tertiary sector, which is mainly services, grew from 56.7 to 57.3 percent of GDP from the same period last year. The Index of Services Production increased 7.4 percent year-on-year, higher than the growth rate of overall GDP. Overall retail sales of consumer goods also grew at 8.3 percent. Sales of upgraded consumer goods witnessed fast gro wth, with the highest rates concentrated in upgraded products such as cosmetics, phones and computers. And, high-tech services grew at an astonishing rate of 21.2 percent. In prepa ring for consumer 5G telecoms next year, the output of mobile communications base stations grew 153.7 percent. The data also showRead More →

Firms from China and the UK are ideal partners in many countries along t he Belt and Road Initiative, a China-Britain Business Council official said in Beijing. “The UK has taken a very positive view on seizing these opportunit ies for UK businesses, particularly our banks, our large consultancy firms and our infr astructure companies,” said Jeff Astle, managing director of China operations at the council. British expertise in areas of financial services, banking, legal services, consulting services around engineering pro vides a broad range of opportunities for UK firms to collaborate with Chinese firms in other countries, Astle said. “We benefit from many EnglishRead More →

Hainan provincial health authorities have revoked Boao Yinfeng Healthcare International H ospital’s business license, for illegally administering HPV 9-valent vaccines, according to a statement Sunday. Located in the Boao Lecheng International Medical Tourism Pilot Zone, the hospit al has since January last year vaccinated 37 customers with HPV 9-valent, charging each 9,000 yuan. They did so without obtaining an official vaccination outpatient license, said the statement. It said the local health commission of Qionghai, where the Boao pilot zone is loc ated, on April 18 issued the hospital a notice of penalties, including a warning, confiscati on of illegal income, a fine of 8,000 yuan,Read More →

A total of 12 million yuan ($1.78 million) of cash will be granted to 12 international scientists for their groundbreaking academic contributions to the fields of quantum computation and quantum com munications, according to a press release by the newly founded Micius Quantum Foundation on Friday. With a combined donation of 100 million yuan from Chinese entrepreneurs, the foundation based in Hefei, East China’s Anhu i province, will give each of the six annual laureates one million yuan. The foundation, a non-profit organization, ai ms to promote development of quantum information science and technology. The Micius Quantum Prize’s 2018 and 2019 laureates were announ cedRead More →

President says gathering sets stage for more Belt and Road progress, cooperation More than $64 billion in deals were signed during the Second Belt a nd Road Forum for International Cooperation, President Xi Jinping told members of the me dia from home and abroad in Beijing after the three-day event concluded on Saturday. In addition, Xi said, during the preparation and holding of the fo rum, parties reached 283 pragmatic outcomes, including intergovernmental cooperation agre ements, cooperative projects and the launch of multilateral cooperation platforms. The outcomes fully demonstrate that joint building of the Belt and Road conforms to the trend of the times, wiRead More →

 an independent choice based on the objective need of the country’s reform and development. This is helpful in promoting high-quality growth, meeting the people’s need s for a better life and promoting peace, stability and development of the world, he said. China also hopes that other countries will create a good investment environment, treat Chinese enterpris es, students and scholars equally and create a friendly environment for their normal international exchange activities, Xi said. Xi pledged to take stronger measures to promote international cooperation in protecting intellectual pro perty, which he said is not only crucial to protecting the legal rights of companies but alsoRead More →

rsity’s Kellogg College in England, called opening to more foreign investment a very important development. “Of course this will expose both inward investors and indigenous organiza tions to some stark differences in management and doing business between them, which in tu rn requires more globally effective leaders who are less ethnocentric and more culturally aware,” he said. Sikhumbuzo Zondi, a research assistant at the Institute for Global Dialogue associated with the University of South Africa, said another important aspect of Xi’s opening address was the desire to invest more resources in scientific innovation and technology. The aim is to develop technologies and business models thatRead More →

versity of St. Thomas in Houston, Texas, in the United States, said Xi wants to convey a specific message: that China sees the BRI as a method by which it can make a substantial and permanent contribution to lasting peace, common security and global prosperity. “While some Westerners may scoff at the impact they think the BRI m ay have on these issues, Xi genuinely sees the BRI as a global development project and will cont inue to wholeheartedly put China’s money, resources and energies into this project,” he said. Chen Weihua in Brussels, Bo Leung in London, Zhao Huanxin in Washington, Edith Muteth yaRead More →

China’s financial minister and central bank governor vowed to strengthe n debt management and leverage more private funds for infrastructure construction un der the Belt and Road Initiative, suggesting a new framework to assess debt risks for partner countries on Thursday. The Ministry of Finance published a debt-sustainability analysis framework for the BRI’s participating economies at the start of t he Second Belt and Road Forum for International Cooperation, a three-day event in Beijing. Financial institutions of China and other BRI economies are encouraged to use the “nonmandatory” policy t ool for rating debt risk before making lending decisions. The analysis method is based onRead More →

 He also said improving transparency for projects’ financing is needed, especially for green financing, and using local currencies in BRI investments to curb exchange rate risks. “The opening of local curr ency-denominated bond markets will effectively attract long-term funds and reduce risks of currency mismatches,” he said. Christine Lagarde, managing director of the International Monetary Fu nd, said at the forum that China’s increased focus on the long-term success of BRI projects and the BRI debt sustainability framework “are very welcome steps in the right direction”. The further opening-up of China’s financial sector, such as the b ond market, will enable diversification and foster renminbiRead More →