Month: March 2019
logistics costs by nearly 121 billion yuan ($17.8 billion) this year, the Ministry of Transport an
nounced on Thursday at a news conference of the State Council Information Office.
Spokesman Wu Chungeng said the ministry will unveil a st
ring of measures not only to cut costs but to promote innovative development of the industry.
China will continue to increase railway freight volume, upgrade its
water transportation system, regulate highway freight transport and speed up mul
timodal transport in a bid to improve its logistics network and optimize its structure, Wu said.
It will also further integrate important ports and harbors into the inland multimodal transport and logistics netw
ork, which will connect them with more railways and highways and enable improved cargo interoperability, he said.
The country will also expand the use of pilot programs to deepe
n reform of the administrative law enforcement system in the logistics industry to improve i
Chinese business leaders are more confident and prepared in addressing the challenges brought by new technologies than
those in many other countries, said Cindy Hook, CEO of Deloitte Asia-Pacific, a global consultancy firm, on Thursday.
While many business leaders in the rest of the world take a protective approach to using technologies, Ch
ina’s leaders would like to “disrupt their sectors” and facilitate real changes, Hook said on the sidelines of the Boao Forum for Asia.
“Chinese enterprises are looking at the technologies available－whet
her it’s artificial intelligence, big data or the like－to actually come up with whole-new busi
ness models and whole-new approaches to doing things, not just improving the old processes.”
With the readiness for technologies, China is likely to lead on many aspects of the unfol
ding Fourth Industrial Revolution, such as e-commerce, smart cities and the internet of things, Hook said.
The country’s impact on the revolution will be enlarged by its opening-up determina
tion, she added, citing the fresh opening-up measures announced by Premier Li Keqiang at the forum on Thursday.
oss the period, be they old masters’ paintings, impressionist, or modern and contemporary, he said.
The second trend is that Chinese and Asian markets continue to grow and flourish
despite short-term macroeconomic challenges the world is facing, Belin said.
“We continue to see strong appetite for collecting and strong growth.
We continue to see a very strong demand and we do see (in Asian Art Week here) very stro
ng buying appetite from our clients; a depth of biding that even surprised ourselves,” he said.
The third key trend in Asia is growing number of young collectors, Belin said.
“There are more young billionaires in Asia than we have in Europe and in the U.S., and that’s also reflected in collec
ting, which is very exciting for Christie’s, because we can bring our clients much earlier on the collecting journ
ey with the best art across the world. And we can accompany them for even longer time in their journey.”
The flourishing Chinese culture market represents “fantastic opportunities” for Christie’
s and the auction house always attaches greater importance to the Chinese market, said the senior industry leader.
Being the first international fine art auction house to be gran
it is already a banking center in the European context, plus a clearinghouse. Also, Frankfurt has the Euro
pean central bank, which is now the regulator for all banks in Europe. So, the banks want to be closer to the major regulator,” Donoghue said.
As for asset management, insurance, and funds companies, Donoghue said, they are relocat
ing to Dublin because the city has a very broad and diversified set of capabilities in running funds and managing assets.
Andrew Pilgrim, associate partner at consultancy Ernst & Young, which is known as EY, sai
d it is probably not in the EU’s best interests to have financial services concentrated in one location.
“From policy and political perspectives, there is an argument to say that actually having a balanced financial sector across many EU jurisdi
ctions means that you have less risk concentrated in one jurisdiction,” Pilgrim said. “And it also means that you get a more balanced regu
latory and supervisory environment across all the EU member states, as opposed to all of that being focused on one.”
and the market size of sleeping pills and sleep aids has exceeded 250 billion yuan, according to Frost & Sullivan data.
In the next few years, demand will grow, and the market for sleeping a
ids and medicine will likely emerge as an important sub-category of the sector that ma
kes sleep-related products. The sub-category is foreseen to continue to expand, Frost & Sullivan data showed.
The University of Cambridge on Monday confirmed that China’s gaok
ao, or the National College Entrance Examination, is regarded as a suitable preparation for Ca
mbridge, in response to inquiries on whether it recognizes gaokao scores in a post on its official Sina Weibo account.
The inquiries poured in after reports said that the University of Camb
ridge announced it has started to accept China’s gaokao scores for Chinese stud
ents wishing to apply for undergraduate study at the prestigious British university.
The university, however, said this is not something new, but a policy Cambridge has implemented for years.
According to application information on the university’s website, successful applicants from China will usually have score
s in the top 0.1 percent of those taking the gaokao in their province. Applicants’ individual subject scores and scores in th
ROME — China and Italy signed here Saturday a memorandum of understanding (MoU) to jointly advance the con
struction of the Belt and Road during Chinese President Xi Jinping’s state visit to the country.
The two sides welcome the signing of the intergovernmental MoU on jointly advancin
g the Belt and Road construction, said a joint communique issued by the two countries.
The two sides realize the huge potential of the Belt and Road Initiative (BRI) in promoting con
nectivity, and stand ready to strengthen the alignment of the BRI and Trans-European Transport Networks and
deepen the cooperation in ports, logistics, marine transportation and other areas, the communique said.
The two sides expressed willingness to join efforts under the Asian Infrastru
cture Investment Bank (AIIB) to advance connectivity in line with the AIIB’s mission and functions.
play an active facilitating role, and create better conditions for and inject greater momentum into the development of bilateral relations.
The Italian Senate warmly welcomes Xi for his visit, Casellati said, notin
g that the Italian and Chinese peoples have always trusted each other and maintained pr
ofound friendship, with close ties in such fields as economy and trade, and culture.
The Senate speaker said she agrees with Xi on his remarks about the traditional friendly exchanges betwe
en the two countries dating back over 2,000 years, published in leading Italian newspaper Corriere della Sera ahead of his visit.
China and Italy are major countries that boast a rich culture, she said, adding that Italy is willing to boost communication and co
operation with the Chinese side in such fields as culture, art, language, heritage protection, tourism, science and tec
hnology, and innovation, and encourage their youths to increase exchanges and mutual understanding.
China on jointly building the Belt and Road, She said.
Noting that the history of Italy-China exchanges for the past 50 years has been a history of dialo
gue and friendship, the speaker said the Italian Senate is willing to facilitate exchanges between the two coun
tries’ legislative institutions, and continue to make contributions to deepening Italy-China friendly cooperation.
Xi arrived in Rome Thursday for a state visit to Italy, the first stop of his
three-nation Europe tour, which will also take him to Monaco and France.
Prince Albert II has visited China 10 times. As a member of the International Olympic Commi
ttee, he has been actively supporting the development of Olympics in China. He attended the opening cer
emonies of the 2008 Beijing Summer Olympics and 2014 Nanjing Youth Olympic Games.
Prince Albert II visited China last September. President Xi ex
pressed his appreciation for the long-term commitment of Prince Albert II and Mon
aco’s monarchy to developing bilateral relations, and welcomed him to attend the 2022 Winter Olympic Games in China.
ital economy will be the new engines for the economy, while some traditional driv
ing forces, such as injecting funds into the market, are losing momentum, Zhu said.
China’s total GDP exceeded 90 trillion yuan ($13.4 trillion) in 2018, and the per capita GDP was
about $9,700. Economists predict that if the country maintains growth of at least 6 percent this
year, which is likely given the current momentum, its per capita GDP this year would surpass $10,000.
That means China would move closer to the standards for a “high-inco
me country” — above $12,736 in per capital GDP — set by the World Bank in 2015.
However, a productivity slowdown, aging population and unbalanced regional development could be among the “bot
tlenecks” that constrain China in becoming a high-income country, economists said.
eputy USTR Jeffrey Gerrish and other senior officials from the USTR Office and the Department of the Treasury.