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Yu Yong， Deputy Director of the China Meteorological Administration （CMA）， was elected chairman of the ESCAP/WMO Typhoon Committee， which kicked off its 51st session in Guangzhou， capital city of south China’s Guangdong Province， on February 26.
The Typhoon Committee is an intergovernmental body established in 1968 under the auspices of the UN Economic and Social Commission for Asia and the Pacific （ESCAP） and the World Meteorological Organization， in order to promote and coordinate the planning and implementation of measures required for minimizing the loss of life and material damage caused by typhoons in the Asia-Pacifi c region.
Yu， 57， holds a bachelor’s degree from the Nanjing Institute of Meteorology and a master’s degree in climatology from Nanjing University.
He served as head of the Guangdong Provincial Meteorological Bureau from 2004 until 2011， after which he began to work for the CMA and became deputy director of the administration in 2017.
Development of the Private Economy
People’s Daily February 25
To push forward the development of the private economy， it is essential to building a suitable environment with corresponding measures.
Fair competition is the key for private economic development. The government should expand market access and abolish policy documents that violate market rules. Private enterprises ought to be encouraged to participate in the restructuring of state-owned companies， assets and resources in various ways such as asset acquisition.
Operational costs can be a burden for private enterprises seeking to develop. Therefore， fi nancial agencies and government should play a role. Businesses should be taking advantage of government guide funds， they should also incentivize those seeking fi nance， and standardize the whole service. By building a financing guarantee system and establishing cooperation between banks and tax administrations， enterprises with a perfect credit record will have less pressure from corporate loans.
At the same time； the implementation of policies should be accelerated to relief the tax burden for enterprises. Large-scale tax cuts have been clearly implemented at a national level. It is necessary to put relevant policies into practice， especially with regards to promoting a reduction of value-added tax and implementing inclusive taxation on small and micro enterprises and technology-based startups.
Recent policies have brought practical benefits for the private business in reducing business costs and optimizing the business environment. However， cases refl ecting problems should be studied， and governments should commit to solutions quickly. Foreign Investment Law
China Newsweek February 25
During the 2019 annual session of the National People’s Congress （NPC）， a draft of Foreign Investment Law will be submitted for deliberation.
Defined as a fundamental law for the investment of foreign business， its research and revision work started in 2011， followed by the first inspection and comments for the public in 2015. In December 2018， the draft Foreign Investment Law was reviewed. On the same day， the draft was available for public inspection as people were encouraged to leave comments before February 24.
This legislation indicates the Chinese Government’s willingness to open up in the next phase and its determination to further reform.
Since reform and opening up， three laws have been introduced to assist foreign businesses， namely Law on Chinese-Foreign Equity Joint Ventures， Law on Non-Equity Joint Ventures （or Contractual Joint Ventures） and Law on Wholly Foreign-Owned Enterprises.
Although some changes have been made in the past 40 years at points such as China’s accession to the World Trade Organization， the laws cannot fully adapt to the new era. Hence， voices on replacing the three laws by one were mooted. However， this legislative act is not a simple integration of laws， and the legislative process has been sped up.
The environment of the legislation requires elements including multilateral trade and regional trade systems like TPP， to be taken into account and the legal system must be established for a higher-level bilateral or multilateral trade agreement.
Current Foreign Investment Law draft is relatively brief and focuses only on its legal authority， which is to promote and manage foreign investment and protect foreign business activities. Issues concerned with other existing laws such as Company Law were excluded.
Apart from the demand of reform and opening up， the law also takes responsibility for the promotion of foreign investment， as well as the protection for foreign business investment in China， which is the necessity of this legislation.
Consumption Upgrade
People.cn February 25
Last year， China’s total retail sales of consumer goods reached 38.1 trillion yuan （$5.7 trillion）， maintaining steady development. The contribution rate of final consumption expenditure to economic growth reached 76.2 percent， an increase of 18.6 percentage points over the same period when compared to the previous year. It has become the driving force of economic growth for five consecutive years. Over the past 40 years， consumption has transformed from traditional commodity to service； meanwhile， the consumer demand gradually transferred to differentiation， individualization and diversification from imitation， homogenization， simplification.
This has provided a continuous and reliable driving force for economic development with an enhanced and defined structure. This highlights the positive changes in China’s economic indicators and internal structure， and also reflects the changes in quality taking place in China’s economy.
China’s consumer market faced pressure last year. But the decline in the growth rate of total retail sales of consumer goods mainly obeys a law that the proportion of physical consumption can decrease and its growth rate can slow down during the process of consumption structure optimization. China’s service consumption accounted for 49.5 percent of total consumer spending in the last year which was not reflected in the total retail sales of consumer goods.
The population of China will offer huge purchasing power for the consumer market. In addition， the country’s consumption culture has the potential to support high-quality economic development.
FORMER GENERAL GETS LIFE SENTENCE
Fang Fenghui， former chief of the Joint Staff Department of the Central Military Commission（CMC）， was sentenced to life in prison at a military court on February 20 for taking and offering bribes as well as possessing a huge amount of assets， whose origins he could not account for.
His political rights were revoked and all personal assets confi scated， according to the ruling.
Fang was placed under investigation on graft accusations in January 2018 by military prosecutors. He was expelled from the Communist Party of China （CPC） and the People’s Liberation Army （PLA） later in the year.
Fang， 67， a native of Shaanxi Province， enlisted in the PLA. In 2007 he was appointed commander of the former Beijing Military Area Command.
In October 2012， he was named chief of the general staff of the PLA and in November 2012 he was elected member of the CMC of the CPC. In early 2016， he became chief of the commission’s Joint Staff Department， which replaced the General Staff Headquarters of the PLA.
“It is our common goal to build a globally trusted 5G security system. We should give full play to our complementary advantages for mutual benefits and win-win outcomes.”
Zhang Feng， chief engineer of China’s Ministry of Industry and Information Technology， at the 2019 Mobile World Congress held in Barcelona， Spain， on February 26 “The EU is willing to strengthen exchanges and cooperation with China in areas such as promoting undertakings for persons with disabilities worldwide.”
Ambassador Walter Stevens， Permanent Observer of the EU to the UN Office at Geneva， at a meeting co-hosted by China and the EU on the sidelines of the 40th session of the UN Human Rights Council in Geneva on February 26
“Working together with our Chinese colleagues， we learned so much and shared our knowledge with them as well… Together we were able to understand how to best manage and care for this precious species.”
Steven Monfort， Director of the Smithsonian’s National Zoo and Conservation Biology Institute， commenting on the cooperation between the United States and China in conserving giant pandas in a recent interview with Xinhua News Agency
“This year’s macro-regulation focuses on counter-cyclical adjustments， and the country continues to adopt a proactive fiscal policy and prudent monetary policy， which further boosted confidence in the markets and helped stabilize the forex market.”
Wang Chunying， a spokesperson for the State Administration of Foreign Exchange
The Typhoon Committee is an intergovernmental body established in 1968 under the auspices of the UN Economic and Social Commission for Asia and the Pacific （ESCAP） and the World Meteorological Organization， in order to promote and coordinate the planning and implementation of measures required for minimizing the loss of life and material damage caused by typhoons in the Asia-Pacifi c region.
Yu， 57， holds a bachelor’s degree from the Nanjing Institute of Meteorology and a master’s degree in climatology from Nanjing University.
He served as head of the Guangdong Provincial Meteorological Bureau from 2004 until 2011， after which he began to work for the CMA and became deputy director of the administration in 2017.
Development of the Private Economy
People’s Daily February 25
To push forward the development of the private economy， it is essential to building a suitable environment with corresponding measures.
Fair competition is the key for private economic development. The government should expand market access and abolish policy documents that violate market rules. Private enterprises ought to be encouraged to participate in the restructuring of state-owned companies， assets and resources in various ways such as asset acquisition.
Operational costs can be a burden for private enterprises seeking to develop. Therefore， fi nancial agencies and government should play a role. Businesses should be taking advantage of government guide funds， they should also incentivize those seeking fi nance， and standardize the whole service. By building a financing guarantee system and establishing cooperation between banks and tax administrations， enterprises with a perfect credit record will have less pressure from corporate loans.
At the same time； the implementation of policies should be accelerated to relief the tax burden for enterprises. Large-scale tax cuts have been clearly implemented at a national level. It is necessary to put relevant policies into practice， especially with regards to promoting a reduction of value-added tax and implementing inclusive taxation on small and micro enterprises and technology-based startups.
Recent policies have brought practical benefits for the private business in reducing business costs and optimizing the business environment. However， cases refl ecting problems should be studied， and governments should commit to solutions quickly. Foreign Investment Law
China Newsweek February 25
During the 2019 annual session of the National People’s Congress （NPC）， a draft of Foreign Investment Law will be submitted for deliberation.
Defined as a fundamental law for the investment of foreign business， its research and revision work started in 2011， followed by the first inspection and comments for the public in 2015. In December 2018， the draft Foreign Investment Law was reviewed. On the same day， the draft was available for public inspection as people were encouraged to leave comments before February 24.
This legislation indicates the Chinese Government’s willingness to open up in the next phase and its determination to further reform.
Since reform and opening up， three laws have been introduced to assist foreign businesses， namely Law on Chinese-Foreign Equity Joint Ventures， Law on Non-Equity Joint Ventures （or Contractual Joint Ventures） and Law on Wholly Foreign-Owned Enterprises.
Although some changes have been made in the past 40 years at points such as China’s accession to the World Trade Organization， the laws cannot fully adapt to the new era. Hence， voices on replacing the three laws by one were mooted. However， this legislative act is not a simple integration of laws， and the legislative process has been sped up.
The environment of the legislation requires elements including multilateral trade and regional trade systems like TPP， to be taken into account and the legal system must be established for a higher-level bilateral or multilateral trade agreement.
Current Foreign Investment Law draft is relatively brief and focuses only on its legal authority， which is to promote and manage foreign investment and protect foreign business activities. Issues concerned with other existing laws such as Company Law were excluded.
Apart from the demand of reform and opening up， the law also takes responsibility for the promotion of foreign investment， as well as the protection for foreign business investment in China， which is the necessity of this legislation.
Consumption Upgrade
People.cn February 25
Last year， China’s total retail sales of consumer goods reached 38.1 trillion yuan （$5.7 trillion）， maintaining steady development. The contribution rate of final consumption expenditure to economic growth reached 76.2 percent， an increase of 18.6 percentage points over the same period when compared to the previous year. It has become the driving force of economic growth for five consecutive years. Over the past 40 years， consumption has transformed from traditional commodity to service； meanwhile， the consumer demand gradually transferred to differentiation， individualization and diversification from imitation， homogenization， simplification.
This has provided a continuous and reliable driving force for economic development with an enhanced and defined structure. This highlights the positive changes in China’s economic indicators and internal structure， and also reflects the changes in quality taking place in China’s economy.
China’s consumer market faced pressure last year. But the decline in the growth rate of total retail sales of consumer goods mainly obeys a law that the proportion of physical consumption can decrease and its growth rate can slow down during the process of consumption structure optimization. China’s service consumption accounted for 49.5 percent of total consumer spending in the last year which was not reflected in the total retail sales of consumer goods.
The population of China will offer huge purchasing power for the consumer market. In addition， the country’s consumption culture has the potential to support high-quality economic development.
FORMER GENERAL GETS LIFE SENTENCE
Fang Fenghui， former chief of the Joint Staff Department of the Central Military Commission（CMC）， was sentenced to life in prison at a military court on February 20 for taking and offering bribes as well as possessing a huge amount of assets， whose origins he could not account for.
His political rights were revoked and all personal assets confi scated， according to the ruling.
Fang was placed under investigation on graft accusations in January 2018 by military prosecutors. He was expelled from the Communist Party of China （CPC） and the People’s Liberation Army （PLA） later in the year.
Fang， 67， a native of Shaanxi Province， enlisted in the PLA. In 2007 he was appointed commander of the former Beijing Military Area Command.
In October 2012， he was named chief of the general staff of the PLA and in November 2012 he was elected member of the CMC of the CPC. In early 2016， he became chief of the commission’s Joint Staff Department， which replaced the General Staff Headquarters of the PLA.
“It is our common goal to build a globally trusted 5G security system. We should give full play to our complementary advantages for mutual benefits and win-win outcomes.”
Zhang Feng， chief engineer of China’s Ministry of Industry and Information Technology， at the 2019 Mobile World Congress held in Barcelona， Spain， on February 26 “The EU is willing to strengthen exchanges and cooperation with China in areas such as promoting undertakings for persons with disabilities worldwide.”
Ambassador Walter Stevens， Permanent Observer of the EU to the UN Office at Geneva， at a meeting co-hosted by China and the EU on the sidelines of the 40th session of the UN Human Rights Council in Geneva on February 26
“Working together with our Chinese colleagues， we learned so much and shared our knowledge with them as well… Together we were able to understand how to best manage and care for this precious species.”
Steven Monfort， Director of the Smithsonian’s National Zoo and Conservation Biology Institute， commenting on the cooperation between the United States and China in conserving giant pandas in a recent interview with Xinhua News Agency
“This year’s macro-regulation focuses on counter-cyclical adjustments， and the country continues to adopt a proactive fiscal policy and prudent monetary policy， which further boosted confidence in the markets and helped stabilize the forex market.”
Wang Chunying， a spokesperson for the State Administration of Foreign Exchange