Report: China’s speed of development rarely seen

The speed of China’s development has rarely occurred in economic h

istory, with the country’s economic aggregate breaking 90 trillion yuan over the last 70 yea

rs for China to become the world’s second-largest economy in 2018, said financial news outlet Yicai on Friday.

In 1952 China’s GDP was 67.9 billion yuan, with per-capita GDP standing at 119 yuan.

In 2018 the two figures surpassed 90 trillion yuan and 64,644 yuan, making for respective multiplications of 1,325 and 542 times.

The first Five-Year Plan (1953-1957) began China’s industrialization, concentrating efforts on developing heav

y industry and establishing the foundations for the modernization of national defense.

On the plan’s completion in 1957, China’s GDP reached 106.9 billion yuan, a 57 percent increase compared with 1952.

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We have never bullied or preyed upon others, and we

rs, and we will not let others bully or prey upon us either,” he added.

Lieutenant General He Lei, former vice-president of the PLA Academy of Military Science, said Wei’s

speech clearly and objectively articulated the purposes, positions and aspirations of the Chinese military.

“Wei’s speech demonstrates the confidence of the PLA and the Chinese people. Som

e might think his tone is a bit tough, but I think it is perfectly appropriate,” He said.

Wei also “honestly answered all 22 very sensitive and difficult” questions from the audience

, further cementing the PLA’s image as a confident and responsible force, he added.

Major General Jin Yinan, a retired professor of international relations at PLA National D

efense University, said Wei has highlighted the fact that China is a nation that promotes inclusive and coo

perative relations between cultures, but it also has principles and bottom lines that should not be crossed.

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Minister General Wei Fenghe speaks at the Shangri-La Dialo

The People’s Liberation Army will adamantly support regional and world peace, but will not be

“bullied or preyed upon” by foreign powers into giving up national sovereignty and legitimate int

erests, State Councilor and Defense Minister General Wei Fenghe said on Sunday in Singapore.

Experts said Wei’s speech at the Shangri-La Dialogue, a key defense summ

it, marked a milestone in Chinese military diplomacy as Wei showcased the PLA’s confide

nce, positions on key issues and its sincerity and willingness to exchange and cooperate with other countries.

It is the first time in eight years that a Chinese defense minister has participated in the event.

Building a community with a shared future for mankind is the right path forward an

d the trend of the times amid growing uncertainty and instability around the world, he said.

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hina to issue white paper on China-US economic, trade

 China will issue a white paper about its stance on economic and trade talks with the United States Sunday morning.

The white paper, titled China’s Position on the China-US Economic and Trade Consultat

ions, will be released at 10 am on June 2 by the State Council Information Office, which will also hold a press conference.

China has raised additional tariffs to a maximum 25 percent on part of the $60 billion worth of US pr

oducts, effective June 1, according to a statement by the Customs Tariff Commission of the State Council.

The rates of additional tariffs on some of the products will be increased to 25 percent, 20 percent, and 10 percent, re

spectively. The 5 percent additional tariffs applied to some products remained unchanged.

The move came after the US’ latest tax increase on $200 billion worth of Chinese goods from 10 percent to 25 percent.

 

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Development of huge shale oil field goes full steam

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.

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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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Technology teams from Shanghai universities start business

t businesses in Suzhou, Zhejiang province. Things like this happen a lot now,” Wang said.

“And plans to build data infrastructure, such as cloud computing and data centers, have been made in the integrated development of the region.”

The report also surveyed AI education in China, which has started at all levels. More than 30 univers

ities have opened schools on AI, and 75 established AI majors or interdisciplinary majors with AI.

China’s first high school textbook on AI was published by East China Normal University last

year, and 40 high schools nationwide have participated in a pilot program on teaching AI to their students.

The release of the report was part of the Pujiang Innovation Forum, a ma

jor annual event in Shanghai for exchanges on science and technology innovation betw

een China and the rest of the world. Nearly 150 guest speakers from 23 countries and regions wil

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Britain took part in the European Parliament elections b

because it had delayed the date of its exit from the EU, but its MEPs will leave the parliament when Brexit happens.

In total, Britain will elect 73 MEPs (Members of the European Parliament) to the 751-seat parliament

. They will not contribute directly to British policymaking on domestic issues like Brexit, but will have a say in EU-wide policy.

Farage casts Britain’s political system as broken and says parliament a

nd the government are trying to thwart Brexit. He wants the United Kingdom to leave th

e EU as soon as possible and says the damage of a no-deal departure has been blown out of proportion.

Farage, who as UKIP leader persuaded May’s predecessor, David Came

ron, to call the Brexit referendum and then helped lead the campaign to leave the EU, h

as said that failure to implement Brexit would show Britain not to be a democracy.

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The strong earthquake was also felt in parts of Ecuador

 FTSE Russell, a leading global multi-asset index, data and analytics provider, said Satur

day that it will add Chinese A shares to its widely-tracked global benchmarks next month.

The addition will be officially effective after the close of share markets on June 24.

According to the plan of FTSE Russell, this move marks the first stage of incorporatin

g Chinese shares into its indexes. In this stage, 1,097 Chinese stocks, or 20 percent of A shares, will be bro

ught into the indexes, drawing an expected $10 billion from passive investors.

FTSE Russell will add 40 percent of A shares to its indexes in September, and another 40 percent in March next year.

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Tariffs pose threat to global industrial chains, official says

The tariff increases that the United States has placed on Chinese goods affect not only the interests of Chinese companies and consumers, but also their US cou

nterparts and threaten the security of global industrial and supply chains, according to a senior Chinese industrial official.

“We once again urge the US to stop unreasonably suppressing Chin

ese companies. Chinese companies deserve to invest and operate in a fair and just en

vironment in the US and the world,” Vice-Minister of Industry and Information Technology Wang Zhijun said.

Concerning the US decision to further increase tariffs on Chinese imports, Wang s

aid during a recent interview with news media that the total impact is “controllable”.

The nearly $200 billion of Chinese goods hit by additional US tariffs on May 10 acco

unted for 41.8 percent of China’s US exports in 2018, or 8 percent of its total exports.

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