The US’ monetary hegemony is itself a big impedim

The US’ monetary hegemony is itself a big impedim

ment to the reindustrialization process, which could be viewed as a sort of financial Dutch disease-the apparent causal relationsh

ip between the increase in the economic development of a specific sector and a decline in other sectors. The more

heated the US stock market gets, the more serious the Dutch disease will become. And, ironically, the US leader is k

een on strengthening the stock market to showcase his political and economic track record.

Besides, the US administration cannot launch large-scale infrastructure construction projects, significantly red

uce the trade deficit with China and deny Chinese investors access to its market all at the same time.

The US’ trade deficit stems from its extremely low national saving

s rate and has to be compensated by other countries’ national savings, which in turn

adds to the trade deficit. On the other hand, China’s efficiency in the manufacturing industry mak

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Luckin, a Starbucks rival in China, rises in US stock debut

Luckin, a Starbucks rival in China, rises in US stock debut

Shares of Luckin Coffee, a fast-growing rival to Starbucks in China, rose 20 percent in their US stock market debut Friday.

The Chinese company, which opened its first store in Beijing less than two years ago, has

2,370 locations and plans to surpass the 3,700 stores Starbucks has in China by the end of the year.

But unlike Starbucks, Luckin is losing money.

It brought in $125 million in revenue last year, but spent much more th

an that on coffee beans, store rent and other costs. Last year, it lost $475 million.

Most of Luckin’s stores are small, have few seats and are used mainly as a place to pick up mobile orders.

It also offers delivery in 30 minutes and promises a refund for delays or spilled drinks.

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From chips to its self-developed operating system, Huawe

From chips to its self-developed operating system, Huawe

wei has long been preparing for independent research and development in core technologies. It has the ab

ility to adjust to changes in the global market,” said Xiang Ligang, director-general of the Information Consumption Alliance.

Huawei has also made preparations with core chipsets. Existing st

ocks are thought to provide the company with a buffer of six months to a year, he said.

The root cause for the repeated twists and turns in the China-US trade talks lies, to a

great extent, in the United States’ serious deviation from, and disdain for, the objective laws of eco

nomics. The fact that China will never accept its unreasonable demands further complicates the matters for the US.

The US administration’s often competing and clashing objecti

ves-though many of them are understandable-cannot be realized simultaneously. For instance, the

US hopes to revive its industries and boost its real economy while maintaining the huge bubble in its financial market.

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Server manufacturer Inspur Group has signed a strategic

Server manufacturer Inspur Group has signed a strategic

 partnership with Tianjin to set up an AI research institute in the city. By opening the new institute

, Inspur aims to join the top ranks of Chinese AI powerhouses in their quest to attract global talent.

“We will step up our efforts to develop the AI sector in Tianjin, and will focus on fields i

ncluding cloud operating systems and cloud databases,” said Sun Pishu, chairman of Inspur.

he Ministry of Commerce urged the United States on Thursday to stop abusing the

concept of national security and export control measures, and it promised that China will take all nec

essary measures to resolutely safeguard the legitimate rights of Chinese enterprises.

The comments came after US President Donald Trump signed an executive

order on Wednesday that is expected to restrict Huawei from selling its products in the US.

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Britain’s May to agree departure after latest Brexit deal bid

Britain’s May to agree departure after latest Brexit deal bid

 British Prime Minister Theresa May will set out a timetable for her departure in early June after the latest attempt to get her Br

exit deal approved by parliament, the chairman of a powerful Conservative committee said on Thursday.

Three years after Britain voted to leave the European Union, there is littl

e clarity over when, how and even whether Brexit will happen, prompting some in her party to c

all for a new approach to the country’s biggest policy shift in more than 40 years.

May has promised to step down after her Brexit deal is approved by lawma

kers. But many in her party want her to set out clearly when she will quit if the agr

eement is rejected for a fourth time, and others are demanding her immediate departure.

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The prime minister is determined to secure our departu

The prime minister is determined to secure our departu

e from the European Union,” Graham Brady, chair of the 1922 Committee that

can make or break party leaders, said following a meeting between his co

mmittee’s executive and May in parliament which he described as a “very frank exchange”.

The government has said lawmakers will be able to debate and vote on the Withdrawal Agre

ement Bill, the legislation required to enact May’s Brexit deal, in the week starting June 3.

“We have agreed that she and I will meet following the second reading of the Bill to agree a timetable for the el

ection of a new leader,” Brady said, adding that the conversation would take place whether the bill was passed or not.

May, who became prime minister in the chaos that followed the 2016 referendum when Brit

ons voted 52% to 48% to leave the EU, survived a no-confidence vote of her Conservative lawmakers in December.

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I’m afraid sometimes, without cooperation, what comeso

I’m afraid sometimes, without cooperation, what comeso

ut is confrontation,” said Solana, who is currently president of the ESADE Center for Global Economy and Geopolitics of Spain.

The senior politician and diplomat expressed concerns over the trade frictions between China and the United States, w

hich have conducted 11 rounds of trade negotiations, but have yet to reach an agreement.

The world’s two largest economies should engage in dialogue on an equal footing, Solana said.

“If they fail to resolve their trade problems, the global economy will start to suffer from this crisis,” he said.

In a global situation where protectionism and unilatera

lism are on the rise, a multilateral approach has to be maintained, he said.

Solana praised China’s hosting of the Conference on Dialog

ue of Asian Civilizations, and said this type of event could boost cooperation among different countr

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attracting talents and capital. This in turn prompts the autho

attracting talents and capital. This in turn prompts the autho

rities to introduce more favorable policies and regulations for the enterprises bas

ed in the US, which is essentially a combination of representative democracy and market econ

omy. Under such circumstances, how can the US promote sustainable reindustrialization?

Besides, reindustrialization is not possible without rebuilding or strengthen

ing infrastructure facilities. And although the US leader has been claiming to implement a trillion-dollar infrastructure

plan-and even made it one of the pillars of his “Make America Great Again” campaign-not much has come of it.

Another major problem is that the return on equity in the infrastructure sector is a mere 3 percent w

hile that in the US capital market is about 12 percent. So how can the US attract more private cap

ital to the infrastructure sector without guaranteeing a return on equity equal to that in the capital market?

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he transformation and upgrading of existing industries

he transformation and upgrading of existing industries

thanks to measures to stimulate innovation, optimize the business environmen

t and public services, and to strengthen opening-up and cooperation in the digital sector.

“China’s high-tech industries, represented by new technologies, new industr

ies, and new products, have maintained rapid growth in recent months,” she said.

According to the commission, output in the high-tech manufacturing sector rose 8.7 percent ye

ar-on-year from January to April, 2.5 percentage points higher than that of industrial output. High-tech ma

nufacturing output was responsible for 13.6 percent of industrial output, 1 percentage point higher year-on-year.

Output of the electronics and communication equipment manufact

uring sector, pharmaceutical manufacturing and aerospace and equipment manufacturing wer

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Customs cooperation to take aim at IPR violationsnd inter

Customs cooperation to take aim at IPR violationsnd inter

China will expand international cooperation in enforcing intellectu

al property rights to facilitate trade and create a favorable business environment for ente

rprises from China and overseas, a customs official said on Wednesday.

Cooperative customs mechanisms have been establ

ished in more than 130 countries and regions, with more than 190 agree

ments signed, including with major trade partners such as the United States, the European Union, Russia, Japan

and South Korea, said Jin Hai, deputy director for general affairs at the General Administration of Customs.

To more effectively fight crossborder violations of intellectual property rights, Chinese cust

oms will improve information sharing and exchanges of data with other countries and regions.

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