it has long been prepared for the “extreme scenario” of the US blo

access to some components and technologies.

“We have been developing backup products for years in anticipat

ion. … Such efforts can ensure the strategic safety of most of the company’s products an

d a continuous supply of most products,” said HiSilicon President He Tingbo in an internal letter.

Foreign Ministry spokesman Lu Kang said at a news conferen

ce on Friday that the development and utilization of 5G depends on global cooperation, and inte

rference by the US undermines the principle of fair competition and shows a lack of respect for other countries.

HiSilicon, which was founded in 2004, has designed chipsets like Ki

rin, which has been used in Huawei’s high-end smartphones. In addition to server chips, th

e company has also developed chips for base stations, basebands and chipsets powered by artificial intelligence.

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attracting talents and capital. This in turn prompts the autho

rities to introduce more favorable policies and regulations for the enterprises bas

ed in the US, which is essentially a combination of representative democracy and market econ

omy. Under such circumstances, how can the US promote sustainable reindustrialization?

Besides, reindustrialization is not possible without rebuilding or strengthen

ing infrastructure facilities. And although the US leader has been claiming to implement a trillion-dollar infrastructure

plan-and even made it one of the pillars of his “Make America Great Again” campaign-not much has come of it.

Another major problem is that the return on equity in the infrastructure sector is a mere 3 percent w

hile that in the US capital market is about 12 percent. So how can the US attract more private cap

ital to the infrastructure sector without guaranteeing a return on equity equal to that in the capital market?

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Fertility rates, meanwhile, remain astonishingly high in

n some countries, especially in Sub-Saharan Africa. In a few of the poorest-Niger, Mali and th

e Democratic Republic of Congo-the rate is 6-7 children per woman. The resulting flood of new ent

rants to the labor market is far outstripping the number of jobs available.

Empowering women key to meeting challenge

No known growth model can accommodate or keep up with this k

ind of demographic surge. Even sustained economic growth of around 7 percent per year

won’t be enough. And although fertility tends to decline as incomes rise, that does not happen immediately. Em

powering women, therefore, may be the most effective way of starting to address the challenge.

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The reform and opening-up policies are exactly the kin

ds of market-driven reforms needed to make this happen. The Chinese government is investing heavily in research

and development, but it should be noted that the R&D spending as a percentage of GDP is still lower than that of the US.

Nobody likes competition against themselves. So, it must be admitted that China’s transiti

on to a high-tech, high-value-added economy will come as a shock to many companies around the world.

The US economy, which has about 7 percent of GDP in high-tech manufacturing, will be lightly affected by this change.

On the other hand, advanced manufacturing contributes around 20 percent of GDP in South Korea, Japan, Ge

rmany and a few smaller European countries. They will be much more directly affected.

China’s transition over the next 10 years will not be painless for its compa

nies or for foreign competitors. But, reform and opening-up policies that create more com

petitive companies and markets are the only way to achieve a richer and more productive world economy in the long term.

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China has also recently announced a strengthened reg

gime of intellectual property rights protection. Again, this is what foreign negotiat

ors are seeking, but also is important for China’s own economy as it transitions to being a technology leader.

Trade agreements can affect the types of goods being traded and they can redirect trade toward one c

ountry, away from others. They cannot directly affect any country’s worldwide current account bal

ance. A country that saves less than it invests will have to borrow foreign funds to import foreign goods to make up that difference.

There are two ways to reduce the US trade deficit. A serious recession would reduce investme

nt, but nobody advocates that as a strategy. The only other path is to change the US financial and gov

ernment system to encourage increased savings. China has almost nothing to do with it.

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Wu Zhongliang, director of the administration’s Institu

itute of Earthquake Forecasting, said the experimental site will help form a

“united front” at the national and international level to work on earthquake forecasting.

Referring to earthquake forecasting as a hard nut to crack, Wu said t

he work cannot see marked progress just in a few days, but forecasting capability will be imp

roved as technology develops. “If it’s a war between humans and earthquakes, it’s us that will finally win,” he said.

Paul Tapponnier, a distinguished research professor a

t the administration’s Institute of Crustal Dynamics, said he “wholeheartedly” wel

comes the project. China boasts unique conditions to carry out the experiment as most of its earthquakes oc

cur “inside the land under the feet of the people” rather than in the ocean, and there are many active faults in the country.

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During his childhood, Zhao was inspired by a carto

toon where he saw the protagonist riding a flying motorbike. To realize his childhood fan

tasy, Zhao stopped all his work and sold his apartment in pursuit of his dream to build his own flying motorbike.

Like many men, the 41-year-old native of Hunan province has always dreamed of flying in the

sky one day. He aced science subjects in school and enjoyed fixing electrical appliances at home.

However, due to his impoverished family background, he had to work at a golf range in Don

gguan, Guangdong province, after graduating from middle school in 1998. Zhao later took on a variety of jobs includi

ng security guard, insurance salesman and property agent, gradually putting his childhood dream aside.

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US soy farmers call for cool-down of trade tensions

US soy farmers have urged Washington to work for a positive solution to the current tarif

f dispute with the world’s top oilseed buyer China, and avoid further escalation of trade tensions.

In a statement released late Tuesday, the American Soybean Association (ASA) described the t

hreat by US President Donald Trump’s administration to increase the tariff rate from 10 percent to 25 p

ercent on $200 billion worth of Chinese goods as the “worst case” for US soybean growers.

“This is a predicament for soy growers,” said Davie Stephens, ASA president and a soybean farmer from Kentucky.

“With depressed (soybean) prices and unsold stocks fo

recast to double before the 2019 harvest begins in September, we nee

d the China market reopened to US soybean exports within weeks, not months or longer,” he added.

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Other signs of a more vigorous Chinese economy wer

 also visible in the quarterly financial results, including an accelerated transition to innovation-based growth.

According to Wind Info, sectors like communication, non-banking financials and co

mputers topped the earnings growth of all sectors of the A-share market in the first quarter.

“The communication sector registered a 310-percent growth in profits in

the first quarter, bolstered by the acceleration of 5G infrastructure construction and the rec

overy of industry giant ZTE Corp,” said Wang Yi, chief strategist at Shenzhen-based Great Wall Securities.

In the future, as large-scale commercial uses of 5G are poised to take

place, profitability of related companies will continue to see improvements, he said.

Listed companies have also stepped up innovation capabilities. In 2018, Sh

enzhen-listed companies increased their aggregate research and dev

elopment expenditure by 22.3 percent, with 11.4 percent of them having R&D expenditure in excess of 10 percent o

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In addition, the institute will invite foreign experts

to give lectures to the students to provide access to new developments in the international space sector.

“We want to make sure that they will be able to design satellites when they complete their study here and go back to their countries,” Cui said.

He added that compared with their Chinese peers, the foreign

students are more active in class and are better at asking questions and sharing their thoughts.

The foreign students will choose either remote sensing or comm

unications satellites as the topic for individual research at the Shenzhou Institute, Cui s

aid, adding that their choice will depend on what they will do in their homeland after the program.

Wang Jie, the mentor of the eight-student class, said that in addition to professional knowledge

and on-site tours, the institute also arranges lectures on Chinese language and culture for the foreign s

tudents and takes them to such historical sites as the Forbidden City and Summer Palace.

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