Renminbi to remain stable, regulator saysknotes at a ba

Central bank vice-governor voices confidence amid currency volatility

The monetary authority vowed to stabilize the renminbi amid escala

ted trade tensions, while continuing to push forward financial opening-up and pr

otecting overseas investors’ legal rights, said a senior official from the central bank on Sunday.

“We have the foundation, confidence and capacity to maintain a stable foreign exchange ma

rket in China, and keep the renminbi exchange rate at a reasonably stable equilibrium,” said Pan Gongsheng, vi

ce-governor of the People’s Bank of China, the central bank, said in a statement on its website.

Before his pledge, the onshore renminbi rate depreciated to 6.9182 per do

llar at Friday’s close, the weakest level since December, and the offshore renminbi rate h

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f the escalation of the bilateral trade dispute is not a short det

detour before reaching a deal sooner or later, then the economic impact for consumers in China and t

he US, as well as other parts of the world, will be fairly costly, said Chen Wenling, chief econ

omist at the China Center for International Economic Exchanges.

Whether they buy finished products or goods made from r

aw materials and components, the tariffs still exist, Chen said.

The escalation will make goods produced by both countries less co

mpetitive and cause large-scale job losses, said Chen.

Wei Jianguo, former vice-minister of commerce, said economic conflict

s and trade friction between China and the US that draw global attention will happen fro

m time to time in the future, and these should be rationally regarded and prepared for.

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Santarita said a similar concept can also be found in other

Asian countries, citing the Philippines’ compadrazgo and Indonesia’s bapakism as examples.

Compadrazgo, a Spanish word that literally translates to “co-fatherhood”, is based

on a kinship ritual that is formed after a child gets baptized into the Roman Catholic faith.

For the predominantly Catholic and close-knit Philippine society, t

he godfather (known as the padrino) is part of one’s extended family and is expected to he

lp and protect his godchild. The godchild is expected to respect and be loyal to the padrino.

Bapakism is derived from the Indonesian word for “father”. When us

ed in Indonesian business, bapakism demands great respect and obedience to one’s su

perior. The manager in his role as the company’s bapak is expected to look after and care for his employees.

Although Asian values are steeped in an ancient culture and tradition, it was only in t

he 1990s that this concept drew global attention. This was partly due to Asian leaders like the la

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market confidence in outstanding ways and promoted the stab

le growth of the economy, he said, adding that the positive factors for economic growth are increasing.

Noting that the uncertainties in the global economic environment are also rising and there remai

n downward pressures on the domestic economy, Li called for both attention and confidence from the entrepreneurs.

Related departments should follow the guidance of Xi Jinping Though

t on Socialism with Chinese Characteristics for a New Era, invigorate the market thro

ugh deepening reform and opening-up and ensure the stable growth of the economy, Li said.

He said that tax reduction is the key to improving the business environm

ent and invigorating the market, which will not only stabilize growth and employment bu

t also encourage companies to invest more in innovation for long-term development.

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Efforts should be made to give people a more solid and

sustained sense of security, Xi said.Beijing blasts US Congress for Taiwan defense bill

Xi called for reforms in public security work and said big data should be used as a major engine to promote innovation in the sector. More

measures for higher-quality services should be implemented to give the public a substantial sense of fulfillment, he added.

While demanding that high discipline be exercised within the public security forc

es, Xi said there will be zero tolerance for violations of laws and Party discipline.

He also urged Party committees at all levels to suppo

Beijing resolutely opposes the United States House of Representatives for passing a bill on Tues

day to bolster Taiwan’s defense capability, calling it “boorish interference” in China’s domestic affairs.

Foreign Ministry spokesman Geng Shuang made the comment on Wedn

esday after the House voted to pass a nonbinding resolution reaffirming the US commitment to Taiwan. It also backed the

so­-called Taiwan Assurance Act of 2019, which supports Taiwan increasing its defense spending.

rt public security staff in exercising power and fulfilling their responsibilities in accordance with the law.

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Xi shared some of his personal life. He said he has a dee

 interest in philosophy, history, literature, culture, music and sports, and that he first cul

tivated many of these interests back in middle school and they have stayed with him ever since.

His job is serving the people, and he works hard with a busy schedule, but takes great pleasure in his work, Xi wrote.

The Niles North students also inquired whether Xi likes the US.

Xi answered in the letter that he has visited their country many times and is impressed with the “beautiful landscape, hos

pitable people and diverse culture”, and he made a lot of friends, including some young people.

He said the students are “wonderful” and expressed hope that they will make greater progress in studying Chinese.

Learning Chinese will help them better understand China, a

d get acquainted with more Chinese friends and Chinese-speaking friends across the world, Xi said.

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yers do need their staff to work extra hours to meet pro

 deadlines or fulfill other tasks, they can ask them to work overtime – but not than 36 hours a month and only after consulti

ng and reaching an agreement with the labor union and the workers. More important, empl

oyers have to pay at least 1.5 times the usual salary to the employees for overtime work.

This is to protect the rights, interests and health of the workers.

Jack Ma, founder of Alibaba Group, has added fuel to the debate, by saying that empl

oyees who get the “opportunity” to work according the “996” schedule are the luc

ky ones, because in many companies employees don’t get the chance to work long hours.

But the fact is, if employers do not meet the two essential requiremen

ts to make employees work overtime – consulting wo

rkers and restricting the amount of extra work – and force the “996” schedule o

n their workers and make them work for more than 60 hours a week, they violate the Labor Law.

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US zoo holds farewell party for giant pandas Diego Zoo

The San Diego Zoo in the US state of California held a special ceremo

ny on Saturday to kick off a three-week farewell event for two giant pandas.

Twenty-seven-year-old female giant panda Bai Yun and her son, six-year-old Xiao Liwu, will leave the zoo in late April and b

e sent back to China, as the zoo’s conservation loan agreement with China has ended.

According to the zoo, their staff are working with their colleagues in China on future panda conservation and research.

The zoo’s giant panda program is the first joint research program established between Chi

na and the United States as early as in 1994, said China’s Consul General in Los Angeles Zhang Ping.

“Like other joint giant panda research and conservation programs in the United States, t

his program has not only promoted the friendship and understanding bet

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being of the public, improve governance at the prim

 level and provide basic social services.Premier Li Keqiang met with the participants of the national conference on Tuesday.

He appealed to the civil affairs authorities to prioritize efforts to meet the basic needs of the people, extend assist

ance to those most in need and build an even more tightly woven safety net for the public’s livelihood.

It is also important for them to better meet the needs of the elderly, those with disabilities, the sick, and children living in difficult circ

umstances, he said, adding that basic social services should be better developed to help the public better address their problems.

The reform to streamline administration, enhance compliance oversight and improve governmen

t services should be deepened so that the public can more easily access administrative services, the premier said.

He also highlighted the importance of giving more play to the role of the private sector

so that services such as eldercare and nurseries can blossom to enrich the supply of social services and create more jobs.

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Take C919, a narrow-body twinjet airliner developed by

mmercial Aircraft Corporation of China, Ltd. (COMAC), for example. At the earliest, COMAC will get the airworth

iness certificate for C919 in 2021. Besides, just obtaining the certificate does not reduce even a bit of the difficulty in making and delivering the aircraft.

As the history of aircraft manufacturing shows, it is almost impossible for manufacturer

s to obtain airworthiness certificate and deliver aircraft to the purchasers on time. More often than not, aerospace companies ta

ke several years more than the promised time to deliver the aircraft. For instance, both Boeing 787 Drea

mliner and Airbus 380 were delivered years behind schedule. Which means delayed delivery is a norm in the aerospace industry.

In short, it would take decades for Chinese manufacturers to mass-produce airplanes irrespective of the rise and fall of other aircraft makers.

China has made great strides in industrialization during the 40 years of reform and opening

-up, but for that it learned from developed countries’ experiences and put its own experiences to good

use. The complete system of research, development, safety, production, supply chain and service that took Boein

g and Airbus decades to establish should be what Chinese aircraft manufacturers should strive for. With continuo

us efforts, C919 could earn its place in the civil aviation industry-perhaps 10, even 20, years later.

 

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