multilateral trade agreements, saying that Chinese people value a promise as much as tons of gold.
China pays close attention to building a law-based government, abolishing improper r
ules, subsidies and activities that undermine fair competition and treating all enterprises equally, Xi said.
The president highlighted building infrastructure of high quality, sustain
ability, risk resilience, reasonable pricing, inclusiveness and accessibility under the Belt and Road Initiative.
Infrastructure is a bottleneck in the development of many nations
, Xi said, and building infrastructure can help countries give full play to their ad
vantages in resources and better integrate into the global supply, industry and value chains.
Xi called on countries to uphold multilateralism, promote green devel
opment and fight corruption with zero tolerance in the process of building the Belt and Road.
ing, and the two witnessed the signing of four cooperative documents to pr
omote cooperation in tax issues, agriculture, finance and science at a signing cer
emony. A joint declaration on climate change was also released after their meeting.
Zhao Jianglin, a researcher of Asia-Pacific economic studies at the Chinese Academy of Social Sciences, said the visit by Ardern
will provide a timely boost to China-New Zealand relations after the dispute over the use of Chinese telecom equipment.
China has been a key trade partner with New Zealand, which could also provide important s
upport to the Belt and Road Initiative and China’s relations with countries in the South Pacific, she said.
A price cut swept China’s many sectors on Monday, as value-added tax rate reduction officially kicked in.
This year’s Government Work Report, which was released las
t month, said the rate bracket of 16 percent in manufacturing and other industries will
On Sunday, China’s tech giant Huawei officially unveiled Huawei Mate X, its first foldable smar
tphone. That came just five days after Galaxy Fold, the first foldable smartphone of Samsung. But fol
dables might not be the future of smartphones, comment two experts with China Daily’s Zhang Zhouxiang:
Yuan Xuanhua, a renowned industrial designer with 20 years’ experience in smartphone engineering
Some media outlets have described foldable smartphones with so many sweet w
ords as if they were a technological breakthrough. Unfortunately, they are not. The te
chnology of foldable displays were invented as early as 20 years ago in a quite easy way — By replacing the glass th
at supports the display with foldable organic materials. Such displays can not only fold, but also curve.
Concerning the foldable screens of Huawei and Samsung, they have better displays with higher density rate and cl
earer, more stable display performance, but in essence they are still using the same technology. Therefore, f
oldable smartphones are more like a consumption-led innovation rather than a technology
systemic financial risks, are the fundamental tasks of financial work, calling for accelerated construction of the fina
ncial market infrastructure and advanced efforts to nationalize key information infrastructure in the sector.
He also urged solid statistics in the financial sector and improvement in the warning system and rules on information disclosure and management.
Education and supervision of senior officials of financial institutions and regulators sh
ould be enhanced, and more should be done to fight corruption in the financial sector, Xi said.
He called for dynamic supervision of domestic and cross-border capital flow to enable financial watchdogs to fully monitor all flows.
Xi said tasks for the reform and opening-up of the financial sector should be well implem
ented, calling for the preparation and the rolling-out of new reform and opening-up measures based on
the latest development of global economy and finance as well as the strategic needs of China.
Reforms including revamps on market access system and trading regulations should be deepened, and regulators should take a two-pronged appr
oach of enforcing both macro-prudential management and micromanagement of behaviors, he said.
He said those causing major financial risks due to their breaches such as lax regula
tion, cover-ups or decision-making failures must be held accountable and face serious punishment.
Efforts should be made to address the current situation where the costs of legal and
regulatory breaches in the financial sector, especially capital markets, are too low, Xi said.
Xi urged enhancing the global competitiveness of China’s financial sector, elevating the two-way opening-up to a highe
r level and beefing up capabilities of financial management and risk prevention and control amid greater opening-up.