It is one of the oldest festivals, not only in China but also thro

roughout the world, with a history of more than 2,000 years. In 2006, the traditional festival was listed

as part of China’s national intangible cultural heritage. In 2008, it was recognized as a public holiday in the Chinese mainland.

The Dragon Boat Festival commemorates the death of Qu Yuan, a Chu state official and poet who lived during the Warring State

s Period (475-221 BC) before the reunification of China under the Qin Dynasty (221-206 BC). He was exiled after

opposing his king’s decision to ally with the neighboring state of Qin, and when Chu was finally conquered by Qin, h

e committed suicide by drowning in the Miluo River on the fifth day of the fifth lunar month.

The Chu people, who admired Qu Yuan for his loyalty and integrity, threw rice dumplings into the river to feed the fish so t

hey would not eat the body of their poet hero. People then started dragon boat racing to scare off the fish.

Since then, the fifth day of the fifth month on the lunar calen

dar is celebrated as the Dragon Boat Festival. The following are some customs for the festival.

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The world’s largest unicorn is Beijing Bytedance Tech

nology Co. The Chinese multimedia giant, owner of personalized news aggre

gator Toutiao and popular short video platform Douyin or Tik Tok, is worth $75 billion.

More than 100 unicorns are projected to have an initial public offering this year, including Uber and Airbnb, while ride-hailing servic

e provider Lyft and online scrapbook company Pinterest have already hit the public market, the report said.

Unicorns are most likely to appear in internet software services and e-commerce, while the most valued ones are m

ostly found in the on-demand transportation sector, Desjardins said. celebrate the Dragon Boat Festival, fo

reign students from the Chinese Culture and Literature School at Nankai Univer

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hina has a large youth population, with more than 248 mil

Despite a busy schedule, Xi still tries to find time to interact with children.

He has extended greetings to children nationwide every International Children‘s Day since he became

president in 2013, showing his care for their growth and his hope for them to carry on endeavors to realize the nation’s dreams.

International Children’s Day falls on June 1 every year.

In May 2013, while inspecting a school devastated by an earthquake in Sichuan province, Xi t

old students to turn their trauma into a source of strength, urging them to be strong, brave and united.

When visiting a primary school in Beijing’s Haidian district in 2014, Xi spoke of the

need to guide children to set high goals and create conditions for them to grow into adulthood.

On June 1, 2015, when speaking to members of the Young Pioneers of China in Bei

jing, Xi called on all Chinese children to learn to be people of integrity, knowledge and responsibility from an early age.

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Pacts set to be signed during Xi’s state visitbal strateg

Pragmatic cooperation, global strategic stability high on Sino-Russian agenda

Beijing and Moscow will sign around 30 cooperation documents d

uring President Xi Jinping’s state visit to Russia next week, including two joint statements on bilateral t

ies as well as on global strategic stability, Vice-Foreign Minister Zhang Hanhui said on Thursday.

Xi will kick off a three-day state visit to Russia on Wednesday at the invitation of Russian President

Vladimir Putin, and attend the 23rd St. Petersburg International Economic Forum to be held between June 6 and June 8.

The two presidents will witness the signing of an array of agreements on business d

eals in areas such as trade, investment and energy, Zhang said at a media briefing in Beijing.

This year marks the 70th anniversary of diplomatic ties between

China and Russia, and Xi’s visit will mark a milestone for both countries, Zhang said.

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In May, the offshore RMB exchange rate against the US do

dollar dropped more than 3 percent under market pressure as global investors worried about the escalation of trade friction.

Guo Shuqing, Party secretary of the People’s Bank of China, the central bank, said on Monda

y that higher US tariffs on China’s imports triggered financial market volatility, and this also affected the offshore RMB.

The currency’s depreciation was purely caused by market forces, a

d China has never taken any measures to deliberately devalue the currency to make its exports more

attractive, said Guo, who is also head of the China Banking and Insurance Regulatory Commission.

According to Guo, the short-term fluctuation of the RMB exchange

rate was normal, and the depreciation will not last long given the stable economic growth base.

ax148.cn

Experts say more work needed on AIo in Suzhou, Jia

hina has published the most research

papers on artificial intelligence around the world, while AI research from the Unite

d States remains the most influential, said a report on AI development released in Shanghai on Friday.

More than 300,000 papers on AI have been published globally from 2013 to 2018, among which around 74,000 were publishe

d by Chinese researchers and 52,000 by their US counterparts, and the US dominated in fields such as citation impact,

number of patents, and the scale of companies and funds, the report said, adding that China lacks basic theoretical research.

The report was compiled by the Research Center for AI Development, which was established last year by the Ministry of Science and Technology.

“China and the United States are the two main pillars of the world’s AI r

esearch network, and the most cooperation on AI research happened between the two

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Before his retirement, Wang irrigated farmland for de

nd for decades and witnessed local farmers’ continuous battles against sandstorms.

“It didn’t just feel like a black storm, it was as if the whole desert was approachi

ng,” recalls Liu Conghui, a writer who was born, and still lives, near the farm Wang once worked.

As the menacing sandstorms made the area increasingly inhospitable, Liu’s whole community planned to up sticks.

To restore the local ecosystem, the Chinese government launched

a 10.7 billion yuan ($1.6 billion) project in 2001. A set of measures were adopted such as sav

ing water, converting farmland into grassland, providing treatment for dry riverways and building dams. In addition to t

hose measures, industrial and agricultural use of water in cities and counties along the river was limited.

Over the past two decades, Xinjiang has infused 7.7 billion cubic meters of water into

the dry trunk stream of the lower reaches of the Tarim River in 19 rounds of water diversion.

shidaikangfuyiyuan.cn

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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There are signs that the central government will not cha

ange its resolution to control house prices, Zhang said, adding that in the future the real estate market will continue to crack down on speculation.

On May 11, Suzhou tightened housing policies further, China Daily ea

rlier reported. The down payment ratio for a family’s first home purchase has been rais

ed from 20 percent to 30 percent.China may grant official 5G licenses, instead of the interim licenses prev

iously planned, to telecom carriers this year and is likely to start commercial use of the superfast wireless technology nat

ionwide in the near future, possibly as soon as October, according to people familiar with the matter.

Newly built property in certain parts of the city cannot

be traded for a three-year period after purchase, and for five years in the case of pre-owned property.

shangjianxiachui.cn

Trade agreements can affect the types of goods being

traded and they can redirect trade toward one country, away

from others. They cannot directly affect any country’s worldwide current account balance. A count

ry 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 gove

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

Ironically, the disputes between the US and China center around both nations’ legitimate desires to

protect some current low-skilled jobs, or at least to allow an easier transition to new jobs and industries.

US administration’s economic policy has rightly focused on the need to

retain jobs for working-class people in the US. And, China’s companies that export to the U

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