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percent, respectively, registering significantly faste

The emerging service sector also grew very fast, Meng said.

In April, the information transmission industry, along with software and inform

ation technology services, grew 25 percent year-on-year, 17.6 percentage points higher than the national index of services.

Online retail sales amounted to 3.04 trillion yuan ($440.2 billion) in the first four m

onths, a year-on-year increase of 17.8 percent. Around 17.07 billion parcels were delivered, up 24.8 percent over last year.

She said the transformation of traditional industries is speeding up as they combine with information technology.

“Through implementing national big data and internet plus strategies, internet, big da

ta, and artificial intelligence technologies have been widely used in China’s real economy,” she said

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Santarita said a similar concept can also be found in other

Asian countries, citing the Philippines’ compadrazgo and Indonesia’s bapakism as examples.

Compadrazgo, a Spanish word that literally translates to “co-fatherhood”, is based

on a kinship ritual that is formed after a child gets baptized into the Roman Catholic faith.

For the predominantly Catholic and close-knit Philippine society, t

he godfather (known as the padrino) is part of one’s extended family and is expected to he

lp and protect his godchild. The godchild is expected to respect and be loyal to the padrino.

Bapakism is derived from the Indonesian word for “father”. When us

ed in Indonesian business, bapakism demands great respect and obedience to one’s su

perior. The manager in his role as the company’s bapak is expected to look after and care for his employees.

Although Asian values are steeped in an ancient culture and tradition, it was only in t

he 1990s that this concept drew global attention. This was partly due to Asian leaders like the la

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the UN Office for Disaster Risk Reduction and the Alliance of

ernational Science Organizations, a group created to connect the scientific communities of BRI participants.

Bai Chunli, president of the academy, said in the conference’s opening ceremony on Saturday that areas along the Silk Road are

prone to various natural disasters that have resulted in massive loss of life and economic damage.

“As a result, it is paramount to use new technologies and international cooperation to jointly tackle these nat

ural disaster risks, protect ecological security and achieve sustainable development,” Bai said.

The academy will continue to collaborate with foreign partners to create new platfor

ms and mechanisms to improve disaster management and ecological protection, he added.

Mami Mizutori, head of the UN Office for Disaste

r Risk Reduction, said in a video speech that the scale and reach of the world’s largest infrastructure initiative will impact billi

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Govt should accelerate tax cuts to invigorate economy, premi

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Premier Li Keqiang urged government departments to speed up the implementation

of tax reductions to invigorate the country’s economy, amid rising uncertainties about growth on Friday.

Li was speaking with entrepreneurs from the manufacturi

ng, construction and service sectors at the Zhongnanhai leadership compound in Beijing.

The businesspeople said they have received benefits from the tax reduction measu

res in the past months, after the measures were introduced by Li in the Government Work Report in March. They

also offered advice on how to further ease the tax burden on businesses.

After hearing their opinions, Li called tax reduction a great decision made by the Communist Party of China Central Comm

ittee and the State Council. It has boosted market confidence in outstanding ways and promoted the stable

growth of the economy, he said, adding that the positive factors for economic growth are increasing.

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This is a predicament for soy growers,” American

American Soybean Association President Davie Stephens said on Tuesday.

President Donald Trump threatened in a tweet on Sunday to increase tariffs.

Stephens, a grower from Clinton, Kentucky, said that US farmers are in a tough situation, and with depressed prices

and unsold stocks forecast to double before the 2019 harvest begins in September, farmers urgently need the China market.

“We need a positive resolution of this ongoing tariff dispute, not further escalation of tensions,” he said in a release posted on the ASA web site.

Nicole Kaeding, vice-president of federal and special projects at the Washington-based Tax Foun

dation, said that if the Trump administration follows through on the president’s threat, it’s US taxp

ayers, not Chinese taxpayers, who will pay the price — thanks to higher prices and fewer job opportunities.

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Financial sector restructuring is also a part of the ongo

oing supply-side structural reform, as it is still dominated by the 268-trillion-yuan banking system, the analysts said.

The restructuring process will accelerate as more foreign capital

moves in, which can boost competition in the domestic market, the analysts added.

In the medium term, continued financial reform and more opening-up measures co

uld boost capital inflows, said Lillian Li, a vice-president at rating agency Moody’s.

But trade disputes between China and the United States and uncertainty over monetary policy in global markets may dam

pen capital inflows, and the pace of capital inflow is likely to fluctuate in the near term, she said.

Having the world’s second-largest equity market and the third-largest bond market, China will likely usher in more inte

rnational capital flows in the longer term, if the nation further liberalizes its financial system, she added.

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Xi congratulates Thai king on coronationorn is crowned

Chinese President Xi Jinping congratulated Thai King

Maha Vajiralongkorn on being crowned officially on Saturday.

On behalf of the Chinese government and people, and in his own name, Xi express

ed in a message sincere congratulations and good wishes to the king and the Thai people.

The king is an old friend of the Chinese people and has been attending to and supp

orting the cause of friendship between the two countries for long, Xi said in the message.

“I attach great importance to the development of China-Thailand rel

ations and stand ready to make joint efforts with you to carry forward the traditional C

hina-Thailand friendship, deepen cooperation in building the Belt and Road jointly, and push forward the comp

rehensive strategic cooperative partnership between the two countries to make bigger headway,” Xi said.

The Chinese president wished the Kingdom of Thailand flourishing and prosperity, and the people happiness and good health.

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China and the US have been expediting their econo

ic and trade consultations, with a goal of implementing the consensuses President Xi Jinping and US President Donald Trump r

eached in December, said Xue Rongjiu, deputy director of the China Society for WTO Studies in Beijing.

China has made various moves recently to expand the new round of reform and opening-up — such as the approval of the Foreign Investm

ent Law in March and further facilitating trade connectivity under the Belt and Road Initiative. It will cont

inue opening its market in a proactive, steady and orderly manner, in accordance with its own development ne

eds and its own pace and timetable, to benefit Chinese and global consumers across the world, said Tu Xinquan, a pro

fessor of international trade at the University of International Business and Economics in Beijing.

James Collins, CEO of Corteva Agriscience, the agricultural division of US-bas

ed DowDuPont, said he hopes the two countries will reach a positive resolution, to benefit both countries and the re

st of the world. Collins said his firm was “not so much affected” in the short term by China-US trade tensions.

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ommunication key to shared future for mankind

China has made various moves recently to expand the new round of reform and opening-up — such as the approval of the For

eign Investment Law in March and further facilitating trade connectivity under the Belt and Road Initiative. It will con

tinue opening its market in a proactive, steady and orderly manner, in accordance with its own development need

s and its own pace and timetable, to benefit Chinese and global consumers across the world, said Tu Xinquan, a pr

ofessor of international trade at the University of International Business and Economics in Beijing.

James Collins, CEO of Corteva Agriscience, the agricultural division of US-

based DowDuPont, said he hopes the two countries will reach a positive resolution, to benefit both countries and the r

est of the world. Collins said his firm was “not so much affected” in the short term by China-US trade tensions.

www.113xe.cn

The two countries should take the opportunity to join

intly build the Belt and Road, deepen mutual political trust and pragmatic cooperation and pr

omote the development of the China-Chile comprehensive strategic partnership to a higher level, Xi said.

The two countries should promote the upgrading of bilateral tra

de and investment and enhance cooperation in such areas as minerals, clean energy, infor

mation technology, e-commerce, innovation and scientific research on the Antarctic, he said.

Xi called on the two countries to make joint efforts to celebrate the 50th anni

versary of China-Chile diplomatic ties next year and promote people-to-people exchanges.

China supports Chile’s hosting of the United Nations climate change confere

nce and the Asia-Pacific Economic Cooperation economic leaders’ meeting this year, Xi said.

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