hinese consumers to drive future global growth

One of Britain’s leading economists said Chinese consumer 上海品茶微信s will be the driving force of future global economic growth.

Jim O’Neill, chair of the international think tank Chatham House and former chief econom

i 上海品茶微信st at Goldman Sachs, made the remarks in a speech on Wednesday at the celebration of the 70th anniversary of th

e founding of the People’s Republic of China and the second China-UK Economic and Trade Forum in London.

“What happens to the Chinese consumers is more important to China’s future,” O’Neill said.

“If China continues with 8 percent nominal GDP gr 上海品茶微信owth, which I believe is 5 percent real (GDP growth), and 3 percent pri

ces (meaning inflation), and if the Chinese consumers become the 50 percent of that total, the change from the next

year to the next decade is somewhere between $11 to $12 trillion, which is equivalent to create another China,” he said.上海品茶微信

O’Neill i 上海品茶微信s known for coining the term BRIC, the group term for Brazil, Russia, India and China, in 2001, to describe the four rapidly-developing nations that symbolized the shifting balance in the global economy.

South Africa was added to the group nine years later, making it BRICS.

“China remains the only one of the BRICS countries that aft上海品茶微信er 17 years has actually done exactly what we had expected it would achieve,” he said.

His opinion is that the ongoing trade dispute with the Un

ited States is not the most important challenge the country currently faces.

To continue its success, O’Neill said, China ne

上海品茶微信女神会所eds to address aspects of its aging population, which is a key contr

ibutor to the economic growth slowdown, and tackle environmental issues and population control in urban areas.

O’Neill is a former British commercial secretary to the Treasury. He said the Belt and Road Initiative, or BRI, initiated six ye

ars ago, will play a “hugely important” role in global trade, which has been buffeted by rising protectionism and unilateralism.

The BRI aims to build the Silk Road Economic Belt and the 21st Century Maritime Silk Road and deliver policies, infra

structure, trade, financial and people-to-people c上海品茶微信女神会所onnectivity via a new platform for a brighter future.

“If it can be implemented collectively, it can transform the trade pattern in Asia, p

articularly between China and India, two of the major BRICS countries,” he added.

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hina takes big step in artemisinin resistance

Nobel Prize winner Tu Youyou’s team on Monday announced major scientific breakthroughs in treatment of artemisinin resistance.

Sweet wormwood was used in ancient Chinese therapy to treat various illnesses, including fevers typical of mala

ria. Nearly five decades ago, Chinese scientists, including Tu, identified its active ingredient, artemisinin.

In 2005, the WHO recommended Artemisinin-based Combin

ation Therapies as the most effective malaria treatment available.

However, the World Malaria Report 2018 published by the World Health Organiza

tion said that after an unprecedented period of success in global malaria control, progress has stalled. Art

emisinin resistance and partner drug resistance has been reported in Greater Mekong subregion.

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hina to remain steadfast protecting national security

First, China has undisputable sovereignty over islands and their surrounding waters in the South China Sea, backed by a wealth of historical and legal basis,” Shao said.

For a long period of time, various nations’ normal passage and flight in the region have never been obstructed. “There i

s no issue over the freedom of navigation and overflight in the South China Sea,” he said.

However, the US has frequently sent vessels and aircraft to trespass into Chinese mar

itime territory and airspace, and has conducted intense intelligence gathering and special drills in the region.

“These actions damage the peace and security of the region,” Shao said. “As a result, the PLA

has installed necessary defense equipment on the islands in accordance with security needs. This is within

the natural rights of a sovereign state, and a necessary measure to counter those provocative actions.”

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The Global Times called the face-off of the two ancho

orwomen “friendly, meaningful talks. Both agreed: trade war is bad! (For Trish, that’s a change of hea

rt, since she had tried to justify the US trade war against China.)”, it said on its Twitter account.

A Twitter user, Ryan Bryant @RayCaiYan, said in a reply to Regan’s tweet, “That was not even a DEBATE, more like a Q&A session

. I thought Trish could leverage some of Liu’s answers to discuss the issues further, but sadly she couldn’t.”

FionaXu tweeted: The American hostess is talking about free market. Tell me how American

market is “free” under Trump’s government? You mean protectionism equals free market???”

Jon Taylor, a professor of political science of the University of St. Thomas in Houston, said that while they pretty muc

h disagreed on everything, it offered US viewers the chance to actually hear the Chinese side of the issues.

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As for global GDP, manufacturing employment and

trade, they could decline by 0.134 percent, 0.323 percent and 0.869 percent. Th

e US tariff hikes therefore will increase the economic pain of the US and world economies.

Agricultural products, chemicals and chemical products, textiles and g

arments are the main US items targeted by China’s higher tariffs. But despite the higher tar

iffs providing some protection for domestic industries, Chinese consumers might have to pay more to purchase them.

In the first four months of this year, the volume of Sino-US trade dropped by 15.7 percent to $161.23 billion. In terms of product

structure, US exports of raw materials and foods to China saw the biggest decline, among which the export of so

ybeans plummeted by half in March compared with the same period last year. And US exports of plant products, mi

nerals, jewelry and precious metals declined by more than 85 percent in the first quarter.

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He said through the SAR government’s efforts and a ratio

onal discussion among the people of

Hong Kong, the city will eventually reach a consensus and any doubts over the issue will be dispelled.

Han, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Comm

ittee, hoped that all sectors in Hong Kong will work together to safeguard the image of the city’s rule of law.

The SAR government proposed to amend its Fugitive Offenders Ordinance and Mutual Legal Assista

nce in Criminal Matters Ordinance in March. The proposed amendments will allow Hong Kon

g to surrender fugitive offenders to jurisdictions with which it does not currently have extradition arrangements on

a case-by-case basis, with prior approval from the chief executive before an application is submitted to the courts.

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The future growth prospects of today’s early-stage (that is

lower-income-some growing and others not) developing countries will be of huge importance in red

ucing poverty further. Although these countries face significant headwinds, they could also seize imp

ortant new growth opportunities-especially with the help of digital platforms.

The headwinds are certainly considerable. For starters, advances in digital technolo

gies-robotics, machine learning, sensors, and vision-directly threaten the labor-intensive manu

facturing and assembly upon which lower-income, nonresource-rich economies have traditionally relied.

Moreover, climate change has had its greatest economic impact on the tropical and subtropical regio

ns where most of the lower-income countries are located. The effects of global warming are highly disrup

tive in fragile economies, and, taken together, constitute a major new obstacle to growthle

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gdong province, his administration has established a resea

arch institute to accelerate the development of new apparatuses for underground detection that could reduce interference from human activity.

“We will also explore carrying out observational experiments

in wells from hundred of meters to 1,000 meters deep, and through scientific drilling that will p

enetrate active earthquake faults to gain more information about underground structures,” he said.

Currently, 13 countries have been involved in the project, includ

ing Russia, Egypt and Algeria, and 17 domestic research teams, including one from U

niversity of Science and Technology of China, have started research on the site, Zheng noted.

The site will “offer research teams with observa

tion equipment, support for outdoor observation and data sharing services”, he said.

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Australia and Canada remain the third and fourth most p

popular destinations for overseas study, accounting for 18 percent and 1

6 percent respectively, followed by Hong Kong, Germany and Japan, the report found.

The report was based on a survey conducted by Vision Overseas Consulting Co, a subsidiary of New Oriental Education and Technolo

gy Group and Kantar Millward Brown in January and February. The survey covered 6,228 students who plan to go to school ove

rseas or have returned to China after graduation, and their parents. It is the fifth consecutive year the report was released.

Sun Tao, president of Vision Overseas Consulting Co, said: “More students chose to go to the UK for overseas study b

ecause of its high-quality higher education institutions and relatively lower costs compared with the US.”

Many UK universities now offer one-year master’s program, which can

greatly decrease the students’ cost, he said, adding that the UK government has also im

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Only toward the end of the last century, global econom

 integration-trade, investment and finance-began benefiting large emerging and developing econ

omies. To be sustainable, globalization cannot serve just a few wealthy advanced economies. It m

ust also serve poorer and faster-growing economies, which today account for most of the global growth.

So, by flirting with trade protectionism and punitive tariffs on imports, adva

nced economies are seeking to implement the wrong policies at the wrong time. As the adv

anced countries have fallen into secular stagnation, they desperately need growth. Therefore, the rise of poorer eco

nomies is not a win-lose game, because it benefits the advanced economies, too.

In the aftermath of the 2008 global financial crisis, all major advanced econom

ies would have faced another Great Depression without the support of large emerging economies, particularly Ch

ina. And the contribution of these countries to global GDP growth is expected to climb to 80 percent by 2050.

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