hinese consumers to drive future global growth

One of Britain’s leading economists said Chinese consumer 上海品茶微信s will be the driving force of future global economic growth.

Jim O’Neill, chair of the international think tank Chatham House and former chief econom

i 上海品茶微信st at Goldman Sachs, made the remarks in a speech on Wednesday at the celebration of the 70th anniversary of th

e founding of the People’s Republic of China and the second China-UK Economic and Trade Forum in London.

“What happens to the Chinese consumers is more important to China’s future,” O’Neill said.

“If China continues with 8 percent nominal GDP gr 上海品茶微信owth, which I believe is 5 percent real (GDP growth), and 3 percent pri

ces (meaning inflation), and if the Chinese consumers become the 50 percent of that total, the change from the next

year to the next decade is somewhere between $11 to $12 trillion, which is equivalent to create another China,” he said.上海品茶微信

O’Neill i 上海品茶微信s known for coining the term BRIC, the group term for Brazil, Russia, India and China, in 2001, to describe the four rapidly-developing nations that symbolized the shifting balance in the global economy.

South Africa was added to the group nine years later, making it BRICS.

“China remains the only one of the BRICS countries that aft上海品茶微信er 17 years has actually done exactly what we had expected it would achieve,” he said.

His opinion is that the ongoing trade dispute with the Un

ited States is not the most important challenge the country currently faces.

To continue its success, O’Neill said, China ne

上海品茶微信女神会所eds to address aspects of its aging population, which is a key contr

ibutor to the economic growth slowdown, and tackle environmental issues and population control in urban areas.

O’Neill is a former British commercial secretary to the Treasury. He said the Belt and Road Initiative, or BRI, initiated six ye

ars ago, will play a “hugely important” role in global trade, which has been buffeted by rising protectionism and unilateralism.

The BRI aims to build the Silk Road Economic Belt and the 21st Century Maritime Silk Road and deliver policies, infra

structure, trade, financial and people-to-people c上海品茶微信女神会所onnectivity via a new platform for a brighter future.

“If it can be implemented collectively, it can transform the trade pattern in Asia, p

articularly between China and India, two of the major BRICS countries,” he added.

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his Sunday, a day f上海楼凤品茶微信cross the world

Sun Ningning, fr上海楼凤品茶微信om Central China’s Henan province, faced strong resistance from her parents when she to

ld them of her ambition to climb Mount Qomolangma, as they were worried for her life.

Yet after the 29-year-old reached the top of the world’s tallest mountain

at the first attempt on May 22, her parents are in awe of her achievements.

“They were not aware of what it meant to reach the top of Mount Qomolangm

a and they were worried about my life and discouraged me from going there. But aft

er my ascent, they are really proud of me now,” Sun told Xinhua recently after retu

rning to Nepal’s capital, Kathmandu. “I am receiving a lot of congratulatory messages from friends and colleagues!”

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After a half-month visit to China, a team from the IM

led by Asia and Pacific Department Deputy Director Kenneth Kang, summarized that “China can play an impor

tant role and would benefit from further opening up and other structural reforms that enhance competition.”

The previously issued policy is sufficient to stabilize growth by 2020, despite the rec

ent US tariff hike, according to the fund’s report. “No additional policy easing is ne

eded, provided there are no further increases in tariffs or a significant slowdown in growth.”

Only if the trade tensions further escalate and threaten economic and financial stability, a

dditional policy easing, such as fiscal expansion, could be used to stabilize the economy, it said.

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Health Service, Woody Johnson, US ambassador to th

o the UK, said: “I think probably the entire economy, in a trade deal all things that are traded will be on the table.”

On Wednesday, Trump will attend commemorative events for the 75th annivers

ary of the D-Day landings in Normandy in northern France, one of the pivotal events of World War II. The queen

presented him with a rare Winston Churchill book about the war, and in her speech on Tuesday, May spoke of the two co

untries’ so-called special relationship-”a great partnership, but one I believe we can make greater still”.

Continuing the historical theme of the visit, s

he gave Trump with a framed typescript draft of the Atlantic Charter, agreed by Churchill and US president Roo

sevelt in 1941, setting out the two leaders’ postwar aims and paving the way for the formation of the United Nations.

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decline from 85 million in 2018 to 42 million in 2040. In th

he next five to seven years, China’s policy support for new energy vehicles will drive g

lobal growth,” said Kou Nannan, head of research at Bloomberg New Energy Finance.

As early as in 2012, the State Council introduced a pipeline to guide the development of the natio

n’s EVs, with a goal of producing 2 million units and selling 5 million EVs by 2020. Later on, cent

ral and local governments carried out a series of subsidy policies in the NEV industry, such as purchase tax exemption an

d purchase subsidies, to offer greater support to the industrialization of China’s NEV industry.

According to the agency, China will specifically lead in the e-bus market. It is estimated that by

2025, China’s e-bus fleet share will reach 50 percent, and by 2040, the ratio will rise to roughly 80 percent.

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I must stress that Taiwan is an inseparable part of Chin

na, and the one-China principle is the foundation of China-US relations and an international consensus,” Shao said.

“The US side has conducted a series of negative rhetoric and actions regarding the Taiwan questi

on, violated the one-China principle and the three China-US joint communiques,” he said.

“This has undermined China’s sovereignty and security, sent a seriously wrong message to

Taiwan secessionists, and disrupted regional peace and stability,” Shao said, adding that China must, and will be, reunified.

“If anyone tries to separate Taiwan from the mainlan

d, the Chinese military will adamantly protect its territorial integrity at all costs,” he said.

As for the South China Sea, Shanahan accused China of undermini

ng freedom of navigation and overflight in the region, and militarizing the local islands.

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Foreign investors’ access to onshore stock index futures

“Moreover, as foreign investors’ trading helps boost liquidity in the domestic market and makes the price changes mor

e consistent with international trends, domestic market participants can also better hedge against risks,” he said.

Experts also expect China to open up the stock index futures mark

et to foreign investors, as they have large exposure in t

he A-share market and are therefore in need of this risk management tool.

Foreign investors’ access to onshore stock index futures is an “infrastructure” for fin

ancial market opening-up, without which foreign investors’ passion for Chinese shares may be dampened, said Wa

ng Maobin, investment department chair at the University of International Business and Economics in Beijing.

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As for global GDP, manufacturing employment and

trade, they could decline by 0.134 percent, 0.323 percent and 0.869 percent. Th

e US tariff hikes therefore will increase the economic pain of the US and world economies.

Agricultural products, chemicals and chemical products, textiles and g

arments are the main US items targeted by China’s higher tariffs. But despite the higher tar

iffs providing some protection for domestic industries, Chinese consumers might have to pay more to purchase them.

In the first four months of this year, the volume of Sino-US trade dropped by 15.7 percent to $161.23 billion. In terms of product

structure, US exports of raw materials and foods to China saw the biggest decline, among which the export of so

ybeans plummeted by half in March compared with the same period last year. And US exports of plant products, mi

nerals, jewelry and precious metals declined by more than 85 percent in the first quarter.

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Moreover, China’s economic development in the past three de

 decades has prompted a huge rise in urbanization, which has see

n large numbers of unattached young people from rural areas move to large cities in sea

rch of work. Their work-dominated lifestyles mean few have friends to share meals with.

To feed this massive market, catering companies have started providi

ng more options tailored to single customers. Meituan-Dianping, a popular food del

ivery company, told the Financial Times that 65 percent of its orders come from unmarried customers.

On food delivery platforms, many restaurants offer meal deals specifically for singletons. Pizza Hut provides 15-centimeter, o

ne-person bases, while stir-fry restaurants offer reduced portions or meal deals consisting of just one or two dishe

s and a bowl of rice, compared with traditional meals that must contain at least three main dishes plus a soup.

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The future growth prospects of today’s early-stage (that is

lower-income-some growing and others not) developing countries will be of huge importance in red

ucing poverty further. Although these countries face significant headwinds, they could also seize imp

ortant new growth opportunities-especially with the help of digital platforms.

The headwinds are certainly considerable. For starters, advances in digital technolo

gies-robotics, machine learning, sensors, and vision-directly threaten the labor-intensive manu

facturing and assembly upon which lower-income, nonresource-rich economies have traditionally relied.

Moreover, climate change has had its greatest economic impact on the tropical and subtropical regio

ns where most of the lower-income countries are located. The effects of global warming are highly disrup

tive in fragile economies, and, taken together, constitute a major new obstacle to growthle

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