es it a large exporter of manufactured goods to the US and

Given that the US economy is driven by domestic demand, consumption in particular, instead of exports, a high rate of eco

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

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

To make up for the increasing savings gap, the US needs to introduce and use more foreign ca

pital, which will further enlarge the trade deficit. Therefore, the US cannot simultaneously maintain a high g

rowth rate, invest massively in infrastructure, reduce the trade deficit and restrict the inflow of foreign capital.

What is really questionable is that, despite its contempt for over-regulation of the economy, the US administration has been tryi

ng to impose regulations on international trade, even for its trade partners’ domestic economic management.

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The conference also saw the launch of a scientific alli

lliance on international disaster risk reduction, which included around 30 institution

s and universities from countries including Italy, Belgium, Nepal, Pakistan and Sri Lanka.

The alliance will serve as a new platform for international coordinati

on and provide scientific support for disaster relief and sustainable development.

The conference was co-hosted by the Chinese Academy of Sciences, the China Association for Science and Technology, the U

nited Nations Environment Program, the UN Office for Disaster Risk Reduction and the Alliance of Int

ernational Science Organizations, a group created to connect the scientific communities of BRI participants.

Bai Chunli, president of the academy, said in the conference’s opening ceremony on Saturday that areas along the Si

lk Road are prone to various natural disasters that have resulted in massive loss of life and economic damage.

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With the 1,000-day countdown celebration comes a ne

ew stage of preparation for the Games,” said Chen Jining, mayor of Beijin

g and executive president of the 2022 Winter Olympics Organizing Committee. “We will end

eavor to deliver a fantastic, extraordinary and excellent Olympic and Paralympic Winter Games.”

The 1,000-day countdown — launched near the iconic Bird’s Nest and the

Water Cube, both 2008 venues — underlined Beijing’s focus on sustainability in prepa

ring a second time for an Olympic extravaganza by reusing existing resources built for the Summer Games.

According to the 2022 Winter Olympics organizing committee, 11 of the 13 v

enues needed in Beijing’s downtown, where all ice sports will be staged, will use existing faciliti

es built for 2008. Repurposing projects, such as transforming the Water Cube (which hosted swimming in 2008) into a

curling arena by filling the pool with steel structures and making ice on the surface, are well underway.

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anqing and Zhangjiakou are preparing another venues, in

including existing ski resorts and some newly built projects, to host all eight Olympic snow sports

in 2022. The three clusters will be connected by a new high-speed railway, which will be completed by t

he end of this year. It looks beyond the Games to boost future winter sports tourism.

According to the organizing committee, all 26 venues for 2022 will be ready by June next year with the f

irst test event, a World Cup skiing series, scheduled to be held in Yanqing’s National Alpine Skiing Center in February.

About 90 percent of the earth moving work for the mountain center is now complete, and a 53-hecta

re forest reserve has been built nearby for transplantation of all the trees affected by the construction.

“The preparations are ready to step up to the next stage, from planning to

the readiness phase. Beijing is ahead in the race against time,” said Liu Yumin, dire

ctor of the planning, construction and sustainable development department of the 2022 Olympic Organizing Committee.

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They cited a report in February from Trade Partnership World

wide as saying that increasing tariffs on $200 billion of goods to 25 percent, coupled with tariffs already in place — as well as expect

ed Chinese retaliation — would reduce US employment by more than 934,000 jobs and push down the US GDP by 0.37 percent.

According to data from the General Administration of Customs, two-way trade between China and

the US declined 11.2 percent year-on-year to 1.1 trillion yuan ($162.5 billion) in the period from January to April.

The fact that Beijing is still sending a delegation to the US for the trade talks is “very wise on China’s part”, said Gary Hufb

auer, a senior fellow and trade expert at the Peterson Institute for International Economics in Washington.

Douglas H. Paal, vice-president of the Asia Program at the Carnegie Endowment for Internat

ional Peace, said it “makes sense to continue the talks because the alternative would be a drastic signal to markets”.

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China has exercised great restraint and goodwill in

trying to maintain stable relations with the US,” he said.

Li Haidong, a professor of US studies at China Foreign Affairs Universi

ty, said Washington has pushed a hard line in relations with Beijing in recent years.

“The Taiwan question is much more complicated and nonnegotiable,” Li said.

“If the US side continues to misinterpret the one-­China policy, it will irreparably damage Sino­-US ties,” he warned.

The US Senate will have to vote on the act before it can become law. The time of the vote is unknown.

“The consensus among US officials is to be tough on China, and room for rational option

s is rapidly shrinking as overconfidence and rash actions become the new norm,” he said.

khlee.com.cn

At least 41 dead in Russian passenger plane fire

Russia’s Investigative Committee says 41 people died in fiery airliner accident at Moscow airport.

The Russian Superjet 100 was flying from Moscow to Murmansk when a fire broke out on board. Aeroflot Flight SU1492 ret

urned to Moscow’s Sheremetyevo Airport, making a hard landing, news agency Interfax reported.

“According to our data, more than 10 victims needed medical

care,” Tass news agency quoted a source in the medical services as saying.

Earlier, the regional emergency services reported six victims.

The plane reportedly took off from the Sheremetyevo airport at 18:00 local time (1500 GMT) and

made an emergency landing after circling over the Moscow region for about 40 minutes.

It was “engulfed in flames” before the emergency landing, Tass quoted a source as saying.

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He called on the two countries to deepen all-aroun

 cooperation and build the comprehensive strategic par

tnership between China and Portugal to a higher-level, with broader vision and greater vitality.

Xi said the two countries should strengthen high-level exchanges and value th

eir respective core interests and major concerns based on mutual respect and understanding.

Saying China views Portugal as a significant partner in jointly building the Belt and Road, Xi called for the stren

gthening of bilateral cooperation in fields such as trade, investment, energy and infrastructure.

He also urged the two nations to strengthen coordination on major inter

national issues, firmly uphold the multilateral system and build an open global economy.

Xi added that China stands ready to work with the European nation

to advance more productive cooperation between China and Portuguese-speaking countries.

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And, despite ongoing tensions, the total value of impo

orts and exports rebounded sharply in March, reaching 9.6 percent higher than March 2018. S

o, overall trade grew by 3.7 percent year-on-year in the quarter despite low growth rates in January and Febru

ary. Exports of electrical and mechanical products, which are higher value added, grew by 5.4 percent in the qua

rter. And, private sector trade grew 9.9 percent, far more than the overall growth rate.

I am worried to see that total investment in real estate grew by 11.8 per

cent year-on-year. Having lived through the 2008 finan

cial crisis in the United States, I’m wary of continued high investment in real estate in a time when property prices are al

ready astonishingly high and China’s living space per person has already surpassed that in Europe.

The bottom line is that fiscal and monetary policies combined with policies to promote structural transformation have

achieved a stable macroeconomic situation and steady movement toward supply side upgrading.

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Those involved in the BRI will strengthen synerg

y in development plans and initiatives of various countries and international organizations and in

tensify bilateral and the third-party market cooperation to help more countries raise their level of connectivity, Xi said.

He added that participants agreed that Belt and Road forums are an important platform for multilateral co

operation and should be held on a regular basis.

President calls for countries’ joint efforts in building Belt, Road in forum speech

President Xi Jinping pledged on Friday to take strong measures such as easing market

access for foreign capital and increasing imports to promote the higher-level opening-up of the country.

While delivering the keynote speech at the opening ceremony of the

Second Belt and Road Forum for International Cooperation in Beijing, Xi said that the p

urpose of building the Belt and Road is to achieve win-win cooperation and common development.

China will increase imports of goods and services on a larger scale, and it will further lower its tariff rates, Xi said.

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