eign exchange reserves at $3.095 trillion at the end of April. The reserve amount was stable, altho
ugh it slightly retreated from $3.098 trillion at the end of March, according to the State Administration of Foreign Exchange.
Li Yang, director of the National Institution for Finance and Development of the Chinese Academy
of Social Sciences, said that China is unlikely to sacrifice foreign exchange reserves to de
fend its currency, even if depreciation pressure rises amid any escalation in trade tension.
In May, the offshore RMB exchange rate against the US dollar dropped more than 3 percen
t under market pressure as global investors worried about the escalation of trade friction.
Guo Shuqing, Party secretary of the People’s Bank of China, the central bank, said on Monday that higher US tariffs on Chin
a’s imports triggered financial market volatility, and this also affected the offshore RMB.
live and work, but also accelerate China’s social digital transformation as well as build key competence amid the uphill battle in the global industry,” Huang said.
“There are huge investment opportunities for 5G industries, including materials, chips,
main equipment suppliers, base stations, antenna, cloud computing, internet of vehicles and the internet of things,” Hu
ang said. “5G will bring historic opportunities for China’s economic and social development.”
A new 5G research institute has also been established in Yizhuang, Beijing on Wednesday.
According to a new report by Global System for Mobile Communications Associ
ation, China is set to become the largest 5G market in the globe, with 460 million 5G users by 2025.
hina’s innovative and high-quality development,” Sui Zhenjiang, vice-mayor of Beijing, said on Wedne
sday during a 5G industrial development and investment summit held in Yizhuang, in southeastern Beijing.
“Beijing is actively transforming itself as a national scientific and tech
nological innovation center. With advantages in complete telecom infrastructure, abunda
nt talent and strong research and development capabilities, we have the resolve to accelerate the push for making brea
kthroughs in 5G technologies and build an independent and innovative 5G industrial system,” Sui said.
As of May 24, the three major telecom operators－China Mobile, Chin
a Telecom and China Unicom－have established 4,700 5G base stations in Beijing, acc
ording to Wang Gang, head of the Beijing Municipal Bureau of Economy and Information Technology.
lear that if the US treats the Chinese negotiating team with respect and shows the willingness to talk wit
hout using outside pressure, there is a high possibility that there could be a productive trade deal.
“Otherwise, I think we might be facing a prolonged period of problems for both sides,” she said.
Regan, at the close of their 15-minute talk, said again, “No one wan
ts trade wars. But we have to think long hard about the right next steps.”
Liu, however, did counter an assertion by Regan that China’s government controls its entire economy.
“Everybody thinks that China’s economy is state-owned, state-controlled, every
thing is state, state, state. Let me tell you that is not the true picture,” Liu said. “We are a
resident’s message calls for tackling legal, security, governance challenges
President Xi Jinping called on Sunday for strengthened cooperation among countries to explor
e opportunities of digital, internet-based intelligent development and to properly address leg
al, security and governance challenges arising from big data industry development.
He made the remarks in a congratulatory letter to the China Intern
ational Big Data Industry Expo 2019, which kicked off in Guiyang, Guizhou province.
The new generation of information technology, represented by the
internet, big data and artificial intelligence, is booming at present and has significant and
profound influence on various countries’ economic development, social progress and people’s lives, Xi said in the letter.
completed 5G call tests and more than 500,000 commercial 5G base stations are expected to be
built in South China’s Guangdong, North China’s Hebei, East China‘s Zhejiang and Jiangxi, and Central Chi
na’s Hubei provinces and the cities of Shanghai, Harbin, Tianjin, Chongqing and Wuhan in the future, the report said.
“With technologies and products related to the 5G network maturing, the main parts of the 5G ind
ustrial chain, including systems, chips and terminals, are ready for commercial use,” Wen Ku, a
spokesman for the Ministry of Industry and Information Technology, said on Tuesday.
The report said the ministry, having made a general plan fo
r 5G application, is estimated to formally issue 5G licenses at some point this year.
hat the ban will be an alarm bell for China, and the Chinese government and domestic comp
anies will accelerate the push for developing core industries, including in chips manufacturing.
“As the division of the telecom industrial chain has become globalized, the US ban will also affect US chipmakers’ income,” the report
said. “Huawei lists 33 US companies among core suppliers, accounting for 36 percent of its total key suppliers.”
A strong 7.5 magnitude earthquake struck Peru on Sunday morning, the Geophysical Institute of Peru (IGP) said.
No casualties or material damages have so far been reported.
The IGP first reported the quake measured 7.2 magnitude. It was recorded at 02:41
am local time (0741 GMT) in the province of Alto Amazonas in northern area of the Loreto region.
Hernando Tavera, head of the IGP, told local media: “The quake has been percei
ved with a fairly large radius, including Lima, Junin, Pasco and Iquitos, where there has been a power cut.”