The visit will further display the strength of bilateral tie

ties, which are developing “very good” momentum both politically and econom

ically, said Ruan Zongze, vice-president of the China Institute of International Studies.

Trade between the two countries “made a major breakthrough” and exceeded $100 billion in 2018, and the two permanent mem

bers of the United Nations Security Council have been coordinating closely on major international issues, Ruan said.

This year marks the 70th anniversary of the establishment of bilateral ties, which are said to have reached their best level in history.

Also, the attendance of the two countries’ leaders at each other’s internat

ional forums shows both sides’ support for an open global economy, Ruan added.

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new college graduates aged up to 24 years old increased by

ed by 8.4 percentage points, as the global financial crisis caused demands to fall drastically. It i

s possible that the Sino-US trade dispute could have a similar impact on the job market.

So the government should implement an expansionary macroeconomic policy to create a loose em

ployment environment and better implement social security measures to cope with frictional u

nemployment and the structural employment problem of college graduates.

To offset the possible negative impact of the Sino-US trade dispute on college graduates’ employment, the government sho

uld also expand post-graduate enrollment, increase internships for unemployed college graduates and imp

lement favorable policies to ease the enterprises’ financial burden so they can recruit more employees.

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ang said by the end of this year, 5G network construc

The Beijing municipal government plans to invest at least 30 billion yuan by 2022 to build 5G networks, according to a 5G devel

opment plan released in January. In Beijing’s road map for 5G development from 2019 to 2022, the municipal gov

ernment has set a goal to develop its 5G-related industry to realize an income of 200 billion yuan by 2022.

The city said it hopes that by 2022, Beijing-based scientific research

units and enterprises can be a key contributor to global 5G technical standards, acc

ounting for more than 5 percent of all primary and essential international 5G patents.

Huang Jianjun, vice-president of China Jianyin Investment Ltd, said 5G technologies have been deeply integrated with

artificial intelligence, big data, the internet of things and other emerging technologies, ushering in a new era of in

ternet of everything and deep interaction between humans and machines.

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The meeting reviewed and approved a series of official doc

ocuments including a guideline on innovation and improving macro-regulation

, as well as a guideline on strengthening opening-up and cooperation in innovation capacity.

The meeting called for taking the supply-side structural reform as the main task, making coordinated efforts to stabilize economic

growth, promoting reforms, readjusting the economic structure, improving people’s livelihoods, pr

eventing risks, and ensuring social stability, according to a statement issued after the meeting.

The strategic guiding role of national development planning should be leveraged to improve coordination mec

hanisms for economic policies such as finance, currency, employment, industry, and regional development to en

sure the nation’s economic development stays within a reasonable range, the statement said.

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Talks with Vanuatu PM China seeks no private interests

and scope of influence in developing relations with Pacific island cou

ntries, and will be good friends and partners trusted by them forever, Xi said on Tue

sday. Xi made the remarks while meeting with visiting Vanuatu Prime Minister Charlot Salwai in Beijing. The Chi

na-Vanuatu relationship has become a good example of relations between China and Pacific island countries, Xi s

aid, adding political mutual trust between the two countries keeps d

eepening and exchanges and cooperation in various fields continue to expand.

Xi said the country appreciates Vanuatu resolutely adhering to the one-C

hina policy, and supports it independently choosing the development path that suits its

national conditions. Xi called for strengthening the alignment of the development strategy of the Pacific island cou

ntry with the BRI and tapping potential for bilateral pragmatic cooperation.

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The results of the elections for the European Parliame

nt are broadly in line with expectations. Although pro-European Union parties have won a majori

ty of the seats, the EP is more fragmented than before with traditional center-right and center-left par

ties losing seats to Liberals and Greens, and Euroskeptic parties increasing their vote share. This is likely to

make it more difficult for the EU to agree new trade deals and choose new leaders for EU institutions.

The heads of government of EU states met on Tuesday to discuss who will fill the top jobs.

The new EP and the EU leadership face a difficult international environment, especially on th

e trade front. The United States administration, already engaged in a tariff war with China, has its sights on the

EU as well, describing the bloc as “a foe”. The US has imposed 25 percent tariffs on European steel and aluminum an

d threatened to slap similar tariffs on European cars unless the EU opens up its agricultural market.

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Multiple channels needed to keep job market healthy

The Chinese government has accorded priority to achieving stable and expanding employment

among its six stabilization tasks. The importance of stable employment has also been highligh

ted in this year’s Government Work Report. And the State Council, China’s Cabinet, recently established the Emp

loyment Work Leading Group headed by Vice-Premier Hu Chunhua to deal with employment issues.

The government is making special efforts to stabilize and expand employment, especially be

cause of the intensifying Sino-US trade dispute and the increasing uncertainties in international trade.

The China Institute for Employment Research of Renmin University

of China has calculated the employment market index, which shows the health of th

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A spokesperson at Volkswagen China said SEAT is schedu

uled to become a shareholder of the joint venture by the end of 2019, holding at least 1 percent of i

ts equity. According to Chinese norms, it is mandatory for international brands to produce vehicles in China bearing its names.

Luca de Meo, CEO of SEAT, said: “China is the benchmark country for electric vehicles. We aim to be a part of this ecos

ystem in order to exchange knowledge and make progress in achieving global mobility that is more sustainable.”

Currently, JAC, Volkswagen and SEAT are building a 4 billion yuan ($579 million) research and development center in Hefei, which is expected to open in 2021.

JAC and SEAT also plan to develop their own platform for smaller electric cars, a segment that is growing faster than the large-sized ones in China.

“The close cooperation between SEAT and JAC will allow us to create synergies, which wil

l significantly increase our market coverage,” said Volkswagen CEO Herbert Diess, who is also chairman of SEAT.

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US President Donald Trump, in the name of “national sec

urity”, signed an executive order on May 15 that led the US Department of Commerce to put Huawei and its affilia

tes on an Entity List, which would restrict the sale or transfer of US technologies to the company.

Craig Allen, president of the council, said many of its members are suppliers to Huaw

ei, and all of them have been impacted by the Department of Commerce’s move.

Founded in 1973, the council represents around 200 US companie

s doing business with China, including Apple and Microsoft. It also includes chipmakers Inte

l and Qualcomm, which have said they would stop offering supplies to Huawei until further notice.

The members will follow US law, but there is a cost associated with that, Allen told China Daily.

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To eliminate bad outcomes from trade tensions, further op

pening-up in China’s services sector, together with high-tech development supported by artificial intelligence, will help lift Chinese

economic growth from 6.3 percent to around 7 percent by 2035, said Zhu Min, a former deputy managing director at the IMF.

“Market-oriented reform and opening-up will improve productivity in the service sector, whi

ch is an important thing that China is focusing on to stabilize economic growth,” Zhu said.

Chen Yulu, a vice-governor of the PBOC, also supported a “full-scale” opening of the financial sector. In the future, foreign invest

ors are welcome to conduct all forms of financial business in China, excepting those being named on a nega

tive list, and authorities are researching a new regulatory system, Chen said at the forum on Saturday.

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