Addressing the plenary session of the Fourth Eastern Eco

n Economic Forum in Vladivostok, Russia, in September, Xi called for regional memb

ers to actively align their development strategies and work together for an open regional economy.

Wu Hongwei, a researcher of China-Russia relations at the Chin

ese Academy of Social Sciences, said bilateral cooperation plays a prominent role in guar

anteeing world peace and security at a time when the global situation is clouded by tensions and turmoil.

The two countries share the same position in promoting a mo

re stable and multipolar world, Wu said, adding that they

have sent such signals through supporting and coordinating with each other on international occasions.

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The world’s second-largest economy maintained its fore

eign exchange reserves at $3.095 trillion at the end of April. The reserve amount was stable, altho

ugh it slightly retreated from $3.098 trillion at the end of March, according to the State Administration of Foreign Exchange.

Li Yang, director of the National Institution for Finance and Development of the Chinese Academy

of Social Sciences, said that China is unlikely to sacrifice foreign exchange reserves to de

fend its currency, even if depreciation pressure rises amid any escalation in trade tension.

In May, the offshore RMB exchange rate against the US dollar dropped more than 3 percen

t 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 Monday that higher US tariffs on Chin

a’s imports triggered financial market volatility, and this also affected the offshore RMB.

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Local government authorities said the races may disturb g

 Chen Xiang, head of the sports bureau of Qiannan prefecture in Guizhou, t

old the thepaper.cn. It was agreed after meetings with education authorities and parents of stud

ents that the large crowd gathered during dragon boat races will create noise, Chen said.

Therefore, the dragon boat racing activities in the city, previ

ously scheduled on June 5-7, were postponed to June 9-11. Teams participating in the races were cont

acted and told the reason for the delay. They understood the reasons, Chen added.

An official at the sports bureau of Chizhou city, Anhui, said they have received letters and calls f

rom parents of examinees and people, expressing their concerns (that noise generated by dragon boa

t races may disturb students sitting the gaokao). So the bureau decided to postpone the races until June 9-10.

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Spain’s SEAT set to make China comeback by 2021

Spain’s largest carmaker SEAT is set to make a comeback in China around 2021, a move that will help its parent

company Volkswagen AG secure a larger share in the world’s largest new energy vehicle market.

“The Spanish brand aims to enter the Chinese market in the coming two to three years,” said Volkswagen in a stat

ement on Tuesday, citing an agreement it signed with SEAT and Chinese carmaker JAC Motors.

SEAT pulled out of China in 2014 after two years of poor sales of its gasoline vehicles.

This time, it will enter the Chinese market through JAC Volks

wagen, a 50-50 joint venture established in Hefei, Anhui pr

ovince, in 2017 to develop, produce and sell pure battery vehicles.

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ale Zhang, managing director of Shanghai-based con

nsultancy Automotive Foresight, said SEAT’s smaller cars will help its parent company to reach custo

mers in China’s smaller cities, where electric cars built on Volkswagen’s own platforms would be less affordable.

Volkswagen, as well as its subsidiaries from Audi to Porsche, plan to deliver aro

und 1.5 million electrified vehicles, most of them pure electric cars, in China by 2025.

It also expects global sales of electrified vehicles will total 22 million by 2028, and half of them will be produced in China.

China overtook the United States as the largest producer and market of new energy vehicles in 2015.

The China Association of Automobile Manufacturers expected sales of su

ch vehicles to reach at least 1.6 million this year, up from 1.2 million in 2018.

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Xi envisions cooperation on big data development

resident’s message calls for tackling legal, security, governance challenges

President Xi Jinping called on Sunday for strengthened cooperation among countries to explor

e opportunities of digital, internet-based intelligent development and to properly address leg

al, security and governance challenges arising from big data industry development.

He made the remarks in a congratulatory letter to the China Intern

ational Big Data Industry Expo 2019, which kicked off in Guiyang, Guizhou province.

The new generation of information technology, represented by the

internet, big data and artificial intelligence, is booming at present and has significant and

profound influence on various countries’ economic development, social progress and people’s lives, Xi said in the letter.

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We must work together to ensure that big data, and the

e technologies that it enables, are harnessed for the benefit of mankind while minimizing the risks to devel

opment, peace and security and human rights,” Guterres said in a congratulatory letter to the expo.

Miao Wei, minister of industry and information technology, said China has already made sig

nificant progress in bolstering the big data industry with a string of big data platforms established in sect

ors such as manufacturing, commerce, finance, transportation and medical care.

“We will make a fresh push to integrate cutting-edge information technologies into the re

al economy, including establishing a national industrial data center, to better power the country’s sp

rawling manufacturing sector,” Miao said at the opening ceremony of the big data expo.

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So far EU ministers have only agreed a modest mandat

 to discuss reductions in tariffs in industrial goods and to seek agreement on conformity assessments. EU Trade Commissioner Cecilia Malmstrom is opp

osed to any quota agreement on cars and has lambasted the national security excuse put forward by the White House.

The most prominent supporter of free trade is the center-right European People’s Party which lost sea

ts largely to right-wing parties opposed to free trade, and to the Greens which want tougher conditions attached to trade deals.

The center-left Socialists are also broadly in support of free trade but lo

st seats, while the pro-trade Liberals (the Alliance of Liberals and Democrats for Europe) gai

ned seats. But the Liberals are now aligned with French President Emmanuel Macron’s En Ma

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During the team’s 40-day intensive training in Nepal, the

heir Sherpa guides had taught them how to maintain healthy blood circulation and remain safe in crowded conditions, she said.

This spring, 144 foreign and 12 Chinese climbers have also attempted to con

quer Qomolangma from Tibet, according to the Tibet Mountaineering Association. “D

espite having a smaller number of climbers, traffic jams also happened on the Tibetan side,” Ma said.

“Crowds are usual on some mountains. It’s not a new phenomenon. Climbers often lose their live

s when they don’t follow the instructions of Sherpa guides and make decisions on their own,” Kami Ri

ta, an experienced Sherpa who has reached Qomolangma’s summit 24 times, told Xinhua News Agency.

Sherpas are aware of every twist and turn and which paths to follow up mountains, so he urged the Nepali government to dis

courage mountaineers from climbing mountains without guides in order to prevent casualties.

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Since agricultural products account for a relatively smal

ll percentage of China’s total exports to the US, the tariff hike is expected to have a limited impact on its overall trade. But Chi

na’s export of textiles, chemicals, daily necessities and some other products will be affected. Yet the effect of the h

igher tariffs would be somewhat offset due to the ratio of foreign capital and value-added goods in China’s foreign trade.

In terms of product category, the tariffs are targeted at intermediate and capital goods. Intermediate prod

ucts, capital goods, and consumer goods account for 51 percent, 32 percent and 17 percent of t

he $250 billion of Chinese goods on which the US has imposed higher tariffs (the US had already slapped higher tari

ffs of $50 billion of Chinese goods last year). And since 29 percent of consumer goods, 39 percent of capital goods and 74 perce

nt of intermediate products face higher tariffs, intermediate products will be the most affected by the US tariffs.

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