Moreover, in January, financial data continued its trend of

structural optimization from the previous month, which is reflected by the pickup in medium

and long-term lending and the continuous increase in bond financing. Looking ahead, such structural improvement is likely to co

ntinue, further boosting the supportive role of “loose credit supply” in “stabilizing growth.”

From the external perspective, the following three factors are expected to support the Chinese

yuan’s exchange rate to regain long-term stability, thus enhancing the autonomy of China’s monetary policy.

First, developed economies have slowed their pace of tightening. Since the end of 2018, due to the stalling global recovery and

signs of a returning crisis, central banks of various developed economies have become more cautious toward the no

rmalization of monetary policy. The European Central Bank, the Bank of England, and the Reserve Bank of Australia successively lowered their fo

recast for economic growth. In the US, the dovish voice inside the Fed has gradually increased. Because of this, si

nce late January, the yield inversion of short-term government bonds in China and the US has been eased. Thus, despite the

monetary policy differentiation between China and other major developed economies, the degree of d

ivergence is expected to decline, weakening the long-term pressure on the yuan’s exchange rate.

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The government should appropriately increase investm

ent in emerging infrastructure, especially in 5G and industrial internet infrastructure, in which there is much room for investment.

Li Bo, vice chairman of the All-China Federation of Returned Overseas Chinese

The core of securities regulation is information disclosure, rather than letting the government decide or mainta

in stock indices at certain levels. Therefore it is essential to introduce registration-based IPO system reform more

quickly and comprehensively. Moreover, reform to the social security system for seniors should be swiftly enacted. If we want to increase the weight of l

ong-term stable institutional investors in the A-share market, reform to the social security system for retirees is a crucial step.

Lu Lei, deputy director of the State Administration of Foreign Exchange

The development model characterized by a low factor cost and low added-value is not sustainable, w

hich is a long-term challenge for China’s economic health. Meanwhile, overdependence on liquidity,

reflected by low interest rates and leverage ratios, is the short-term challenge.

All the crises and lessons in emerging markets derive from internal imbalances, namely, that the r

eal economy lacks competitiveness and operates with high leverage. External risk management and c

ontrol may buy time, but it can only delay systemic risks if there is no effective internal structural reforms.

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The UK made a proper move by introducing ways to

After Chinese sportswear brand Li-Ning returned to the catwalks of New

York Fashion Week for the second time ever on February 12, the appearance quickly be

came a hot topic of discussion on social media in China. Several years ago, Li-Ning probably never dared imagine that i

ts products could become so popular among young people in China. However, not only has the company found great suc

cess with this demographic, it has also pushed many older Chinese brands to explore new paths to young people’s hearts.

Bumps along the way

The company gets its name from Li Ning, the pride of China. With 14 gold medals at world-class gymnastic competitions, thr

ee of them Olympic gold medals, he earned himself the title “Prince of Gymnastics.” Chinese people still talk ab

out the moving scene when he lit the torch at the 2008 Beijing Olympic Games. After retiring from gymnastics, Li fo

unded the sportswear brand in 1990, becoming not only a legend in sports but also in business.

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Li-Ning’s success during New York Fashion Week inspired man

older Chinese brands, who began seeking ways to reignite their dying brands. For instance, in Se

ptember 2018, candy company White Rabbit and time-honored Shanghai cosmetic brand Maxam teamed up

to produce a lipstick that looked and tasted like traditional milk candy. According to Maxam’s official website, the

first batch of this lipstick, 960 in all, sold out in just two seconds on online retailer T-Mall.

Another example of an unusual alliance was that between bug repellent maker Liushen and Rio cocktail.

In the summer of 2018, these two companies co-produced a special cocktail drink, the gre

en color of which reminded consumers of Liushen’s mosquito repellent. While consumers were a bit hesi

tant to try it at first, this minty mixture of lemon, lime and grapefruit soon proved to be a great success.

Nong Fu Spring, a bottled water and beverage company, chose a different way to attract younger

customers. Instead of coming out with a new product, it invited an overseas design company to produce new packaging featuring the four seasons of th

e Changbai Mountains, where the company gets its spring water. Additionally, the company joined with

popular Chinese smartphone game Onmyoji and the Palace Museum to produce a limited series of water bottles.

These new marketing methods helped push sales of Nong Fu Spring bottled water to new heights.

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Li Rui’s controversial life reflects diversity of opinion

Li Rui, former deputy head of the Organization Department of the Communist Party of China (CPC) Central Committee, died i

n Beijing on Saturday. His death grabbed the headlines in many Western media outlets. A report by The New York Times called Li “standard-bea

rer for liberal values in China.” But how to evaluate him divided online public opinion in China.

Li lived for 101 years. His long life span contributed to his influence.

Li’s life was a bumpy ride. He experienced almost all historic events such as the Yan’

an Rectification campaign, and himself became the subject of several political movements.

Li was imprisoned once in Yan’an before the founding of the People’s Republic of China. In the

20 years after 1959, he was either held in confinement or in labor camps. The experiences were even quite unfortunate in that historical context.

Li’s career peaked when he was appointed as the deputy head of the Organization Department of the CPC Central

Committee after the reform and opening-up. His title as the secretary of Chairman Mao Zedong remains controversial.

In general, his positions had not offered him opportunities to exercise an enormous impact on China. His influence was limited until he retired.

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It was after his retirement that Li’s influence reached the

pinnacle. Since the end of the 1980s, he had made his voice heard constantly and had been labeled the “CPC veteran cadre + CPC critic.”

As a representative figure among veteran outspoken officials, he was hailed among Chinese liberals and Western public opin

ion. Among his propositions, the most famous was opposing the construction of the Three Gorges Dam.

Looking back on Li’s life, the prime of his life was embedded in the wave of the Chinese Revolu

tion and the country’s early development; he suffered a lot during that period of time.

In his later years, he participated in the creation of a special type of “veteran cadre + critic.” Stronger opinion was not at al

l unusual in those years, but the label of a retired official helped increase the gravity of Li’s voice and consolidated his stance.

Li’s later years were a success from another perspective as well. He had been enjoying a

generous pension and lavish benefits after retirement until he died in Beijing Hospital.

While benefiting from the privileges the state provided, he was also supported by China’s do

mestic anti-establishment forces and some Western powers. He was one of China’s least lonely old men and veteran cadres.

It should be noted that Li in his later years became a symbol of the diversificat

ion of Chinese society. Considering the meaning of this symbol, different conclusions can be drawn.

Supporters may hold that he had added a voice and more importantly a “scarce voice,” while

opponents would argue that he had become a tool for hostile and unfriendly forces to attack the Chinese system.

Li’s later years demonstrated a special way of boycotting China’s mainstream path. Such a role played by him may reflect various value judgments.

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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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Vice premier urges bolder, more effective measures imp

Chinese Vice Premier Han Zheng on Friday stressed to take bolder and more

effective measures to implement the proactive fiscal policy.

Han, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Co

mmittee, made the remarks when presiding over a meeting after an inspection of the Ministry of Finance (MOF).

At the meeting, Han studied major issues, including the launch of another round of tax cu

ts and fighting the “three critical battles” against risks, poverty and pollution.

The MOF should stick to the basic tone of seeking progress while maintaining stability, promote

high-quality development and take coordinated steps to ensure steady growth, advance reform, m

ake structural adjustments, improve living standards and guard against risks, Han stressed.

He said that larger tax cuts will be helpful in improving the co

untry’s income distribution system and the tax structure and better serve China’s current macro policy.

The MOF should relieve the social insurance payment burden of firms, strengthen the manag

ement of the fiscal revenue and expenditure and create a sound policy environment for fair competition, Han said.

Han underlined that measures should be in place to effectively prevent and handle financial risks, reinforce the

monitoring of the local government debt risk and deploy more funds to facilitate winning the battles against poverty and pollution.

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The amount of new loans more than doubled from 1.08 tr

The M2, a broad measure of money supply that covers cash in circulation and all deposits, ro

se 8.4 percent year-on-year to 186.59 trillion yuan at the end of January, according to the PBOC.

The M2 growth was 0.3 percentage points up from the level at the end of December.

The narrow measure of the money supply (M1), which covers cash in circulation plus demand

deposits, rose 0.4 percent year-on-year to 54.56 trillion yuan by the end of last month.

New yuan loans made to households reached 989.8 billion yuan last month, while t

hose to non-financial enterprises and government institutions totaled 2.58 trillion yuan.

Newly-added social financing, a measurement of funds that individuals and non-fina

ncial firms get from the financial system, stood at 4.64 trillion yuan in January, up 1.56 trillion yuan year-on-year.

China will keep its prudent monetary policy “neither too tight nor too

loose” while maintaining market liquidity at a reasonably ample level in 2019, ac

cording to the annual Central Economic Work Conference held in December last year.

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Another post by the same blogger claimed Zhai’s doctoral gra

aduation dissertation could not be found in the CNKI database, while all graduation dissertations written by his classmates were there.

Zhai’s studio said on Friday he obtained a Ph.D. from the Beijing Film Academy in June, and all h

is academic papers and his dissertation were written by him under the guidance of supervisors.

He has met all graduation requirements from the academy and is willing to be held responsible for any academic misconduct, the studio said.

Netizens later found Zhai’s supervisor Chen Yi, former director of the performance institute of the Beijing Film Academy, on

ly has a bachelor’s degree and has not published any academic papers. However, doctoral supervisors at the university are supposed to have a do

ctoral degree and publish at least eight academic papers and two academic monographs within five years.

Zhai posted an apology letter on his Sina Weibo page Thursday.

“After I have starred in a few films and TV series, I have become full of myself and forgotten honesty is the most important principle,” he said.

“Vanity has misguided me and I brought this attitude into writing academic papers. I will

withdraw from postdoctoral research at Peking University and I am deeply sorry to my school, teachers, fans and the public.”

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