Comments Off on Regarding the second Belt and Road Forum for Intern
ational Cooperation, to be held in Beijing on Thursday through Saturday, S
ong said the ministry will help deepen economic and trade cooperation with other coun
tries. “China will build more free trade zones with countries that are willing to do so,” Song added.
“As for the existing free trade zones, we will reduce administrative barriers in trade
and investment and push the formation of a big Belt and Road marketplace.”
While some critics have argued that the initiative will lead countries i
nto debt traps, Song said debt can be solved through joint efforts to promote the devel
opment of BRI economies. “Even though some countries may have high debt levels, as their pace of indus
trialization, urbanization and modernization accelerates, their debts will gradually decrease.”
Joe Kaeser, president and CEO of Siemens AG, said, “If an initiative like the BRI unifies more than two-thirds of the global
population, it will create massive infrastructure and economic movement that will build its own rules.”
Comments Off on Air tickets, homestays sold out for May Day holiday
A travel rush is expected for the upcoming May Day holiday, a
s air tickets and high-speed railway tickets on multiple routes were sold out, while ho
mestay hotels at destinations including Beijing and Shanghai were fully booked.
While only one week away, the May Day holiday this year is extended to fo
ur days – one day more than last year – and will see a travel craze comparable to that ty
pically seen during China’s Spring Festival, a traditional holiday for family reunion.
According to Qunar, one of China’s largest online travel agencies, quite a few people chose to take a few days off before or af
ter the May 1 to 4 holiday, so that they can enjoy a journey lasting upwards to nine days.
The travel rush is expected to come as early as April 27, and will reach a climax on April 29 and 30.
Comments Off on Xi’s remarks will guide younger generations in taking his
tory as a mirror, and combining their personal ideals with the dream of national rejuvenation, Hu Xianzhong, a senior re
searcher at the China Youth and Children Research Center, said in an article published by China Youth Daily on Sunday.
Since the movement began nearly a century ago, the country’s youth
has been collectively marching with the times and the people under the leadership of the C
PC－whether in periods of revolution, construction, or in the nation’s campaign of reform and openingup, Hu said.
As the centenary of the movement draws near, a good understanding of its history will make yout
hs know more about why their futures are closely connected with the rejuvenation of the Chinese nation so that
they will find their niches and play bigger roles in the country’s socialist cause, he added.
Chen Yuhao, a postgraduate student at the U
niversity of International Business and Economics, said the spirit of patriotism, progress, democracy and s
cience is still the core value of Chinese youth, and should be upheld and carried forward in the new era.
Comments Off on Unlike the second version, the latest one included rule
on the new science and technology innovation board, which will pilot the registration-based IPO system, according to Xinhua.
To accommodate the progress of reforms and development of the capital market, other modifications have also been made, cov
ering public issuance of securities, securities trading, and the protection of investors’ rights and interests, Xinhua said.
Dong expects the latest version to legitimize registration-based IPO systems not only
on the new board, but also across China’s whole A-share market. “Once the system achieves success on the n
ew board, it should be adopted on other submarkets as soon as possible,” Dong said.
President Xi Jinping announced in November that China will launch the S&T innovation board and pilot the registr
ation-based IPO system. Analysts expect the new board to begin trading around the middle of this year.
“The latest draft is expected to make comprehensive revisions, and it could go a long way
toward restoring public investors’ confidence and modernizing the regulation and governance of the ca
pital market,” said Liu Junhai, director of the Business Law Center at Renmin University of China.
Comments Off on Specifically, the draft likely will and should feature key
reforms to foster an investor-friendly legal system, represented by strengthened information disclosure, prot
ection of investors’ rights and interests, and crackdown on legal breaches, Liu said.
China must promote the healthy development of the capital m
arket through key institutional innovations, the Political Bureau of the Communist Part
y of China Central Committee, the Party’s core leadership, said a statement released after a meeting on Friday.
Dong said the revised law is likely to be adopted by the end of the first half of the ye
ar, adding it is imperative and possible to expedite rolling out the revised version.
“Previously, controversies over the registration-based IPO system reform ha
ve prolonged the revision process, but now this factor has been largely lifted,” he said.
“As foreign investors are set to play a bigger role in China’s capital
market development, the revised law should also consider clarifying the rights and oblig
ations of overseas investors, to help them form a stable policy expectation,” said Xue Yi, an associate p
Comments Off on The drafts were presented by the NPC’s law committ
tee to the National People’s Congress Standing Committee during a bimonthly session that began on
Saturday. In August, the Standing Committee began a preliminary review of all six parts and 1,034 items of the civil code.
Another health related item added to the code addressed human testing for new drug
s or treatments. It provides that all activities involving human testing must protect the subject’s health.
These activities include developing new drugs, medical equipment and prevention and treatment methods. They now
require approval from an ethics committee, as well as by competent authorities.
The draft amendment to the Drug Administration Law said the nation should encourage the development of new
drugs, according to Cong Bin, a forensic expert and a senior legislator on the law committee.
Comments Off on Meanwhile, massive rescue operations are underway at
the explosion sites, the police said.Television footage showed ambulances r
ushing the injured to the Colombo National Hospital, the Batticaloa Hospital in
the east and the Negombo Hospital on the outskirts of the capital where the explosions took place.
There has been no claim of responsibility so far for the multiple blasts.
In just one church, St. Sebastian’s in Katuwapitiya, north o
f Colombo, more than 50 people had been killed, a police official told Reuters.
Media reported 25 people were also killed in an attack on a church in Batticaloa in Eastern Province.
Prime Minister Ranil Wickremesinghe called a national security council meeting at his home for later in the day.
One of the explosions was at St Anthony’s Church in Kochcikade, Colombo.
St. Sebastian’s church posted pictures of destruction inside the church on its Fa
cebook page, showing blood on pews and the floor, and requested help from the public.
Out of Sri Lanka’s total population of around 22 million, 70 percent are Buddh
ist, 12.6 percent Hindu, 9.7 percent Muslim, and 7.6 percent Christian, according to the country’s 2012 cen
Comments Off on The settlement of the dispute over agricultural product
ts between China and the United States is nothing out of the ordin
ary – it is a normal part of China’s engagement with the rules-based trading syste
m. As Mr Pascal Lamy, a former WTO director general put it, “China has delivered an ‘A-pl
us performance’ since its WTO accession,” and no WTO member has been
a perfect performer when it comes to WTO rules as each country has its own interpretation of the rules.
China will regard every dispute settlement within the WTO framework as an opportunity to cont
inuously adjust and improve its trade practices. Through the process, China will consult extensively with oth
er WTO members in order to promote reforms of the WTO that enhance the organization’s authority and effe
ctiveness so that it can better safeguard free trade and the multilateral trading system.
Comments Off on Walmart banks on tech innovationn escalator in a Walmart
US retail giant Walmart Inc will continue to grow its hypermarkets, Sam’s Club stores, and community-ba
sed smaller-sized supermarkets businesses in China with more advanced technologies, according to a top official.
Doug McMillon, president and CEO of Walmart, told China Daily during his visit to Shanghai on Thursday that China is still one of
the most important markets for the US retailer. Technology will be another major focus area for the com
pany in China as Walmart has always been a “people-led company that relies heavily on technology,” he said.
McMillon said Walmart has developed digital solutions to better u
nderstand customer behavior and spending patterns, which in turn has helped the ret
ailer to create new products and to solve old retail problems with modern technology.
Wern-Yuen Tan, president and CEO of Walmart China, said digital technology has hel
ped Walmart to reach out to more customers and improved the overall decisionmaking process.
Comments Off on Thanks to the integration of its online-and-offline bus
inesses, McMillon said brick-and-mortar stores have become hybrid, and forward fulfillment centers.
He said Sam’s Club has been gaining strength in the country. The high-end m
embership store that was launched in China in 1996 has about 2 million members nati
onwide. By 2020, there will be 40 such clubs either in operation or in construction in the country. The format ha
s 23 stores currently in 19 cities stocking quality fresh food and membership products.
Globally Walmart has 11,300 stores, with a third of them large stores.
According to Kantar Worldpanel, in 2018 Walmart’s market share was 5.4 percent, an improvement from t
he 5.2 percent in 2017. Last year it opened 33 new stores, including 21 hypermarkets, four Sam‘s Club and eight compact stores.
Jason Yu, general manager of Kantar Worldpanel China, said Walmart has to roll out
more innovations to further improve its operational efficiency and achieve growth through