then to 0.20, together with the inclusion of Mid Cap China

 A shares, in the final step as part of the November 2019 Semi-Annual Index Review, according to the report.

About 109 companies will be added and three removed from the MSCI China A Onshore Index, whic

h will take place as of the close of May 28, and the three largest additions to this index would be the

Wens Foodstuff Group A, Contemporary A and Shenzhen Mindray A, the MSCI said.

In addition, the MSCI China A Onshore Small Cap Index will see 503 stocks added and 49 cut, with most of the new addi

tions coming from newly eligible ChiNext stocks, according to an official statement of MSCI.

MSCI also updated the list of China A Mid Cap securities that may potentially be adde

d to the MSCI China and the MSCI Emerging Markets Indexes as part of the third step of th

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he premier attached great importance to such measur

asures as reducing the rate of the value-added tax, increasing the

tax exemption for research costs and reforming individual income tax.

The measures should not only ease the tax burden for manufacturing com

panies but also reduce taxes for construction enterprises, which provide a great num

ber of jobs, Li said, adding that all industries should be covered by the benefits of tax cuts.

Li pledged more efforts to urge government departments and State-owned e

nterprises to pay off their debts so that the effects of tax reduction are not diminished.

The government will take further measures to deepen reform and opening-up, en

courage innovation and entrepreneurship and promote fair competition, Li said, adding that com

panies should also seize the opportunity to promote high-quality growth.

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Boosting rural areas will help solve dilemmas of ove

rcrowding and rampant construction plaguing cities, and the development of cities will also offer unique ways to bring about rural revitalization,” Chen said.

“As restrictions on hukou will gradually be removed, cities need to be well-prepared to offer

accommodation and employment opportunities, and allow children of migrant workers to have equal access to education,” Chen added.

China has made steady progress in urbanization, as the ranks of permanent urban r

esidents stood at 831 million at the end of 2018, up 17.9 million from the previous year, said the National Bureau of Statistics.

Last month, the National Development and Reform Commission said it

plans to increase the urbanization rate by at least 1 percentage point by the end of this year.

Shen Chi, vice-director of the China Center for Urban Development, said the government’s new

plan will help foster high-quality and sustainable economic development across the nation.

“Relaxing the hukou policy will be a key step in promoting the free flow of labor across

the nation,” Shen said. “A systematic consideration and arrangement of the integratio

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The company will consider adding employees, resear

rch and field development resources to expand in the Chinese market over the coming years, he said.

Ministry of Commerce spokesman Gao Feng said last month that the t

wo countries’ negotiating teams are hashing out the text of a deal, including an enfo

rcement mechanism, based on mutual respect and benefit. Both countries, the world’s two biggest eco

nomies, have been intensifying their consultations and aiming to break the deadlock in a timely manner.

In the ninth round of trade consultations, negotiators discussed tec

hnology transfers, protection of intellectual property rights, non-tariff measures, the servi

ce sector, agriculture, trade imbalances and enforcement mechanisms.

Trade between China and the US amounted to 815.86 billion yuan ($121.7 billion) i

n the first quarter of the year, an 11 percent year-on-year decline, according to the General Administration of Cus

toms. In March, Sino-US trade climbed 0.1 percent to 291.35 billion yuan, according to the administration.

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He described the Belt and Road as a grand and peace

ful initiative, and credited the initiative for connecting countries from different regions, with different nationalities and cultures.

The BRI will provide a strong impetus for global economic growth and prosperity, he added.

Switzerland supports the BRI and commits to promoting the initiative in Europe, Maurer said.

He added that the country hopes to deepen bilateral cooperation in trade, investment and innovation with the initiative’s framework.

China and Portugal signed a series of cooperation documents on Monday — includin

g a framework agreement on third-party market cooperation — to strengthen their bilateral ties.

President Xi Jinping and Portuguese President Marcelo Rebelo de Sou

sa witnessed the signing of the documents in the Great Hall of the People in Beijing.

In talks with Rebelo de Sousa, Xi said China and Portugal are important strategic partn

rs for each other, with great convergence in their interests and strong complementary aspects in their economies.

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ent Xi Jinping speaks at the opening ceremony of the

hina will increase imports of goods and services on a larger scale. China will further lower its tariff rates.

China not to adopt beggar-thy-neighbor currency devaluation

China will continue to improve the exchange rate formation mechanism of its curren

cy, the renminbi, and keep the exchange rate generally stable on a reasonable and balanced level.

China establishes mechanism for fulfilling international agreements

China attaches great importance to the establishment of a constrain

t mechanism for the fulfillment and implementation of international agreements, and the modi

fication and improvement of laws and regulations in accordance with the need of further opening-up.

Fair treatment to Chinese enterprises, students, scholars abroad called for

All countries should create a sound investment environment, and treat Chinese e

nterprises, students and scholars abroad as equals. All countries should provide a fair and friendly envir

onment for them to carry out normal international exchanges and cooperation.

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Taylor said the US will ultimately “pay the price for

this”, in the form of an incomplete and inaccurate understanding of China by barring scholars wh

o have great familiarity with US politics and policymaking and have the ear of Chinese officials.

Douglas H. Paal, vice-president of the Asia Program at the Carn

egie Endowment for International Peace, said it appears that the scholars who best unders

tand the US and communicate well with China’s leaders are being denied visas or threatened with denial.

“I don’t see how this is in America’s interest,” Paal said.

Some US media have mentioned that China also denies visas to

US academics, but Taylor and Paal said that has not been

their experience when applying for Chinese visas to visit China for academic exchanges.

In a news conference on Thursday, when asked if China rejected a visa application fr

om an adviser to US President Donald Trump, Foreign Ministry spokesman Lu Kang

said Chinese embassies and consulates overseas always handle visa applications according to law.

China welcomes cultural exchanges between China and the US an

d will actively promote mutual understanding between the two countries, Lu said.

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Kim Jong-un says 3rd summit with Trump possible

PYONGYANG – Kim Jong-un, top leader of the Democratic People’s Repub

lic of Korea (DPRK), said he is willing to meet the US president again on certain cond

itions, the official Korean Central News Agency (KCNA) reported on Saturday.

Kim made the remarks in his policy speech marking the First Session of the 14th Supreme People’s Assembly (SPA) on Frid

ay, a day after he was re-elected as chairman of the DPRK’s State Affairs Commission (SAC).

“If the United States adopts a correct posture and comes to the third DPRK-US summit with a certain methodology that can be shar

ed with us, we can think of holding one more (round of) talks,” Kim said. “It is necessary for both sides not to table t

heir unilateral demands but find out a constructive solution to meet each other’s interests.”

The top leader said he will “wait for a bold decision” from Trump “with patience till the end of this year.”

In his speech, Kim blamed the United States for only considering

its own interests during the second DPRK-US Summit in Vietnam’s Hanoi this Febru

ary. This has led the DPRK to question Trump’s willingness to improve relations with the DPRK.

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Shanghai aims to rev up car sales with trade-in subsidies

The city of Shanghai has become the first local government to answer the call of the central gove

rnment to promote automobile consumption by providing subsidies, since 10 mi

nistries and commissions of the country released six major methods of promoting car sales in January.

The official WeChat account of the Shanghai Municipal Government announced yesterday it will launch a car trade-i

n program, encouraging car owners to trade in their vehicles for new gas-powered cars complying with State-VI emi

ssions standards or new energy vehicles, according to a report by the 21st Century Business Herald.

The government will provide a subsidy of 10,000 yuan ($1,489) for a trade-in gas-powered

vehicle and 15,000 yuan for a trade-in new energy vehicle, the announcement said.

China’s automobile market saw a sales decline in 2018 for the first time

in 28 years, with passenger vehicle sales slumping for 10 consecutive months from last y

ear to March, according to the China Passenger Car Association. As the central government halved subsidies for new energy

vehicles this year, the promotion of car consumption depends more on local governments and enterprises.

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Bolstering high-end sectors part of capital’s plan to see

After 40 years of high-speed growth, China’s economy ha

s entered a high-quality development phase. Starting today, China Daily will feature a series of reports to sh

ow the new landscape across the country. This is the first installment of the series.

Beijing’s municipal government has been making efforts to develop high-end industries suc

h as 5G, artificial intelligence and the industrial internet in order to build the city into the nation’s scientific and innova

tion center, which is a core strategy of the capital’s high-quality growth plan, a senior officials said recently.

Lin Keqing, executive vice-mayor of Beijing, said the city is aimin

g to make new information technology and medical health twin drivers of the municipality’s growth.

“Beijing will make better use of resources to develop the biomedical indus

try and extend its value chain,” Lin said. “We have unveiled an international medical-use ro

botics innovation center in Zhongguancun, China’s Silicon Valley, and a group of companies in the sector.”

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