Increasing global de上海会所nd for Chinese pro

ue to their cost advantage and rapidly growing domestic demand driven by income growth form the basis of their expan

上海会所ding scales. But the greatest factor driving Chinese enterprises’ continuous development is innovation.

Reform will promote innovation. Innovation will generate new demand and prompt Chinese enterprises to impr

上海会所品茶微信ove their quality, while technological innovation is key to their development and expansion. And to c

hange their long-term dependence on low-end products, the Chinese companies, with the government’s active h

elp, have invested more in research and development to facilitate their qualitative growth and expansion.上海会所

Last year, China’s total investment in R&D accounted for 2.18 percent of GDP, equivalent to the average of OECD countries, with the average R&D intensity o

上海会所f high-tech enterprises and A-share listed companies being about 3 percent and 4.87 percent.

Higher R&D investment has increased the enterprises’ capacity for independent innovation and competition advantage.

In particular, since the 18th National Congress of the Communist Party of China in November 2012, which for上海会所

mulated the innovation-driven development strategy and five new development concepts, Chinese en

上海会所品茶微信terprises have increased R&D investment and achieved remarkable breakthroughs in core technologies. In

fields as important as aviation, railways and 5G technology, Chinese enterprises have even taken a leading position.

Huawei is a good example of an innovation-driven high-tech Chinese company.上海会所

For years Huawei’s R&D intensity has been above 14 percent. In actual terms, Huawei’s R&D investment las

上海会所品茶微信t year was 101.5 billion yuan ($14.77 billion)-the fifth-highest in the world and more than that of Microsoft, Apple an

d Intel. Also, by the end of last year, Huawei had more than 87,800 global patents. No wonder Huawei’s R&D in

vestment and abundant innovation have placed Huawei at 61 on the 2019 Fortune Global 500 list.上海会所品茶微信

And despite Washington preventing US companies from selling components to Hua

wei in the first half of this year, the company’s mobile phone shipment grew continuously.

上海会所Since the beginning of this century, Chinese companies have been

applying or trying to apply modern information technology to improve production and ope

rations. The Internet Plus strategy has helped expedite the integration of enterprises and the inte上海会所品茶微信

net. And many enterprises have achieved rapid growth by making use of innovative business models thanks to IT.

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Resident of HK angrily reb上海会所esterssident angrily

Lekima, the ninth typhoon of this year, made a second l

anding around 8:50 pm Sunday along the coastline in East China’s Shandong. 上海会所品茶微信

A deadly typhoon has killed at least 32 people in East China’s Zhejiang

上海会所province as of 1:30 pm on Sunday, with another 16 missing, local authorities said.

Most of the deaths occurred in Yongjia county, administered by Wenzhou city, where torrential downpours caused a land上海会所品茶微信

slide that blocked rivers. The barrier lake bursted and flooded people away. Twenty-three died and nine went missing there.

Three were killed in Lin’an, with four missing, while six died in Leqing, and three went missing in Linhai.上海会所

Nearly 1.08 million people have been evacuated to safe places, and close to 5 million

people in Zhejiang were affected, said the provincial flood control headquarters.

Lekima, the ninth typhoon of this year, landed around 1:45 am Saturday in Zhejiang, bringing heavy rainstorms and triggering flash floods.

上海会所In Zhejiang, the typhoon damaged more than 173,000 hectares of crops and 34,000 houses. Direct economic loss a

mounts to 14.57 billion yuan (about $2.1 billion), the headquarters said. Rescue operation is underway.

Lekima is moving northwards and will churn up the east coast of Shandong Province on Sunday.上海会所品茶微信

It is expected to make a second landing along the coastline in Shandong late Sunday, b

ringing strong wind and heavy downpours, the National Meteorological Center warned on Sunday.

上海会所Shandong air traffic management bureau said the typhoon will greatly affect tr

affic in airports of the area. A total of 47 flights have been adjusted.

In Shanghai, the local meteorological observatory issued an orange alert on Typhoon Lek上海会所品茶微信

ima Saturday afternoon, with heavy downpours expected in its urban area within the next six hours.

The Shanghai Disney Resort, including Shanghai Disneyland, was closed on Saturday for safety reasons.

上海会所It is the first time that Shanghai Disneyland has closed

down due to inclement weather conditions since its opening in June 2016.

People who had tickets for Shanghai Disneyland for Saturday can visit the park on a上海会所

ny other day within the next six months (by February 10, 2020), according to the resort.

ashded.com

Watching rankings o上海会所er capita consumption ex

penditure and national per capita disposable income, the two rankings’ top 10 provincial level regions are almost same, showing Shangh

上海会所品茶微信ai (22,513 yuan), Beijing (21,134 yuan), Tianjin (15,967 yuan), Zhejiang (15,732 yuan), Guangdong (13,884 yuan), Jiangsu (1

3,025 yuan), Fujian (12,521 yuan), Liaoning (10,709 yuan), Hubei (10,416 yuan) and Chongqing (10,263), as well as Sh

anghai (35,294 yuan), Beijing (33,860 yuan), Zhejiang (26,356 yuan), Tianjin (22,461 上海会所yuan), Jiangsu (21,624 yuan), Gua

ngdong (20,322 yuan), Fujian (18,591 yuan), Liaoning (16,421 yuan), Shandong (16,159 yuan) and Chongqing (14,990 yuan).

上海会所Among of the top 10 provincial level regions with the highest spending on consumption, the figure of Southeast Chin

a’s coastal provinces accounted for a half, including Shanghai, Zhejiang, Guangdong, Jiangsu, and Fujian, with the pe

上海会所品茶微信capita consumption expenditure in the five regions exceeding the national average level.

Shanghai’s wholesale and retail sales jumped 9 percent year-on-year t

o 607.93 billion yuan in the first six months of 2019, with the accommodation and c

atering retail sales reaching 58.22 billion yuan, up 2.9 percent from same period of last year.上海会所

In addition, the retail sales in Zhejiang reached 1.27 trillion yuan, a 9.3

percent climb year-on-year and in Guangdong 2.07 trillion yuan, up 7.7 percent year-on-year.上海会所品茶微信

Although the consumption volume in the country’s central and western regio

ns was less than in southeastern coastal provinces, the consumption grew fast.

上海会所In the first six months of this year, the retail sales in Sichuan, Henan and Jiangxi increase

d 10.5 percent, 10.7 percent and 11.2 percent, respectively, which were higher than 2.1 percentage p

oints, 2.3 percentage points and 2.8 percentage points than the national average level.上海会所品茶微信

Some regions feature service consumption, developmental consump

tion and experience consumption as the mobile internet technology developing, said the People’s Daily.

上海会所In Beijing, the service consumption contributed 70.4 percent to the consumption g

rowth in the first half of this year, and the upgrading consumption such as communication, ed

ucation, culture entertainment, and medical care contributed more than 60 percent to the consumption growth.

In Shanghai, the no-store retail sales reached 117.32 billion yuan in the first half of this year, surged 20.4 percent year-on-year.上海会所品茶微信

The online consumption will continue to grow rapidly, as the ne

twork infrastructure and telecommunications services promoting, the 5G networking accelerati

ng, the new generation information technology breaking through, the new business featuring digitization,

www.qw46q.cn

Nation’s NEV industry t 上海会所o accelerate development

The Chinese authorities’ ramped-up efforts to promote high-qualit

y development in the new energy vehicle sector, reflected by the most recent re 上海会所品茶微信

lease of an updated list on NEVs to enjoy exemptions of vehicle and vessel tax, will further help boost the healthy de

 上海会所velopment of the sector and also promote clean energy consumption, industry insiders said.

The vehicle and vessel tax, paid annually by car or ship owners, varies between hundre 上海会所

ds of yuan to thousands of yuan, depending on engine sizes and the capacity of vehicles or ships.

 上海会所品茶微信According to the latest list of NEVs and small engine vehicles to enjoy vehicle and vessel tax cu

ts that the Ministry of Industry and Information Technology issued recently on its website, vehicle and ve

ssel tax will be slashed completely for 444 types of NEVs and halved for 72 types of energy-saving vehicles. 上海会所

Moreover, the list has extended tax cuts to more NEVs compared with the previous list, and

 上海会所品茶微信makes higher requirements on the performance of the NEVs to be included, such as lower power co

nsumption per 100 kilometers, the increased energy density of battery packs, and a higher cruising range, a

cording to Cui Dongshu, secretary-general of the China Passenger Car Association. 上海会所品茶微信

“The new list mirrors the progress of China’s NEVs, especially in key perfo

 上海会所rmance indicators, and such progress is driven by incentives from the Chinese authorities,” Cui said.

“It is obvious Chinese NEVs have been making remarkable progress in high-quality development, and this will continue.”

The Chinese authorities announced cuts in vehicle and vessel tax on vehicles and ships that use new energy or engines 上海会所品茶微信

smaller than 1.6 liters as early as in 2012 and 2015, in a bid to save energy and combat pollution.

www.aishedese.com

On the other hand,上海会所he past, the Fed now has t

to take the delayed effect of balance sheet reduction conducted earlier into its consideration of rate cuts. The current phase-out of balanc

上海会所e sheet reduction already has some easing effect, and only after the balance sheet reduction ends in September, can its impact become clearer.

By incorporating that impact into consideration, the Fed can draw up a better rate cut plan that maximizes effects of the policy mix.上海会所

Thirdly, the market may have overestimated how much the Fed will cut the rates. There may be no more than three rate cuts by the end of 2020.

St. Louis Fed President James Bullard – the major advocate of this

round of rate cut – has suggested the use of the modern-day Taylor rule, which fairly well explains th上海会所

e Fed’s interest rate decisions. Even based on this model adopted by dovish Fed officials, we found that the degree of rate cuts may be weaker than m

上海会所arket expectation for quite some time going forward: at most one cut by the end of this year and likely two or three cuts by the end of 2020.

By contrast, before the June FOMC meeting, the market expected a higher-than-85-percent chance of more than one rate cut by the

end of this year as well as an about 60-percent chance of more than three cuts by the end of 2020, according to Bloomberg data.上海会所品茶微信

In conclusion, we think as economic downside pressure gradually emerges, the Fed will have to kick off the rate cut cycle. But the rate cut si上海会所品茶微信

gnal, timing and degree may not measure up to the market expectation. Therefore, two future developments appear possible:

First, investor sentiment can reverse drastically if the Fed’s action fails to meet market expec上海会所品茶微信

tation. Considering the market has fully priced in the unrealistic expectation of rate cuts sinc

e early June, any reversal of expectation can lead to short-term fluctuations of key price signals such as the US Treasury yield cu

rve, the US Dollar Index, and the gold price, which may pose extensive spillover shocks to asset portfolios.

Second, the long-term trend of rate cuts will continue even if the market expectation reverses. In the long

run, the Fed is expected to proceed with rate cuts in a fairly slow and smooth way. This will enlarge the monetary policy room of ot

her major economies and expedite the shift toward an easing global monetary environment, which may in turn lift the sen

timent of global stock markets and ease any currency risk of emerging markets gradually.

Cheng Shi is the managing director, head of research and chief economist of ICBC Interna

tional Holdings Ltd.Qian Zhijun is a senior economist of ICBC International Holdings Ltd.

chitudoudemao.cn

According to Yang Yonghong, head of China Railway Uru

umqi Group’s Alataw Pass Station, the rapid inspection and clearan

c上海会所品茶微信e services for China Railway Express freight trains have led to a rise in imports.

He was speaking at an indoor transfer station where containers from a train that had arrived fr

om Poland (via Kazakhstan) were being loaded onto a train bound for Chongqing. T

he change was necessary because the track gauge in Kazakhstan is wider than in China.上海会所

According to Yang, the indoor transfer station, the largest in Asia, can handle 15 train

s a day. Because more trains are expected to pass through the port in the future, the company plans上海会所品茶微信

to transform an outdoor transfer station into an indoor facility so the procedure won’t be affected by strong winds. The 80 Porsche cars were just one of the cargoes being transferred that day.

“When the China Railway Express was launched, the trains were heavily loaded on their outbound journeys, but most of the containers were empty when they returned. Now, about 70 percent of trains returning to China are also heavily loaded. The change is very obvious,” he said.上海会所

According to the Alataw Pass Customs, from January to May, only about 30 percent of the containers on China Railway Expre

ss trains returning from Europe were empty, a fall of more than 9 percent year-on-year.

上海会所品茶微信Yang said, “As many companies have benefited from the cheaper, but more efficient, service p

rovided by the China Railway Express service, I believe more and more containers will be filled on the trains’ return journeys.”

The development of the Alataw Pass has also boosted the development of Alashankou, which is home to just 14,000 residents.

“Many businesses have noted the potential of the land port and the city, so they have set up branches and factories here. It’s h上海会所

ard to imagine that before 1992 the Alataw Pass was nothing but the Gobi Desert and strong winds,” Di, the Party chief, said.

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In a message posted o上海会所品茶微信ite, Japanese Pr

 Prime Minister 上海会所品茶微信Shinzo Abe said Japan is determined to lead global economic growth at the Osaka summit

by promoting free trade and innovation, achieving both economic growth and the reduction of disparities, and c

ontributing to the development agenda and other global issues with the UN’s Sustainable Development Goals at its core.

He said Japan will lead discussions on the supply of global commons such as quality infrastructur

e and healthcare for realizing economic growth around the world, adding that ways to resolve issues suc

h as climate change and the amount of plastic waste in oceans will also be discussed.

Wise investmentsThe summit is also expected to address the digital economy and issues that arise from an aging society.

Nicholas Stern, chairman of the Grantham Research Institute on Climate Change an

d the Environment at the London School of Economics, said the most important issue for G

www.changjiangjiaoxiang.cn

eijing to keep investigating C上海会所品茶微信boat collisio

Beijing said on Mo上海会所品茶微信nday it will continue to investigate thoro

ughly and carefully the collision of Chinese and Filipino boats in the

South China Sea, and handle the incident properly with Ma

nila based on facts and in a cooperative and friendly manner.

A Chinese fishing boat and a Filipino fishing boat collided accident

ally in the waters near Liyuetan in the South China Sea

early Monday morning, Foreign Ministry spokesman Lu Kang said.

Extending China’s condolences to the Filipino fishermen who expe

rienced the collision, Lu emphasized the collision wa

s an accident, and said China and the Philippines have communicated several times over the incident.

shlfbe.com

ing addresses the 1上海会所女神会所 Council of Heads of

President calls 上海会所女神会所on members to support regional links to Belt and Road Initiative

Members of the Shanghai Cooperation Organization should follow the trend of economic globalization and

build the SCO into a community with a shared future, President Xi Jinping said on Friday.

Xi made the remark while delivering a speech at the 19th

meeting of the Council of Heads of State of the SCO in Bishkek, Kyrgyzstan’s capital.

SCO members should promote the multilateral trading system, buil

d an open global economy and put forward more policies to facilitate trade and investment, he said.

Xi proposed making full use of cooperation platforms such as the China Intern

ational Import Expo to promote the openness, exchanges and integration of regional economies.

www.fangzhenjiang.cn

inopec establish joint venture with Russian companie

hina Petrole上海会所品茶微信um and Chemical Corp, the world’s larg

est refiner by volume, has agreed to establish a joint venture with Russia’s Novatek and Gazp

rombank to market natural and liquefied natural gas (LNG) in China, Sinopec said on Thursday.

The agreement, which aims to sell LNG produced by Novatek in the Arctic, was signed fo

llowing talks in Moscow between Russian President, Vladimir Putin, and Chinese President, Xi Jinping.

The agreement will be of considerable economic and social benefit an

d will further diversify China’s natural gas imports, while meeting ever-increasing ga

s demand in the country, said Dai Houliang, China Petrochemical Corp president.

www.aaart.org.cn