ietnam surpassed India to become the largest buyer of Chin

a’s photovoltaic products. Export value to Vietnam rose 239 times to $739 million in the fi

rst quarter, taking up 16.8 percent of China’s total photovoltaic export value.

With the European Union ending its anti-dumping and anti-subsidy meas

ures, photovoltaic exports from China to Europe also saw large increase in Q1.

The country’s photovoltaic products export volume to the Netherlands and Spain increased 1,049.6 percent and 158.3 perc

ent, respectively, in the first quarter, said the report. It predicted that the emerging markets, such as Mexico, Aus

tralia, Turkey, and the United Arab Emirates will further boost the export of China’s photovoltaic modules.

The export of China’s photovoltaic products to the United States dropped 28.9 pe

rcent to just 0.01 GW in the first quarter, the report said. The Section 201, Section 3

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Xinjiang to launch up to 100 trains for tourists

As tours to Xinjiang Uygur autonomous region have become increasingly popular among tourists from home and abroad, local

authorities have announced a plan recently to launch as many as 100 special trains for tourists from May to October.

The local railway authorities will step up cooperation with other part

s of the country to boost Xinjiang’s tourism development, according to Huang Ti

ngfen, deputy general manager of Xinjiang Railway Tourism Development Group.

The trains will provide easier access to both the southern and northern parts of Xinjia

ng, said Huang. It will also be more convenient for Xinjiang residents to travel to other parts of the country.

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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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nd information technology, had confirmed at the Boao Fo

oao Forum for Asia, that China will grant 5G licenses this year, but didn’t disclose a specific date.

“5G, industrial internet and the internet of vehicles are among the country’s top development priorities

in the telecommunications industry,” Zhang Feng, chief engineer of the Ministry of Industry and Information Technology, sa

id on Friday during the World Telecommunication and Information Society Day.

Zhang called for accelerated efforts to set standards in key areas, including 5G, to expedite the com

mercialization of this forefront technology and bolster the nation’s core competitiveness.

Major Chinese smartphone maker Huawei Technologies Co has already unveiled its first 5G chip and first 5G fold

able smartphone, the Mate X, which is expected to hit the market in June, despite challenges involving the United States.

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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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Pei was born in Guangzhou and raised in Hong Kong and

anghai, before moving to the US in 1935. He studied at the Massachusetts Institute of Technology and Harvard’s design s

chool, and spent the early years of his career designing buildings for a real estate developer in New York.

Pei is known for his affection towards precise geometry and design details. He also ha

d a strong reverence for light, as shown in the famous pyramid of the Louvre Museum.

His significant works include the Jacob K Javits Convention Center in Manhattan (1979 to 1986), the Morto

n H Meyerson Symphony Center in Dallas (1982 to 1989), the Bank of China Tower in Hong K

ong (1982 to 1989), and the Museum of Islamic Art in Doha, Qatar (2003 to 2008).

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producers or US-based designers. For example, China ma

akes less than $9 from each iPhone. The total price of a phone is ridiculously counted as a Chinese export to the US.

It’s a good thing that China is no longer a low-wage country. Most Chinese are much better off than they were even 10 ye

ars ago. But it does mean that these low-skilled, labor-intensive industries will be moving to less-developed nations. US t

ariffs on such products will only serve to hasten the transition to higher value-added industries that China has to make anyway.

Roughly 20 years ago, when China’s admission to the World Trade Organiz

ation was being negotiated, China’s economy was tiny as a portion of world GDP. It was clearly a poor, less-deve

loped country that, except in a few areas, was not able to compete with Western companies in high-value-added products.

As Alexander Hamilton, the first US Treasury secretary, argued, a dev

eloping country may need to protect its “infant industries” from already established foreign

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Govt should accelerate tax cuts to invigorate economy, pre

Premier Li Keqiang urged government departments to speed up the implement

ation of tax reductions to invigorate the country’s economy, amid rising uncertainties about growth on Friday.

Li was speaking with entrepreneurs from the manufacturing, constructio

n and service sectors at the Zhongnanhai leadership compound in Beijing.

The businesspeople said they have received benefits from the tax reduction measures in t

he past months, after the measures were introduced by Li in the Government Work Report in March. Th

ey also offered advice on how to further ease the tax burden on businesses.

After hearing their opinions, Li called tax reduction a great decision

made by the Communist Party of China Central Committee and the State Council. It has boosted

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Not only are there missing links on the causality chai

 between long-term structural factors and actual economic performance, it is also unclear how long those factors would take to constrain GDP growth to a part

cular level. In fact, 20 years ago, the same long-term factors were used to warn of a possible fall in Chinese GDP growth.

Because of the complexity of China’s growth trajectory, many economists seem to base their assessments of potenti

al on performance. After every drop in China’s GDP growth since the second quarter of 2012-when growth fell be

low 8 percent-economists have emerged to declare that performance was in line with potential.

Difficult to determine potential growth rate

To be sure, there are various estimates of China’s potential growth rate, ranging from 5 perc

ent to 8 percent. But it is difficult to determine which is reliable. For one thing, there is reason to believe that

most estimates fail to discount cyclical factors adequately when calculating the long-term trend.

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The meeting on Sunday decided on further steps to

 identify unwarranted certification items for abolition and list all certification items deemed ne

cessary. At the same time, work to establish a pre-commitment qualification system will be intensified.

“The reform of the qualification system is part and parcel of our efforts to build a credit-based society. Without a fully fledg

ed credit-based society, our business environment will not see significant improvements,” Li said.

It was decided at the meeting that the practice of pre-commitment of qualification will be piloted in 13 pro

vinces and municipalities, including Tianjin, Liaoning, Shanghai, Guangdong, Sichuan and Shaanxi, and in five mi

nistries-the Ministry of Public Security, the Ministry of Justice, the Minist

ry of Human Resources and Social Security, the Ministry of Natural Resources and the Ministry of Transport.

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