chief executive John Flin上海千花网tends the World Eco

The chief executive of HSBC has stepped down after less than two years in the job, as the bank

ing giant revealed solid first half profits but warned it faced “challenging” geopolitics.上海千花网女神会所

The bank has also said it could cut nearly 5,000 jobs due to a weaker outlook, and the depar

ture of John Flint comes as trade-war tensions flare between the United States and China.上海千花网

Under Flint’s leadership, the bank has pivoted to Asia, which

accounted for more than half of its operating income in the second quarter.

HSBC Chairman Mark Tucker said talks over Flint’s future had been “going on for a while” and the decision was not taken lightly.上海千花网女神会所

“In the increasingly complex and challenging global environment in which the bank op

rates, the board believes a change is needed to meet the challenges that we face and to capture the very s

上海千花网ignificant opportunities before us,” Tucker said. “This is a decision about the future.”

HSBC said it would look both internally and externally for a new leader and that Noel Q

uinn, head of the commercial banking division, will be interim CEO in the meantime.上海千花网

The 51-year-old Flint ran the bank’s retail and wealth management business be

fore taking over as chief executive last year. At that time, he was seen as a safe choice for the上海千花网女神会所

top job and was known to be the favored selection of his predecessor, Stuart Gulliver.

上海千花网In an interview with the Financial Times on Monday, Tucker said: “This had noth

ing to do with personalities; this was a unanimous decision of the non-executive directors.”

Tucker denied that Flint was opposed to new cost cutting plans, which HSBC revealed on Monday would result in up to

4,700 job cuts, or 2 percent of its 237,685-strong global workforce. The move is e上海千花网女神会所

xpected to hit senior staff the hardest, helping reduce salary costs by as much as 4 percent.

HSBC made the surprise announcement as it reported a 15.8 percent rise in pretax profit to $12.4 billion for the six months to June 30.

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The government has set上海千花网f doubling GDP per

er capita from 2010 to 2020 and clearly will reach that goal.

上海千花网女神会所Nicholas Lardy, an often-cited Washington-based expert on the Chinese economy, argues i

n his recent book The State Strikes Back: The End of Economic Reform in China that China could have co

上海千花网ntinued to grow at 10 percent per year throughout this decade if not for policy mistakes.

His core argument is that Japan and South Korea continued high growth r

ates until they reached GDP per capita equal to 60 to 70 percent of the US, so why can’t China?上海千花网

With all due respect, I think this is a silly argument. The early growth in both Japan and South Korea was based on for

上海千花网eign demand for exports. In South Korea, these exports were manufactured largely by state-led companies.

China is a much larger economy. There is not enough potential import demand in the worl

d to continue as a main driver of the economy’s growth. It takes longer to grow organically from domestic demand.

上海千花网女神会所Japan saw very fast economic growth from the 1950s to the 1970s based on technological c

atch-up and on fast export growth to the US. The export industries of Japan – mostly cars and electronics –

are extremely competitive. But, much of the domestic economy is protected and inefficient.上海千花网

A series of trade disputes with the US in the 1970s and 1980s culminat

上海千花网女神会所ed in the Plaza Accords in 1985 that limited Japanese exports to the US and forced Jap

an to roughly double the value of the yen. So, export-led growth was no-longer an option.

Instead of opening-up and reforming its domestic economy, Japan first chose to use monetary stimulus in the late 1980s, which上海千花网

resulted in an immense real-estate bubble and led to the real-estate and stock market collapses in 1990 to 1992.

Through the 1990s and 2000s, Japan then tried to use very large infrastructure investm上海千花网女神会所

ents to stimulate the economy. This just resulted in negligible growth, ecological damage and a government-d

ebt-to-GDP ratio of more than 200 percent – by far the highest in the world. In contrast, China’s strategy of str

uctural reform, opening up, and increasing domestic competition will lead to more sustainable GDP growth.

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More than three-quarte上海千花网bile phones imported

 to the US, 90 percent of laptop computers and more than half of connected devices are from China, according to

Spector’s association, the principal body representing software and digital information industries worldwide.上海千花网女神会所

“Given this volume, there is simply insufficient capacity in the rest of the world t

o absorb production shifts of these high-demand devices in the short term,” she said.上海千花网

That means that if more tariffs go into effect, US producers would have to either sacrifice pro

fits on US sales or pass increased costs on to consumers by raising prices, Spector said.上海千花网

The Hong Kong Special Administrative Region is expected to have a significant setback in approval

上海千花网女神会所of issues related to people’s lives, due to the forced closure of the city’s legislature after damage from a v

iolent break-in by protesters on Monday night, Legislative Council leaders said on Thursday.

The closure will put on hold deliberations on 40 items, most of which affect people’s lives, according to legislator and Finance Committee Chairman Chan Kin-por.上海千花网女神会所

Items to be discussed by the Legislative Council’s Finance Committee involve more than HK$70 billion ($9 b

illion) in appropriations, including issues of public health and public housing, he said.上海千花网

There are still uncertainties as US media reported that Trump said in a

news conference after his meeting with President Xi Jinping in Japan last week tha上海千花网女神会所

t existing tariffs would remain in place on Chinese imports while negotiations continue. But additional ta

riffs he has threatened to slap on other Chinese goods would not go forward “for the time being”.

To create a better business environment, Gao from the Ministry of Commer

ce said China’s Unreliable Entities List is still being developed and will be released soon.

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Consumption has b上海千花网een the top driver of econ

nomic growt上海千花网h for six years in a row. In 2018, it contributed to 76.2 percent of economic g

rowth, 18.6 percentage points higher than 2017, and it is expected to be a major force again this year.

“The government has been continuously deepening the reform of corporat上海千花网

e taxes and fees to stimulate enterprises, as well as implementing policies to stimulate em

ployment and encourage entrepreneurship,” said Andy Zhao, president of Nielsen China. “Meanwhile, per上海千花网女神会所

sonal tax reform has also taken place … consumers’ willingness to spend has been further encouraged.”

From home electronics to new energy cars, authorities have introduced policies to further stimulate domestic consumption.上海千花网

In early June, the National Development and Reform Commission, the Min

istry of Commerce and the Ministry of Ecology and Environment released an action plan to acc

上海千花网女神会所elerate the upgrade of consumption goods and resource recycling, which addressed the production, application a

nd innovation of new energy vehicles, green home appliances and the commercial use of 5G mobile phones.

The action plan also highlighted the potential for vehicle cons

umption in rural areas. In early January, the country issued an action plan to optimize co上海千花网女神会所

nsumption supplies, which also addressed subsidies for energy saving and new energy vehicles.

“The market size in China is not only huge, but is also undergo

上海千花网女神会所ing a consumption upgrade,” said Wang Qing, a research fellow at the Development Re

search Center of the State Council. “With the new round of policies being launched to stimulate consumption and c

ompanies diversifying their offerings, the consumption potential will be further liberalized.”

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She elaborated that unde上海千花网Hong Kong has

efited from the country’s reform and opening-up and has enjoyed greater room for growth and development in the areas of society, economy and livelihoods.

上海千花网On “two systems”, after its return to the motherland, Hong Kong is still internationally recognized as one of the freest ec

onomies in the world, with the basic rights and freedoms of Hong Kong people fully protected by the Basic Law, Lam said.上海千花网上海品茶

“Every one of us in Hong Kong, though holding different views and assuming different roles, loves this place and treasures our long-cheris

hed values. I and the SAR government will double our efforts to restore people’s confidence and get Hong Kong off to a new start,” Lam said.上海千花网

Lam assumed office in 2017 and has taken multipronged efforts ever since to tackle various issues

in society in a bid to ease the anxiety in the community and pave the way forward for Hong Kong. Tho

上海千花网上海品茶se well-received efforts have been made in areas such as housing, youth, education, and innovation and technology.

But the recent controversies and disputes in the community have made her reflect on her govern

ance style, which she vowed to “make more open and accommodating” in the future.上海千花网

In order to be closer and more responsive to the aspirations, sentiments and opinions of the comm

unity, Lam said she and the government will take the lead to enhance communication with the public and the legislature.上海千花网上海品茶

China has added 46 new majors to the catalog of secondary vocational schools to better

serve the country’s economic and social development, according to the Ministry of Education (MOE).

上海千花网上海品茶Among the newly-added majors are rural drinking water supply engineering technology, new energy

vehicle maintenance, unmanned aerial vehicle control and maintenance, online marketing and intelligent old-age service.

The setting of secondary vocational majors should aim to improve quality and efficiency of economic growth, build China into a m

anufacturer of quality and promote the Belt and Road as well as the Internet Plus initiatives, the MOE said in a statement.

Related adjustment should also meet the demands of new occupations created by new technology, new products and new business forms and models, it added.

“I know that the government has a lot to improve. We will continue to listen to the co

mmunity’s views and make continuous improvement to our work,” she vowed humbly.

The reception at the Hong Kong Convention and Exhibition Center was attended by Tung Chee-hwa, vice-chair

man of the Chinese People’s Political Consultative Conference National Committee; Leung Chun-ying, a

lso vice-chairman of the CPPCC National Committee; and Wang Zhimin, director of the Liaison Office of the Central P

eople’s Government in the HKSAR. Many other social dignitaries also attended the annual reception.

In recognizing outstanding individuals’ contributions in the community, the chief executive has awarded a total of 399 pe

ople on this year’s Honors List, according to the government’s gazette released July 1.

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More than 18,500 vaccinations have been provided, and

 more than 4,300 clients completed the standard series of three vaccinations within six months.

上海千花网品茶微信The Boao pilot zone is the first place on the Chinese mainland allowed to import HPV 9-valent vaccine

s and other drugs without needing central government permission, in line with the nine prefe

rential policies granted by the State in 2013 – in this case, speci上海千花网

al permission to import medical technology, medical equipment and medicine.

The provincial health and drug administrations will also s

end more supervisors to the pilot zone to provide guidance and coordination and strengt上海千花网品茶微信

hen supervision of medical institutions, the statement said.he rates o

f incidence for dozens of vaccine-preventable diseases last year dropped to a re

cord low in China, thanks to the national immunization program, the Chinese Center for Disease Control and Prevention said.

上海千花网品茶微信According to the center, the program has expanded from three vaccines against six diseases when it was introduced in 1978 to 14 vaccines against 15 contagious ones now.

Since the early 21st century, vaccination rates for newborns and children in China have remained steady at more than 90 percent.

Gauden Galea, the World Health Organization representative in China, recognized the country’s achi

evements in preventing more than 4 million deaths through its extensive immunization program over the past 40 years.上海千花网

During an event last week to mark the annual National Child Vaccination Awareness Day, which falls on April 25 each ye

ar, he said that more than 300 million cases of infectious diseases, including polio, diphtheria and measles, had been avoided in China.

Restoring public confidence in vaccines and maintaining a high vaccination rate have emerged as global health issues recently, as an increasing number of count上海千花网品茶微信

ries, including the United States, Italy and the Philippines, have observed increasing or even record-breaking surges of measles in the past two years.

The WHO blamed vaccine hesitancy, meaning reluctance or refusal to take vaccinations on u

nfounded doubts about their safety and effectiveness, and listed that as one of the major threats to public health this year.

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Apple CEO Cook attacked Qualcomm: We haven’t had any

35Early on Jan. 9, Beijing Time, Apple CEO Tim Cook attacked Qualcomm in an interview with CNBC on Tuesd、

ay, suggesting that it is almost impossible for the two companies to reach a settlement amid ongoing legal disputes.

“The problem between us and Qualcomm is that their policies are not licensed. We think it’s illegal.” Second, they have an obligation to provide a patent portfolio on a fair, reasonable and non-discriminatory basis. But they didn’t. They charged too much.

stioned the marketing strategy adopted by Qualcomm. The New York Times reported last November that Qualcomm hired Definers Public Affairs to write and disseminate false information about Apple in order to confuse media coverage.

“Companies should not pay people to write false news and publicize it,” Cook said. Things shouldn’t work that way.”

Qualcomm and its CEO, Steve Mollenkopf, have repeatedly said that the company wants an out-of-court settlement with Apple. But news from Apple seems to deny that possibility.

“We haven’t had any reconciliation with them since the third quarter of last year,” Cook said Tuesday. So I’m not sure where that idea came from.

Cook also responded to Apple’s critics Tuesday by saying that Apple’s ecosystem has never been so powerful.

www.riuy8.cn

We hope the two militaries will expand our cooperatio

tion on the basis of reciprocity and mutual benefit, and handle differences on the basis of mutual r

espect,” Wu said. “We should strive to make our military relations a stabilizer of the two countries’ ties.”

He also warned against US’ moves regarding Taiwan.

“Such moves were like playing with fire and hugely compromise Chin

a-US military relations as well as the peace and stability in the Taiwan Straits,” Wu s

aid.he State Council recently released a circular calling for further efforts to step up

innovation and opening-up in national economic and technological developm

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The US administration’s “America first” policy, repres

ented by its unilateral and protectionist moves, has harmed both countries’ economic interests an

d proved to be a drag on the global economy, as the recent turmoil in the international capital market shows.

Simulation tests of large general equilibrium models show that

both countries’ economic indicators would suffer due to the US tariff hike on $200 billio

n of Chinese goods two weeks ago. For example, China’s GDP could decline by 0.657 percent, manufacturing jobs by 1.02

8 percent, exports by 3.359 percent, and imports by 1.384 percent, while the decrease in the US’ GDP would be 0.004 per

cent, manufacturing jobs 0.652 percent, exports 1.876 percent, and imports 3.883 percent. And global GDP, ma

nufacturing jobs and trade could reduce by 0.123 percent, 0.28 percent and 0.79 percent.

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In Shanghai, Mi Jia Kao Cai Fan, a restaurant that serves a tra

 traditional local cuisine-rice with salted pork and greens, the Cai Fan in the name-has ga

ined a good reputation for its traditional flavors and its striking interior design.

Instead of rows of tables that can seat four or more people, the restaurant has just one long table

divided into individual booths by boards. When seated, diners face a small curtain-covered window, wh

ere the food is served anonymously. Each booth contains coat hangers and charging sockets.

“I wanted to let our customers know that a single person also needs to eat well, so I designed things this wa

y to make them feel less ashamed about eating alone. One person can eat out and enjoy it,” said Li Le, the owner.

Many diners have left supportive comments about the eatery on Dazhong Dianping, an online restaurant review platf

orm. “With one person, one booth, eating alone is no longer embarrassing. A bowl of fragrant rice with a bowl of re

freshing mung bean soup provides a very comfortable dinner here,” commented a customer called Kobayashi1214.

shanyankun.cn