Huawei CEO addresses US ban, 5G and users’ rights

Ren said in an interview with Chinese media in Shenzhen on Tuesday that “We are very grateful to the

US companies. They have made a lot of contributions to us. Many of our consultants are from American companies such as IBM.

“We can make chips as good as those made by US companies, but it does not mean that we will not buy chips from them,” Ren added.

He said the company will not exclude US chips. “Instead, we should grow together. But if there is a

supply shortage, we have a backup. In the “peace period”, half of our chips are from the US companies and half

from Huawei. We cannot be isolated from the world.”Ren also highlighted that Huawei’s 5G plan will not be affected by

the US ban. “Others will definitely not be able to catch up with Huawei in 5G technologies for two or three years,” he said.

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website of the Footwear Distributors and Retailers r to an

Different from the first several batches of tariffs that focused more on industrial and agricultural products, the most rece

nt 25 percent tariffs on Chinese imports target mostly consumer products, including sneakers, clothing and furniture.

Trump has, on his Twitter account, asserted that “there is no reason for the U.S. Consumer to pay the Tariffs”.

The open letter, however, said “there should be no misunderstanding” that US consumers pay for tariffs on products that are imported.

“As an industry that faces a $3 billion duty bill every year, we can assure you that any incr

ease in the cost of importing shoes has a direct impact on the American footwear consumer,” it said.

It is an “unavoidable” fact that as prices go up at the border due to transportation costs, labor r

ate increases or additional duties, the consumer pays more for the product, the footwear trade and business association said.

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winners will represent them at the European Parliam

ament for the next five years. Each country gets certain seats based on proportional representation and chooses lawmakers based on its own rules.

Tian Dewen, a researcher in European Studies at the Chines

e Academy of Social Sciences, said that the coming elections are important barometers that reflect Eur

opean people’s attitudes toward their own governments as well as EU integration.

He is certain that nationalist and far-right parties will gain ground, but it is still possible that the mainstream groups, which a

re mainly politically center-left and center-right, will be able to effectively control the parliament. “If the current rul

ing parties lose many seats in the election, it indicates that they will face similar difficult situations in the followin

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It was in the European Parliament elections five years

ago that small numbers of nationalists and far-right politicians won seats, signaling the challenges since faced by ruling parties acr

oss the EU, said Cui Hongjian, director of the department for European studies at the China Institute of International Studies.

Mainstream European political groups have tried hard to curb their

rise and haven’t coped well with problems raised by the populist and far-right parties, Cui said.

Clemens von Goetze, Germany’s ambassador to China, said at a news conference

in Beijing on Saturday that he hopes mainstream political groups that support the integration of EU will win the elections.

He said, mainstream groups in Germany are working hard to tell voters the importance of the EU and encouraging those realize the value of EU integration to

cast their ballots this week. The turnout of voters was quite low in the 2014 European Parliament elections.

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hina’s ‘big three’ State-run airlines ask Boeing for compen

Air China, the country’s leading carrier, has formally requested compensation from Boeing Co for th

e grounding of its 15 737 MAX aircraft and delayed deliveries of future planes, the company said Wednesday.

China Southern Airlines, another of China’s “big three” State-run

carriers, has also officially asked the US aircraft-maker for compensation involving its 24 gro

unded MAX aircraft and postponed deliveries of such planes, CCTV reported the same day.

Shanghai-based China Eastern Airlines had already sought compensa

tion from Boeing for incurring considerable losses after the grounding of the 737 MAX aircr

aft following two major crashes, according to a previous China Daily report citing People’s Daily.

The carrier filed a claim against Boeing for the losses caused by 14 suspensions of 737 MAX ai

rcraft since March 11 and delayed delivery of the models it had booked earlier, the report said.

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The China-US trade disputes have significantly influe

enced the renminbi’s performance, said Wang Shengzu, co-head of Investment Strategy Group Asia Goldman Sachs.

But the currency is unlikely to slip out of a reasonable range, assuming there is no big shock from the trade talks, Wang said.

As a sound base for a stable renminbi, “the Chinese economy has shown sig

ns of bouncing up, shown by the faster-than-expected growth of industrial output, ret

ail sales, and credit in the first quarter, and this means that economic activity is improving with supportive pol

icies”, said Wang.Liu Shiyu, China’s former top securities regulator, was under investigation for alleged violations of

the law, according to a statement Sunday from the Central Commission for Discipline Inspection.

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Telecom carriers, chipmakers and smartphone vendors

 in China are ready to commercialize 5G. China will directly grant 5G licenses, instead of the prev

ious plan to give several key cities interim 5G licenses, to better time the rollout,” said a source clo

sed to the telecom industry regulator who asked to remain anonymous because public statements are not authorized.

Michael Gao Wenhao, deputy general manager of the 5G industrial products line at ZTE, disclosed at a 5G conference in

Hong Kong on Thursday that “China is likely to start commercial use of 5G nationwide on Oct 1”.

He told China Daily that he got the information from the country’s major telecom operators.

China said earlier that it was considering a pre-commercial launch of 5G this year, follo

wed by large-scale commercialization in 2020. Miao Wei, minister of industry an

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Air China Ltd, China Southern Airlines Co and China Eastern Airl

Airlines Corp are in preliminary talks to seek compensation from Boe

ing for the disruption from the 737 MAX stoppages. At present, the report has not yet been verified.

According to a China Eastern representative previously quoted by The Paper, the issue has h

ad a limited and controllable effect on the company, and it has had more of an impact on the whole indu

stry.Wang Yuan, a popular youth icon, expressed regret and determination to behave himself on his social media acc

ount after getting a warning from health authorities for smoking indoors on Tuesday.

Photos revealed Wang, 18, was smoking at a Beijing restaurant on Monday night. It is forb

idden to smoke indoors according to municipal regulations on tobacco control.

Wang carries wide influence as a youth icon, and his violation of regulations has triggered heated discussion online.

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Another major problem is that the return on equity in the

infrastructure sector is a mere 3 percent while that in the US capital market is about 12 percent. So how can the US attract more private capital to the infr

astructure sector without guaranteeing a return on equity equal to that in the capital market?

US suffering from a financial Dutch disease

The US’ monetary hegemony is itself a big impediment to the reindustria

lization process, which could be viewed as a sort of financial Dutch disease-the apparent causal

relationship between the increase in the economic development of a specific sector and a decline in other sectors. The mor

e heated the US stock market gets, the more serious the Dutch disease will become. And, ironically, the US leader is k

een on strengthening the stock market to showcase his political and economic track record.

Besides, the US administration cannot launch large-scale infrastructure construction projects, significantly redu

ce the trade deficit with China and deny Chinese investors access to its market all at the same time.

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To make up for the increasing savings gap, the US need

eds to introduce and use more foreign capital, which will further enlarge

the trade deficit. Therefore, the US cannot simultaneously maintain a high growth r

ate, 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-regu

lation of the economy, the US administration has been trying to impose regulations on int

ernational trade, even for its trade partners’ domestic economic management.

Results for US may be unsatisfactory

The US administration’s more often than not conflicting goals have

resulted in the trade conflicts with China and other countries. For instance, China’s exports to t

he US grew 11.3 percent and its trade surplus with the US increased to $323 billion in 2018, up 17.3 percent year-on-year.

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