The phone call took place days after the US Commerce Dep

artment announced on Wednesday it will add telecommunications eq

uipment maker Huawei and its affiliates to the Entity List on Wednesday. Being on the list

bars the company from buying US technology without government approval due to security concerns.

On the same day, US President Donald Trump signed an executive order that bars US companies fr

om using telecom equipment from manufacturers considered a national security risk, without mentioning Huawei by name.

Such moves, as well as the increase of tariffs on $200 billion worth of Chinese goods earlier this m

onth, complicated the prospect of continuing the bilateral trade talks that have been ongoing for more than a year.

China has always believed in and hoped to solve trade differences thr

ough talks, but such talks should be equal, Wang said. In any talks, China must protect its legitim

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Renminbi to remain stable, regulator saysknotes at a ba

Central bank vice-governor voices confidence amid currency volatility

The monetary authority vowed to stabilize the renminbi amid escala

ted trade tensions, while continuing to push forward financial opening-up and pr

otecting overseas investors’ legal rights, said a senior official from the central bank on Sunday.

“We have the foundation, confidence and capacity to maintain a stable foreign exchange ma

rket in China, and keep the renminbi exchange rate at a reasonably stable equilibrium,” said Pan Gongsheng, vi

ce-governor of the People’s Bank of China, the central bank, said in a statement on its website.

Before his pledge, the onshore renminbi rate depreciated to 6.9182 per do

llar at Friday’s close, the weakest level since December, and the offshore renminbi rate h

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Top regulator says economy set for growthand

Transformation of traditional industries speeding up, riding wave of high tech

The Chinese economy is poised for more vigorous growth after gathering new strength through upgrad

es in traditional industries and accelerating the growth of high-tech industries and emerging sectors.

The country will further expand market access with a nationally unified, annually released and timely adjusted negative list for m

ore market vitality, according to the National Development and Reform Commission, China’s top economic regulator.

Meng Wei, spokeswoman of the commission, said at a media conference on Fri

day that China has made steady progress in cultivating new momentum and promoting t

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percent, respectively, registering significantly faste

The emerging service sector also grew very fast, Meng said.

In April, the information transmission industry, along with software and inform

ation technology services, grew 25 percent year-on-year, 17.6 percentage points higher than the national index of services.

Online retail sales amounted to 3.04 trillion yuan ($440.2 billion) in the first four m

onths, a year-on-year increase of 17.8 percent. Around 17.07 billion parcels were delivered, up 24.8 percent over last year.

She said the transformation of traditional industries is speeding up as they combine with information technology.

“Through implementing national big data and internet plus strategies, internet, big da

ta, and artificial intelligence technologies have been widely used in China’s real economy,” she said

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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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Separately, on the same day, the US Commerce Department

said it would be adding Huawei and its 70 affiliates to an Entity List, which will ban the compan

y from buying parts and components of US companies without prior government approval.

Gao Feng, spokesman for the Ministry of Commerce, said at a briefing that the con

cept of national security “should not be used as a tool for trade protectionism”.

“China strongly opposes other countries imposing unilateral sanctions on Chinese entities,” Gao said.

He called on the US to stop its wrongful behavior and make more efforts to create conditions for normal international trade cooperation.

Huawei has been increasing its 5G commercial contracts worldwide, with more countries giving the com

pany a vote of confidence. But it is facing security allegations from the US, which Huawei has said are unfounded.

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They will also increase the number of personnel exchan

anges to improve the experience and effectiveness of customs officers, Jin said.

China will continue to conduct joint law enforcement operations with other countries targeti

ng IPR violations, including Russia and the US. Customs officials of the EU, Japan and South Kore

a have responded positively to China’s proposal for law enforcement operations, he said.

“We have been encouraging domestic and overseas enterprises to conduct exchanges on t

echnology and protecting the lawful intellectual property rights of overseas enterprises in China,” Jin said. “We a

lso want other countries to intensify IPR protections for Chinese enterprises on their soil.”

Jin made the comments at a news conference organized by the State Council Infor

mation Office in Beijing for the release of an IPR protection report by the Chinese government.

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In Forbes’s ranking, 309 of the world’s top 2,000 largest publ

 public companies are from the Chinese mainland and Hong Kong.

The United States has 575 companies, the most among the 61 countries and regions involved in the ranking.

Japan is third-largest contributor, with 223 companies joining in the list.

This year marks the 17th release of the Global 2000 ranking since it was first published by Forbes in 2003, when the Unite

d States was home to 776 companies in the list while the Chinese mainland and Hong Kong only had 43.

Industry-wise, banks and diversified finance make

up most of the list, with 453 companies appearing on it, followed by tech ind

ustry and construction industry, with 184 and 123 companies on the list, respectively.

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Quotable quotes from business leaders at 3rd WIC

Praising Tianjin’s efforts and achievements in intelligent sc

ience and technology, Liu Chuanzhi, board chairman of Legend Holdings Co Ltd, pred

icted the city will make a qualitative leap in two to three years by combining intelligent technologies with manufacturing.

Liu, also founder of Chinese computer giant Lenovo, said his company, like Tianjin, considers intelligent technology a new imp

etus. Lenovo is working on many intelligent applications and has invested in many high-tech ma

nufacturing enterprises. It uses various artificial intelligence-driven algorithms and machine learning to ana

lyze the data of its supply chain system, using it to optimize Lenovo’s new intelligent spare parts supply chain.

Liu Qingfeng, chairman and CEO of iFlytek, said the company has developed a series o

f products driven by AI applications, based on small samples over the past year.

The company’s latest technological breakthrough is for the first tim

e its machine has surpassed humans in English reading comprehension, Liu said.

He said that he believes AI in 2019 has entered the year of large-scale application.

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