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live and work, but also accelerate China’s social digital transformation as well as build key competence amid the uphill battle in the global industry,” Huang said.
“There are huge investment opportunities for 5G industries, including materials, chips,
main equipment suppliers, base stations, antenna, cloud computing, internet of vehicles and the internet of things,” Hu
ang said. “5G will bring historic opportunities for China’s economic and social development.”
A new 5G research institute has also been established in Yizhuang, Beijing on Wednesday.
According to a new report by Global System for Mobile Communications Associ
ation, China is set to become the largest 5G market in the globe, with 460 million 5G users by 2025.
This year, PetroChina’s Xinjiang Oilfield Company has been fully develop
ing the Jimsar shale oil field, which boasts 1 billion tons of shale oil reserves, Xinhua reported.
The company has mobilized 36 drilling rigs, started drilling on 47 wells and completed eight wells till now. The daily drille
d footage surpassed 2,000 meters and the total drilled footage reached 160,000 meters.
PetroChina has ramped up exploration efforts on Bohai Bay Basin, Songliao Basin, Ordo
s Basin and Junggar Basin in recent years and shale oil was listed as one of the four exploration goals. Dagang Oilfi
eld, Xinjiang Oilfield, Tuha Oilfield and Changqing Oilfield have been set as important demonstration zones.
Xinjiang Oilfield Company said it planned to mobilize 45 drilling rigs this year to finish drilling nearly 100 wells.
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.
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.