On the other hand,上海会所he past, the Fed now has t

to take the delayed effect of balance sheet reduction conducted earlier into its consideration of rate cuts. The current phase-out of balanc

上海会所e sheet reduction already has some easing effect, and only after the balance sheet reduction ends in September, can its impact become clearer.

By incorporating that impact into consideration, the Fed can draw up a better rate cut plan that maximizes effects of the policy mix.上海会所

Thirdly, the market may have overestimated how much the Fed will cut the rates. There may be no more than three rate cuts by the end of 2020.

St. Louis Fed President James Bullard – the major advocate of this

round of rate cut – has suggested the use of the modern-day Taylor rule, which fairly well explains th上海会所

e Fed’s interest rate decisions. Even based on this model adopted by dovish Fed officials, we found that the degree of rate cuts may be weaker than m

上海会所arket expectation for quite some time going forward: at most one cut by the end of this year and likely two or three cuts by the end of 2020.

By contrast, before the June FOMC meeting, the market expected a higher-than-85-percent chance of more than one rate cut by the

end of this year as well as an about 60-percent chance of more than three cuts by the end of 2020, according to Bloomberg data.上海会所品茶微信

In conclusion, we think as economic downside pressure gradually emerges, the Fed will have to kick off the rate cut cycle. But the rate cut si上海会所品茶微信

gnal, timing and degree may not measure up to the market expectation. Therefore, two future developments appear possible:

First, investor sentiment can reverse drastically if the Fed’s action fails to meet market expec上海会所品茶微信

tation. Considering the market has fully priced in the unrealistic expectation of rate cuts sinc

e early June, any reversal of expectation can lead to short-term fluctuations of key price signals such as the US Treasury yield cu

rve, the US Dollar Index, and the gold price, which may pose extensive spillover shocks to asset portfolios.

Second, the long-term trend of rate cuts will continue even if the market expectation reverses. In the long

run, the Fed is expected to proceed with rate cuts in a fairly slow and smooth way. This will enlarge the monetary policy room of ot

her major economies and expedite the shift toward an easing global monetary environment, which may in turn lift the sen

timent of global stock markets and ease any currency risk of emerging markets gradually.

Cheng Shi is the managing director, head of research and chief economist of ICBC Interna

tional Holdings Ltd.Qian Zhijun is a senior economist of ICBC International Holdings Ltd.

chitudoudemao.cn

Xi attributed the Par上海后花园品茶微信and victories to its

 remaining true上海后花园品茶微信 to its original aspirations and always keeping in mi

nd its missions to pursue happiness for the people and rejuvenate the Chinese nation.

As socialism with Chinese characteristics has entered the new era, Xi warned Party members and leading officials not to lose revoluti

onary spirit and fighting courage, and required them to eternally remain true to the Party’s founding mission.

He highlighted the importance of carrying out self-reform within the Party as some dange

rous problems and risks that possibly undermine the CPC’s long-term governance have surfaced from time to time.

Problems and impediments that could shake the foundation of the Party must be eradicated through thorough self-reform, and Party members should li

sten to the people’s voices and voluntarily accept the oversight of the people, he said.

“To forge iron, one must be strong,” said Xi in his first public address after being elected general secretary of the CPC Cent

ral Committee in November 2012. His words nearly seven years ago spurred the whole Party to carry out self-reform.

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Australian-born Assan上海千花网品茶微信aximum penal

ty of 10 years in 上海千花网品茶微信prison for each charge. He was initially accused of violating the US Espionage Act.

He was sentenced to 50 weeks in jail in May for breaching the Bail

Act in Britain after having been expelled from Ecuador’s Embassy in London, where he was gra

nted refuge in 2012 while on bail in Britain over sexual assault allegations against him in Sweden.

Assange has said that he does not consent to being extradited to the US over charges related to leaking government secrets.

More evidence and details emerged as prosecutors laid out their cas

e in the federal death penalty trial of Brendt Christe

nsen in the slaying of 26-year-old missing Chinese scholar Zhang Yingying, at the federal courthouse on Thursday.

Christensen, 29, a former physics graduate student at the University of Illinois,

is accused of picking up Zhang at a campus bus stop, then raping and torturing her in his apartment,

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inopec establish joint venture with Russian companie

hina Petrole上海会所品茶微信um and Chemical Corp, the world’s larg

est refiner by volume, has agreed to establish a joint venture with Russia’s Novatek and Gazp

rombank to market natural and liquefied natural gas (LNG) in China, Sinopec said on Thursday.

The agreement, which aims to sell LNG produced by Novatek in the Arctic, was signed fo

llowing talks in Moscow between Russian President, Vladimir Putin, and Chinese President, Xi Jinping.

The agreement will be of considerable economic and social benefit an

d will further diversify China’s natural gas imports, while meeting ever-increasing ga

s demand in the country, said Dai Houliang, China Petrochemical Corp president.

www.aaart.org.cn

Li Xiuzhi (center) poses for a photo with her family on May

Wang Aiqin, one of Li’s granddaughters, said that Li has four sons who

take care of her in rotation every month, along wi

th her three daughters. Li can remember all her family members but is slightly deaf.

Li enjoys good relationships with her neighbors, and is healthy, having used to be a farm worker.

She lives a routine life and does regular exercise, while her diet

consists mainly of porridge, steamed buns and vegetables, Wang said.

“She likes to watch some TV programs of traditional operas, and we bought her a TV set,” Wang said.

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While many people doubt whether Mo could top the s

success of winning the Nobel Prize in Literature in 2012, Zhang Qinghua, professor at Beijing Normal University, believes that Mo’s way of dealing with this h

as been to make a return to his hometown, a village in Gaomi, Shandong province, both in reality and spiritually.

Mo didn’t publish any new work in the five years following the award, when in 2017 he

released several short stories, poems and theater works, mainly reminiscing about his hometown.

Unlike Mo’s former novels, Peking University professor Chen Xiaoming notes th

at his new works are more reserved, realistic stylistically and employ more simple language. Literary cri

tic Li Jingze is impressed that Mo has remained acutely sensitive to the realities of urban and rural life.

www.qianpadbe.com

So by holding lectures, conducting dialogues and screen

ning movies related to the countryside and contributed by guest authors, the region’s local literary legacy can both be re-examined and extended.

Many modern and contemporary works of Chinese literature touch on common rural issues – childhood upbringing, family inheritance and people’s exp

erience of being stuck on the bottom rung of society – that have been rooted in Chinese farming culture for thousands of years.

China’s urbanization has been rapidly progressing to the extent that rural life has become

something unfamiliar to the majority of the population, which is very different from what it was like just three de

cades ago, according to Ge Fei, author and a Chinese literature professor at Tsinghua University in Beijing.

He was rst day of the festival, interpreting what it means to us when rural societies fade away.

qianpadae.com

“I think there are advantages and opportunities on b

oth sides if we can get people to sit down and really look at how do we put these pieces together,” Holden said.

He listed infrastructure, energy, education and business-to-business relationships as potential areas of coope

ration between China and the US, and he suggested such cooperation could start from subnational bilateral exchanges.

“It’s so important to be working at the state and local level. Because in that fashion, by buildin

g these relationships now, hopefully we get a more stable relationship nationally going forward,” said H

olden.hina’s relevant government department decided to open an investigation into US shipping company Fed

Ex, for suspected infringement of Chinese customers’ legitimate rights and relevant laws and regulations.

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The escalation in trade tensions between China and the

he United States, may lead to weaker business confidence and slower

global trade growth, which is expected to weigh on investment and exports in 2020. But in the n

ear term, as China shows positive surprise in GDP growth in the first quarter, and the macroeconomic policies hav

e taken effects on stabilizing the growth, the GDP growth rate is likely to stay at 6.2 percent, the report said.

“In response to the growth moderation and less favorable external conditions, the government in

troduced a fiscal stimulus emphasizing tax incentives,” said Martin Raiser, World Bank Country director for China.

“While the central government has fiscal space to further increase spending, if necessary, the additional stimulus should be ap

propriately funded either directly at the central level or through additional fiscal transfers to the provinces. Highe

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China’s Qomolangma climbing season runs from April 10 t

At least four deaths have been blamed on crowding during the climbs, Agence France-Presse reported.

People should be well prepared to handle Qomolangma’s traffic jams which are common phenomena along climbing paths, said alpinists who had reached the summit.

“Although the news about the jam on Qomolangma this year has gone viral, people should understand that it happens every year during the brief cl

imbing window. Knowing what to do when climbers jam the narrow paths should be incl

uded in their training well in advance,” said Ma Liyamu, who reached the top of Qomolangma, the world’s ta

llest mountain at 8,848 meters, on May 22 and was also held up by the crowds on her descent.

She is the leader of a mountaineering team of three Chinese women w

ho scaled Qomolangma. They launched their expedition from Nepal, which issued 381 cli

mbing permits for the season that concludes this week. Nepal’s permits this season cost $11,000 each.

gzbbcl.com