The meeting required Shanxi province, a coal-abundan

t area in North China, to conduct pilot reforms in its energy industry and take the lead in the whole country in areas suc

h as promoting clean and low-carbon energy use and enhancing innovation in energy technologies, it said.

Efforts should be stepped up to build a higher-level, higher-quality food s

ecurity system that is more efficient and more sustainable to guarantee the nation’s grain

reserves, the statement saidThe head of the US-China Business Council, whose members include major US chip

makers that are suppliers to Huawei Technologies Co Ltd, said that the ban on the Chinese telecom giant would come at a co

st to US businesses, and that fair engagement across technologies would be better than decoupling.

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US President Donald Trump, in the name of “national sec

urity”, signed an executive order on May 15 that led the US Department of Commerce to put Huawei and its affilia

tes on an Entity List, which would restrict the sale or transfer of US technologies to the company.

Craig Allen, president of the council, said many of its members are suppliers to Huaw

ei, and all of them have been impacted by the Department of Commerce’s move.

Founded in 1973, the council represents around 200 US companie

s doing business with China, including Apple and Microsoft. It also includes chipmakers Inte

l and Qualcomm, which have said they would stop offering supplies to Huawei until further notice.

The members will follow US law, but there is a cost associated with that, Allen told China Daily.

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Multiple channels needed to keep job market healthy

The Chinese government has accorded priority to achieving stable and expanding employment

among its six stabilization tasks. The importance of stable employment has also been highligh

ted in this year’s Government Work Report. And the State Council, China’s Cabinet, recently established the Emp

loyment Work Leading Group headed by Vice-Premier Hu Chunhua to deal with employment issues.

The government is making special efforts to stabilize and expand employment, especially be

cause of the intensifying Sino-US trade dispute and the increasing uncertainties in international trade.

The China Institute for Employment Research of Renmin University

of China has calculated the employment market index, which shows the health of th

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he May report summarized that China’s growth appear

ears to be stabilizing on the back of recently enhanced supportive measures.

The report expanded the number of countries it scrutinizes for curr

ency manipulation to 21 from 12. Countries with a current account surplus with the US e

quivalent to 2 percent of GDP were put on the watch list, compared with 3 percent of GDP before.

China didn’t meet the “currency manipulator” criteria listed by the US Treasury, but Washi

ngton will continue assessing the RMB’s performance given China’s large trade surplus with the US, the report said.

The US Treasury removed India from the watch list, while it added Singapore, Malaysia and Vietnam.

“Chinese authorities have not used the exchange rate in prior easing

cycles to support growth, and they are unlikely to do so now, as this could pose macr

oeconomic stability risk,” said Andrew Fennell, lead sovereign analyst for China at Fitch Ratings.

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ang said by the end of this year, 5G network construc

The Beijing municipal government plans to invest at least 30 billion yuan by 2022 to build 5G networks, according to a 5G devel

opment plan released in January. In Beijing’s road map for 5G development from 2019 to 2022, the municipal gov

ernment has set a goal to develop its 5G-related industry to realize an income of 200 billion yuan by 2022.

The city said it hopes that by 2022, Beijing-based scientific research

units and enterprises can be a key contributor to global 5G technical standards, acc

ounting for more than 5 percent of all primary and essential international 5G patents.

Huang Jianjun, vice-president of China Jianyin Investment Ltd, said 5G technologies have been deeply integrated with

artificial intelligence, big data, the internet of things and other emerging technologies, ushering in a new era of in

ternet of everything and deep interaction between humans and machines.

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Efforts should be stepped up to build a higher-level, higher

quality food security system that is more efficient and more sustainable to guarantee the nation’s grain reserves, the statement sai

The US government is the one to blame for its self-contradictory actions that have led to escalating trade frictions with China, the Ministry of Commerce said on Thursday.

The US government has been sending self-contradictory signals, by saying that the two countries

will soon reach an agreement and then saying that it is not ready, said Gao Feng, the ministry’s spokesman.

US President Donald Trump said on Monday in Japan that Washington isn’t ready to strike a trade deal

with China, but he’s leaving open the possibility that the two nations could reach an agreement someday.

Gao said it is hard not to cast doubts on the sincerity of the US.

He added that the escalation of the trade dispute has seriously undermined the basis for further talks and the US is the one to blame.

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Accelerating the opening up of China’s commodity futu

ures market will help foreign investors optimize their renminbi-denominated asset portfolios as they can inc

orporate investment targets of a wider variety, said Wang Tingting, an associate pro

fessor of finance with the Central University of Finance and Economics in Beijing.

“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 market to foreign invest

ors, as they have large exposure in the A-share market and are therefore in need of this risk management tool.

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The results of the elections for the European Parliame

nt are broadly in line with expectations. Although pro-European Union parties have won a majori

ty of the seats, the EP is more fragmented than before with traditional center-right and center-left par

ties losing seats to Liberals and Greens, and Euroskeptic parties increasing their vote share. This is likely to

make it more difficult for the EU to agree new trade deals and choose new leaders for EU institutions.

The heads of government of EU states met on Tuesday to discuss who will fill the top jobs.

The new EP and the EU leadership face a difficult international environment, especially on th

e trade front. The United States administration, already engaged in a tariff war with China, has its sights on the

EU as well, describing the bloc as “a foe”. The US has imposed 25 percent tariffs on European steel and aluminum an

d threatened to slap similar tariffs on European cars unless the EU opens up its agricultural market.

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rche which, under threat from Marine le Pen’s National

has taken a tougher line on protection of agriculture. France, for example, is opposed to including agriculture in transatlantic trade talks.

The Greens are one of the big winners in the elections (even beating Germ

any’s Social democrats into second place), and they will seek to impose strict conditions reg

arding climate change, the environment and human rights on future trade deals. This attitude will also make it dif

ficult to agree a new trade deal with the US, as it has not endorsed the 2015 Paris climate agreement.

Although the nationalist and populist parties now have more seats, it does not mean they will form a united front in the EP. Th

ere are divisions on trade, on the environment and on dealing with China. Some of these parties, such as the Na

tional Front, are seen as firm opponents of free trade, whereas Alternative for Germany and Matteo Sal

vini’s Lega Nord in Italy tend to be more supportive (depending on the content of the trade agreement).

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Chinese investment in the United States is creating go

ood jobs in areas that are poor, where good jobs are needed,” he said. “We should celebrate that advancement of econ

omic opportunity in the United States. And similarly, we should expand US investment in China.”

US goods exports to China declined by 7 percent in 2018, as trade disputes between

the two economies began to bite, but still outpaced growth in exports to the rest of the world over the past decade, ac

cording to the 2019 State Export Report released earlier this month by the US-China Business Council.

The report said China continued to be important to US economic growth, supporting more than 1.1 million jobs.

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