On Monday morning, Xi visited the JL MAG Rare-Earth

 Co and learned about the company’s production of rare earths and the development of the rare earth industry in Ganzhou.

On the heels of the United States government announcement it will ban unauthorized exports of US technology to Hua

wei, by Monday, a number of major US tech giants, including Google, had reportedly stopped supplies.

Amid the escalating tit-for-tat trade blows between the world’s tw

o largest economies, the US putting Huawei, the face of Chinese hi-tech progress, on its Ent

ity List is no doubt a calculated blow to hit China and Huawei where it hurts. “America will probably use its ability to with

hold components from Huawei as a bargaining chip in a future trade deal with China,” The Economist reckons.

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Yet the US expends huge amounts of its resources just to m

 maintain its monetary hegemony and thus ensure its financial sector offers higher pay and retur

n on investment compared with the real economy sectors, which helps it to maintain its advantage in at

tracting talents and capital. This in turn prompts the authorities to introduce more favorable policies and regulations for

the enterprises based in the US, which is essentially a combination of representative democracy and market eco

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

Besides, reindustrialization is not possible without rebuilding or strengthening infrastructure facilities. And

although the US leader has been claiming to implement a trillion-dollar infrastructure plan-and even made it on

e of the pillars of his “Make America Great Again” campaign-not much has come of it.

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In particular, we need to strengthen international coop

peration in AI governance including laws and regulations, ethical norms and international rules,” Wang said.

The State Council issued a plan in 2017 that set benchmarks for China’s AI sector, with the value of core AI indu

stries predicted to exceed 1 trillion yuan ($145 billion) and make the country the global leader of AI innovation by 2030.

In December, Tianjin unveiled a three-year plan to boost the innovative development of seven AI-related indust

rial chains including independent and controllable information systems, smart security, big data, advanced co

mmunications, intelligent connected vehicles, industrial robots and intelligent terminals.

According to the plan, the government will build Tianjin into an AI in

novation center and a hub of AI industries and innovative applications by 2020.

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Santarita said a similar concept can also be found in other

Asian countries, citing the Philippines’ compadrazgo and Indonesia’s bapakism as examples.

Compadrazgo, a Spanish word that literally translates to “co-fatherhood”, is based

on a kinship ritual that is formed after a child gets baptized into the Roman Catholic faith.

For the predominantly Catholic and close-knit Philippine society, t

he godfather (known as the padrino) is part of one’s extended family and is expected to he

lp and protect his godchild. The godchild is expected to respect and be loyal to the padrino.

Bapakism is derived from the Indonesian word for “father”. When us

ed in Indonesian business, bapakism demands great respect and obedience to one’s su

perior. The manager in his role as the company’s bapak is expected to look after and care for his employees.

Although Asian values are steeped in an ancient culture and tradition, it was only in t

he 1990s that this concept drew global attention. This was partly due to Asian leaders like the la

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Govt should accelerate tax cuts to invigorate economy, premi

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Premier Li Keqiang urged government departments to speed up the implementation

of tax reductions to invigorate the country’s economy, amid rising uncertainties about growth on Friday.

Li was speaking with entrepreneurs from the manufacturi

ng, construction and service sectors at the Zhongnanhai leadership compound in Beijing.

The businesspeople said they have received benefits from the tax reduction measu

res in the past months, after the measures were introduced by Li in the Government Work Report in March. They

also offered advice on how to further ease the tax burden on businesses.

After hearing their opinions, Li called tax reduction a great decision made by the Communist Party of China Central Comm

ittee and the State Council. It has boosted market confidence in outstanding ways and promoted the stable

growth of the economy, he said, adding that the positive factors for economic growth are increasing.

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market confidence in outstanding ways and promoted the stab

le growth of the economy, he said, adding that the positive factors for economic growth are increasing.

Noting that the uncertainties in the global economic environment are also rising and there remai

n downward pressures on the domestic economy, Li called for both attention and confidence from the entrepreneurs.

Related departments should follow the guidance of Xi Jinping Though

t on Socialism with Chinese Characteristics for a New Era, invigorate the market thro

ugh deepening reform and opening-up and ensure the stable growth of the economy, Li said.

He said that tax reduction is the key to improving the business environm

ent and invigorating the market, which will not only stabilize growth and employment bu

t also encourage companies to invest more in innovation for long-term development.

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Financial sector restructuring is also a part of the ongo

oing supply-side structural reform, as it is still dominated by the 268-trillion-yuan banking system, the analysts said.

The restructuring process will accelerate as more foreign capital

moves in, which can boost competition in the domestic market, the analysts added.

In the medium term, continued financial reform and more opening-up measures co

uld boost capital inflows, said Lillian Li, a vice-president at rating agency Moody’s.

But trade disputes between China and the United States and uncertainty over monetary policy in global markets may dam

pen capital inflows, and the pace of capital inflow is likely to fluctuate in the near term, she said.

Having the world’s second-largest equity market and the third-largest bond market, China will likely usher in more inte

rnational capital flows in the longer term, if the nation further liberalizes its financial system, she added.

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Xi congratulates Thai king on coronationorn is crowned

Chinese President Xi Jinping congratulated Thai King

Maha Vajiralongkorn on being crowned officially on Saturday.

On behalf of the Chinese government and people, and in his own name, Xi express

ed in a message sincere congratulations and good wishes to the king and the Thai people.

The king is an old friend of the Chinese people and has been attending to and supp

orting the cause of friendship between the two countries for long, Xi said in the message.

“I attach great importance to the development of China-Thailand rel

ations and stand ready to make joint efforts with you to carry forward the traditional C

hina-Thailand friendship, deepen cooperation in building the Belt and Road jointly, and push forward the comp

rehensive strategic cooperative partnership between the two countries to make bigger headway,” Xi said.

The Chinese president wished the Kingdom of Thailand flourishing and prosperity, and the people happiness and good health.

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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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From January to March, government tax income inc

creased by 5.4 percent year-on-year, 11.9 percentage points lower than that in the first quarter 2018.

Individual income tax decreased by 29.7 percent, the largest drop among three major tax item

s. Value-added tax growth has already slowed to 10.7 percent, down from 20.1 percent a year earlier.

Local government income from land sales fell 9.5 percent in the first three months, the Ministry of Finance said.

As the central bank has taken a pause in monetary easing, fiscal policy should remain pro

active to stabilize economic growth and ensure the recent rebound is not just a seasonal fluke, said economists.

Xu Xianchun, a former deputy director at the National Bureau of Statist

ics, said that fiscal policy should be implemented “with proper intensity and at the right time”, t

o prevent large fluctuations in the investment growth rate and negative impact on economic stability.

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