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which provides support to Guangdong province and the Guangdong-Hong Kong-Macao Greater Bay Area. It is an impo
rtant platform to deepen cooperation between China and Singapore,” noted Heng Swee Keat, Singa 上海会所品茶微信
pore’s deputy prime minister and finance minister, when he and his team visited CSGKC in May.
上海会所With joint effort, the CSGKC maintains growth and embodies
ecological protection. The combination will attract professionals, he added.
Greeting Heng’s delegation, Zhang Shuofu, Party secretary of Guangzhou, said th 上海会所品茶微信
at the two sides will deepen cooperation in scientific innovation, emergin
上海会所g industries, education, culture and ecological environment. They will also promote the collaboration of indust
ries and smart cities, to build the CSGKC into a highland of knowledge innovation.
Designated as a major innovation platform in the Bay Area, the CSGKC has gained much development in nine years. 上海会所品茶微信
According to official statistics, the CSGKC has attracted 1,524 companies with registered capital totaling 133.4 billion yuan
($19.39 billion). It also completed investments in fixed assets worth 106.2 billion yuan. 上海会所
Among them are CanSemi Technology, a 12-inch wafer chip supplier to be operational soon, equipment manufa
上海会所品茶微信cturer Greatoo Intelligent Equipment, biopharmaceuticals company BeiGene and other big names.
Collectively, they have launched 165 projects – 48 of w
hich are under construction – with a total investment of 77 billion yuan. 上海会所品茶微信
Cooperation with international companies is boosting the development of the biomedicine industry in the CSGKC.
Earlier this month, the CSGKC administrative committee signed an agreement with Tessa Therapeutics in Sin 上海会所
gapore for the latter to set up its China pharmaceuticals headquarters. The agree
上海会所品茶微信ment focuses on the research and development, production and sales of innovative immunotherapy.
Tessa will invest $120 million in the project. They will set up teams to launch clinical tests and strengthen the biomedic 上海会所品茶微信
al innovation chain in Guangzhou, according to Andrew Khoo, co-founder and CEO of Tessa.
to take the delayed effect of balance sheet reduction conducted earlier into its consideration of rate cuts. The current phase-out of balanc
上海会所e sheet reduction already has some easing effect, and only after the balance sheet reduction ends in September, can its impact become clearer.
By incorporating that impact into consideration, the Fed can draw up a better rate cut plan that maximizes effects of the policy mix.上海会所
Thirdly, the market may have overestimated how much the Fed will cut the rates. There may be no more than three rate cuts by the end of 2020.
St. Louis Fed President James Bullard – the major advocate of this
round of rate cut – has suggested the use of the modern-day Taylor rule, which fairly well explains th上海会所
e Fed’s interest rate decisions. Even based on this model adopted by dovish Fed officials, we found that the degree of rate cuts may be weaker than m
上海会所arket expectation for quite some time going forward: at most one cut by the end of this year and likely two or three cuts by the end of 2020.
By contrast, before the June FOMC meeting, the market expected a higher-than-85-percent chance of more than one rate cut by the
end of this year as well as an about 60-percent chance of more than three cuts by the end of 2020, according to Bloomberg data.上海会所品茶微信
In conclusion, we think as economic downside pressure gradually emerges, the Fed will have to kick off the rate cut cycle. But the rate cut si上海会所品茶微信
gnal, timing and degree may not measure up to the market expectation. Therefore, two future developments appear possible:
First, investor sentiment can reverse drastically if the Fed’s action fails to meet market expec上海会所品茶微信
tation. Considering the market has fully priced in the unrealistic expectation of rate cuts sinc
e early June, any reversal of expectation can lead to short-term fluctuations of key price signals such as the US Treasury yield cu
rve, the US Dollar Index, and the gold price, which may pose extensive spillover shocks to asset portfolios.
Second, the long-term trend of rate cuts will continue even if the market expectation reverses. In the long
run, the Fed is expected to proceed with rate cuts in a fairly slow and smooth way. This will enlarge the monetary policy room of ot
her major economies and expedite the shift toward an easing global monetary environment, which may in turn lift the sen
timent of global stock markets and ease any currency risk of emerging markets gradually.
Cheng Shi is the managing director, head of research and chief economist of ICBC Interna
tional Holdings Ltd.Qian Zhijun is a senior economist of ICBC International Holdings Ltd.
el more frequently, and enable them to have higher budgets for spending on accommodati
on and destination entertainments,” said Sun Peiming, director of e-commerce at Sichuan Airlines.
Last year, along with graduate students, there were 37 million enrolled college students in the country,
according to the National Bureau of Statistics. In 2018, students registered on Qunar flew 4.4 time
s annually on average, higher than the average of 3.45 times nationwide, according to the company.
“Low prices have a decisive impact on their choices. Compani
es that provide cheaper options will attract more students and gain the initiative in seizing tho
se future backbone consumers,” said Liu Simin, a researcher at the Beijing Foreign Studies University.
na, and the one-China principle is the foundation of China-US relations and an international consensus,” Shao said.
“The US side has conducted a series of negative rhetoric and actions regarding the Taiwan questi
on, violated the one-China principle and the three China-US joint communiques,” he said.
“This has undermined China’s sovereignty and security, sent a seriously wrong message to
Taiwan secessionists, and disrupted regional peace and stability,” Shao said, adding that China must, and will be, reunified.
d, the Chinese military will adamantly protect its territorial integrity at all costs,” he said.
As for the South China Sea, Shanahan accused China of undermini
ng freedom of navigation and overflight in the region, and militarizing the local islands.