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To bring an end to the protests sparked by the proposed amendments to the special administrative region’s extradit
ion law, Hong Kong’s Chief Executive Carrie Lam Cheng Yuet-ngor announced on Tuesday her ad上海千花网
ministration’s decision not to restart the suspended legislative process for the amendments, saying the “bill is dead”.
上海千花网女神会所The demonstrations, some of them violent, have threatened the health of the city’s economy and thus the well-being of its resi
dents, and Lam also unveiled a raft of practical initiatives aimed at strengthening communication between th
e SAR government and the public, with the ultimate objective of improving governance in the SAR.上海千花网女神会所
It might be demanding too much of those leading the protests to have the kind of vision and political courage exhibited by the chief exec
上海千花网utive in her willingness to make compromises in policymaking in the face of public opposition. But they sh
ould have the wisdom to realize that persistent political conflict and unrest do not bode well for the city and residents, es
pecially at a time when the local economy is still licking its wounds from the ongoing Sino-US trade row.上海千花网女神会所
Hong Kong’s economy has slowed significantly over recent months, with the yea
上海千花网r-on-year GDP growth having eased to 0.6 percent in the first quarter of this year — the
slowest expansion in a decade — as both foreign trade and domestic consumption have been hard hit by the tra
de conflict between the Chinese mainland and the United States, the city’s two largest trading partners. Any es上海千花网女神会所
calation of the social conflict witnessed recently will only further harm Hong Kong’s economy and people’s livelihoods.
上海千花网Yet, the organizers of some of the mass rallies have said they will announce
more protests in the coming days until the bill is officially withdrawn from the legi
slative agenda. But more social unrest will only hinder efforts to tackle the fundamental problems that have a ta上海千花网
ngible effect on the lives of Hong Kong residents, particularly the younger generation — such as the severe housing s上海千花网女神会所
hortage, lack of social upward mobility and the widening wealth gap, which have fueled the social discontent.
ternational Economic Exchanges, said besides the policies launched to further stimulate c
上海千花网onsumption upgrade, the authorities needed to regulate the consumption environment in elderly car
e, healthcare and information while easing market entry in the healthcare, education and elderly care industries.
上海千花网Foreign companies are also showing a positive attitude toward the Chinese market.
“The implementation of more opening-up policies in the field of consumption is contributing to the shift of China’s econom
ic growth model from investment orientation to consumption orientation, which is more sustainable,” said St上海千花网品茶微信
phane Rinderknech, CEO of L’Oreal China, one of the world’s leading beauty products makers.
“Today, we are more confident than ever in developing and seizing opp上海千花网
ortunities in China. With a continuously improving business environment, consumers’ trust and
our great China dream team, we are confident in making China the number one market for L’Oreal Group in the near fut
上海千花网品茶微信ure,” he said. “We hope the joint efforts between the Chinese government an
d companies will further stimulate China’s domestic consumption and benefit consumers.”
Faced with trade friction with the United States, experts believe consumption will play a major
role in offsetting the negative impact on trade and putting economic growth on a firm footing.上海千花网品茶微信
“China is a market with a population of 1.4 billion and 400 million middle-income earners, and there is a strong dem
and for consumption upgrade,” said Wang Bin, an official at the Ministry of Commerce. “The domestic consumption ma
rket is full of potential and it is China’s biggest advantage to maintain long-term stable development.”
Rural areas offer more consumption potential, according to experts.
“The country’s exports in the first five months (of 2019) had been increasing but at a slower pace… in the future, the trade surp
lus will inevitably narrow,” said Xu Hongcai, deputy chief economist at the China Center for International Economic E
xchanges, arguing that the degree of dependence on foreign trade will decrease.
He said the country needed to turn to domestic demand to power ec
onomic growth, and the country’s ongoing urbanization offered large potential.
he next five to seven years, China’s policy support for new energy vehicles will drive g
lobal growth,” said Kou Nannan, head of research at Bloomberg New Energy Finance.
As early as in 2012, the State Council introduced a pipeline to guide the development of the natio
n’s EVs, with a goal of producing 2 million units and selling 5 million EVs by 2020. Later on, cent
ral and local governments carried out a series of subsidy policies in the NEV industry, such as purchase tax exemption an
d purchase subsidies, to offer greater support to the industrialization of China’s NEV industry.
According to the agency, China will specifically lead in the e-bus market. It is estimated that by
2025, China’s e-bus fleet share will reach 50 percent, and by 2040, the ratio will rise to roughly 80 percent.
trade, they could decline by 0.134 percent, 0.323 percent and 0.869 percent. Th
e US tariff hikes therefore will increase the economic pain of the US and world economies.
Agricultural products, chemicals and chemical products, textiles and g
arments are the main US items targeted by China’s higher tariffs. But despite the higher tar
iffs providing some protection for domestic industries, Chinese consumers might have to pay more to purchase them.
In the first four months of this year, the volume of Sino-US trade dropped by 15.7 percent to $161.23 billion. In terms of product
structure, US exports of raw materials and foods to China saw the biggest decline, among which the export of so
ybeans plummeted by half in March compared with the same period last year. And US exports of plant products, mi
nerals, jewelry and precious metals declined by more than 85 percent in the first quarter.