hina’s energy consumption hits five-year record

Growth in China’s energy consumption remains robust while the forms

of energy continued to diversify in 2018, according to an annual report on China’s energy devel

opment released Sunday by the China Electric Power Planning and Engineering Institute.

Total energy consumed last year reached 4.64 billion metric tons o

f standard coal, a year-on-year growth of 3.3 percent – a five-year record, according to the report.

Consumption of clean energy, including natural gas, hydropowe

r, nuclear power and wind power, accounted for 22.1 perc

ent of energy consumption last year, up 1.3 percent compared with the same period in 2017.

Non-fossil energy accounted for 14.3 percent, up 0.5 percentage points year-on-year, the report said.

China produced 3.77 billion tons of standard coal last year, up 5 percent year-on-year, a seve

n-year high. It has also become the world’s largest natural gas importer, with a heavier reliance on energy imports.

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Detailed information on the foundation and the laurea

Peng Yuxing, vice-governor of Southwest China’s Sichuan province, is under disciplinary and supe

rvisory investigation for suspected severe violations of disciplines and laws, an official statement said Sunday.

The investigation is being conducted by the Communist Party of China Central Co

mmission for Discipline Inspection and the National Supervisory Commission.

Peng, a Sichuan native, was born in 1962. He graduated from Sichuan University with a master’s degree in 1985 and in July 1992 r

eceived his science doctorate from Pierre and Marie Curie University in Paris, specializing in polymers and materials.

He pursued a postdoctoral degree at ExxonMobil Chemical France from July 1992 to December 1993.

Peng then served in leadership positions at the Chengdu Institute of Organic Chemistry under the Chinese Academy of Sciences from 1997 to 2009.

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Those involved in the BRI will strengthen synerg

y in development plans and initiatives of various countries and international organizations and in

tensify bilateral and the third-party market cooperation to help more countries raise their level of connectivity, Xi said.

He added that participants agreed that Belt and Road forums are an important platform for multilateral co

operation and should be held on a regular basis.

President calls for countries’ joint efforts in building Belt, Road in forum speech

President Xi Jinping pledged on Friday to take strong measures such as easing market

access for foreign capital and increasing imports to promote the higher-level opening-up of the country.

While delivering the keynote speech at the opening ceremony of the

Second Belt and Road Forum for International Cooperation in Beijing, Xi said that the p

urpose of building the Belt and Road is to achieve win-win cooperation and common development.

China will increase imports of goods and services on a larger scale, and it will further lower its tariff rates, Xi said.

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Chris Rowley, a visiting professor from Oxford Unive

rsity’s Kellogg College in England, called opening to more foreign investment a very important development.

“Of course this will expose both inward investors and indigenous organiza

tions to some stark differences in management and doing business between them, which in tu

rn requires more globally effective leaders who are less ethnocentric and more culturally aware,” he said.

Sikhumbuzo Zondi, a research assistant at the Institute for Global

Dialogue associated with the University of South Africa, said another important aspect of Xi’s

opening address was the desire to invest more resources in scientific innovation and technology.

The aim is to develop technologies and business models that will foster new growth an

d development. To do this, China is committed to spearheading the Belt and Road Science, Technology and In

novation Cooperation Action Plan to advance information and communications technology infras

tructure development with the aim of improving internet connectivity and security, Zondi said.

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delivers keynote speech at second B&R forum

President Xi Jinping delivered a keynote speech at the opening ceremony of the Second Belt

and Road Forum for International Cooperation in Beijing on Friday. Here are the highlights.

Belt and Road opens up new space for global economic growth

Joint building of the Belt and Road has opened up new space for the world’s economic grow

th. It also created a new platform to boost international trade and investment, expanded new practices to optim

ize the global economic governance, and made new contributions to improving people’s well-being of all countries.

High-quality development of Belt and Road stressed

The principle of extensive consultation, joint contribution and shared benefits should be uphel

d. The open, green and clean approaches should be adhered to. The goals of high-standard, livelihood-impro

ving and sustainable development should be achieved.High-quality, sustainable infrastructure under BRI highlighted

Infrastructure is the cornerstone of connectivity

and a bottleneck of development confronting many countries. Bui

lding infrastructure with such standards can help countries give full play to their advantages in resources and b

etter integrate into the global supply, industry and value chains for interconnected development.

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China looks to strike a balance between meeting finan

ancing needs, sustainable development and debt sustainability, according to Finance Minister Liu Kun.

“We will build a high-standard and high-quality financing system to s

upport long-term and sustainable BRI investment while preventing debt risks,” Liu said.

He suggested promoting financing cooperation for projects in

third-party countries, equity investment and attracting more private funding.

Enhancing debt and risk management is a key consideration for deepening BRI financi

ng cooperation, said Yi Gang, governor of the People’s Bank of China, the central bank.

“The debt issue in developing countries should be treated objective

ly. If debt growth is accompanied by infrastructure improvement, enhancement of people’s liveliho

ods and productivity and poverty reduction, it will be beneficial for the sustainability of long-term debt,” Yi said.

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Yi pledged to use more market-based commercial fund

 He also said improving transparency for projects’ financing is needed, especially for green

financing, and using local currencies in BRI investments to curb exchange rate risks. “The opening of local curr

ency-denominated bond markets will effectively attract long-term funds and reduce risks of currency mismatches,” he said.

Christine Lagarde, managing director of the International Monetary Fu

nd, said at the forum that China’s increased focus on the long-term success of BRI projects and the

BRI debt sustainability framework “are very welcome steps in the right direction”.

The further opening-up of China’s financial sector, such as the b

ond market, will enable diversification and foster renminbi internationalization, she said.

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President calls on think tanks to boost teamwork, Belt, Roa

President Xi Jinping called on Wednesday for exchanges and cooperation between Chinese and foreign think

tanks for more high-quality research results to push Belt and Road construction to a higher level.

Xi made the remark in a congratulatory letter to the i

naugural meeting of the Belt and Road Studies Network held in Beijing on Wednesday.

The launch of the think tank network took place ahead of the Second Belt and Road Fo

rum for International Cooperation being held from Thursday to Saturday in the capital.

Xi said in the letter that the development of history, the prosper

ity of civilizations and the progress of mankind are closely connected with the guidance of advanced thought.

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In August 2018, the Australian government banned

Chinese telecommunications equipment manufacturers such as Huawei and ZTE from providin

g 5G technology and products, as well as the use of Chinese telecommunications equipment in dom

estic broadband networks. Behind this decision is vague “national security”. For example, the West has repeat

edly accused China of its “Intelligence Law”, especially the particular Article 7 of the law, under whic

h Chinese enterprises will cooperate with the Chinese government in carrying out acts of theft.

However, the Intelligence Law does not require organizations and citizens to uncondition

ally “support, assist and cooperate” with “national intelligence”. On the contrary, the so-called “support, ass

istance and cooperation” must be carried out “in accordance with the provisions of other laws”.

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Germany, another European country, has no plans to

block Huawei from participating in the buildup of its 5G ultra-high-speed intern

et, according to a previous China Daily report citing a Financial Times interview with the pres

ident of the Bundesnetzagentur, Germany’s telecommunications regulator.

Huawei CEO Ren Zhengfei said the company will comply with

European cybersecurity standards and the General Data Pr

otection Regulation laws that govern the EU during a previous interview with CNBC.

Huawei Technologies Co said on April 22 that it posted 179.7 billion yuan ($26.8 billi

on) in revenue in the first quarter of 2019, a 39 percent growth on a yearly basis.

The company had signed 40 commercial contracts for 5G by April 15, and had shipped

more than 70,000 5G base stations to markets around the world, said Huawei last week.

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