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Trade agreements can affect the types of goods being

traded and they can redirect trade toward one country, away

from others. They cannot directly affect any country’s worldwide current account balance. A count

ry that saves less than it invests will have to borrow foreign funds to import foreign goods to make up that difference.

There are two ways to reduce the US trade deficit. A serious recession would reduce investme

nt, but nobody advocates that as a strategy. The only other path is to change the US financial and gove

rnment system to encourage increased savings. China has almost nothing to do with it.

Ironically, the disputes between the US and China center around both nations’ legitimate desires to

protect some current low-skilled jobs, or at least to allow an easier transition to new jobs and industries.

US administration’s economic policy has rightly focused on the need to

retain jobs for working-class people in the US. And, China’s companies that export to the U

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Currently, 13 countries have been involved in the proje

roject, including Russia, Egypt and Algeria, and 17 domestic research teams, including on

e from University of Science and Technology of China, have started research on the site, Zheng noted.

The site will “offer research teams with observation equipmen

t, support for outdoor observation and data sharing services”, he said.

Wu Zhongliang, director of the administra

tion’s Institute of Earthquake Forecasting, said the experimental site will help for

m a “united front” at the national and international level to work on earthquake forecasting.

Referring to earthquake forecasting as a hard nut to crack, Wu said the work can

not see marked progress just in a few days, but forecasting capability will be improved a

s technology develops. “If it’s a war between humans and earthquakes, it’s us that will finally win,” he said

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This issue is similar to the environment. External critics

ent. External critics of China don’t appreciate that Chinese themselves realize there

are issues to be addressed. They are doing so. These developments should be encouraged.”

President Xi Jinping, who spoke at the Second Belt and Road Foru

m for International Cooperation in Beijing recen

tly, listed areas in which China will improve the environment for foreign investment.

The president said the nation will work hard to create a business environ

ment that respects the value of intellectual prop

erty, will improve the legal system for IPR protection at all levels, will strengthen law enforcement and pr

otection for the legitimate rights and interests of foreign IP owners and will bar the

forced transfer of technology, improve protection of trade secrets and crack down on infringement.

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The General Office of the State Council will take cha

e charge of the task, according to the decree signed by Premier Li Keqiang.

All government services, unless otherwise specified by laws and regulations or involving state secrets, shall

be processed online in line with the procedures determined by the State Council, the decree noted.

Government service providers must not require enterprises or ind

ividuals to submit information that is already acces

sible through information sharing. Neither are they allo

wed to put the submitted information to other uses.

The decree also confirms the legal validity of electronic signatures, seals, certificates and archives.

The decree came into effect the day it was made public.

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hinese Navy to send huge fleet to take part in sea parade

Qiu Yanpeng (middle), deputy commander of the PLA Navy, attends a press confer

ence for the upcoming multinational naval activity to mark the 70th anniversary of the People’s Liber

ation Army Navy at the press center in Huanghai Hotel in Qingdao, Shandong province, Ap

ril 20, 2019. About 200 journalists from home and abroad attended the press conference.Chinese Navy

will send 32 warships and 39 aircraft to take part in a joint sea parade in waters near Qingdao.

Nearly 20 ships from about 10 countries will participate in t

he sea parade on Tuesday, deputy commander of the PLA Navy Qiu Yanpeng said.

A Singapore Navy frigate arrived on Friday in Qingdao, Shan

dong province, becoming the first foreign warship to arri

ve ahead of a grand event to honor the 70th birthday of the People’s Liberation Army Navy.

The PLA Navy will hold multinational naval activities in Qingdao and nearby waters from

Monday to Thursday to celebrate its founding anniversary. They will include a joint sea parade, high-level sympo

siums, public tours of ships, military music performances and other cultural exchanges.

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The Olympic giant slalom champion won three giant slalo

  Hirscher’s season tally of 10 wins was reduced to nine after the Court of Arbitration for Sport upheld Stefan Luitz’s ap

peal against a doping violation and reinstated the German’s victory in Beaver Creek on December 2.

  Luitz was disqualified when he was photographed inhaling oxygen from a mouthpiece between the fi

rst and second runs. The International Ski Federation (FIS) ruled it was against anti-doping rules at FIS events. Luitz lodged an app

eal on January 29 and it was heard on March 11. The panel ruled that the World Anti-Doping Code prevails over FIS laws.

  ”FIS fully accepts the decision of CAS and all World Cup records and the World Cup star

ting list for giant slalom has been adjusted to reflect the decision,” said an FIS statement.

  Visit CNN.com/Sport for more news, features and videos

  Pinturault won the giant slalom in Andorra to seal second place on the overall season standings and become the most s

uccessful French ski racer ever with a 23rd World Cup win, eclipsing compatriot Carole Merle, who retired in 1994.

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New rocket engine to lift heavier satellite loadcommercial

China has developed a world-class solid-propellant rocket engine that is expected to boost the country’s capabilities in launching small satellites, its developer said.

The Academy of Aerospace Solid Propulsion Technology in Xi’an, Shaanxi province, a subsidiary of China Aeros

pace Science and Technology Corp, announced that the first ignition test of the engine was successfully made on Tuesday.

The academy said in a statement that the engine uses several ad

vanced technologies and high-performance composite materials and has world-class capa

bility. It can be used with the country’s new-generation solid-fuel rockets, giving such rockets more power to l

ift small satellites and also promising good competitiveness in the commercial launch market, it said.

The academy said the engine has a diameter of 2.65 meters, contains 71 metric tons of solid p

ropellant and produces 200 tons of thrust-making it the biggest and most powerful known solid

-propellant engine in China. The engine that previously held that distinction is made by the China Aer

ospace Science and Industry Corp Fourth Academy in Wuhan, Hubei province, and produces 180 tons of thrust.

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Prep work for science and tech innovation board underway

Preparation work for China’s ground-breaking science and technology innovation boa

rd is in full swing, with more supporting measures in the pipeline and detailed rules to be an

nounced soon, said China’s securities watchdog and the Shanghai bourse on Wednesday.

“On the whole, related work for the new board has gone rather smoothly. And we will continue to make solid and me

ticulous preparations to launch this major reform in an effective way,” said Yi Huiman, the newly appointed chairman of

the China Securities Regulatory Commission, when convening his first-ever press conference on Wednesday.

Detailed rules of the new board will be available soon to take effect, after necessary mod

ifications in line with public opinions solicited, based on the draft version, said Huang Hongyuan, ge

neral manager of the Shanghai Stock Exchange, the bourse that will launch the board.

“We will receive listing applications after the regulations are available,” H

uang said. How soon the first company will go public on the new board depends on variou

s factors, including preparation progress of the companies and their investment banks, Huang added.

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ercent from 8.1 percent at the end of December, the central

It’s hard to say that China entered a new cycle of credit expansion,” said Zhang Ming, chief eco

nomist at Ping An Securities. “For the whole year, the overall financing growth and money supply is expected to stabilize.”

Fast credit expansion means higher pressure on companies to repay debt and interest, and the space for sustainable credit growth i

s limited, given the current leverage level. Total outstanding debt has exceeded 250 percent of GDP, Zhang said.

The good news is that credit has been channeled effectively into the production sector, such as manuf

acturing and high-tech, and the healthier credit structure can support the overall economic r

estructuring reform, said Ruan Jianhong, head of the central bank’s statistics and analysis department.

hina and the United States will continue economic and trade consultations in Washington ne

xt week, after reaching consensus in principle on major issues during their high-level Beijing talks, State media reported.

According to Xinhua News Agency, the two sides had in-depth communication on topics of mutual concern including tec

hnological transfers, intellectual property rights protection, nontariff barriers, the service industry, agr

iculture, the trade balance and an implementation mechanism, as well as on particular issues of concern to China.

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Lai Xiaomin charged with bribery, corruption and bigamy

ai Xiaomin, former China Huarong Asset Management board chairman, has been charged with bribery, corruption and bigamy, the Supreme People’s Procuratorate said on Friday.

China Huarong is one of the country’s four largest State-own asset management companies.

It is alleged that Lai exploited various professional positions, including head of the Huarong

corporation and director-general of the banking supervision department of the People’s Bank of China.

While in these positions, it is claimed that he asked for and received significant benefits in exc

hange for “aid”, according to a press release from the SPP, the country’s top prosecuting authority.

It also alleged that Lai was in illegal possession of a large number of public properties, a

nd that he was living as husband and wife with a woman other than his wife, the release said.

Lai, 56, was placed under investigation by the Central Commission for Discipline Inspection (CCDI) o

f the Communist Party of China in April last year for “serious violations of disciplinary rules

and laws”, and was expelled from the Party and removed from public office six months later.

The CCDI said he violated political disciplines and State financial policies to blindly expand the c

ompany and operate it in a disorderly manner, resulting in it deviating from its primary tasks and business.

Lai, a Jiangxi province native, started his career at the People’s Bank of China in July 1983, and went on

to hold key positions at the China Banking Regulatory Commission and Beijing Banking Regulatory Bureau.

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