sensible trade policy solutions.
Cal Dooley, president and CEO of the American Chemistry Council, said on Monday he believed t
he risks of continuing to use tariffs as a negotiating tactic with China are simply too high, and potential benefits remain unclear.
Several organizations, including Tariffs Hurt the Heartland — the national campaign compose
d of more than 150 of the largest US trade organizations in retail, technology, manufacturing and agric
ulture — have in recent days highlighted the negative impact of tariff increases on the US economy and job market.
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
rch and field development resources to expand in the Chinese market over the coming years, he said.
Ministry of Commerce spokesman Gao Feng said last month that the t
wo countries’ negotiating teams are hashing out the text of a deal, including an enfo
rcement mechanism, based on mutual respect and benefit. Both countries, the world’s two biggest eco
nomies, have been intensifying their consultations and aiming to break the deadlock in a timely manner.
In the ninth round of trade consultations, negotiators discussed tec
hnology transfers, protection of intellectual property rights, non-tariff measures, the servi
ce sector, agriculture, trade imbalances and enforcement mechanisms.
Trade between China and the US amounted to 815.86 billion yuan ($121.7 billion) i
n the first quarter of the year, an 11 percent year-on-year decline, according to the General Administration of Cus
toms. In March, Sino-US trade climbed 0.1 percent to 291.35 billion yuan, according to the administration.
Figures show faster Q1 development, signaling a healthy start for industries
Most provinces in China achieved faster-than-expected growth in the first quarter of 2019, reflect
ing the resilience of the country’s sprawling industrial economy, the country’s top industry regulator said on Tuesday.
Huang Libin, a spokesman for the Ministry of Industry and Information Technology, said at a news conference that 22 p
rovinces’ industrial growth rates from January to March were higher than their targets for the whole year and driven
partly by central and local governments’ favorable policies to accelerate supply-side reform.
Industrial output in Zhejiang province grew 8.9 percent year-on-yea
r in the first quarter, compared with the 7.3 percent it recorded for all of 2018 and faster
than its 2019 target, Huang said, without specifying the province’s growth goal.
“We are in the critical stage of industrial upgrading and seeking high-quality development. The upb
eat readings will continue boosting market expectations and confidence,” he added.
The International Monetary Fund said on Tuesday that it expects China’s economy to grow 6.3 percent in 2019－up 0.1 perce
ntage point from its prediction in January. Analysts said the world’s second-large
st economy is set to remain stable as authorities continue to implement supportive policies.
The latest World Economic Outlook, released at the start of the sp
ring meetings of the IMF and the World Bank in Washington, also predicted the United States e
conomy would grow 2.3 percent this year, 0.2 percentage point lower than the IMF’s earlier forecast.
The outlook for China falls within the range of the country’s targeted goal of securing between 6 p
ercent and 6.5 percent growth for this year, and is very close to that of Chinese researchers.
On April 1, Zhang Ping, a researcher at the Institute of Economics of the Chinese Acad
emy of Social Sciences, said China’s GDP growth should remain at 6.2 percent in the fir
st half, and average 6.3 percent for the whole year, thanks to incentives including tax and fee cuts.
the air of 2.04 milligrams per cubic meter at a monitoring point 1 kilometer downwin