Renminbi to remain stable, regulator saysknotes at a ba

Central bank vice-governor voices confidence amid currency volatility

The monetary authority vowed to stabilize the renminbi amid escala

ted trade tensions, while continuing to push forward financial opening-up and pr

otecting overseas investors’ legal rights, said a senior official from the central bank on Sunday.

“We have the foundation, confidence and capacity to maintain a stable foreign exchange ma

rket in China, and keep the renminbi exchange rate at a reasonably stable equilibrium,” said Pan Gongsheng, vi

ce-governor of the People’s Bank of China, the central bank, said in a statement on its website.

Before his pledge, the onshore renminbi rate depreciated to 6.9182 per do

llar at Friday’s close, the weakest level since December, and the offshore renminbi rate h

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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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Govt should accelerate tax cuts to invigorate economy, premi

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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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.

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Television footage also showed blasts in three hotels

the Cinnamon Grand, Shangri-La and Kingsbury hotels in the capital, which occurred following the church blasts.

2 more explosions hit Sri Lanka

A Sri Lankan military spokesman has confirmed two more explosions just outsi

de the capital, hours after six nearly simultaneous blasts rocked churches and luxury hotels.

The spokesman, Brig. Atapattu, says a 7th blast occurred at a guestho

use in Dehiwala, killing at least two people. Atapattu says an 8th blast occurred in Dem

atagoda on the outskirts of Colombo. He did not have details on the Dematagoda blast.

7 suspects have been arrested

State Minister of Defense Ruwan Wijewardene says seven suspects have been arrested.

Security has been beefed up across the countr

y. Wijewardene said all necessary precautions had been taken to keep citizens safe.

“As a government all necessary action will be taken agains

t any extremist group that is operating in our country,” Wijewardene said.

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People-to-people contacts, as a non-ignorable compon

ent of the Belt and Road Initiative, are boosted by China and Azerbaijan

via linking people of the two countries in cultural exchange, education, human

itarian dialogue and tourism cooperation. China and Azerbaijan signed a memorandum of understanding to stim

ulate tourism between the two countries. “Data from 2018 shows 15,000 Chinese tourists visited Azerbaijan last year, w

hich is not enough of course, and we aim to do more to attract more visitors in the coming years,” Hajiyev said.

He also highlighted education exchanges between the two countries, as China has sent students to study language in Azerba

ijan and viceAs Azerbaijan has a favorable political and geographic location, the country aims to become a tran

sport hub connecting Europe and Asia under the framework of the Belt and Road Initiative. “The point of the transp

ortation network is to integrate it with the original countries,” Hajiyev said, adding Azerbaijan has built a network of transp

ortation including seaports, airports, railways and land roads.-versa. “We are looking forward to increase the numb

er of (students) because we see they can play the role of a humanitarian bridge between our countries.”

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Those criticizing the initiative may seek to present themse

lves as having more sense or greater perspicacity and thus able to see the “truth” of the Belt and R

oad. But those who seek to portray it as ill-intentioned are those who habitually speak ill of China.

Those countries and organizations which choose to join the initiative have a mind of thei

r own. They realize the initiative is not an endeavor that has been planned down to the finest detail, it

is a cooperation framework that is being given substance and significance through the collaborations of countries.

Just as China’s veteran diplomat Yang Jiechi said in an interview on the weekend, the Belt and Road Initiative has created ne

w areas for international cooperation based on the principles of mutual respect, justice, equity and win-win outcomes for all.

Yang, a member of the Political Bureau of the Central Committee of the Communist Party of China and director of the Office of the Central Commissi

on for Foreign Affairs, rightfully pointed out that the initiative provides a platform for fostering closer ties between countries, and i

t has created new impetus and opportunities for the development of the world economy by helping many of the cou

ntries involved remove development bottlenecks and implement the UN 2030 Agenda for Sustainable Development.

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Environment officers have also begun to process the pollut

ution in the Xinfeng River – the most polluted water body in the park after the explosion –

to prevent it from contaminating waters outside the park, according to the release.

The construction of the pipeline connecting the river and the Yulang chemical sewage treatment plant was completed on Thursday night, it said.

“The priority in the team’s work is to handle the wastewater resul

ting from the explosion and to closely monitor nearby rivers and other water bodies to ensure th

at not even a single drop of untreated water will be discharged into the external environment of the park,” the release said.

According to the work plan, all polluted water would be temporari

ly stored at the Yulang chemical sewage treatment plant before being processed to meet national standards.

In addition to 50 environmental experts, the Ministry of Ecology and Environment has also di

spatched more than 200 environment monitoring officers to the site, according to the ministry.

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This year marks the 55th anniversary of China-France

diplomatic ties. During their meetings, Xi agreed with French President Emmanuel Macron and Prime Minister Edouard Philippe to f

orge a more solid, stable and vibrant China-France comprehensive strategic partnership, and continue to explore the way for major countries to get al

ong with each other, which should feature independence, mutual understanding, foresight, mutual benefit and win-win outcomes, Wang said.

In the joint statement issued by China and France on jointly safeguarding multilateralism and improving global governa

nce, the two sides pledged to build international relations of mutual respect, equality, justice, and win-win coop

eration on the basis of respecting international laws and the basic principles of international norms, Wang said.

Speaking of Xi’s visit to Monaco, Wang said leaders of the two cou

ntries have agreed to firmly stick to the correct direction of bilateral relations, adhere to open

ness and cooperation, and pursue more win-win results so as to jointly elevate the China-Monaco relations into a new era.

During Xi’s talks with Prince Albert II, head of state of the Prin

cipality of Monaco, the Chinese president said both sides should adhere to openness and cooperation a

nd pursue more win-win results, adding that China welcomes Monaco to actively participate in the joint development of the Belt and Road.

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Mattarella said that Italy supports the Belt and Road Initiati

 that was put forward by Xi, and the initiative is expected to promote the interconnectivity of the Eurasian continent.

The BRI is also a road of cultural exchanges, he said, adding that Italy would like to enhance cooperation with China in tourism and culture. Italy ad

mires China’s achievements in economic development, and it appreciates China’s opening-up policies, he said.

Both Italy and China are ancient civilizations, and the people of the two countries have sufficient wisdom to deal with

challenges nowadays, he said, adding that China’s rejuvenation will bring new contributions to peace and prosperity.

China will take a solid step toward becoming a high-income country this year,

reating more space to deepen reform and expand opening-up, economists said on Friday.

A more balanced growth pattern will help the world’s second-largest ec

onomy pass the “middle-income trap”, with consumption and high-tech man

ufacturing leading growth, they said at a Beijing seminar leading up to the 2019 China Development Forum, which starts on Saturday.

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