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iorities for China’s foreign exchange reserve strategy, according to the SAFE annual report last year. “Pu
tting such a large bulk of reserves into different baskets, and building optimized asset port上海千花坊女神会所
folios, can hedge risks and secure the assets’ value and profit,” the report said.
To better control potential risks, SAFE has introduced “counter-cyclical” policies to prevent adverse situations arising. Acco
上海千花坊rding to the report, the major risks are listed as “credit”, “market”, “liquidity” and “operational”.
The past five years have been the hottest on record in Asia and the Pacific. Unprece
dented heatwaves have swept across our region, slowly leading to disasters such as drought.上海千花坊
Yet heat is only part of the picture. Tropical cyclones have struck new, unprepared
parts of our region and devastatingly frequent floods have ensued. In Iran, they affected 10 million p
上海千花坊女神会所eople this year and displaced 500,000, of which half were children. Bangladesh is experiencing its fourth wave of
flooding in 2019. Last year, the province of Kerala in India faced the worst floods in a century.
This is the new climate reality in Asia and the Pacific. The scale of forecast economic losses for the region is sobe上海千花坊
ring. Including the slow onset of disasters, average annual losses until 2030 are set to quadruple to about $675
billion, compared with previous estimates. This represents 2.4 percent of the region’s GDP.
Economic losses of such magnitude will undermine both economic growth and上海千花坊女神会所
our region’s efforts to reduce poverty and inequality, keeping children out of scho
ols and adults of work. Basic health services will be undermined, crops destroyed and food security jeopardized. If
we do not act now, the Asia-Pacific’s poorest communities will be among the worst affected.上海千花坊
Four areas of Asia and the Pacific are particularly vulnerable, hotspo
ts which combine vulnerability to climate change, poverty and disaster risk. In trans-c
上海千花坊女神会所ountry river basins in South and Southeast Asia such as the Ganges-Brahmaputra-Meghna river basin, floods
alternate with prolonged droughts. In Southeast Asia and East and Northeast Asia earthq
uakes, tsunamis and landslides threaten poor populations in the Pacific Ring of Fire.
ter-filled barriers, bamboo sticks, traffic cones and other objects to set up barriers against the police.
They hurled gasoline bombs and bricks dug up from the pavement at p上海千花坊
olice officers, also pointing laser beams at them. Police condemned the violence.
上海千花坊After repeated warnings, riot police used tear gas and used minimum force to disperse the protesters after 5 pm.
The police also deployed for the first time their new crowd control vehicle with a water cannon.上海千花坊女神会所
At about 7 pm, a China Daily photographer’s camera lens was broken by a thrown
brick. The crowd gradually dispersed after 7 pm. Police arrested some protesters.上海千花坊
As normalcy returned, with public transport service resuming in the eastern Kowloon district
上海千花坊女神会所of Kwun Tong on Sunday, the scars of the previous day’s violent clashes on the streets remained.
Railway service at various stations resumed along the Kwun Tong
Line, including Kwun Tong, Ngau Tau Kok and Kowloon Bay stations, and most local上海千花坊
stores reopened. Black, abusive graffiti scrawled on roads and walls of buildings wer
上海千花坊女神会所e a grim reminder of Saturday’s violence, which had shattered the previous weekend’s relative calm.
In Kowloon Bay on Sunday, the scene of fierce clashes between demo
nstrators and police, a sea of refuse left by protesters－including broken umbrellas a上海千花坊
nd dismantled barricades－had been cleared up by workers and stood piled on roadsides.
上海千花坊女神会所Some of the “smart” lampposts on Sheung Yuet Road vandalized on Saturday were now protected by traffic cones.
Black-clad, masked protesters had sawed off the new lampposts on Sat
urday. City officials said each “smart” lamppost cost about 上海千花坊HK$140,000($17,850).
Residents were enraged. A security guard at a building on Tai Yip
上海千花坊女神会所Street－the scene of violent rioting on Saturday－said the building
and some nearby shops and garages were closed on Saturday, and some remained closed on Sunday.
With industrial and consumption upgrades, investment in hig
h-tech industries climbed 43.1 percent year-on-year — 29.3 percent of the total FDI — am上海千花坊女神会所
ong which the high-tech service sector gained 97.4 billion yuan in FDI, up 63.2 percent.
上海千花坊Zhang Xiaofan, a partner at Deloitte’s global Chinese services group, said trade tensions between China and the United Sta
tes will not force any country or region to replace China’s position as a key player in the global supply chain.
Because of its members’ different cultures, currencies and po上海千花坊
litical systems, the Association of Southeast Asian Nations cannot match China’s size as a
huge consumption market. Neither can ASEAN members muster as many policy and institutional advantages as Chin
a to fine tune economic structures and fend off potential financial risks, Zhang said.上海千花坊女神会所
China also has a well-developed infrastructure to support the real economy, Zhang added.
Attracted by China’s consumer market driven by an expanding middle-income group
上海千花坊女神会所and fast developing information technology, foreign investment from Germany and the Republic of Korea surg
ed in the first seven months, posting growth rates of 72.4 percent and 69.7 percent year-on-year, respectively.
FDI from the European Union rose 18.3 percent year-on-year, while
FDI from countries participating in the Belt and Road Initiative grew by 5 percent.上海千花坊女神会所
Joerg Wuttke, president of the European Union Chamber of Commerce
in China, said that to prevent risks caused by unilateral actions, China and the Eur上海千花坊
opean Union should further efforts to reach the EU-China comprehensive agreement on invest
ment by 2020, perhaps eyeing a new free trade agreement soon after that.
and prejudice— no matter how soft-pedaled things got right before Hong Kong’s return — plays into the hands of tho
se who want to see China fractured. Whitewashing the crimes of colonial powers, to say nothing of waving their fla上海千花坊
g, demonstrates a profound ignorance of history. Imagine for a moment what the people killed in anti-colonial fights ac
ross the globe would think if they saw this wholesale embrace of their tormentors.上海千花坊女神会所
This is where the contrast between flags must be emphasized. Blind worsh
ip of any national symbol is dangerous, but the Chinese flag stands for very different prin
上海千花坊ciples than the British or US ones. The People’s Republic of China flag represents liberation and an end to exp
loitation, and was only raised after years of bloodshed and revolutionary struggle. That success was the cul
mination of a century of resistance to imperialism, feudalism and colonialism. Countless lives were lost in pursuit of this no上海千花坊女神会所
ble goal, and those martyrs live on in the flag’s red fabric, as do the many others who have stood against opp
ression all over the world. The Chinese people are well aware of this, and treat their flag with care and pride.
But that shouldn’t be conflated with the callous jingoism of “former” colonial powers. Victory in a war of liberation and rut上海千花坊女神会所
hless imperial conquest are polar opposites — the former should be a source of strength and motivation in the fac
e of adversity, the latter should be regarded with the deepest shame. I myself recall my childhood in Texas, wh
上海千花坊ere the flag of the US was invoked to justify unilateral action against countless countries and the massacring of millions. T
he stars and stripes are used as a cudgel against minority groups to this day, and a “love it上海千花坊女神会所
or leave it” attitude is deployed against any critics of the country’s record of bigotry and genocide.
a new excuse for more protectionist measures.The Treasury move reeks of arbitrariness and unilater
上海千花坊alism, and will disrupt international trade rules and order as well as dampened investors’ confidence, experts said.
“By labeling China a currency manipulator, the US is in fact continuing its maximum-
pressure approach in trade talks,” said Liao Qun, chief economist of the China CITIC Bank International.上海千花坊女神会所
China and the US have been locked up in drawn-out trade disputes since last year.
On Monday, Chinese companies have halted purchases of US farm prod
上海千花坊uce after the US decided to impose additional 10-percent tariffs on $300 billion worth of
Chinese imports, as the US move seriously violated the consensus reached by the two heads of state in Osaka.
NO INTENTION TO DEVALUATE CURRENCY
上海千花坊女神会所China has long been committed to keeping the yuan’s exchang
e rate basically stable at a reasonable and balanced level, the central bank said.
The Chinese currency is the strongest among the G20 and is one of the currencies that has seen substantial appreciation.
From the beginning of 2005 to June this year, the currency’s nominal e上海千花坊
xchange rate appreciated 38 percent and real exchange rate strengthened 47 percent.
Last month, the IMF found in its latest annual assessment that the renminbi exchange rate was broadly in line with fundamentals.上海千花坊女神会所
From the macro perspective, the yuan’s exchange rate is buoyed by the coun
try’s sound fundamentals, strong economic resilience, stable fiscal position, c上海千花坊
ontrollable financial risks, balanced cross-border capital movement and sufficient foreign exchange reserves.
China has no intention to gain trade advantages by devaluing its currency, as the yuan’
上海千花坊女神会所s depreciation cannot necessarily lift exports, said Song Xiangyan, an analyst with the PBOC.
A large devaluation probably leads to panic capital outflows and competitive currency devaluation of China’s trading par
tners, which will undermine the country’s financial stability and hurt imports, Song added.
China will be committed to the promises on exchange rates made at all G20 summit上海千花坊女神会所
s and abide by a market-determined exchange rate system, the PBOC governor Yi Gang said Monday.
Refusing competitive devaluation, the country will not resort to exchange r
ates in handling external uncertainties such as trade disputes, Yi said.
Kim Jong-un, top leader of the Democratic People’s Republic of Korea (DPRK), again guided the test-firing of “a newly-developed large-caliber multiple la
上海千花坊unch guided rocket system” on Friday, the official Korean Central News Agency (KCNA) reported Saturday.
The report said Kim guided the test-firing at the observation post “early in the Friday morning,” without mentioning the site where the test-firing took place.
The test-firing “satisfactorily confirmed the altitude control level flight performance, trac上海千花坊
k changing capability, accuracy of hitting a target and warhead explosion power of the guided ordnance rocket,” said KCNA.
上海千花坊According to the report, Kim expressed “great satisfaction” with the result of the test-firin
g, saying that “another Juche-oriented weapon planned and so desired by the Party has been made.”
Kim also guided the test-firing of the weapon system on Wednesday, when he emphasiz
上海千花坊ed that the system has “a great strategic significance” for boosting the combat capability of the country’s army.
The European Union’s disagreement with the United States over Iran widened when the EU vowed on Thursday to co
ntinue working with Iranian Foreign Minister Mohammad Javad Zarif despite the latest US sanctions against him.上海千花坊
The US Treasury Department announced on Wednesday its sanctions on Zarif. “Javad Zarif implements the reckless agenda of Iran’s S
upreme Leader, and is the regime’s primary spokesperson around the world,” US Treasury Secretary Steven Mnuchin said in a st
上海千花坊atement. The US put sanctions on Iranian Supreme Leader Ayatollah Ali Khamenei on June 24.
“We regret this decision,” said Carlos Martin Ruiz De Gordejuela, a spokesman for EU foreign policy chief Federica Mogherini.
“From our side, we will continue to work with Mr Zarif as Iran’s most senior diplom
at and in view of the importance of maintaining diplomatic channels,” he said, as quoted by the Agence France-Presse.上海千花坊
The EU has been trying to salvage the 2015 Iran nuclear deal, officially known as the Joint Comprehensive Plan of Actio
n (JCPOA) that was reached in July 2015 by Iran and China, France, Germany, Russia, the United Kingdom and the US. US
上海千花坊President Donald Trump pulled the US out of the deal last May and reimposed sanctions
on Iran, endangering the implementation of the agreement also endorsed by the UN Security Council.
and 4 high-resolution Earth-observation satellites as well as the weather
上海千花坊女神会所satellite Fengyun 3C－that are available for duties under the charter,” Guo said.
Over the past two weeks, China’s satellites took photographs of flood-stricken region
s in India. China provided those images, together with previously taken pictures of the same places, to the In 上海千花坊
dian Space Research Organization to assist with the neighboring nation’s recent flood relief efforts.
上海千花坊Vivek Singh, a spokesman for the space research group, told Xinhua on Thursday that India appreciated China’s
help in the disaster-relief efforts and that such mutual assistance was a good example of international cooperation.
上海千花坊As of Sunday, the death toll in India’s flood-hit states had risen to more than 200. At least 11 million people have been directly affected.
The International Charter on Space and Major Disasters is a worldwide collaboration platform, throug
h which satellite data are made available for the benefit of disaster management. It has 61 contributing satellites operated by 17 c 上海千花坊女神会所
harter members, including the European Space Agency and United States Geological Survey.
上海千花坊China signed the charter in May 2007 and first called for assistance under the charter in July of that year when deva
stating floods ravaged central and eastern parts of the country, according to the China National Space Administration.
To date, China has invoked the charter 24 times and obtained a significant amount of satellite d 上海千花坊女神会所
ata for post-disaster relief efforts, according to information published on the charter’s website.
上海千花坊女神会所The most recent time China activated the charter was in June last year when it asked for as
sistance to monitor a serious forest fire in the Inner Mongolia autonomous region.
hinese tourists in Croatia will be in for a surprise
when they see police from their homeland patrolling the streets this summer.上海千花坊品茶微信
For the second year running, Chinese law enforcement officers will be jo
上海千花坊ining their fellow professionals in the popular Balkan tourist destination on the streets of the
capital Zagreb, the historic walled city of Dubrovnik, tourist resort Zadar and Croatia’s biggest county, Lika-Senj.
Croatia has been running the Safe Tourism Season project since 2006 when officers from Hungary became the first forei上海千花坊品茶微信
gn law enforcement officials invited to take part. Since then, more than 800 officers from 19 countries have come to assis
上海千花坊品茶微信t their Croatian counterparts at the height of the tourist season, undergoing special localized training before starting patrols.
In addition to the helpful presence of fellow Chinese officers on the s
treets, Chinese tourists will also be able to benefit from special telephone support line
s set up in the regions where the visiting police are deployed, with compatriots answering calls.上海千花坊
In 2018, there were six officers from China and this year there will be eight.
上海千花坊品茶微信Croatia, which was part of the former Yugoslavia, is proving an increasingly popular destination for Chinese visitors.
In the first half, there has been a 53 percent year-on-year rise in the number of Chinese vis
itors to the ancient Roman port of Split, and a 20 percent increase in numbers going to Zagreb.上海千花坊
“Chinese tourists are mostly interested in historical and cultural monume
上海千花坊nts and sightseeing,” said Zagreb Tourist Board spokeswoman Darja Dragoje.
International police organization Interpol has praised the Safe Tourism Season initiative as an example of the be
st international police practice, and China’s ambassador in Zagreb, Xu Erwen, said the inclusion of Chinese po上海千花坊品茶微信
lice in the project confirms the two countries’ traditional friendship and cooperation.上海千花坊
A generation on from the brutal war that broke out in the aftermath of the collapse of the for
mer Yugoslavia, the countries of the Balkan Peninsula are proving to be of increasing interest to China in a variety of ways.
which demands the quota for 2019 is 10 percent and 12 percent in 2020.
上海千花坊品茶微信To cut fuel consumption and promote the popularity of new energy vehic
les, China has imposed tough regulations on passenger carmakers and importers, who will
be given two separate scores for traditional vehicle energy efficiency and new energy vehicle production.上海千花坊
If they fail to amass enough credits for either traditional vehicles or new energy veh
上海千花坊icles, they may face penalties and their vehicles may not even be allowed on the road.
The new draft also changes the amount of credits that a carmaker can earn by manufacturing new energy vehicles.
Analysts said the plan’s release will help carmakers to coordinate their production plans, especi上海千花坊品茶微信
ally international ones, which have been slower than Chinese ones to respond to policy changes.
Herbert Diess, CEO of Volkswagen AG, called for a stable policy enviro上海千花坊
nment at the World New Energy Vehicle Congress held in early July in Hainan province.
上海千花坊品茶微信The German carmaker said almost half of its new energy vehicles produced in 2028 will be made in
China. China has been the largest market for new energy vehicles since it overtook the United States in 2015.
So far there are around 3.5 million such vehicles on its roads.上海千花坊
The country’s new energy vehicle sales surged 65.9 percent year-on-year to 577,000 u
nits during the January-June period, data from the China Passenger Car Association showed.
上海千花坊品茶微信The draft proposal is expected to help boost hybrids as well, to which Japanese carmakers have devoted much time and money.
For instance, an electric car that can run 350 kilometers on one charge would earn 5 credits for上海千花坊
its maker according to previous equations, and in the draft proposal the credits will be reduced to 2.5,
上海千花坊品茶微信ccording to Cui Dongshu, secretary-general of the China Passenger Car Association.
He added that the proposed policy encourag
es better technology as more efficient power consumption will earn more credits.
the US administration is likely to use more often – are not so bright. Last month, a US judge found three large Ch
inese banks in contempt of court for refusing to produce evidence for an investigation into violations of sanctions aga上海千花坊
inst the Democratic People’s Republic of Korea. The ruling ignores the fact that, according to Chinese law, any request for ba
上海千花坊品茶微信nking records should be handled in accordance with the US-China mutual legal assistance agreement.
Chinese financial institutions thus need to prepare for more troubles, including the risk of being blacklisted – that is, deprived of the right to u
se the US dollar and important services, such as the Society for Worldwide Interbank Financial Telecommunication financial m上海千花坊
essaging service and the Clearing House Interbank Payments System. It is a punishment few companies can survive.
上海千花坊品茶微信Already, one Chinese bank has been included on the Correspondent Account or Payable-Through Acc
ount Sanctions list, meaning that it cannot open correspondent or payable-through accounts in the US.
Make more efforts to internationalize yuan上海千花坊
The Chinese government has few options here, but it can step up legislative efforts to protect Chinese banks’ interests, while encour
上海千花坊品茶微信aging Chinese financial institutions to treat compliance with US financial regulations with the utmost c
are. It should also continue working to internationalize the yuan, as there is still a long way to go on this front.
China remains committed to its 40-year-old process of reform and opening-up. Today, that process must focus on redoub
ling efforts to strengthen intellectual property rights protection, adhering to competitive neutrality and de上海千花坊品茶微信
fending multilateralism. But following through on this commitment will require China to find ways to manage escalating ten
上海千花坊sions with the US and avoid a costly – and potentially devastating – reconfiguration of the global economy.
The author, a former president of the China Society of World Econo
mics and director of the Institute of World Economics and Politics at the Chinese Aca上海千花坊品茶微信
demy of Social Sciences, served on the Monetary Policy Committee of the People’s Bank of China from 2004 to 2006.