Quotable quotes from business leaders at 3rd WIC

Praising Tianjin’s efforts and achievements in intelligent sc

ience and technology, Liu Chuanzhi, board chairman of Legend Holdings Co Ltd, pred

icted the city will make a qualitative leap in two to three years by combining intelligent technologies with manufacturing.

Liu, also founder of Chinese computer giant Lenovo, said his company, like Tianjin, considers intelligent technology a new imp

etus. Lenovo is working on many intelligent applications and has invested in many high-tech ma

nufacturing enterprises. It uses various artificial intelligence-driven algorithms and machine learning to ana

lyze the data of its supply chain system, using it to optimize Lenovo’s new intelligent spare parts supply chain.

Liu Qingfeng, chairman and CEO of iFlytek, said the company has developed a series o

f products driven by AI applications, based on small samples over the past year.

The company’s latest technological breakthrough is for the first tim

e its machine has surpassed humans in English reading comprehension, Liu said.

He said that he believes AI in 2019 has entered the year of large-scale application.

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the middle of this century, digital villages will be compl

pletely built nationwide to advance rural revitalization.

To fulfill such targets, the country will accelerate the construction of IT infr

astructures in rural areas, upgrading rural internet facilities and information services.

More efforts will be made to boost the rural digital economy, with wider use of digital technolo

gies in agriculture and the development of e-commerce and various emerging creative industries in rural regions.

While providing more support for rural technological innovation, the co

untry will strengthen ecological protection in rural areas with digital technologies.

Moreover, the guideline stressed the significance of improving internet access in rural areas in poverty alleviation and ca

lled for enhanced information sharing to promote urban-rural integrated development.

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es it a large exporter of manufactured goods to the US and

Given that the US economy is driven by domestic demand, consumption in particular, instead of exports, a high rate of eco

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

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

To make up for the increasing savings gap, the US needs to introduce and use more foreign ca

pital, which will further enlarge the trade deficit. Therefore, the US cannot simultaneously maintain a high g

rowth rate, invest massively in infrastructure, reduce the trade deficit and restrict the inflow of foreign capital.

What is really questionable is that, despite its contempt for over-regulation of the economy, the US administration has been tryi

ng to impose regulations on international trade, even for its trade partners’ domestic economic management.

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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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China has to walk a fine balance between local govern

nment debt management and stable economic growth, especially at a time when trade te

nsions with the United States have imposed more downward pressure, said economists.

More financial resources and investors will be involved in the debt resolution process, said Qiao Baoyun, head of the Acad

emy of Public Finance and Public Policy at the Central University of Finance and Economics.

The last round of local government debt swaps started in 2015 and ended in August 2018, w

hich saw 14.34 trillion yuan ($2.08 trillion) of local government debt being swapped into bonds.

Local governments are set to face more debt burden in the next three ye

ars, as many of the previously issued bonds are set to expire, income from land sales has

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Liu’s article was published in Qiushi Journal, a flagship m

magazine of the Communist Party of China Central Committee. He said more efforts a

re needed to implement the proactive fiscal policy and boost efficiency this year.

Preventing and defusing local governments’ hidden debt risks is key to controlling major risks, he said.

Innovative financial tools will be introduced for debt swaps, and the indebted comp

anies will be allowed to choose the same way, under guidance from the local governments, Liu Shangxi, hea

d of the Chinese Academy of Fiscal Sciences, the Ministry of Finance’s think tank, told China Daily.

“The total amount of hidden debt waiting to be swapped has not yet been calculated, as this

round of debt swaps will not involve the government’s administrative orders, but depends on the ma

rket’s appetite based on the evaluation of the potential default risks and the companies’ solvency,” he said.

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Under current party rules, she cannot be challenged again

n for a year, but some on Brady’s committee had pushed for those rules to be change

d in order to try to force her out earlier if she refused to set out a clear departure date.

Boris Johnson, the face of the campaign for Britain to leave the Europea

n Union, said he would stand as a candidate to replace May as Conservative leader.

May’s Brexit deal has been rejected three times by parliament, and weeks of talks with the opposition Labour Party, the idea

of which was deeply unpopular with many Conservatives, have failed to find a consensus on the way forward.

A BBC reporter said on Thursday those talks were due to be

called off soon after the ruling Conservatives gave up on any hope of a resolution.

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Asked whether China will retaliate by targeting certain US co

 companies, Lu said that as for foreign enterprises operating in Chi

na, there is no need for them to worry as long as their businesses are law-abiding.

S President Donald Trump issued an executive order on Wednesd

ay in which he declared a national economic emergency and banned the technology and

services of “foreign adversaries” deemed to pose “unacceptable risks” to US national security.

The US intention is so obvious that media outlets around the world have without exception interpr

eted this as targeting Huawei, by excluding the Chinese telecommunications giant from US networks.

Washington has repeatedly claimed that Huawei’s equipment poses a security threat, but for all the sound and fury, it sign

ifies nothing, as it has never produced any credible evidence, indeed any evidence at all.

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In contrast, the US seems to take it for granted that tarif

s are a weapon it can employ to bring China to its knees and extract one-sided concessions, apparently ignorant to the fac

t that China is not what it was in the late 1800s and early 1900s when the country was forced into signing humil

iating treaties, which resulted in the opening of trading ports and paying of indemnities to Western powers.

Perhaps the blame for the breakdown in the talks should be laid at the door of the mind-set o

f the West, which sees only winners and losers, rather than a holistic whole in which all benefit from each other.

That Eastern viewpoint explains why China still hopes that the US will meet it halfway for

the benefit of both countries and both peoples as well as the development of the world economy.

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Reducing poverty must begin with reducing ignorance. Ther

refore, giving rural children a good education is an important task in poverty relief, and

also a crucial means to stop poverty from being passed on between generations,” he said.

“The poor regions are the bottleneck in building a moderately prosperous society by 2020,” Xi wrote.

While talking with students and teachers at a primary school in Zhongyi, a towns

hip in Chongqing’s Shizhu Tujia autonomous county, in April, Xi

said compulsory education is an important part of poverty eradication.

Children in impoverished mountainous regions must be guaranteed access to education, an

d they should have a happy childhood, Xi said during his visit to Chongqing. He encouraged teachers to sett

le down in such regions, dedicate themselves to education in rural areas and contribute to poverty reduction.

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