mic conditions, solid job gains and moderately rising economic activity, though so
上海夜网ft business investment－did not necessarily warrant a rate cut (the decision was not unanimous). What mo
tivated Fed Chairman Jerome Powell’s decision may well have been the muted inflation pressures and par
上海夜网品茶微信ticularly global growth concerns, which the White House has undermined since the onset of its tariff wars in spring 2018.
Interestingly, the Fed cut did not cause a rally; it stumped the market. S&P 500 dropped almost上海夜网
2 percent and 10-year Treasury yields to about 2 percent. The Fed’s interest cut does not imply a start of a new r
上海夜网ate cut cycle. Instead, it does mean the post-2008 recovery is now over with darker clouds looming on the horizon.
Tariff wars cloud US and global forecasts
When US President Donald Trump assumed office in January 2017, he pledged GDP growth at 4 percent. More recen上海夜网品茶微信
tly, he projected US growth at 3 percent. Yet analysts estimate US growth this year at 2.5 percent or less. Qua
上海夜网litative assessments suggest deterioration, as the growth of domestic demand is slumping.
Worse, US GDP growth forecasts for 2020 indicate softening to 1.8 percent, possibl
y a (near-recession) slowdown－especially if trade and tech wars still escalate. In the absence of negative su上海夜网品茶微信
rprises, China’s GDP growth is likely to stay within the target of 6.2 percent in 2019 and possibly in 2020 as well, with su
上海夜网pportive fiscal and monetary conditions. US tariff wars are likely to penalize the Chinese economy by less th
an 0.5 percent of GDP, which could be offset by just a modest depreciation of the renminbi.
If recent policy mistakes in the White House prevail, slower growth in investment上海夜网品茶微信
spending, rising concern for continued trade wars and destabilizing geopolitics are likely to foster downside risks
上海夜网in global economic prospects, as risks for further downgrades morph into actual realities.
The author is the founder of Difference Group and has served at India, China and America In
stitute (US), Shanghai Institutes for International Studies (China) and the EU Cen上海夜网品茶微信
tre (Singapore). The views of the article do not necessarily represent those of China Daily.
Kong,” Chan said. “I hope lawmakers from different political camps, as well as the entire co
mmunity, will calm down and give some priority to these critical issues yet to be addressed.”上海夜网女神会所
Lam Ching-choi, a member of the Executive Council－the top policy advisory body to the chief executive－who is not a g
上海夜网女神会所overnment official, said he regretted that political bickering has become more important than people’s livelihoods.
Lam said that if hospital infrastructure projects are delayed, the burden of the public healthcare shortage in Hong Kong will be aggravated.
hina and the United States need to build stronger mutual trust and understanding to advance their economic and trade consultation, experts said.上海夜网
This call came after President Xi Jinping and his US counterpart Donald Tr
上海夜网女神会所ump agreed on Saturday at the G20 Summit to resume trade talks that were stalled in May.
“The Xi-Trump meeting at the G20 Summit is of great significance,” said Dong Yan, director of the international trad
e office at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences.上海夜网
The consensus reached between the two leaders to advance bilateral relations featuring “co
ordination, cooperation and stability” can guide the future direction of trade talks, Dong said. “It will help the two上海夜网女神会所
countries to get the talks back on track, which can ease the downward pressure on global economic growth,” she said.
Although there are good prospects for the future, Dong noted, “There will be twists and turns
along the way, so more mutual trust and understanding is needed between the two sides.”
China and the US have been embroiled in a nearly yearlong trade disput
e, and have exchanged tariffs on billions of dollars of each other’s imports. Before the top lea
ders’ meeting at the G20 Summit, negotiators from both sides had held 11 rounds of high-level talks.
Wang Xiaosong, a professor of international trade at Renmin University of China’s School of
Economics, said both negotiating teams need to make continued efforts in the upcoming negotiations.
“Trade talks should be conducted in the spirit of equality and mutual benefit. Negoti
ators need to enhance their mutual trust and get a greater understanding of each other,” he said.
niscent of local experiences, artistic and portable. “The souveni
r market is huge and growing, given the expanding Chinese middle-inc
ome population and consumers’ increasing purchasing po
wer. But to earn money in this market, souvenir-makers should do a much better job.”
China has the world’s largest and fastest-growing middle-income group (more than 400 m
illion, or 140 million families as of 2017), said Ning Jizhe, head of the National Bureau of Statistics, in January.
Their annual family income is between 100,000 yuan and 500,000 yu
an. This enables them to buy cars, properties and tourism packages, Ning said.
“Many im2pulsive purchases will be made during travels, either for self or to gift to relatives and friends,” said He.
from China and overseas since it opened in 1968. Leaders from more than 70 countries and over 600 delegations from 150 nations have visited it.
During the three days it reopened to the public before taking road traffic in December, the bridge had more than 200,000 visitors.
The 4,589-meter-long structure reopened after 27 months of repairs. As China’s first home-designed road and rail truss bridge, it has been p
raised and loved by many. A truss bridge is one whose load-bearing superstructure is composed of connected elements forming triangular units.
Liu Yong, 63, a retired teacher from Nanjing, said he was in elementary school when the bridge first op
ened. Without telling his parents and teachers, he and his classmates walked more than 10 kilometers to see it.
“It was the most magnificent structure I had ever seen. When our relatives visited Nanjing, we
took them to see the bridge instead of visiting other well-known places of interest,” Liu said.
Zhou Lei, who lives in a residential community near the bridge, said that when he was an elementary school student in Ya
ncheng, Jiangsu, his father promised him that he would take him to see the bridge if he had high scores in his final exam.