The strategic guiding role of national development plannin

ng should be leveraged to improve coordination mechanisms

for economic policies such as finance, currency, employment, industry, and regional develop

ment to ensure the nation’s economic development stays within a reasonable range, the statement said.

The meeting highlighted the importance of strengthening innovative cap

abilities as well as opening-up and cooperation in this regard, and called for improving the serv

ices and environment for opening-up and cooperation so that development is promoted through opening-up, inn

ovation is advanced through reforms and win-win results are achieved through cooperation, it said.

Tough and newly emerging problems should be resolved through deepening reforms, the state

ment said, adding that the capability of dealing with challenges and preventing risks should be intensified.

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On Tuesday, a picture showing a questionnaire that a lo

ocal kindergarten had used to ask children whether they we

re involved in gangs went viral on the internet. The local educational bureau said that the rese

arch was meant to stop bullies in kindergartens instead of finding gangster members.

Over 90 percent of Hong Kong college students responding to a survey said they were optimistic about the country’s fut

ure, and more than 80 percent said they would like to work on the mainland according to a report released Wednesday.

The HKUYA Student Exchange Network published the report based on a survey they carrie

d out between February and March on Hong Kong college students’ employment intentions for the mainland.

Nearly 75 percent of respondents said the major reas

on for them to work on the mainland is a plethora of job opportunities.

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employment market, based on big data of online recruit

 this year was 1.68, down from 1.91 in the first quarter of 2018. Although the figure was above 1, the balance line, it was the first decline since the beginning of 2018.

About 8.34 million new college graduates and 2 million migrant workers are expected to enter the job market this year. Added to the list of job seekers woul

d be those who lose their jobs because of the industrial structural transformation and special type of job see

kers such as veterans. This means at least 12 million urban jobs have to be created this year.

Still, the employment pressure this year is not overbearing for two re

asons. First, the number of job seekers has not increased considerably from last year.

In fact, the number and ratio of China’s working-age people have both d

eclined for the seventh consecutive year. Over the past seven years, China’s working-age

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Addressing the plenary session of the Fourth Eastern Eco

n Economic Forum in Vladivostok, Russia, in September, Xi called for regional memb

ers to actively align their development strategies and work together for an open regional economy.

Wu Hongwei, a researcher of China-Russia relations at the Chin

ese Academy of Social Sciences, said bilateral cooperation plays a prominent role in guar

anteeing world peace and security at a time when the global situation is clouded by tensions and turmoil.

The two countries share the same position in promoting a mo

re stable and multipolar world, Wu said, adding that they

have sent such signals through supporting and coordinating with each other on international occasions.

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The world’s second-largest economy maintained its fore

eign exchange reserves at $3.095 trillion at the end of April. The reserve amount was stable, altho

ugh it slightly retreated from $3.098 trillion at the end of March, according to the State Administration of Foreign Exchange.

Li Yang, director of the National Institution for Finance and Development of the Chinese Academy

of Social Sciences, said that China is unlikely to sacrifice foreign exchange reserves to de

fend its currency, even if depreciation pressure rises amid any escalation in trade tension.

In May, the offshore RMB exchange rate against the US dollar dropped more than 3 percen

t under market pressure as global investors worried about the escalation of trade friction.

Guo Shuqing, Party secretary of the People’s Bank of China, the central bank, said on Monday that higher US tariffs on Chin

a’s imports triggered financial market volatility, and this also affected the offshore RMB.

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RMB’s value determined by market forcesce forex rese

Beijing will not sacrifice forex reserves to defend its currency, analysts say

China would rather rely on market-oriented forces to determine the renminbi’s value than defend its currency by d

ipping into its $3 trillion foreign exchange reserves amid trade disagreements, analysts said.

The United States Treasury announced on Wednesday that it could not label China a

s a “currency manipulator” after Washington monitored the recent performance of the RMB.

No evidence was found to show Chinese monetary authority intervention in foreign exchange markets over the past sev

eral months, according to the US Treasury’s semiannual foreign-exchange report to Congress.

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The 5G tech will not only improve the way people liv

 live and work, but also accelerate China’s social digital transformation as well as build key competence amid the uphill battle in the global industry,” Huang said.

“There are huge investment opportunities for 5G industries, including materials, chips,

main equipment suppliers, base stations, antenna, cloud computing, internet of vehicles and the internet of things,” Hu

ang said. “5G will bring historic opportunities for China’s economic and social development.”

A new 5G research institute has also been established in Yizhuang, Beijing on Wednesday.

According to a new report by Global System for Mobile Communications Associ

ation, China is set to become the largest 5G market in the globe, with 460 million 5G users by 2025.

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Issoufou congratulated Xi on the 70th anniversary of the f

 founding of the People’s Republic of China and the great achievements that Chinese people have made under

the leadership of the Communist Party of China. Noting that China’s development has made important contributions to m

ankind, Issoufou said that China’s inclusive economic growth has lifted a huge number of people out of poverty.

Niger supports the goal of building a community with a shared future for mankind, and the BR

I put forward by Xi will bring benefits for the whole world, he said, adding that Niger would like to pro

actively participate in the Belt and Road. While meeting with Issoufou on Tuesday, Premier Li Keqiang said that Chi

na would like to offer a hand to Niger for the country’s economic development and the improvement of people’s lives.

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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.

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Data show that over the past two years, about one-thir

ird of the college graduates chose to pursue a post-graduate degree instead of entering the job mark

et, and within six months of graduation more than 90 percent college graduates found employment.

Despite all this, there are still many structural employment problems. Take college graduate

s for example. Many college graduates seek a high-paying job and a majority of them prefer to work in the e

astern region, first-tier cities and large enterprises, which are wishes the employment market can hardly fulfill, esp

ecially because some college graduates don’t possess the skills to meet the market’s demands.

What should be a bigger concern, however, is the possible impact of the Si

no-US trade dispute on the job market. In 2009, the estimated unemployment rate among

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