et forces, and China has never taken any measures to deliberately devalue the currency to make its exports more at
tractive, said Guo, who is also head of the China Banking and Insurance Regulatory Commission.
According to Guo, the short-term fluctuation of the RMB exchan
ge rate was normal, and the depreciation will not last long given the stable economic growth base.
“Any speculative activities to short the RMB will suffer huge losses,” he warned.
The RMB’s daily trading reference, or the central parity for onshore trading, has been stabilized arou
nd 6.89 per dollar for eight days from May 20, and market watchers said market-oriented depreciation pressure was losing steam.
Yi Gang, the central bank governor, has said several times that the PBOC has ceased
direct intervention in foreign exchange markets, and the performance of RMB is address
uled to become a shareholder of the joint venture by the end of 2019, holding at least 1 percent of i
ts equity. According to Chinese norms, it is mandatory for international brands to produce vehicles in China bearing its names.
Luca de Meo, CEO of SEAT, said: “China is the benchmark country for electric vehicles. We aim to be a part of this ecos
ystem in order to exchange knowledge and make progress in achieving global mobility that is more sustainable.”
Currently, JAC, Volkswagen and SEAT are building a 4 billion yuan ($579 million) research and development center in Hefei, which is expected to open in 2021.
JAC and SEAT also plan to develop their own platform for smaller electric cars, a segment that is growing faster than the large-sized ones in China.
“The close cooperation between SEAT and JAC will allow us to create synergies, which wil
l significantly increase our market coverage,” said Volkswagen CEO Herbert Diess, who is also chairman of SEAT.
ch means even if Beijing does not take countermeasures equal in scale to Washington’s, the US economy will not be left unscathed.
Tariff hike will harm both China and US
The list of products subject to US tariff hike covers daily necessities, light industry and machinery, with the main targets
being agricultural and food products, and general manufacturing goods produced by light industries.
In terms of agricultural and food products, China is the third-largest supplier to the US, with processed fruits and
vegetables; fruit and vegetable juice; fast food and snacks; fresh vegetables and tea leaves being the main items.
big data industry and is willing to share opportunities of the digital economy’s development with other countries and jointly explore new
growth drivers and development paths by exploring new technologies, new business forms and new models, Xi added.
With increasingly wider applications of digital technologies in China, the country is expected to generate
and store 27.8 percent of global online data by 2025, up from 23.4 percent last year, according to a r
eport by market researcher International Data Corp and data storage firm Seagate.
In comparison, the US share will stand at 17.5 percent by 2025, a drop from its 21 percent share in 2018, the report added.
United Nations Secretary-General Antonio Guterres said th
at from medicine to transportation to farming, big data presents the world with a re
markable tool to advance global progress, but with that opportunity also comes risk.