China announces new tariffs on US goodsday that it wil

China said late on Monday that it will increase tariffs on the bulk of $60 billion of US imports to three categories of rates between 10% and 25%.

For the rest of the $60 billion US imports, the duty rate will remains at 5 percent.

The tariffs will hit around 5,000 products and will take effect on June 1.

It is China’s latest response to the additional US tariffs on $200 billion of Chinese goods, which were implemented on Friday morning.

The move fully demonstrates Beijing’s firm determination to defend its due interest

s and legitimate rights in international trade and economic cooperation, according to analysts.

Guanxi, compadrazgo and bapakism. Three words from China, the Philip

pines and Indonesia that encapsulate the same values of the vast continent through the a

ges-a shared belief in the importance of the family and the community over the individual.

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We believe that these things are major issues of prin

ciple. So every country has important principles, and we absolutely c

annot make concessions on such issues of principle,” the vice-premier said.

Liu, however, added that he hoped both sides would exhibit flexibility in the talks.

He refuted the criticism of the US side that China reneged on its promises in the draft trade text.

“We believe that it is only natural to have changes before a final deal; it is something that surely occurs in the process, so we

don’t think the Chinese side has back-walked,” he said, adding that he disagreed with the wording of “renege”.

“We just had differing views on how to phrase some things in t

he text, and we hope to resolve it, so it’s unnecessary to overreact to the issue,” he said.

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China’s determination to expand opening-up and the ong

going reform measures have made its financial market increasingly appealing to overse

as investors,” the administration said on Monday in a statement on its website.

“The administration will continue to support the opening-up of financ

ial markets, meet demand from overseas investors to expand investment in the ma

rkets and attract global long-term capital to enter China’s financial markets,” it said.

Given the stable performance of the yuan and expectations of balanced capital flows, China’s fore

ign exchange reserves remained stable in April, reaching $3.095 trillion by the end of last month, co

mpared with $3.099 trillion by March, according to data released by the administration on Tuesday.

China is willing to see the accelerated development of the onshore capital market, said analysts, allowing direct fi

nancing to play a more significant role in allocating savings and investment, and better serve the economy.

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Investment high on Sino-Swiss agendalcoming cerem

China and Switzerland should make joint building of the Belt and Road into a new highlight of bilateral cooperation and firm

ly safeguard economic globalization and trade liberalization, President Xi Jinping said on Monday.

Xi spoke during a meeting with Swiss Confederation President U

eli Maurer, who is to conclude his eight-day state visit to China on Tuesday.

Noting that China’s establishment of a bilateral innovative strategic pa

rtnership in 2016 with Switzerland was the first ever created with another country, Xi said

that China is ready to work with the European country to further strategic cooperation.

Xi also underscored the importance of following a pioneering spirit, recalling that Swiss busines

ses began to explore the Chinese market soon after the country’s reform and opening-up began.

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Other commonly used disaggregated growth meas

ures are consistent with the top-line measured GDP growth number. For example, production and

supply of electricity, thermal power, gas and water increased by 7.1 percent in the quarter. Pl

us, value-added index of transport, storage and post increased by 7.3 percent.

A closer look at the highest growth sectors shows that the economy is moving toward the long-term goal of shif

ting away from a development strategy based on heavy investment in industry and

infrastructure to one based on services and domestic consumption. Also, more productive industries that tur

n out higher-value added goods are growing at a much faster rate than traditional heavy industry.

Among large companies, State-owned enterprises grew 4.5 percent yea

r-on-year while shareholding enterprises grew almost twice as fast, at 7.8 percent. So, stro

ng progress is being made toward the goal of promoting private enterprise, which was re

inforced by many policies announced at last month’s meeting of the National People’s Congress.

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to ease permanent residency requirements in large cities

China said Monday it will ease the requirements for permanent residency in many large cities as part of its new urbanization push.

Restrictions on permanent residence permits should be scrapped in cities with populations betw

een 1 million and 3 million, according to a document outlining key urbanization tasks this year release

d by the National Development and Reform Commission, the country’s top economic planner.

For cities with populations of 3 million to 5 million, the qualifications for such permits should be “fully relaxed,” and the restrict

ions for certain key groups of people to get such permits should be removed, the document said.

Previously, the country has already gradually abolished permanent residency r

estrictions in small and medium-sized cities and towns with populations below 1 million.

The NDRC document also demanded cities with populations abo

ve 5 million to improve their policies and drastically expand the scale of permanent residency.

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I want to go to school in another province. That way, I won’t

feel like an orphan,” he wrote in the letter, referring to special classes established for Tibetan students in schools

outside the region that allow them to share equal teaching resources with their “inland” counterparts.

“All my classmates would be separated from their parents, so I wouldn’t want to have parents.”

Nyima Gyaltsan rarely shares his feelings, fearing that he may be mocked and treated differently, but Qian, who arrived from

affluent Jiangsu province five years ago, is an exception, even though he only began teaching the boy last semester.

“When Teacher Qian learned I was an orphan, he tried to ease my mental stress and help me

study,” Nyima Gyaltsan said, adding that he has spoken privately with Qian several times.

As the boy has no family members to help with his school work, Qian told him to high

light anything he didn’t understand in any subject and he would find teachers to help him.

“Teacher Qian told me I can always turn to him, or talk with him every Wednesday at noon if I come across any difficulties or stress,” he said.

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hina boosts measures to open economyivers the keyn

China will further open up to foreign investors and offer them treatment equal to that of domestic companies with firm prote

ction of their legitimate rights, Premier Li Keqiang said at the Boao Forum for Asia on Thursday.

The country will fully adopt pre-entry national treatment and negative lists for overseas

investment, Li said at the opening ceremony of the forum’s annual conference in Hainan province.

By the end of June, China will release the amended negative lists for foreign investment ac

cess, he said. “The negative lists will only be shortened. … We will ensure fair competition and common deve

lopment for Chinese and foreign companies with fair supervision,” Li told more than 2,000 participants.

A negative list shows areas where investment is prohibited; all other areas are presumed to be open.

The government has started formulating matching regulations and rules to supp

ort implementation of the Foreign Investment Law, adopted two weeks ago, Li s

aid, adding that supporting regulations will take effect along with the law on Jan 1.

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Xi meets Macron on maintaining sound China-France ties

NICE, France – Chinese President Xi Jinping on Sunday stressed the importance of maintaining a sound China

-France relationship to both countries’ long-term development and its potential impact on the world.

Xi, who is paying a state visit to France, made the remarks when meeting with French President Emmanuel Macron in the southern French city of Nice.

Recalling the history of friendly exchanges between China and France, Xi noted that Franc

e is the first major Western country to establish official diplomatic relations with the People’s Republic of China (PRC).

France, he added, also is the first country to form a strategic partnership and conduct stra

tegic dialogue with China and the first to carry out civilian nuclear-energy cooperation with China.

He pointed to the special significance of his visit, which came at a special year that marks both the 70th anniversary of the foun

ding of the PRC and the 55th anniversary of the establishment of China-France diplomatic relations.

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Cyclone Idai: Fears for 500,000 people as 90% of Mozambiqu

  Fears are growing for more than 500,000 people in the Mozambique city of Beira, after a

id agency officials warned that 90% of the area had been “destroyed” by Cyclone Idai.

  The cyclone slammed into the southeast African country as a high-end Category 2 storm with 175 kph (110 mph winds) at midn

ight Thursday, causing widespread devastation, before moving inland into Zimbabwe and Malawi.

  In an address on national radio Monday, Mozambique President Filipe Nyusi warned that while the official death toll

stood at 84, “everything indicates that we can have a record of more than 1,000 dead.”

  Nyusi described seeing “bodies floating” in the water after two rivers broke their banks “wiping out entire vil

lages ” and isolating others. “It’s a real humanitarian disaster of large proportions,” said Nyusi.

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