attracting talents and capital. This in turn prompts the autho

rities to introduce more favorable policies and regulations for the enterprises bas

ed in the US, which is essentially a combination of representative democracy and market econ

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

Besides, reindustrialization is not possible without rebuilding or strengthen

ing infrastructure facilities. And although the US leader has been claiming to implement a trillion-dollar infrastructure

plan-and even made it one of the pillars of his “Make America Great Again” campaign-not much has come of it.

Another major problem is that the return on equity in the infrastructure sector is a mere 3 percent w

hile that in the US capital market is about 12 percent. So how can the US attract more private cap

ital to the infrastructure sector without guaranteeing a return on equity equal to that in the capital market?

shlfao.com

The US’ monetary hegemony is itself a big impedim

ment to the reindustrialization process, which could be viewed as a sort of financial Dutch disease-the apparent causal relationsh

ip between the increase in the economic development of a specific sector and a decline in other sectors. The more

heated the US stock market gets, the more serious the Dutch disease will become. And, ironically, the US leader is k

een on strengthening the stock market to showcase his political and economic track record.

Besides, the US administration cannot launch large-scale infrastructure construction projects, significantly red

uce the trade deficit with China and deny Chinese investors access to its market all at the same time.

The US’ trade deficit stems from its extremely low national saving

s rate and has to be compensated by other countries’ national savings, which in turn

adds to the trade deficit. On the other hand, China’s efficiency in the manufacturing industry mak

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Also on Friday, shortly after the US said it would ban Hua

 Huawei from buying US technology without special approval, Huawei’s chipmaking arm, HiSilico

n, said it has long been prepared for the “extreme scenario” of the US blocking access to some components and technologies.

“We have been developing backup products for years in anticipation. … Such efforts can ensure the strategic safety of most of the

company’s products and a continuous supply of most products,” said HiSilicon President He Tingbo in an internal letter.

Foreign Ministry spokesman Lu Kang said at a news conference

on Friday that the development and utilization of 5G depends on global cooperation, and i

nterference by the US undermines the principle of fair competition and shows a lack of respect for other countries.

HiSilicon, which was founded in 2004, has designed chipsets like Kirin, which has b

een used in Huawei’s high-end smartphones. In addition to server chips, the company has also

shlfcm.com

Luckin, a Starbucks rival in China, rises in US stock debut

Shares of Luckin Coffee, a fast-growing rival to Starbucks in China, rose 20 percent in their US stock market debut Friday.

The Chinese company, which opened its first store in Beijing less than two years ago, has 2,370

locations and plans to surpass the 3,700 stores Starbucks has in China by the end of the year.

But unlike Starbucks, Luckin is losing money.

It brought in $125 million in revenue last year, but spent much more than

that on coffee beans, store rent and other costs. Last year, it lost $475 million.

Most of Luckin’s stores are small, have few seats and are used mainly as a place to pick up mobile orders.

It also offers delivery in 30 minutes and promises a refund for delays or spilled drinks.

sh419ll.com

International Museum Day celebrated at Palace M

Wang Xudong, director of the Palace Museum, says it’s a duty for museums to provide a platfo

rm for scholars to exchange their academic findings, for artists from different cultural back

grounds to show their work and boost mutual respect, and for children to pass traditions into the future.

The latest figures from the National Cultural Heritage Administration show China had 5,354 mu

seums by the end of 2018, and museums across the country held some 26,000 exhibitions in 2018 and

received 1.126 billion people, an increase of 30 percent and 16 percent, respectively.

The International Council of Museums organized the annual Inte

rnational Museum Day in 1977 to address the changing roles of museums.

Museums across the world are reinventing their roles to become more interact

ive, audience focused and active in delivering creativity and knowledge to their communities.

sh419co.com

Many countries along the Belt and Road have high moun

tains, deserts, oceans and a lack of accurate meteorological information. The number o

f meteorological disasters in the regions is more than double the global average, the administration said.

Wei Caiying, deputy general-director of the National Satellite Meteoro

logical Center, said that real-time disaster monitoring by meteorological satellites coul

d provide these countries with a scientific basis for disaster prevention and reduction.

“Weather-related disasters such as typhoons pose a threat to life and property. T

racking their path could help local authorities decide how to proceed with evacuations,” she said.

In addition to real-time monitoring, the China Meteorological Administration set up the Emergency Support Mechanism for int

ernational users of Fengyun satellites last April, which covers disaster prevention and mitigation.

www.shlfcm.com

Another major problem is that the return on equity in the

infrastructure sector is a mere 3 percent while that in the US capital market is about 12 percent. So how can the US attract more private capital to the infr

astructure sector without guaranteeing a return on equity equal to that in the capital market?

US suffering from a financial Dutch disease

The US’ monetary hegemony is itself a big impediment to the reindustria

lization process, which could be viewed as a sort of financial Dutch disease-the apparent causal

relationship between the increase in the economic development of a specific sector and a decline in other sectors. The mor

e heated the US stock market gets, the more serious the Dutch disease will become. And, ironically, the US leader is k

een on strengthening the stock market to showcase his political and economic track record.

Besides, the US administration cannot launch large-scale infrastructure construction projects, significantly redu

ce the trade deficit with China and deny Chinese investors access to its market all at the same time.

shlfao.com

Server manufacturer Inspur Group has signed a strategic

 partnership with Tianjin to set up an AI research institute in the city. By opening the new institute

, Inspur aims to join the top ranks of Chinese AI powerhouses in their quest to attract global talent.

“We will step up our efforts to develop the AI sector in Tianjin, and will focus on fields i

ncluding cloud operating systems and cloud databases,” said Sun Pishu, chairman of Inspur.

he Ministry of Commerce urged the United States on Thursday to stop abusing the

concept of national security and export control measures, and it promised that China will take all nec

essary measures to resolutely safeguard the legitimate rights of Chinese enterprises.

The comments came after US President Donald Trump signed an executive

order on Wednesday that is expected to restrict Huawei from selling its products in the US.

www.kaisuozhijia.cn

Huawei said in a statement on Thursday that restricting t

 company from doing business in the US will not make the US more secure or stronger.

“Instead, this will only serve to limit the US to inferior, yet more expensive alternatives, leav

ing it lagging behind in 5G deployment and eventually harming the interests of US companies and consumers.”

The company said it is ready and willing to engage with the US government to come up with effective measures to ensure product security.

In response to the ban on Huawei buying parts from US companies, the company said such a deci

sion will “do significant economic harm to the US companies with which Huawei does business, affect tens of t

housands of US jobs and disrupt the current collaboration and mutual trust that exist in the global supply chain”.

Wang Peng, deputy head of the China Center for Information Industry Development, said the new US moves will disrupt the whole global electronics in

ustry and hurt a string of US companies that supply chips and other components to Huawei.

www.shanghaijiaoche.cn

hina plans steps to unearth hidden debtments’ hidde

Minister: Innovative financial tools, swaps to help tackle growing problem

Local governments will be urged to leverage financial resources for reducing “hidden debt” and make use

of market-oriented financial instruments for debt swaps, a senior government official said on Thursday.

In a signed article, Finance Minister Liu Kun said it was imperative to bring down the contingent liabilities of local gove

rnments. The minster’s comments also marks a change in the government’s perception about local government debt. The

earlier stance of the ministry was on “controlling the incremental part of the hidden debt”, which is usually debt borrow

ed by State-owned companies and local government financing vehicles, but implicitly guaranteed by the government.

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