President’s Russia visit eyes global stabilitys talks with his

President Xi Jinping’s upcoming visit to Russia reflects close cooperation between China and Russia,

which is important to maintain the stability of the international community amid rising uncertainties, analysts said.

Xi will make a state visit to Russia from June 5 to 7 and attend the 23rd St. Petersburg

International Economic Forum, Foreign Ministry spokesman Lu Kang announced on Wednesday.

The trip is part of the annual exchange of visits between the two countries’

heads of state, after Russian President Vladimir Putin attended the Second Belt and Road Fo

rum for International Cooperation in Beijing in April and had talks with Xi on the sidelines.

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In a statement on May 16, Huawei said that losing acce

ss to US suppliers “will do significant economic harm to the US companies” and affect “tens of thousands of US jobs”. In total, US firm

s sold an estimated $11 billion worth of components to Huawei last year, according to earlier media reports.

“I’m not able to tell you exactly what the costs will be; it differs from company to company,” said Allen.

“But clearly, from a corporate perspective, this Department

of Commerce action has created costs and has escalated the uncertainty quite a bit.”

Asked to comment on some voices in the US calling for the “decoupling” of the two countries, especially in the technology sect

or, Allen said both sides should pursue a playing field of “smart competition and engagement”, in which the

y play by a “common set of rules” that are mainly set by World Trade Organization obligations.

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A great debate set over tariffs, technologyhorwom

Two television anchorwomen — one from China and one from the US — will debate

two sides of the long-running trade dispute between the two countries.

Liu Xin, a mainstay of the China Global

Television Network, and Trish Regan, a former CNBC busi

ness correspondent who now hosts her

own show on the Fox Business Network, will have at it over i

ssues such as tariffs and technology

Wednesday at 8 pm EDT in the US and simultaneously at 8 am Thursday in China.

The discourse will take place via satellite, as Liu will be in CGTN’s studio in Beijing, while Regan will be at Fox’s studio in New York.

The debate idea came about after the two newswomen clashed earlier this month after Regan said Beijing stole “$600 bill

on worth of intellectual property a year”, leading to the Trump administration tariffs.

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RMB’s value determined by market forcesce forex rese

Beijing will not sacrifice forex reserves to defend its currency, analysts say

China would rather rely on market-oriented forces to determine the renminbi’s value than defend its currency by d

ipping into its $3 trillion foreign exchange reserves amid trade disagreements, analysts said.

The United States Treasury announced on Wednesday that it could not label China a

s a “currency manipulator” after Washington monitored the recent performance of the RMB.

No evidence was found to show Chinese monetary authority intervention in foreign exchange markets over the past sev

eral months, according to the US Treasury’s semiannual foreign-exchange report to Congress.

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At present, 5G has become the driving force to boost Ch

hina’s innovative and high-quality development,” Sui Zhenjiang, vice-mayor of Beijing, said on Wedne

sday during a 5G industrial development and investment summit held in Yizhuang, in southeastern Beijing.

“Beijing is actively transforming itself as a national scientific and tech

nological innovation center. With advantages in complete telecom infrastructure, abunda

nt talent and strong research and development capabilities, we have the resolve to accelerate the push for making brea

kthroughs in 5G technologies and build an independent and innovative 5G industrial system,” Sui said.

As of May 24, the three major telecom operators-China Mobile, Chin

a Telecom and China Unicom-have established 4,700 5G base stations in Beijing, acc

ording to Wang Gang, head of the Beijing Municipal Bureau of Economy and Information Technology.

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In May, the offshore RMB exchange rate against the US do

dollar dropped more than 3 percent under market pressure as global investors worried about the escalation of trade friction.

Guo Shuqing, Party secretary of the People’s Bank of China, the central bank, said on Monda

y that higher US tariffs on China’s imports triggered financial market volatility, and this also affected the offshore RMB.

The currency’s depreciation was purely caused by market forces, a

d China has never taken any measures to deliberately devalue the currency to make its exports more

attractive, said Guo, who is also head of the China Banking and Insurance Regulatory Commission.

According to Guo, the short-term fluctuation of the RMB exchange

rate was normal, and the depreciation will not last long given the stable economic growth base.

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Xi calls for bolstering reform, developmentonomic gro

Xi Jinping, general secretary of the Communist Party of China Central Committee, called on Wednesday for further efforts to prevent and eliminate major

problems in the nation’s reform and development against the backdrop that uncertainties and instabilities are on the rise.

Xi, also Chinese president and chairman of the Central Military Commission, made the remarks whil

e presiding over a key meeting of the Central Committee for Deepening Overall Reform. He is the director of the committee.

Saying China is facing profound changes in its reform and development against the backdro

p of increasing external uncertain and unstable factors, Xi said the country must maintain a strategic focus.

Substantial and resolute efforts must be made to prevent major contra

dictions and outstanding problems through coordinated planning and targeted mea

sures to make reform better serve the country’s economic and social development, Xi said.

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Issoufou congratulated Xi on the 70th anniversary of the f

?founding of the People’s Republic of China and the great achievements that Chinese people have made under

the leadership of the Communist Party of China. Noting that China’s development has made important contributions to m

ankind, Issoufou said that China’s inclusive economic growth has lifted a huge number of people out of poverty.

Niger supports the goal of building a community with a shared future for mankind, and the BR

I put forward by Xi will bring benefits for the whole world, he said, adding that Niger would like to pro

actively participate in the Belt and Road. While meeting with Issoufou on Tuesday, Premier Li Keqiang said that Chi

na would like to offer a hand to Niger for the country’s economic development and the improvement of people’s lives.

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China is the world’s largest producer of rare earths, acco

counting for about 80 percent of global supply. However, the country’s rare-earth industry is faced with such pro

blems as rapidly decreasing inventory, inefficient production and environmental pollution.

Analysts also said that the low prices of China’s exports have failed to reflect the real value of the precious resource.

The division of labor of the global rare-earth industry should be coo

rdinated in accordance with the principle of opening-up and sharing, the NDRC said.

While the country prioritizes the domestic use of rare-earth meta

ls, it is willing to see its exports help drive the development of global industries, it said.

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Foreign investors believe that China has enough policy

icy tools to offset short-term downside pressure, while the financial risks are under control as the country’s debt level has shown signs of stabilizing, Zhang said.

China’s overall debt-to-GDP ratio had dropped to 249.4 percent

by the end of 2018, 1.5 percentage points lower than a year earlier, according to the PBOC.

If trade tensions escalate further, more opening-up policies in the sectors of medical

care and education will help boost global investors’ confidence in the Chinese economy, Zhang added.

By hiking the tariffs on $200 billion of Chinese goods from 10 percent t

o 25 percent just when it seemed the China-US trade talks would achieve a bre

akthrough, the United States has not only intensified the trade dispute but also ensured both sides take a knock.

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