Borrowing costs will get lower for companies in China starting Tuesday through a
key interest rate reform brought out by the People’s Bank of China, the central bank, to maintain ec上海419
onomic momentum amid the continuing trade friction with the United States.
上海419女神会所Analysts say the interest rate reform will lower financing costs for small a
nd private companies and encourage investment in the manufacturing sector.
The PBOC unveiled the policy over the weekend, saying it would introduce a new reference rate, the loan prime rate－the pr上海419
ice of loans banks offer their best clients－for setting the prices of business and household loans. The earlier re
上海419ference rate, the one-year benchmark lending rate, will be replaced in the future.
The announcement is seen as China’s most significant market-based interest rate reform for over a decade, experts said.上海419女神会所
The PBOC said in a statement that, starting Tuesday, 18 qualified commer
cial banks, including State-owned banks, city and rural commercial banks and foreign banks, will report their lend
上海419ing reference rate every month. Analysts expect the first loan prime rate will be much lower than the current 4.35 per
cent one-year benchmark lending rate, which has been unchanged since August 2015.
The statement said commercial banks will be allo上海419
wed to float the lending rates up by certain percentage points above the medium-ter
上海419女神会所m lending facility rate of the central bank. The medium-term lending rate is the cost that commercial banks sho
uld pay for borrowing from the central bank, and it was set at 3.3 percent on Thursday.
Sheng Songcheng, a central bank adviser and former head of the PBOC’s
statistics department, said the reform will help keep lending rates lower.
Moreover, the changes will enable the PBOC to effectively influence Chin上海419女神会所
a’s entire interest rate system by selling or buying financial instruments on the open
market, much like how Western central banks implement monetary policy, Sheng said.
Parliamentary party leaders in the Senate on Aug 13 decided the date when Prime Minister Gius
eppe Conte would face the vote in parliequested last week by League party leader, Matteo S上海419论坛
alvini. The League party had formed a coalition with Conte’s Five Star Movement.
上海419论坛The two coalition partners have been at odds on most issues since they joined forces to run the country last year. Salv
ini, whose popularity has been soaring, wants Italians to go to the polls quickly, possibly as early as October.上海419论坛女神会所
Politicians from all the parties in parliament said Prime Minister Giuseppe Conte will address the S
enate on that day. Conte must offer his resignation to President Sergio Mattarella if the motion passes.
President Donald Trump will welcome the Romanian President Klaus Iohannis to t上海419论坛
he White House on Aug 20. Trump and Iohannis will discuss shared security challe
nges facing the US and Romania and ways to advance trade and energy partnerships.
The visit comes in the 15th year of Romania’s membership of NATO.上海419论坛
Local governments told to provide accurate information to authorities
Authorities have found a series of problems上海419论坛女神会所
while carrying out the third national land survey, warning local gover
nments and natural resource departments to fulfill their responsibilities.
上海419论坛The problems were outlined on Friday by the Ministry of Natural Resources and the central
government supervision team, and involved 20 provinces, municipalities and autonomous regions.
In Qinghai province, for example, local natural resources department and sup上海419论坛
ervisory teams were blamed for not taking the field surveys seriously, nor did they urg
e that uncovered problems be corrected in accordance with rules and regulations.
In Yulin, Shaanxi province, entities did not fully carr上海419论坛女神会所
y out the investigation responsibly, resulting in imprecise
outcomes, and county-level authorities deliberately changed and forged mapping data.
“Those cases reflected problems, such as poor quality surveys a上海419论坛nd data accuracy. I hope that will be a w
arning for future work,” said Wang Guanghua, vice-minister of natural resources.
He said the ministry will not tolerate the forging of data.上海419论坛女神会所
The third national land survey was launched in 2017
by the State Council, aiming to thoroughly check the status of the country’s l
and use, collect accurate data, and improve the mechanism of surveys and statistics.
Global Times journalist Fu Guohao was discharged from a Hong Kong hospital on Wednesday, ha
ving been detained and assaulted by protestors at Hong Kong International Airport for almost an hour la上海419女神会所
te on Tuesday during a sit-in that shut down the airport’s operations for almost two days.
Fu met media after he was discharged from the Princess Margaret Hospital in the New Territories of Hong Kong SAR. Fu上海419
said he did not suffer serious injuries, coming away with just some bruising to his face.
Fu thanked the public for their care and concern, saying he still loves Hong Kong.
上海419Fu was sent to Hong Kong by the Global Times to cover the protests. The mass sit-in
at the airport started on Friday and led the airport to halt operations for two days.
Wearing a yellow press jacket, Fu’s hands and legs were bound while he上海419
was assaulted by a group of protestors who didn’t believe him to be journalist.
Fu was taken away by ambulance early Wednesday morning.
Hours before the assault of Fu, a tourist from Shenzhen, Guangdong province, was上海419女神会所
also detained and assaulted for hours by protestors who had doubts about his identity.
ome journalists tried but were unable to rescue the man, with protestors accusing those journalists of being undercover agents.
上海419The protestors demanded that the journalists produce identity documents to prove that they were reporters.
The man was later rescued after riot police arrived at the airport.
Shortly after Fu was detained and assaulted, Global Times editor-in-chief Hu
Xijin confirmed on his Sina Weibo account that Fu works for the media organization.上海419女神会所
Hu said the protesters’ actions were “shameless” and “cowardly”.
Hu urged protesters, whom he called “mobs”, to respect journalists.上海419
“If these radical protesters in Hong Kong could conduct brutal lynching against jou
rnalists, then you tell me, should we stop calling you mobs, but ‘terrorists’?” Hu asked.
In a letter to Hu, the Hong Kong Association of Media Veterans condemned what happened to Fu at the airport.上海419女神会所
The association, with a membership of more than 1,000 media prof
essionals, said Fu has shown the world how to be a professional reporter.
s to improve ties with Islamabad, and is willing to main
tain restraint and safeguard regional peace and stability.
Jaishankar added that h上海乌托邦品茶微信is country stands ready to properl
y resolve the China-India border question through consultation and
will honor the consensus that the two nations have reached on promoting tranquillity in the area.
上海乌托邦品茶微信New Delhi is looking forward to the second informal meeting between President Xi Ji
nping and Indian Prime Minister Narendra Modi, to be held in India later this year, Jaishankar said. The fi上海乌托邦
rst such meeting between the two leaders took place in April 2018 in Wuhan, Hubei province.
During their talks, Wang and Jaishankar agreed China and India would expand pragmatic上海乌托邦
cooperation in such areas as trade, investment and tourism and strengthen exchanges on defense issues.
上海乌托邦品茶微信Foreign direct investment (FDI) into the Chinese mainland expanded 7.3 percent year-o
n-year to 533.14 billion yuan in the January-July period, the Ministry of Commerce announced Tuesday.
In US dollar terms, FDI inflow grew 3.6 percent year on year to $78.8 billion during the period, the ministry said.上海乌托邦
FDI in July alone reached 54.82 billion yuan, up 8.7 percent year-on-year.
During the past seven months, a total of 24,050 new foreign-funded enterprises were founded.上海乌托邦品茶微信
Investment in high-tech industries climbed 43.1 percent year-on-year to account for 29.3 percent of the total FDI, a
mong which the high-tech service sector received 97.39 billion yuan, up 63.2 percent.
g the order of the international financial community,” Liu said.
Zhang Xiaohui, a senior researcher for the CF40 and a former assistant governor of the Chinese central bank, said, “The IMF concl上海龙凤1314
usion is objective and reflects that the yuan was assessed to be broadly in line with medium-term fundamentals.”
上海龙凤1314品茶微信Besides refraining from competitively depreciating its own currency, China has also b
een committed to promoting international currency policy coordination, said Zhu, the bank official.
President Xi Jinping announced at the Second Belt and Road Forum for International Cooperation in Beijing in April tha上海龙凤1314
t China will more effectively engage in international macro-economic policy coordination, including more improve
ments to the exchange rate regime, to ensure that the market plays a decisive role in resource allocation.
According to the IMF news release on Friday, its executive directors agreed that grea
上海龙凤1314品茶微信ter exchange rate flexibility and deeper and better-functioning foreign exchange
markets would help China’s financial system be more capable of dealing with capital flow volatility.
Chen Yuan, chairman of the CF40 Executive Council and former上海龙凤1314
vice-chairman of the Chinese People’s Political Consultative Conference, ca
utioned that China needs to prepare for long-term disputes, including in the field of finance.
Chen suggested increasing yuan-denominated settlements in global comm上海龙凤1314品茶微信
odity trade and accelerating the internationalization of the yuan to reduce reliance on the dollar.
Zhou Xiaochuan, chairman of the China Institute of Finance and a former c
上海龙凤1314entral bank governor, said at the CF40 forum over the weekend that China may have to take
countermeasures in the face of any tariff or nontariff barriers imposed against the country.
It was not manipulation but market forces that pushed the recent depreciation of the yuan against the gree上海龙凤1314品茶微信
nback, said Phil Levy, chief economist at Flexport, a San Francisco-based logistics company.
“It is difficult to argue that a failure to intervene against those market forces constitutes currency manipulation,” he said.
There are few factors that would continue to push up inflation except for food, he said. A
uthorities have vowed to keep the country’s monetary policy prudent and will not resort to excessive m上海千花网女神会所
oney supply to stimulate economic growth, thereby helping to stabilize prices, Liu said.
上海千花网Li Chao, chief economist at Huatai Securities, said that the July readin
g may be the highest this year because prices of most items have remained stable or we
akened. As the momentum of price increases for fruit and pork is expected to weaken, CPI growth may trend down in t上海千花网女神会所
he August-October period. “We think the price rise pressure remains controllable,” he said in a research note.
The stable inflation level will not have a significant bearing on monetary policymaking, said Liu of CUFE.
上海千花网But Liu also warned that policymakers should closely monitor the food
price changes and ensure stable food supplies to iron out major price fluctuations.上海千花网
The producer price index, which measures factory-gate prices and co
ncerns corporate profitability, dropped by 0.3 percent year-on-year in July, the NBS said.上海千花网
The fall reflects the easing of GDP growth, which slowed to 6.2 percent year-on-year in the second quarter.
上海千花网女神会所”The fall is in line with market expectations,” said Zhu Jianfang and Liu Boyang, economists at CITIC Securities. The c
ountry’s environmental protection measures, which reduce production capacity, may help bolster PPI in the com
ing months, but the situation will not improve significantly, they said in a research note.上海千花网
Online media registration for the second China International Import Expo opened on Fri
day. The registration system at media.ciie.org will be accessible until September 30.
上海千花网女神会所When registering for a media pass, foreign journalists who will be travelling to China to cover the ev
ent need to specify their outlet in the “foreign media organizations” listing under the media organization categ
ory, and select the “foreigners for temporary stay in China” option when entering their personal information.
The latest report by International Monetary Fund (IMF) conclude
上海419d that the exchange rate of the Chinese yuan was “broadly in line with medium-term f
undamentals”, and the Chinese monetary authority barely intervened in the foreign exchange market.上海419
The report, released late Friday in Washington, was a blow to the lab
eling of China as “a currency manipulator” by the US administration, experts said.
The value of the Chinese currency and the country’s external position i
上海419品茶微信n 2018 were “broadly in line with the level consistent with medium-term fun
damentals and desirable policies,” the report said, citing that China’s current account surplus fell by around 1 pe
rcentage point to 0.4 percent of GDP in 2018 and is projected to remain contained at 0.5 percent of GDP in 2019.
Estimates showed that the People’s Bank of China, the country’s central ban上海419
k, has had “little FX intervention”, said the report, which is based on IMF’s latest Ar
ticle IV consultation with China, a review of the Chinese economy that concluded on July 31.
上海419品茶微信The IMF’s conclusion came in just four days after the US Treasury officially la
beled China as a “currency manipulator” on Monday. The Chinese yuan
weakened to beyond 7 per dollar for the first time in more than a decade earlier this week.上海419
“The IMF conclusion is objective and reflected that the renminbi was assessed to be broadly
in line with medium-term fundamentals. The result kept pace with what it said in July,” said Zhang Xiaohui, a s
上海419品茶微信enior researcher of the China Finance 40 Forum (CF40), and former assistant governor of the PBOC.
What the IMF concluded is a just decision, reflecting that the US labeling simply doesn’t hold water, according to Yu Yo
ngding, a senior economist at the Chinese Academy of Social Sciences and a consultant of CF40.
ng her annual leave in Paris two years ago. Her future husband was a st
上海夜生活udent in London. You never know where or when the right person will appear for you,” he says.
“Maybe your other half is nearby, just around the corner, or far away on the road in front of you. All in all, I believe th
上海夜生活女神会所at going out to socialize and actively looking for my Ms Right is the best approach.”
Cabinet unveils measures to stabilize job market in face of downward pressure on economy
China has unveiled measures to stabilize the job market, with上海夜生活
steps to establish an early warning mechanism for large-scale la
上海夜生活yoffs and unemployment risks amid mounting downward pressure on the economy.
In a statement released after an executive meeting on July 31, the State Council said the country is facing pressure to create mor
e jobs, and stronger measures must be adopted to stabilize growth and promote entrepreneurship.上海夜生活女神会所
It also called for stronger efforts to break barriers hindering the development of market enti
上海夜生活ties and to create more jobs. Employment in labor-intensive sectors must be closely monitored, and an early war
ning mechanism for large-scale layoffs and unemployment risks will be established.
More than 7.37 million urban jobs were created in the first half of the year－two-thirds上海夜生活女神会所
of the annual target－according to the Ministry of Human Resources and Social Security.
In the first half, the surveyed unemployment rate remained stable at 5.1 per
上海夜生活cent, while the registered urban unemployment rate was kept at 3.61 percent, according to the ministry.
China’s economic growth slowed to 6.2 percent in the second quarter, its weakest pace in a
t least 27 years, with demand faltering at home and abroad amid ongoing trade frictions with the United States.上海夜生活女神会所
Delivering a government work report in March, Premier Li Keqiang pledged to pursue an employment-first policy with
full force. The country would implement a vocational skills training initiative, and allocat
don’t like arranged marriages or parental interference in their love li
上海419ves. A survey released by the China Youth Daily in June shows that more than 61 percent of you
ng people oppose arranged marriages and wanted their parents to stay out of their search for a partner.
Many online matchmaking services have emerged in recent years. The th 上海419女神会所
ree biggest service providers are Jiayuan, founded in 2003, which claims to have 190
上海419million users; Zhenai, founded in 2005 with 170 million users; and Baihe founded in 2005 with 100 million users. A
ll three websites also have their own apps. Users who are free to register on these websites may need to pay a fee
while interacting with other users.Wang Ziyu, 27, who works as a product manager at a startup company in Beijing, is 上海419女神会所
going to attend an eight-minute blind date. This, as the name implies, is a speed dating event that is common in Western co
untries. Within the allotted timespan, he will talk with one female participant. He has taken part in these events three tim
上海419es in the past two months but still feels a bit unsure about the best way to break the ice with a stranger.
“The website provides me with a great range of choices,” says Huang Ying, 32, who works for a State-owned electricity com
pany in Guangzhou, Guangdong province. She has spent 388 yuan ($55) on Zhenai for a year to contact people via its app. 上海419女神会所
“Most users have verified their identity on the app and have a brief statem
ent about themselves as well as what kind of person they are looking for,” Huang says.
上海419Huang did date a man she met on Zhenai for about six months but she broke up with him.
“I believe family and educational background are vital cons
iderations when choosing a life partner,” says Huang, who adds that there is no shor 上海419女神会所
tcut, as the only way to find the right person is to go out and socialize and not be afraid of rejection.
diest since World War II compared with any other major country.
上海夜网New China faced many twists and turns in the first 30 years in rebuilding its economy. Even durin
g the 40 years of reform and opening-up, it has successfully weathered many a powerful s
torm including four major external crises: the debt crisis in the early 1980s, Western sanctions from the late 1980s to上海夜网女神会所
the early 1990s, the 1997-98 Asian financial crisis and the 2008 global financial crisis.
Centralized leadership adds to China’s advantages
上海夜网Admittedly, the Chinese economy has been facing a new type of challenge since the second half of 2018 because of the tr
ade war launched against it by the US. Yet the new challenge cannot be compared with the past external crises. Ev
en in the 1990s, at the height of Western sanctions, China was able to reverse the trade deficit that had u上海夜网女神会所
ndermined its economy for nearly 100 years since the First Sino-Japanese War (1894-95).
上海夜网Now, China has to deal with the fifth major external challenge: the US-instigated trade war. Notwithstanding the s
aber-rattling of some US politicians and the US administration’s desperate attempt to prevent the rise of Chinese hi
gh-tech companies, which reminds one of the Cold War, do those trying to force China to concede ground by applying “
上海夜网maximum pressure” really understand how China has weathered powerful storms in the past decades?
Without economic resilience and expertise in the high-tech sector, China would not have been able to close the
wide gap with the US in national strength. Perhaps this is why the US has labeled China as a major competitor.上海夜网女神会所
The domestic political infighting in the US unseen in decades is likely t
o intensify and create a bigger problem for the White House. By contrast, the
strengthened centralized leadership of China is well-positioned to deal with any challenges with greater efficiency. In this上海夜网
regard, the US hawks, who have turned a blind eye to China’s resilience, should look at China’s history and see how it has
overcome challenges, and stop resorting to “maximum pressure” to fulfill their narrow political goals.上海夜网女神会所
The author is a researcher at the Chinese Academy of International Trade and
Economic Cooperation. The views don’t necessarily represent those of China Daily.