Xi underlines studies on May Fourth Movementnjiang

The call made by Xi Jinping, general secretary of the Communist Party of China Central Committee, for more study of the

May Fourth Movement, will help younger generations better understand the value of its spirit, observers said.

Xi underlined the need to strengthen studies of the May Fourth Move

ment and its spirit during a speech at the group study session of the Political Bureau of the C

PC Central Committee on Friday, according to a news release issued on Saturday.

This year is the 100th anniversary of the movement launch

ed by young intellectuals and participated in by people from all walks

of life. It was a political, anti-imperialist movement that stemmed from student demonstrations in Beijing on May 4, 1919.

Presiding over the session on the historical significance and modern value of the movement, Xi said the studies shoul

d elaborate on why the movement is of great and far-reaching significance for development and progress in conte

mporary China, and why Marxism has become a guide for the cause of the Chinese people’s revolution, construction and reform.

www.njLongrun.cn

Unlike the second version, the latest one included rule

on the new science and technology innovation board, which will pilot the registration-based IPO system, according to Xinhua.

To accommodate the progress of reforms and development of the capital market, other modifications have also been made, cov

ering public issuance of securities, securities trading, and the protection of investors’ rights and interests, Xinhua said.

Dong expects the latest version to legitimize registration-based IPO systems not only

on the new board, but also across China’s whole A-share market. “Once the system achieves success on the n

ew board, it should be adopted on other submarkets as soon as possible,” Dong said.

President Xi Jinping announced in November that China will launch the S&T innovation board and pilot the registr

ation-based IPO system. Analysts expect the new board to begin trading around the middle of this year.

“The latest draft is expected to make comprehensive revisions, and it could go a long way

toward restoring public investors’ confidence and modernizing the regulation and governance of the ca

pital market,” said Liu Junhai, director of the Business Law Center at Renmin University of China.

www.jsLongsun.com

Specifically, the draft likely will and should feature key

 reforms to foster an investor-friendly legal system, represented by strengthened information disclosure, prot

ection of investors’ rights and interests, and crackdown on legal breaches, Liu said.

China must promote the healthy development of the capital m

arket through key institutional innovations, the Political Bureau of the Communist Part

y of China Central Committee, the Party’s core leadership, said a statement released after a meeting on Friday.

Dong said the revised law is likely to be adopted by the end of the first half of the ye

ar, adding it is imperative and possible to expedite rolling out the revised version.

“Previously, controversies over the registration-based IPO system reform ha

ve prolonged the revision process, but now this factor has been largely lifted,” he said.

“As foreign investors are set to play a bigger role in China’s capital

market development, the revised law should also consider clarifying the rights and oblig

ations of overseas investors, to help them form a stable policy expectation,” said Xue Yi, an associate p

jsLongsun.com

The first draft also improved rules on developing a m

ulti-layer capital market system, strengthening investor p

rotection, promoting securities industry innovations and enhancing regulation.

New revisions were submitted for a second reading in April 2017 to

improve regulation on such areas as stock trading, acquisitions of listed firms, information disclos

ure and investor protection. The second draft also demanded the State Council to gradually advance the IPO syst

em reform in accordance with authorization granted by the top legislature.

Note: The following article is taken from the Chinese-language “Commentaries on International Affairs”.

On Thursday, the World Trade Organization (WTO) release

d a panel report on the case the United States lodged in December 2016 against China for its

use of tariff-rate quotas for wheat, rice, and corn. The WTO panel ruled that China’s administration of tariff-rate quo

tas violated its commitment to administer them transparently, while rejecting

the appeal by the American side which demanded that China release the information on tariff-rate quotas.

www.exdkjp.cn

The settlement of the dispute over agricultural product

ts between China and the United States is nothing out of the ordin

ary – it is a normal part of China’s engagement with the rules-based trading syste

m. As Mr Pascal Lamy, a former WTO director general put it, “China has delivered an ‘A-pl

us performance’ since its WTO accession,” and no WTO member has been

a perfect performer when it comes to WTO rules as each country has its own interpretation of the rules.

China will regard every dispute settlement within the WTO framework as an opportunity to cont

inuously adjust and improve its trade practices. Through the process, China will consult extensively with oth

er WTO members in order to promote reforms of the WTO that enhance the organization’s authority and effe

ctiveness so that it can better safeguard free trade and the multilateral trading system.

shidaikangfuyiyuan.cn

Politburo upbeat on economic datag Motors on the assem

China’s economy grew better than expected in the first quarter and market confidence was raised in

an outstanding way, according to a statement from a meeting presided over by President Xi Jinping on Friday.

During the meeting of the Political Bureau of the Communist Party of China Central

Committee, members analyzed the current economic situation and made plans for economic work.

In the first quarter, government departments pushed forward high-quality growth, deepene

d supply-side structural reform and carried out positive fiscal policy and stable monetary policy, the statement said. Main mac

roeconomic figures were in proper range, and reform and opening-up was pushed forward continuously, it said.

The statement said lots of difficulties and problems remain in economic development, with m

ore tension in the external economic environment and downward pressure on the domestic economy. Government departments shou

ld remain steadfast and be brave in overcoming difficulties in economic development, it said.

hblumei.com

Walmart banks on tech innovationn escalator in a Walmart

US retail giant Walmart Inc will continue to grow its hypermarkets, Sam’s Club stores, and community-ba

sed smaller-sized supermarkets businesses in China with more advanced technologies, according to a top official.

Doug McMillon, president and CEO of Walmart, told China Daily during his visit to Shanghai on Thursday that China is still one of

the most important markets for the US retailer. Technology will be another major focus area for the com

pany in China as Walmart has always been a “people-led company that relies heavily on technology,” he said.

McMillon said Walmart has developed digital solutions to better u

nderstand customer behavior and spending patterns, which in turn has helped the ret

ailer to create new products and to solve old retail problems with modern technology.

Wern-Yuen Tan, president and CEO of Walmart China, said digital technology has hel

ped Walmart to reach out to more customers and improved the overall decisionmaking process.

www.njLongrun.cn

Shanghai purrs over new Hello Kitty theme park

The world’s only Hello Kitty-themed pavilion brings a fantasy world with a retro decor for fans in Shanghai.

Hello Kitty Shanghai Times was launched by propert

y developer Shimao Group and Japanese animation powerhouse Sanrio on March 29.

By creating an immersive experience of Shanghai during three symbolic periods of the city’s history – the 1930s, 1980s and today – the

indoor theme park provides a unique experience for visitors with Sanrio’s best-known characters, incl

uding Hello Kitty, My Melody, Badtz-Maru, Pompompurin, Keroppi and Cinnamoroll.

The time travel-themed attraction is located at Shimao Festiva

l City on bustling East Nanjing Road, and is expected to attract 2 million visitors a year. S

preading across three floors, the play area takes up a total gross floor area of about 6,000 square meters.

xzzygk.com

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.

shlf18.com

The country will host over 5,000 participants from mor

than 150 countries, including 37 heads of state or government, for the thre

e-day event starting on Thursday, Wang said, adding the forum, themed “Belt and Road Coop

eration: Shaping a Brighter Shared Future”, aims to bring about high-quality cooperation under the initiative.

President Xi Jinping will deliver a keynote speech at the op

ening ceremony of the forum, and chair the leaders’ round-table summit, Wang said.

Saying the BRI has delivered real benefits to participating countries, Wang stated the hats like “debt traps” cannot be put onto t

he head of the Belt and Road, and this is not something any participating country would recognize.

He added that international communities should base their understandings and comments about the BRI on the facts.

Trade volume between China and the countries participating in the B

RI has exceeded $6 trillion, the number of investment is over $80 billion and arou

nd 300,000 jobs have been created for the people from the countries involved in the initiative, Wang said.

shlfcl.com