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April 9,2017
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Global News

Finland has warned it is “highly concerned” about the prospect of a global trade war and urged compromise from Beijing and Washington.

Kai Mykkanen, Finland’s trade minister, who met Chinese president Xi Jinping on Wednesday, told the Financial Times that the world was at a critical juncture after the end of a two decade-long “golden time” for globalization, and amid the rise of nationalist and protectionist sentiment.

This is one of the most crucial years [since the collapse of the Soviet Union]. Maybe this nationalism goes further and we enter into something that might be very uncomfortable for our lifestyles. Or we find a synthesis between the US and China,” he added.

Finland is one of the most strongly pro-free trade countries in the west and took Mr Xi’s stopover, on his way to his first summit on Thursday with US president Donald Trump, as a badge of honor. Finnish officials have noted with alarm the protectionist rhetoric from Mr Trump but have given a warmer welcome to Mr Xi’s speech in Davos in January extolling the virtues of trade.

Mr Mykkanen said that after the talks in Helsinki with Mr Xi, he was encouraged by the Chinese president’s stress on using the World Trade Organization and G20 to deal with any disputes.

 

Mr Mykkanen said China and the US could offer compromises to avert a trade war. “China would commit to cutting its steel subsidies faster than it has been doing. At the same time, the US would commit to keeping China inside the ‘market economy’ world,” he suggested.

Mr Trump’s pick for US trade representative, Robert Lighthizer, told his Senate confirmation hearing last month that China was one of the main problems for the US and that Washington would have to be creative and find ways to tackle it outside the WTO. A particular concern is Chinese overproduction of steel and coal, which critics argue is dumped on the world markets at cheap prices.

China has launched a legal challenge against the US and EU over their reluctance to treat it as a “market economy” under WTO rules. That status would significantly reduce the cost for China of losing in anti-dumping cases.

Mr Mykkanen urged the US to act within the WTO rules, and also argued it had little to gain from overly chastising China. “It would be a shame if it [China] is treated in a different manner to other countries,” he said.

But the Finnish minister stressed that China should take a role as “a positive messenger” by, for instance, investing more in the US economy.

Mr Mykkanen said: “Finland has particularly much at stake if the US and China start a trade war. Our products often go to Europe first but if you look at the end customer, China is the number one destination measured by added value and the US number two.”

Domestic News

Xi, Trump pledge to expand mutually beneficial cooperation, manage differences

MAR-A-LAGO, United States - Chinese President Xi Jinping and his US counterpart, Donald Trump, pledged on Friday to expand mutually beneficial cooperation and manage differences on the basis of mutual respect. The two leaders also agreed that their first meeting, held at the seaside Mar-a-Lago resort in the US state of Florida, was "positive and fruitful." During their talks over the past two days, Xi and Trump exchanged views on key areas of bilateral cooperation as well as global and regional issues of common concern. Xi said his first meeting with Trump bears unique significance to the development of China-US ties. He added that he and Trump, during the meeting, have also gained better understanding of each other, cemented their mutual trust, scored many major consensuses, and built up a good working relationship.

Controls fight speculation in Xiongan New Area property

The central government is applying what experts called a timely brake on unreasonable real estate development in the Xiongan New Area, as Vice-Premier Zhang Gaoli urged strict controls in the newly announced innovation hub neighboring Beijing.Zhang called for a "reasonable pace of development" in the new area on Thursday, stressing that large-scale real estate development and illegal construction should be banned, and the pace of development should be reasonable. As of Thursday, all 10 counties in Xiongan New Area and neighboring regions had launched new home purchase policies to stop speculative buying.For investors, the new area will focus on environmental, transportation and industrial upgrades as a jumping off point for a broader effort, UBS Securities wrote in a research note. It is estimated that Xiongan's total fixed asset investment could reach 4 trillion yuan ($580 billion) over the next two decades.

 

 

WeChat to make more of UK pay digitally

WeChat Pay is expanding into the United Kingdom next month. China's biggest mobile payments platform in terms of number of transactions will offer a new payment option to British retailers looking to attract Chinese shoppers." In overseas markets like Europe, we'll keep focusing on the development of services to best serve EU companies interested in leveraging digital channels to foster business opportunities with Chinese customers," said Andrea Ghizzoni, European director of Tencent, the company that owns WeChat. In the UK, WeChat Pay has linked up with the British payments company Tramonex, which will help WeChat Pay integrate its payments infrastructure with British retailers. WeChat Pay's foray into Italy in 2015 enabled Italian merchants to accept mobile payments from Chinese customers by scanning a barcode. France and Germany are to be next European destinations for WeChat Pay, which has 800 million users in China, thanks to WeChat, China's largest social media network in terms of daily users. They use WeChat Pay in wide-ranging ways: for restaurants bills, online and offline shopping, digital transactions for hotel bookings and travel tickets, and even to pay street vendors. WeChat Pay's European expansion follows that of Alipay, another Chinese mobile payment company, which is an affiliate of the Chinese e-commerce giant Alibaba.

XTU News

Recently, the headmaster of Xiangtan University, Zhou Yichun, had visited 8 middle school in Hunan Province. How to serve the society, and country with our aspiration is the question that every student who is ready to go to university should consider about.He said.

                     Edited by Terrance(曹静怡),from 2016 Japanese Class

 
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