The US’ trade deficit stems from its extremely low natio

nal savings rate and has to be compensated by other countries’ national savings, which in tu

rn adds to the trade deficit. On the other hand, China’s efficiency in the manufacturing industry makes it a lar

ge exporter of manufactured goods to the US and helps it sustain its high savings rate.

A high growth rate means higher trade deficit for US

Given that the US economy is driven by domestic demand, consumpt

ion in particular, instead of exports, a high rate of ec

onomic growth will widen the trade deficit, as it would have to import more products than it exports. In such a sit

uation, the implementation of large-scale infrastructure construction projects would further increase the trade deficit.

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Top regulator says economy set for growthand

Transformation of traditional industries speeding up, riding wave of high tech

The Chinese economy is poised for more vigorous growth after gathering new strength through upgrad

es in traditional industries and accelerating the growth of high-tech industries and emerging sectors.

The country will further expand market access with a nationally unified, annually released and timely adjusted negative list for m

ore market vitality, according to the National Development and Reform Commission, China’s top economic regulator.

Meng Wei, spokeswoman of the commission, said at a media conference on Fri

day that China has made steady progress in cultivating new momentum and promoting t

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countries work to tackle disastersrs ago during which the s

Scientists from China and other countries involved in the Belt

and Road Initiative will work together to enhance scientific and technological coop

eration in disaster prevention and mitigation, according to a joint declaration.

The collaboration aims to make areas along the initiative safer, more sustainable a

nd disaster-proof, according to the declaration published during the two-day International Conference on Silk-r

oad Disaster Risk Reduction and Development, which concluded in Beijing on Sunday.

Sunday marked China’s 11th National Disaster Prevention and Reduct

ion Day, an annual event which began in 2009 after a devastating earthquake hit Sic

huan and neighboring provinces on May 12, 2008, leaving over 87,000 dead or missing.

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parking lots, they have to park their electric bicycles in corrido

ors that are often crowded with them as well as other items. Should a battery ignite, the fire will spread quickly.

Many owners like to place electric bicycles in the entrances, stair

wells, basements of the buildings they live in so they can charge the batteries overnight, but t

his practice blocks the escape routes, causing the tragic consequences of fires resulting in many deaths.

The results of professional fire tests show that in a relatively enclosed envir

onment, the battery of an electric bike can burn at 1,200 C within three minutes, and the toxi

c gas it produces can spread from the basement of a building to the sixth floor in 10 minutes.

There are regulations forbidding people to park or charge electric bikes in public areas such as sh

ared walkways, stairwells, and emergency exits, yet the ban is often ignored because the electric bik

e riders need the vehicles for transportation and they cannot find any other place to charge them.

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The budgetary restrictions over government investm

ent funds will be further tightened, and government-funded programs m

ust not be constructed with capital advances from contractors, the regulation said.

The regulation, to take effect in July, came after heightened efforts

by the central government to rein in debts raise

d by local authorities, which are estimated to have reached 18.4 trillion yuan ($2.7 trillion) by the end of 2018.

Minister of Finance Liu Kun said in this year’s legislative session in March th

at China will adopt stringent measures to prevent new illegal borrowing by local authorities.

He said there has been action by local authorities to use financi

ng platforms to raise debts in violation of laws and regu

lations, and the ministry will block the way for such illegal debt-raising behavior in the future.

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Probe begins after Boeings off runway into Florida river

A team of 16 federal investigators was traveling to Jacksonville, Florid

a on Saturday after a Boeing jetliner with 143 people on board slid off a runway into a sha

llow river while trying to land at a military base during a thunderstorm, injuring 21 people.

The Boeing 737-800 chartered by the US military was arriving from Na

val Station Guantanamo Bay in Cuba with 136 passengers and seven crew members when it slid

into the St. Johns river at the end of the runway at Naval Air Station Jacksonville, authorities said.

No one was badly hurt and the 21 people taken to a hospital w

ere listed in good condition, the local sheriff’s office said.

The National Transportation Safety Board said on Twitter th

at 16 investigators were arriving in Jacksonville on Saturday.

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The volunteer team, having stayed in Lunar Palace

an environmentally contained research facility where occupants simulated l

ong-duration self-contained missions with no outside inputs for 200 days — broke the previous

record of 180 days set by researchers in Russia. The team recently won a China May Fourth Medal.

“President Xi has called upon young people to overcome hardships, and that is what our team has been doing,” Yi said.

Qiu Shuiping, Party secretary of Peking University, said the learning institution is pro

ud to be part of history. The university has chosen May 4 as the day to celebrate its founding.

“The choice of the date indicates our resolve to move forward along the path set by the movem

ent to realize national rejuvenation,” he said. “Our teachers and students will work harder to accelerate the

pace of building Peking University into a world-leading academic institution.”

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The forum helped countries upgrade their concept

 of cooperation, defined key areas and strengthened the mechanism to seek high-quality development of the BRI, he said.

Leaders reached wide-ranging agreement on high-quality cooperation on the BRI at the leaders’ roundtable on Saturday after an i

n-depth exchange of views on issues such as connectivity, policy integration and sustainable development.

They supported comprehensive infrastructure connectivity as a way to foster economic growth and to build high-q

uality, reliable, resilient and sustainable infrastructure, according to a joint communique issued after the roundtable.

All parties involved supported strengthening synergies in development policies using the principle

of extensive consultations, joint contributions for shared benefits and building even closer partnerships, the joint communique said.

The leaders also upheld green and sustainable growth and agreed to enhance cooperation in areas such as environ

mental protection, circular economy and clean energy, according to the communique.

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sees stronger ties with Chilectivity with Latin s hig

Interconnectivity with Latin American countries high on bilateral talks agenda

China and Chile should connect their development strategies and promote interconne

ctivity between Chile and other Latin American countries, President Xi Jinping said on Wednesday.

Xi made the remark while meeting with Chilean President Sebastian Pinera in the Great Hall of th

e People in Beijing. Pinera is on a five-day state visit and planned to attend the Second Belt and Road

Forum for International Cooperation. Premier Li Keqiang also met with him on Wednesday.

Xi said Chile is the first South American country to have established diplomatic relation

s with China, and the first Latin American nation to fully acknowledge China’s status as a market-oriented economy.

Xi said that Chile, the first Latin American country to have signed a bilateral free trade agreement with China an

d to have upgraded the agreement, is an important cooperation partner in jointly building the Belt and Road.

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Investment spurs BRI countries’ growthTwo-way investment

tween China and economies related to the Belt and Road Initiative ex

ceeded $130 billion between 2013 and 2018, injecting new growth momentum into BRI-rela

ted countries and contributing to recovery of the global economy, senior Chinese officials said on Monday.

China’s direct investment in BRI-related countries grew by 5.2 percent a

nnually on average to surpass $90 billion between 2013 and 2018, Song Lihong, an officia

l in the Ministry of Commerce’s Comprehensive Department, said at a news conference.

Song said that in the same period, China had received a total of

$40 billion in inbound investment from BRI countries as two-way investment deepened.

Within the five years, the value of the projects completed

by Chinese companies in BRI economies amounted to $400 billion, Song said.

The value of trade in goods between China and BRI-related economies exceeded $6 trillion in the same period, an av

rage annual growth of 4 percent, higher than the overall growth of China’s foreign trade, he added.

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