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

As Kong understands, there are plenty of opportunitie

 for insurance companies in the integrated development of the Yangtze River Delta region, with transportation as a top priority.

上海夜网女神会所”Insurance capital can help the government to boost domestic consumption. A co

mprehensive transportation network connecting railway, subway, ports and even airports has上海夜网

been a longstanding goal of many cities in this area. This is where insurers can play a big role,” he said.

Elderly care is another sector where insurance companies can find big opportunities, said Ko

ng. In early June, CPIC opened an elderly care community in Hangzhou, and is about to launch a new one in Nanjing.上海夜网女神会所

“The idea is to let the senior citizens in Shanghai enjoy quality elderly care services in other parts of the Yangtze River Delta region. Mor

e room in Shanghai can thus be given to ambitious young entrepreneurs to set up their own businesses,” he said.

The integration of risk prevention schemes for peasants in the Y

angtze River Delta region is one more area where insurers can focus on, said Kong.上海夜网

Peasants’ income can be largely increased via products such

as cost insurance, yield insurance, income insurance or one-stop insurance service.

He Haifeng, director of the Institute of Financial Policy, which is a part of the Chinese Academy of Social Sciences, said the int上海夜网女神会所

egrated development of the delta region presents many latent challenges. So, more efforts should be made to r

eform finance and tax areas, to reduce fees in various fields, and improve the overall business environment.

Work on a new film based on a script by novelist Liu Cixin, the first Asian ever to win a global sci-fi literature’s top honor Hugo Award, has just begun.上海夜网女神会所

The movie called Mo Ri Zheng Jiu (The Rescue on the Last Day) will star award-winning Hong Kong actor Nick Cheung Ka-f

ai and veteran actor Hu Jun, best known for the first Sino-Kazakh coproduction The Composer.

Director Shen Yue says that Liu wrote the script before he started to write The Three-Bod

y Problem, which won the Hugo Award for Best Novel in August 2015. The book was first published in 2006.

Zhu Jin, the curator of Beijing Planetarium, will be the film’s chief science consultant.

www.shlf21.com

Premier urges support 上海品茶微信女神会所 beside a China R

Innovative overs上海品茶微信女神会所ight helps companies improve their cross-border business

Greater policy support and innovative government oversight is needed to shore up the growth of cross-border e-c

ommerce, Premier Li Keqiang said during an inspection trip to Zhejiang province on Wednesday and Thursday.

As he visited a pilot zone in Hangzhou, the premier underlined the role of cross-border e-commerce in

enabling more businesses to take part directly in international trade.

He noted that the business model is a major trend for the future develo

pment of international trade, and it will help promote the integrated development of busin

esses of various sizes and benefit the upgrading and branding of domestic manufacturers.

shlf19.com

Entrepreneurial activities and innovation will bolster th

e development of the Internet Plus model. This will help foster new drivers of g

rowth, deliver better services, boost consumption and expand employment,” Li said.

A 52-year-old man from Southwest China’s Sichuan province will sit f

or the national college entrance examination, or gaokao, on Friday for the 23rd time.

Liang Shi, who was born in 1967 in Wengong township, Rensh

ou county, Sichuan province, took the gaokao for the

first time in 1983 and also in the two following years, as his teacher parents insisted.

Liang, the fourth child in his family, said he realized his parents wi

shed their five children would study in university, but n

ne of them did. The family’s situation could not support his further studies and Liang started to work.

ozsnl.cn

With all expressway lanes capable of offering ETC servic

vice by October, an increase in the number of China’s ETC users will make the 90 percent passage via ETC

a reality by year-end, the action plan said.

Starting from July 1, 2019, the country will strictly implement the poli

cy of granting a discount of no less than 5 percent off expressway tolls for ETC use

rs. By the end of the year, the number of ETC users is expected to top 180 million, the action plan said.

The plan calls for increased investment in building the ETC infrast

ucture to increase the proportion of ETC lanes, which should be no less than 70 percent by

the end of October for big and medium-sized cities, new towns and sites near scenic spots.

Given that some vehicles may not have installed ETC devices by yea

r-end, expressways will still offer some manned lanes, accepting mobile payment.

swicbt.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.

www.swicbt.cn

The president said China will work with Russia to fost

ster stronger synergy between the Belt and Road Initiative and the Russ

ian-led Eurasian Economic Union, advance negotiations on a Eurasian economic pa

rtnership agreement and enhance facilitation of regional trade and investment.

He said development and use of the Arctic shipping routes will provide

new opportunities, a new platform and new impetus for synergizing the BRI and the EAEU.

Security and environmental protection are crucial in developing these routes, and China encourages its compan

ies to take an active part and make practical contributions to the commercial op

eration of Arctic shipping routes and local economic and social development, he said.

yuanzjj.cn

Minister General Wei Fenghe speaks at the Shangri-La Dialo

The People’s Liberation Army will adamantly support regional and world peace, but will not be

“bullied or preyed upon” by foreign powers into giving up national sovereignty and legitimate int

erests, State Councilor and Defense Minister General Wei Fenghe said on Sunday in Singapore.

Experts said Wei’s speech at the Shangri-La Dialogue, a key defense summ

it, marked a milestone in Chinese military diplomacy as Wei showcased the PLA’s confide

nce, positions on key issues and its sincerity and willingness to exchange and cooperate with other countries.

It is the first time in eight years that a Chinese defense minister has participated in the event.

Building a community with a shared future for mankind is the right path forward an

d the trend of the times amid growing uncertainty and instability around the world, he said.

www.zsdbv.cn

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