The latest figures from the National Cultural Heritage Administ

stration show China had 5,354 museums by the end of 2018, and museums across the country held some 2

6,000 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 I

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

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

ve, audience focused and active in delivering creativity and knowledge to their communities.School students and adult

visitors learn about making prints and carving stamp seals and learn about the appreciation of and technological me

thods being used in the conservation of the age-old buildings at the Palace Museum, May 1

xujiaqing.net.cn

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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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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Wang said the Sino-US trade talks have made important

and substantive progress thanks to efforts from both sides. Meanwhile the talks face some serious problems which need to be resolved.

The top diplomat said that as long as the negotiations meet the general direction of China’s reform an

d opening-up policy, adhere to China’s basic needs about high-quality development and serve the com

mon interests of the Chinese and US people, the negotiator teams from both sides could have the capability and w

isdom to settle their reasonable demands and eventually achieve a win-win agreement.

Wang said China insists on upholding national sovereignty, safeguarding the inter

ests of its people and defending national honor when negotiating with any country.

According to the General Administration of Customs, trade between

China and the US in the first four months stood at 1.1 trillion yuan ($160 billion).

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f the escalation of the bilateral trade dispute is not a short det

detour before reaching a deal sooner or later, then the economic impact for consumers in China and t

he US, as well as other parts of the world, will be fairly costly, said Chen Wenling, chief econ

omist at the China Center for International Economic Exchanges.

Whether they buy finished products or goods made from r

aw materials and components, the tariffs still exist, Chen said.

The escalation will make goods produced by both countries less co

mpetitive and cause large-scale job losses, said Chen.

Wei Jianguo, former vice-minister of commerce, said economic conflict

s and trade friction between China and the US that draw global attention will happen fro

m time to time in the future, and these should be rationally regarded and prepared for.

www.wuxianzhongguo.cn

then to 0.20, together with the inclusion of Mid Cap China

 A shares, in the final step as part of the November 2019 Semi-Annual Index Review, according to the report.

About 109 companies will be added and three removed from the MSCI China A Onshore Index, whic

h will take place as of the close of May 28, and the three largest additions to this index would be the

Wens Foodstuff Group A, Contemporary A and Shenzhen Mindray A, the MSCI said.

In addition, the MSCI China A Onshore Small Cap Index will see 503 stocks added and 49 cut, with most of the new addi

tions coming from newly eligible ChiNext stocks, according to an official statement of MSCI.

MSCI also updated the list of China A Mid Cap securities that may potentially be adde

d to the MSCI China and the MSCI Emerging Markets Indexes as part of the third step of th

wuxianzhongguo.cn

Trade agreements can affect the types of goods being

traded and they can redirect trade toward one country, away

from others. They cannot directly affect any country’s worldwide current account balance. A count

ry that saves less than it invests will have to borrow foreign funds to import foreign goods to make up that difference.

There are two ways to reduce the US trade deficit. A serious recession would reduce investme

nt, but nobody advocates that as a strategy. The only other path is to change the US financial and gove

rnment system to encourage increased savings. China has almost nothing to do with it.

Ironically, the disputes between the US and China center around both nations’ legitimate desires to

protect some current low-skilled jobs, or at least to allow an easier transition to new jobs and industries.

US administration’s economic policy has rightly focused on the need to

retain jobs for working-class people in the US. And, China’s companies that export to the U

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Now that it has reached middle-income status, China’s eco

nomic strategy will focus on creating a highly competitive domestic market that forces com

panies to produce high-value goods so they can pay high wages to highly skilled people.

Because of its long experience in manufacturing, much of tha

t push will be focused on higher value-added production, using the new technologies of r

obotics, artificial intelligence, the internet of things and 5G. This is the only way to avoid the middle-income trap.

The reform and opening-up policies are exactly the kinds of market-driven reforms

needed to make this happen. The Chinese government is investing heavily in research and development, but it sho

uld be noted that the R&D spending as a percentage of GDP is still lower than that of the US.

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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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The National Health Commission issued draft regulatio

ns in February for the clinical application of new biomedical technologies, stipulating that clini

cal research that involves human trials, including gene editing, stem cells, organ transplants be

tween species and assisted reproductive technologies, must secure the approval of the commission in advance.

Under the draft, which is yet to be adopted, violators may face punishments including fines, revocation of business permits or criminal charges.

The commission this year will complete its revision of an existing r

egulation on ethical inspection of human-related biomedical research that was adopted in 2016.

Authorities are also considering establishing a national ethics co

mmittee that supervises life science technologies and researchers to ensure compliance wi

th ethical standards, Huang Jiefu, former vice-minister of health, told China Daily in an earlier interview.

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