Ministry: Foreign firms won’t disregard own interests

Enterprises in any country will not disregard their own interests and blindly follow other cou

ntries’ “political command”, Foreign Ministry spokesman Lu Kang said on Thursday, after comp

anies confirmed cooperation with Chinese telecommunications equipment maker Huawei will continue.

Panasonic made a “solemn statement” on Thursday that it is supplying Huawei normally, rebukin

g reports that it will cut parts of the component supply. British Telecom, parent group of telecom oper

ator EE, said on Wednesday Huawei will continue to supply their 5G radio network infrastructure, Xinhua reported.

China hopes that the US can take a serious attitude about going back to the negotiating table and ensure that negotiations are meaningful, said Lu.

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urged to avoid more damage to China tiesonly

Beijing urged Washington on Saturday “not to go too far” in harming China’s interest

s, and called for it to change course to avoid further damaging bilateral ties.

China firmly opposes the United States’ recent remarks and actions that harmed China’s interests, in

cluding its resorting to political means to suppress normal operations of Chinese companies, State Coun

cilor and Foreign Minister Wang Yi said in a phone call with US Secretary of State Mike Pompeo.

History and reality show that China and the US both benefit f

rom cooperating with each other, while both suffer from bilate

ral conflicts, and cooperation is the only proper choice for the two major countries, Wang said.

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Lee Byong-hyun, chairman of the executive board of UNE

said at the session’s opening ceremony that multilateral cooperation is crucial in tackling local, regional and global issues.

“My experience has taught me that the key for the success of international cooperation is dialog

ue,” he said. “This requires being curious about others, willing to open up and ready to listen with real engagement.”

Chen Baosheng, minister of education, said civilizations are enriched by exchanges, in which people learn from each other.

“To promote the world’s peaceful development, we need to see more and think more in light of protecting diverse Asian civiliza

tions. It’s encouraging to hold a more inclusive and modest attitude about equal dialogue among Asian civilizations.

“We need to keep the principle of amity, sincerity, mutual benefits and inclusive

ness in mind to make the dialogue among Asian civilizations an inspiration to the world an

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China has also recently announced a strengthened reg

gime of intellectual property rights protection. Again, this is what foreign negotiat

ors are seeking, but also is important for China’s own economy as it transitions to being a technology leader.

Trade agreements can affect the types of goods being traded and they can redirect trade toward one c

ountry, away from others. They cannot directly affect any country’s worldwide current account bal

ance. A country 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 gov

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

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Paul Tapponnier, a distinguished research professor at the

 administration’s Institute of Crustal Dynamics, said he “wholeheartedly” welcomes the project. China boasts unique

conditions to carry out the experiment as most of its earthquakes occur “inside the land under the feet of th

e people” rather than in the ocean, and there are many active faults in the country.

“My personal hope is that if there is any way or any future in trying

to forecast earthquakes, it may very well happen in C

hina,” said Tapponnier, also foreign associate member of the United States’ National Academy of Sciences.

According to the administration, the country is stricken by an average 20 earthqua

kes above magnitude 5 every year. There is an earthquake above magnitude 8 every decade. Since the turn of

the new millennium, more than 91,800 people have been killed by earthquakes in the country.

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by US-China trade worries. Moreover, smaller rival Lyft Inc’s s

hares plunged this week after its first earnings as a public company.

Uber was the biggest of a group of Silicon Valley startups that have spent ye

ars raising money in private rounds at record prices. Many of these companies are

now looking to follow with their own IPO. Some, like Uber and Lyft, are unprofitable.

Workplace messaging company Slack Technologies Inc plans to hold an investor presentation on Monday in adv

ance of its direct listing next month. Grocery and food delivery platform Postmates, WeWork owner The We Co

mpany and online mattress retailer Casper Sleep are among startups seeking to launch IPOs this year.

“If a venture capital investor wants to burn cash they can do that as long as they want, but on

ce you get to the public markets you have to show profitability or a path to it,” said Jordan Stuart, a por

tfolio manager at Federated Kaufmann who often purchases companies’ shares during an IPO.

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Some analysts held a more prudent opinion that a sustai

ainable recovery in earnings growth may come later, as a large portion of the recovery in the firs

t quarter is attributable to financial stocks, and notable improvements in revenue growth have not emerged.

During the first quarter, the aggregate revenue of A-share companies grew by 10.9 pe

rcent year-on-year, compared with 11.5 percent for the whole of 2018, according to Wind Info.

Analysts from Huatai Securities pointed that liquidity condition of l

isted companies has improved in the first quarter, with nonfinancial companies’ ca

sh flow generated from business operations having begun to cover the cash flow needed by investments.

This positive change could mean that capital expenditure of listed companies may acc

elerate in the second half of this year, spurring fixed-asset investment from a macro perspective.

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Rich Chinese parents also caught up in college admissions scandal

Paying millions of dollars to secure their children a spot at an elite college may

sound absurd to many parents, but some are willing to do this.

Nicole Shen, the Chinese mother of a high school student in Palo Alto, California, said she would be wi

lling to pay a pretty penny upfront to get her daughter admitted to a top-tier university if she could afford it. “As long as eve

rything is legal,” she added.Zhao, 52, was introduced to William “Rick” Singer, a college consultant in California and the mast

ermind behind the scandal, by Michael Wu, who worked as an adviser at the Los Angeles area branch of in

vestment bank Morgan Stanley, according to the Los Angeles Times. Wu has since been fired.

Two wealthy Chinese families have recently been in the spotlight and t

he subject of widespread discussion after media reports showed they paid huge am

ounts in a high-profile college admissions scandal. The sums they paid dwarfed the typical amount footed by US parents.

The highest-known payoff to date is the $6.5 million by billionaire Zhao Tao, president and co-founder of Shandong Buchang Pharmaceuticals Co.

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r kids’ footprints have been left on hundreds of desti

“Products that just scratch the surface, like simple tours of famous universities, have fallen out of favor with the market,” Zhang says.

Language training, NASA’s space camp, computer programming, homes

tays, wild animal care and desert and museum experiences are among the most popular options.

“Certain volunteering and public-welfare routes have seen a particularly fast increase in bookings,” Zhang says.

During the recent winter vacation in February, study-t

rip bookings surged by 80 percent compared with the same period of last year.

Domestic trips cost roughly 4,500 yuan ($663) per capita on ave

rage, while expenditures hit 21,000 yuan for outbound experiences, the agency reports.

Parents from Shanghai, Beijing and Guangdong province’s Guangz

hou and Shenzhen are the most willing to spend, according to Ctrip’s data.

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As the state was looking for innovative ways to tackle

 the Asian carp problem, Kentucky awarded Yu its first-ever fish house contract in fall last year. Under the deal, Yu’s Kentucky Fish

Center will buy Asian carp at a guaranteed price, with part of this coming from a government subsidy.

All fish at the center will be sold by auction to buyers in the US or overseas. S

ales will be overseen by the Kentucky Department of Fish and Wildlife Resources.

Kentucky provided a secured $734,000 fixed-assets loan to help the center begin oper

ating. Additional incentives will be awarded every year based on performance.

The center needs to reach certain goals: to remove 2.26 million kg of Asian

carp from Kentucky waters this year and increase that amount gradually to just ov

er 9 million kg annually by 2024. If those goals are met, the loan will be waived.

The entire program will cost Kentucky about $4 million.

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