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In the 1980s, the share of the US in the world econ

omy was more than 20 percent; in the past four decades, it has steadily

declined to 15 percent. At the same time, China’s share (in purchasing powe

r parity terms) has soared from 5 percent to about 20 percent. While the PPP indicators inflate the

pace of progress, the trend lines do herald a coming structural shift in the world economy.

China can foster the share of developing nations

In the future, the well-being of the advanced economies will de

pend on the rising living standards in less-wealthy nati

ons. And just as US leadership supported the role of the advanced countries in the 20th century world, Ch

ina has the potential to foster the share of emerging and developing countries in the 21st century.

In particular, the China-proposed Belt and Road Initiative can redirect domestic overcapacity and ca

pital for regional infrastructure development to improve trade and relations with Southeast and So

uth Asia, Central Asia, the Middle East and Europe-even across the Americas and Sub-Saharan Africa.

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In the years since, the country has continued to maint

tain a breakneck pace of economic development, which has brought booming economic prosperity.

Unfortunately, it has also brought a deteriorating environment. Seeing heavy smog, for ex

ample, many people feel that a worsening environment will destroy the happiness brought by economic growth.

Since 2012, the new leadership under President Xi Jinping has put forward a series of ecol

ogical ideas. On Sunday, Xi said at the opening ceremony of the exhibition that “green mountains and cle

ar waters are indeed mountains of gold and silver, and environmental improvement means great productivity”.

This idea, dubbed the theory of two mountains, enjoys immense popular support in China.

Xi, who is also general secretary of the Central Committee of the Communist Party o

f China, urged officials at all levels never to sacrifice the environment for economic growth.

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tional order that was founded by the UN and that br

ught about more than 70 years of general peace and rapid development after World War II. We mus

t oppose a Cold War mentality and competitive rivalry, which go against the tide. We must firmly pro

mote economic globalization, and prompt it to develop in a more inclusive, mutually beneficial, equitable and rat

ional direction so as to realize a common prosperity and progress of humanity.

Third, we should be disseminators of Chinese civilization. Many pun

dits in the contemporary world think that China’s traditional culture contains important an

swers to resolving difficult problems of today’s world. A nation’s most profound spir

itual pursuits are deposited in its culture. China’s development path is rooted in its civilization and traditions.

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McGuinness identified a great number of opportuni

ties brought by the BRI, which by some estimates could be worth 1.8 billion pounds ($2.33 billion) annually to the British economy.

As a financial hub for international infrastructure investmen

t, British firms and international companies based in the UK stand ready to provide many of the ser

vices required along the Belt and Road, especially as it becomes more of a shared venture, she said.

They can also provide private financing required by the project and support thro

ugh green finance, consultancy, rule of law and foreign exchange, McGuinness added.

Seventy years after the founding of the People’s Republic of China, ties between China and UK h

ave gone from strength to strength, with bilateral trade now worth nearly 70 billion pounds, McGuinness said.

“I look forward to celebrating this long, fruitful relationship with our Chinese counterp

arts, and to marking the next chapter of our partnership in the Belt and Road,” she added.

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China has always maintained that its trade disputes wi

th other WTO members should be properly handled according to the WTO dispute settlement proc

edures. It not only takes the initiative to file claims in order to safeguard its legal interests and the authority

of the WTO rules, but also actively responds to charges, and respects and enforces WTO rulings.

The WTO’s ruling on this dispute over shows that the orga

nization has an important role to play in safeguarding the multil

ateral trading system. It’s not simply a matter of one side tallying up a victory against the other.

The multilateral trading system, with the WTO as its core, has been a mainstay in promoting glo

bal economic development and building an open world economy. The WTO dispute settlement system is the org

anization’s court for settling trade disputes. It maintains a balance between the WTO members’ rights and oblig

ations, and also ensures the effective implementation of WTO principles and rules.

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“Essentially, it depends on the growth of money sup

pply (M2),” said Sheng Songcheng, a central bank adviser and a former director of the central bank’s statistics department.

The central bank released M2 data on Friday, which recorded a 13-month high of 8.6 percent by the end of March, accelerating from 8 percent by February.

Aggregate social financing, a gauge to measure broader financial activities including trust funds and local govern

ment bonds, also grew faster than market expectations. That total financing amount grew to 2.86 trillion yuan in Mar

ch, or a 11.1 percent growth from a year earlier, compared with 10.6 percent in February, said the central bank.

“According to the latest economic data, there is less necessity for RR

R cuts, but it requires further observation on future changes,” said Sheng.

If the central bank further cuts the RRR, when economic growth is already stabilized, inflation wi

ll surge, and possibly lead to funds flowing into the property sector instead of supporting the real economy, he added.

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The move could also boost economic development, espe

ecially the development of the tourism sector, a pillar industry of China.

In fact, after the four-day holiday was announced on March 22, tourism-related stocks rose sharpl

y. Also, the number of tourists and tourism revenue during May Day holiday this year are set to increase by ab

out 8 and 9 percent year-on-year, respectively, according to China Tourism Academy.

But the actual number of holidays has not increased because April 28 and

May 5 being Sundays are make-up working days. And since there is a debate on whether t

he government should put people’s demand for longer holidays above economic development, the four-day hol

iday without reducing the number of working days will help the government and companies to strike a balance bet

ween maintaining economic development and meeting people’s need for longer holidays.

But why do Chinese people crave for longer holidays? They do so be

cause some employers, especially in some underdeveloped regions, have not given (or

have been reluctant to give) the paid leave to their employees. Besides, national holidays put

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Prime Minister May is seeking a fourth vote on her

Withdrawal Agreement, which has been rejected by the parliament three times since January.

The first round of unbinding “indicative vote” was conducted on March 27, in which none o

f MPs’ eight proposed options secured a majority, but among them, the proposed options about a custom

s union with the Europan Union and a referendum on any deal received most support from the lawmakers.

Many of those eight options have returned for round two, but some have been replaced with new alternatives.

The prime minister, who is struggling to hold her party together, warned Sunday night that she

faced resignation and a split in the Conservative Party if she agrees to pursue a “soft” Brexit this week.

The British cabinet is expected to meet on Tuesday morning to consider how to proceed

with the vote outcomes amid speculation about possible resignations, a general election or change of Tory leader.

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But a customs union would ensure UK businesses can cont

ontinue to trade with the EU, and would solve many of the problems that bedevil May’s deal. In partic

ular, it would remove the need for customs posts and border checks between Ireland and Northern Ireland.

There’s a good chance a withdrawal agreement that included a

customs union pledge would be approved by Parliament, and welcomed by the EU.

But some hard-line Conservative Party lawmakers have written to May, insisting that she not agree to a Brexit extension beyond M

ay 22, which would force the U.K. to take part in the next European Parliament election, the Sun newspaper reported.

The letter urged the prime minister to bring her Brexit deal back to Parliament for

a fourth vote, with the threat of a general election if it is rejected again, the Sun said.

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Event planned to fete PLA Navy’s 70th anniversary

More than 60 countries will send naval delegations to participate in the 70th anniversary of the founding of the Peo

ple’s Liberation Army Navy in late April, a spokesman for the Ministry of National Defense said on Thursday.

The celebration will showcase the progress of the PLA Navy and its growing capabili

ty in safeguarding China’s overseas interests as well as regional and world peace, an expert said.

The multinational naval event will take place in Qingdao, Shandong province, in late Ap

ril, said ministry spokesman Senior Colonel Wu Qian. April 23 is the 70th anniversary of the PLA Navy’s founding.

The naval event will include high-level dialogues, an international fleet review, military band performances, cultural and sports e

xchanges as well as other activities, Wu said. Some nations will send military ships to participate in the fleet

review, though details are still in the works and will be announced at a later date, he added.

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