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In the past several months, China has announced and

started to implement a “negative list” program that allows foreign co

mpanies to have 100 percent ownership in investments in all areas of the economy, excep

t for a small number of areas, such as telecoms and defense, that are explicitly prohibited.

Also, foreign investment has been simplified by creating a one-stop regulatory shop and a single application process.

These new policies will lead to greater competition within China, forcing C

hina’s companies to become more efficient and to produce higher quality products.

The Chinese government has also recently announced tax cuts and financial regulations desi

gned to help private companies. This will hasten the ongoing transition to a market-driven economy.

Most Chinese State-owned enterprises are not relevant to trade negotiations. Many are in non-tradable sectors such as p

roperty development, infrastructure, or concrete. Others are basically public utilities in telecoms or power.

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Uber was the biggest of a group of Silicon Valley startu

ups that have spent years raising money in private rounds at record prices. Many of these com

panies are now looking to follow with their own IPO. Some, like Uber and Lyft, are unprofitable.

Workplace messaging company Slack Technologies Inc plans to hold an investor presentation on Monday in adv

ance of its direct listing next month. Grocery and food delivery platform Postmates, WeWork owner The We Co

mpany and online mattress retailer Casper Sleep are among startups seeking to launch IPOs this year.

“If a venture capital investor wants to burn cash they can do that as long as they want, bu

t once you get to the public markets you have to show profitability or a path to it,” said Jordan Stuart, a po

rtfolio manager at Federated Kaufmann who often purchases companies’ shares during an IPO.

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China’s pledges included shortening its negative lis

 for foreign investments, opening up more sectors to foreign busines

ses, guaranteeing fair competition and planning new free-trade zones and ports.

Sourabh Gupta, resident senior fellow at the Washington-based Institute for China-American Studies, specifically praise

d the new Foreign Investment Law-passed in March by China’s national legislature and effective in 2020-which he s

aid is “a farsighted piece of legislation” that “will firmly usher in a new round of reform and opening-up”.

“Strong measures to deal with political, regulatory and administr

ative noncompliance are envisaged. A robust working mechanism to promptly address fo

reign businesses’ complaints is also envisaged,” said Gupta, who believes the prov

isions are a big step in assuring foreign businesses that the playing field is leveled in China.

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Fixed-asset investment growth was 6.3 percent in the first

 quarter, compared with 6.1 percent in the first two months, the National Bureau of Statistics reported.

As favorable policies are implemented at all levels of government in the sec

ond quarter, manufacturers will start seeing concrete financial benefits and industrial out

put is expected to at least maintain a steady expansion from April to June, said Qin H

ailin, a senior industrial economy researcher at the China Center for Information Industry Development.

At the news conference, ministry officials also denied market rumors that China’s telecom carrie

rs are slowing down their investments in 5G, the fifth-generation mobile communication technology.

They said 5G is recognized as a fundamental digital infrastructu

re for societal and economic development, but it will take time to build a nationwide 5G netw

ork. China’s plan is to roll out the superfast technology step by step, the officials said.

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China’s first aircraft carrier, the Liaoning, and latest nuc

More than 60 countries will send delegations to join multinational naval events marking the anniv

ersary, and over 30 countries of them will send major navy leaders to participate, according to Qiu.

Nearly 20 foreign vessels of various capabilities, including destroyers, frigates and landing ships, will join Chinese vessels in the naval parade, sh

owing to the world the “firm determination to safeguard peace and seek development with joint efforts,” Qiu said.

Organizing multinational naval parades is a unique ceremonial activity of navies, according to Qiu.

The Chinese People’s Liberation Army Navy has been active in provi

ding security products for the international community since its founding, Qiu said.

The navy has paid over 100 visits to 94 countries and 138 ports, and has held more

than 60 joint military drills with foreign navies over the 70 years, according to Qiu.

Since 2008, the navy has sent 32 escort fleets, 103 vessels, 69 helicopters and more than 27,000 offic

ers and soldiers to escort over 6,600 vessels, more than a half of which were foreign merchant ships, he added.

Since 2010, the naval hospital ship Peace Ark has traveled to 43 countr

ies and regions and provided free medical services to over 230,000 people, Qiu said.

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Zheng Nanning, a researcher at the Chinese Academ

 of Engineering and head of the innovation research academy of intelligent robotics at Xi’an Jiaotong Univer

sity, said the university began considering an undergraduate AI major in 2016, and it has since established an experi

mental undergraduate AI class in 2018 with 55 students taught by the country’s leading AI experts.

The university established the academy in October 2017 and an AI school in Janua

ry. The academy has 26 master’s candidates and eight doctoral candidates, Zheng said.

“Universities should aim for major breakthroughs in basic res

earch and core technology. We are still striving to achieve

revolutionary and disruptive changes in AI theories, methods, tools and systems,” he added.

The ministry issued an action plan in 2018 to promote AI educa

tion in universities. According to the plan, universities in China will improve AI discip

line and make breakthroughs in basic theories and key technology research by 2020.

Chinese universities will become core forces for building major global AI innovation centers by 2030.

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Once completed, Tianqin will become an important

 tool to search for and detect black holes of all sizes and wavelengths in the n

ext two decades,” Wu Qingwen, a professor at the School of Physics of Huazhong Uni

versity of Science and Technology in Wuhan, Hubei province, said on Thursday.

On Wednesday, the Event Horizon Telescope, a global array of e

ight ground-based radio telescopes, revealed the first-ever image of a black hole.

Wu was one of the more than 200 astronomers worldwi

de involved in the EHT collaboration, which captured the first vi

sible representation of what are considered the most extreme objects in the universe.

International collaboration is vital for astronomical observations, Wu said.

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The European leaders said they are glad to see a greater

 development in China, and the EU welcomes China’s willingness to share its development opportunities.

Chinese enterprises are welcome to invest in European countries, said the European leaders, adding that they will not adopt restrictive measures against specific com

panies, and are willing to provide a fair, open and transparent business environment for all foreign enterprises.

During the visit, Peng Liyuan, Xi’s wife, also attended a number of events aimed at deepeni

ng cultural and educational exchanges between China and the European nations.

As a special envoy of the United Nations Educational, Scientific and Cultural Organization (UNESCO) for the advanceme

nt of girls’ and women’s education, Peng was invited to visit the headquarters of the UNESCO in Paris.

Wang said Peng’s visit highlighted China’s image of a hardworking, responsible maj

or country that actively participates in international education, gender equality and other affairs.

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You just have to cross 95% of the world and it would

  force the destruction or renovation of virtually every existing structure in the United States,” he said of

the plan, which aims to maximizing buildings‘ energy efficiency. “New York City would have to ri

p down buildings and rebuild them again, I don’t think so. This is the craziest plan.”

  He also bashed Green New Deal sponsor Democratic Rep. Alexandria Ocasio-Cortez of New

York, saying, “I see the white-haired, long-time senators standing behind this young woman and she’

s ranting and raving like a lunatic and the senators, these senators — ‘yes, I agree with this, yes, I agree.'”

  Trump specifically targeted 2020 presidential candidate and Democratic Sen. Elizabeth Warren of Massachusetts, say

ing that he should have saved Saturday’s speech for a real opponent closer to election season.

  ”I just want to be the Republican that runs against them,” he said of Dem

ocrats endorsing progressive projects such as the Green New Deal. “I’m going to regret th

is speech, this speech should have been delivered one year from now and not now, dammit.”

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Shenzhen surpasses HK in GDPal view of Shenzhen is se

Shenzhen’s 2018 gross domestic product surpassed that of Hong Kong, c

alculated by the annual average exchange rate, for the first time in history, as the latter u

nveiled the government’s 2019-20 budget on Wednesday.

Hong Kong’s GDP grew 3 percent in 2018 to HK$ 2.845 trillion ($362.4 billion), equivalent to 2.4 trillion yuan based on th

e average annual exchange rate, according to the government’s Census and Statistics Department.

Meanwhile, its neighboring city and China’s “Silicon Valley” Shenzhen earlier this ye

ar announced a year-on-year increase of 7.5 percent in GDP-2.422 trillion yuan in total.

Therefore, Hong Kong was behind by about 22 billion yuan and Shenzhen also ascen

ded to the top spot in GDP in the Guangdong-Hong Kong-Macao Greater Bay Area.

Shenzhen’s 2017 GDP already outperformed Hong Kong according to the rea

l-time exchange rate, but fell behind if calculated by the annual average exchange rate.

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