competitiveness of domestic industries. Widened market access

and lowered entry thresholds don’t necessarily mean foreign investment will be subject to no, or even relaxed rules and regulation

s. Like in other developed markets, a proper review and supervision will still be in place to monitor the development of the relevant industries.

For instance, in the US, while there is no such limit on foreign equity ownership, the government can

still conduct a review of major foreign transactions and investments in such industries as power generation, telecommunications, shi

pping, banking and media through the Committee on Foreign Investment in the United States (CFIUS), in the name of national security.

Of course, China will be unlikely to set up such a review body like the CFIUS, but

in the context of its accelerated opening-up, it is making its own preparations.

In January, a draft foreign investment law was submitted to the Standing Committee of the N

ational People’s Congress, China’s legislature, for its second review. The fast-tracked review n

ot only reflects China’s eagerness to make legislative preparation for the increased opening-up, but also indicates its

strong determination to open further up to the world and to level the ‘playing fields’ for foreign and domestic companies.

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Moreover, the number of Chinese who go abroad is closely

residents’ disposable income levels and income growth. Data from the National Bureau of Statistics (NBS) showed that in 2017, the per ca

pita disposable income of the high-income group reached 64,934 yuan ($9,604.71). For most of the residents in the high-inco

me group, overseas tours remain as a kind of luxury spending, thus the per capita disposable income for residents that traveled abroad

should be raised to at least 120,000 yuan a year. Yet this group probably numbers less than 100 mil

lion residents. In other words, the number of people who can afford the average cost of going abroad is theoretically less than 100 million.

Although many research institutions are optimistic about the development pr

ospects for Chinese people’s overseas tourism, the growth rate of private outbound trip

s was only 5.7 percent in 2017, compared to 22 percent in 2010 and 10.6 percent in 2015, showing a do

wnward trend. This may actually reflect the decline in the growth rate of disposable income.

I don’t agree with the so-called “consumption downgrade,” as the Engel coefficient – the propor

tion of money spent on food in household expenses – fell to 28.4 in 2018. Yet, the slowdown in consumption growth, increased leverage r

atio in home purchases and other factors have all impeded the pace of the consumption upgrade.

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llegedly maltreated boy appears before court in Guangdong

teenager rescued from seven years of alleged maltreatment at the hands of his aunt and uncle

has appeared before the court in Pingyuan county, Meizhou city, Guangdong province.

The news came from a statement released by Guangdong High People’s Procuratorate on Friday.

Xiao Ming‘s aunt was suspected to have maltreated him for more than seven years, starting

when he was seven years old, resulting in severe physical and psychological damage, the statement said.

Xiao, born in 2004, lived with his father after his parents divorced in May 2008. After his father

died in a mining accident in October the same year however, Xiao was sent to live with his grandparents.

It was in May 2011 when his uncle (his father’s older brother) an

d aunt forced Xiao to live with them that the alleged maltreatment began.

It is claimed that the family treated him so poorly that he had insuf

ficient food and clothes, and that he dropped out of school to do farm work for his aunt.

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sights ranking places six Chinese artificial intelligence

ina is racing to the forefront of the global artificial intelligence sector, with six domestic companies earning their place on a recent list of the top 100 AI startups in the world.

Released by venture capital database CB Insights, the list includes 23 startups headquartered ou

tside the United States, including six each from China, Israel and the United Kingdom.

Chinese companies SenseTime, YITU Technology, 4Paradigm, Face++, Momenta and Horizon Robotics made it onto the list.

CB Insights reported Chinese startups SenseTime and Face++, which focus on facial recognitio

n technologies, are the best-funded companies, followed by California-based tech company Zymergen.

A total of 11 startups on the list are unicorns, startups valued at more than $1 billion, among w

hich five are from China. SenseTime gained the top spot among those 11 with a maximum valuation of $4.5 billion.

With the blossoming of big data, cloud computing and i

nternet technologies, AI has become a new focus of international competition.

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Instead of waiting for the conclusions of the investigat

ion by the Beijing Film Academy, Peking University needs to take the initiative to launch its own inqu

iry. On its official website, the university clearly states the procedures for enrolling a postdoctoral res

earcher, which include at least four review stages after an applicant submits materials.

When enrolling Zhai as a postdoctoral researcher, they should check many more materials besides his

doctor’s degree. If Zhai is found to have academic problems, Peking University is partly responsible, too.

As it is widely considered to be the top university in China, Peking University has very precious r

esearch opportunities, which makes it a focus for the public’s attention in this incident. It is time both B

FA and Peking University examined if they bear any blame, instead of just trying to pass the buck to each other.

The list ranks the country’s cities on three major indicators: economy, social advancement and environment.

Jointly launched by the National Development and Reform Commission’s development planning department and th

e Cloud River Urban Research Institute, an international think tank, the index sets “digital benchmarks and ref

erence systems” for China’s urbanization drive and urban development.

www.gzbbac.com

China to establish national, regional medical centers by

China will set up a number of national and regional medical centers across the country by 2020, according to a working plan issued by the National Health Commission.

Regional medical centers will be established nationwide to provide patients in

different regions with quality medical treatment close to their homes, said the plan.

The country will also establish national medical centers aimed to carry out diagnosis and treatment of rare and sever

e cases of diseases of specific categories in the country and play a leading role in spreading advanced medical technologies nationwide, it said.

The plan proposes to build a four-level medical service system that covers medical insti

tutions at the national, provincial, prefectural and county levels by 2020, with national medical centers taking the lead.

Given different regions in China have big gaps in terms of medical service levels, so patients

often have to turn to hospitals far away for quality treatment, particularly those with severe and rare illnesses.

Experts believe the move is expected to better allocate medical resources in the country.

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Tiantongyuan redevelopment set to improve lives Wen | Chi

Li, the professor, is a regular visitor, and he and his wife often bring their 3-year-

old daughter to participate in the activities. He

has also established a discussion group in Huilongguan in the hope of using people’s input to build a better area.

“Everyone has an idea of the kind of life they want to live, and to live in a better

community is everyone’s dream,” he said.

In an interview with 21st Century Business Herald, Tian Zaiwei, CEO of Sh

untiantong Co, the company overseeing Tiantongyuan’s red

evelopment, said the neighborhood covers the same area as many medium-

sized cities overseas. That means there is st

ill a long way to go, because construction and improvement of a city can often take

decades or even 100 years.

After 20 years, Tiantongyuan has slowly filled its developmental gaps, and despite

the lack of infrastruct

ure, the congestion and dense population, it remains an area that many

people consider when looking to buy property.

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Meanwhile, mobile payment is no longer confined to res

 of major Chinese cities such as Beijing and Shanghai. Smaller cities and even townships are capturing the fastest growth, findings from both payment providers showed.

According to Alipay, the quickest expansion rate in per capita overseas spending was logged in

Zhoushan, a port city in East China’s Zhejiang province, which surged 55 percent year-on-year. It wa

s followed by 50 percent in Weifang, Shandong province, and 44 percent in Lianyungang, Jiangsu province.

In contrast, the growth rate in relatively affluent Beijing, Shanghai and Guangzhou r

eached 27 percent, 30 percent and 24 percent respectively, although they accounted for the greatest outbound spending by volume.

These trends “really highlight how mobile payment is taking root in China’s outbound t

ourism market”, said Chen Jiayi, Alipay’s head of business operation on cross-border business.

WeChat also saw a notable surge in the use of mobile payment in lower-tier cities, with over 40 percent transactions ma

de by residents who work in bigger cities but returned to hometowns for the weeklong annual gathering.

qianhuacz.com

“I’ve always regarded myself as a writer who can… well, write an

ything – and I cut my teeth (an appropriate pun, perhaps) composing jokes and one-liners, so this commission from Hakkasan was

an absolute joy for me: I loved having the opportunity to create a subtle interplay between the different fortunes, hoping that at the end of

the meal the diners would open one… then another, share the fortunes, laugh – perhaps grimace a little as well! – and th

at this would make the ever-memorable experience of dining at these superb restaurants, yet more noteworthy.”

As the number 8 represents prosperity in Chinese tradition, a total of 88 different fortunes penned by Self will be featured in the f

ortune macaron conceived by Hakkasan Group’s Global Executive Pastry Chef Dale DeSimone. The gold fortune macaron will be wrapped with a d

elicate red paper ribbon featuring a golden Hakkasan logo, the interior of which will be typed the fortune in gold.

Both Hakkasan restaurants in London will be also celebrating the Year of the Pig with the wishing tree tradition inspired by the Lam Tseu

n trees in Hong Kong. Hakkasan will be inviting guests to write their wishes for the year ahead on s

pecially designed ribbons which will then be hung on the wooden cages in the restaurant. There will be an 8 course Ch

inese New Year set menu available for £88 per person for a minimum of two people in which the fortune macarons will feature.

qhfvc.com

More outcomes expected from trade talksVice-Premier Liu

He will hold a new round of high-level China-US economic and trade consultations with United States Trade Re

presentative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Beijing from Thursday to Friday.

Analysts said the two sides are likely to propose weightier measures to address economic and trade differences and to broaden overall cooperation.

According to the Ministry of Commerce, based on recent talks in Washington, China and the US will eng

age in further discussions on issues of common concern. The US delegation arrives in Beijing on Monday.

China and the US have been embroiled in trade frictions for several months. The two sides are now in the midst of a 90-day tariff truce, which began on Dec 1, wh

en President Xi Jinping and his US counterpart, Donald Trump, met on the sidelines of the G20 summit in Buenos Aires.

Wei Jianguo, vice-chairman of the China Center for International Economic Ex

changes, said China-US trade consultations have made “a big stride forward”.

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