war is intensifying within the US. For example, the US Chamber of Commerce – one of the country’s most powerful bu

上海会所siness lobbies – has called for the reversal of all tariffs imposed over the past two years.

The effects of the trade war have already spread to cross-border investment

. In recent years, rising Chinese production costs have driven many foreign enterp上海会所女神会所

rises – and, increasingly, even Chinese enterprises – to relocate their operations to lower-cost countries such as

Vietnam and Thailand. The trade war is accelerating this process. According to the Vietnamese government, inward for

上海会所eign direct investment increased by nearly 70 percent year-on-year in the first five months of 2019, the highest such i

ncrease since 2015. Meanwhile, the growth of US investment in China is slowing.上海会所女神会所

Essential to improve investment environment

上海会所The US administration wants American companies to leave China. It is u

p to China to persuade them to stay. That means improving the local investment envi

ronment, including responding to foreign companies’ justifiable complaints – say, by strengthening intellectual p上海会所

roperty rights protection – and, more broadly, better adhering to World Trade Organization rules.

But the pressure on China does not end there. The US is also eager to exclude the count

上海会所女神会所ry’s high-tech companies from global value chains. Trump recently announced that he would allow US co

mpanies to continue to sell to Chinese high-tech giant Huawei, after a months-long campaign against the company. But it r

emains highly unlikely that the US administration – which reversed a similarly aggressive policy toward sm

artphone company ZTE last year – will abandon its efforts to strangle China’s high-tech industries.上海会所女神会所

China has three options. First, it could accede to US pressure to disengage from global value chains. Second, it could remain

committed to integration, hoping that, thanks to existing interconnections, sanctions on Chinese high-tech com上海会所

panies will also hurt their US counterparts (such as Qualcomm) enough for the US administration to back d

上海会所女神会所own. The third option is to focus on supporting domestic high-tech companies’ effo

rts to strengthen their own positions within global value chains and develop contingency plans.

www.ashchc.com

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

orts to attract p上海会所品茶微信rivate capital to sustainable infrastructure, and called on multilateral de

velopment banks to contribute more toward improving project preparation and country policy fra

meworks and maintaining supportive conditions by, for instance, providing better information for market players.

Stern said the G20 nations can promote sustainable economic growth and development, reduce poverty and improve living standards across the world.

“But they must move quickly and on scale,” he said. “The climate crisis is real and now; delay will be profoundly dangerous.”

Kevin Gallagher, director of the Global Development Policy Center at Boston University, and Richard Kozul-Wright, director of the Division

on Globalization and Development Strategies at the United Nations Conference on Trade and Development, have appealed t

www.changhaisheng.cn

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

上海会所品茶微信Premier Li Keqiang called for greater strides in reform and opening-up to stimulate market vitality and to tra

nsform and upgrade economic structure in revitalizing the rust belt in Northeast China.

Li’s remarks came as he presided over a State Council meeti

ng on Thursday on revitalizing the country’s traditional industrial bases.

He underscored the importance of transforming government functions a

nd bettering the business environment, and urged government departments to offer m

ore support to provinces in the Northeast in streamlining administration.

The tax cuts and fee reduction policies must be implemented in full, and the country w

ill make the region a priority in special transfer payments to localities, he said.

The reform of State-owned enterprises must be moved forwa

rd, and more work must be done to expand the private sector, he said.

changjiangjiaoxiang.cn

na, and the one-China principle is the foundation of China-US relations and an international consensus,” Shao said.

“The US side has conducted a series of negative rhetoric and actions regarding the Taiwan questi

on, violated the one-China principle and the three China-US joint communiques,” he said.

“This has undermined China’s sovereignty and security, sent a seriously wrong message to

Taiwan secessionists, and disrupted regional peace and stability,” Shao said, adding that China must, and will be, reunified.

“If anyone tries to separate Taiwan from the mainlan

d, the Chinese military will adamantly protect its territorial integrity at all costs,” he said.

As for the South China Sea, Shanahan accused China of undermini

ng freedom of navigation and overflight in the region, and militarizing the local islands.

qe78w.cn

 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

www.gzbbaf.com

An accident Saturday night where a

theater stage collapsed has killed one child and injure

d 14 people, said the local emergency management office in Zhangzhou, Fujian province on Sunday.

The Jinshuixian theater in Zhangzhou Development Zone hosted a children’s dance audition the night of May 25.

During the audition, part of the theater’s center stage collapsed, killin

g a 13-year-old participant. Injured participants are receiving treatment in hospitals.

Companies and organizers involved in the accident are in police custody.

www.shlfec.com

hina Eastern Airlines confirmed to news outlet The Paper on Tuesday it has

officially lodged claims with Boeing for losses cause

d by the 737 MAX’s grounding and late delivery, adding the two companies will stay in communication over the issue.

The move makes China Eastern Airlines the first airline in China to ask Boeing for compensation, as the 737 M

AX suffered worldwide suspensions after two deadly crashes which took more than 300 lives in six months.

Fourteen Boeing 737 MAX jets under China Eastern Airlines have been grounded since March 11.

Boeing stressed that it refused to talk about any communications with its clients.

Bloomberg cited people with knowledge of the matter last Wednesday, saying

www.gzche.org

Guan said that the Chinese team will launch an appeal to the World Taekwo

ndo, the sport’s world governing body, and the International Olympic Committee (IOC).

“We will definitely appeal to the decision,” he said. “And th

is referee’s qualification should be stripped of. This scandal is a serious damage to our sport.”

Booing drowned out any cheers from British fans as Walkden was announced as the winner and Zheng refused to ack

nowledge the Briton’s victory before sensationally collapsing on the podium and leaving the competition area in tears.

“I have been doing this sport for 16 years, but this is the first time I have realized that a taekwondo match could be played like this.

renrencanzheng.org