Re-weighting of indexes 上海会所affect capital flows

Major stock and bond index providers have started, or have announced that they inten

上海会所d, to increase the weighting of China’s securities in their respective benchmark indexes over the course of 2019-20.

Global index provider MSCI Inc. announced in February that China’s coverage in the MSCI上海会所品茶微信

Emerging Market Index will increase from its coverage of 235 large-capitalization A-shares to 253 la

上海会所rge-and 168 mid-capitalization stocks. On a pro forma basis, A-shares will constitute 3.3 percent-a significant inc

rease from the current 0.7 percent-of the MSCI-EM Index when the process is completed in November.

The FTSE Russell, the first international index provider of the Chinese mainland’s benchmarks 20 years ago, has elevated Chi上海会所

na’s A-shares to emerging market status and started adding them to the FTSEEM Index from June 24, 2019. Upon f

上海会所品茶微信ull implementation of phase 1 by March 2020, the A-shares will make up 5.7 percent of the index.

And the Bloomberg Barclays Global Aggregate Bond (GAB) Index started the process of including China’s yuan-den上海会所

ominated government and policy bank bonds as a constituent on April 1. Other index providers, such as the FTSE R

ussell and JPMorgan, are reportedly also considering adding China’s debt to their indices.上海会所品茶微信

The MSCI, FTSE Russell and Bloomberg Barclays GAB indexes cover a

sizable share of the investible markets in the world. For example, the MSCI-EM alone is tr

上海会所acked by an estimated $1.9 trillion in assets under management (AUM) from pensions, endowments, passive funds, and

other investors. And the re-weighting of these major global investment indexes is expected to result in a re-allocation of capit

al across emerging markets. As a result, China’s asset market will inevitably become more important for glo上海会所

bal investors, notwithstanding the “noise” created by the ongoing US-China trade tension.

上海会所品茶微信Welcome shift for Chinese firms and global investors

An increased weighting for China’s securities in these indexes in the MSCI would me

an a larger allocation of AUM by foreign fund managers into the Chinese markets. While this shift would b上海会所品茶微信

e a welcome development for both Chinese enterprises seeking financing and global i

nvestors searching for emerging opportunities, it potentially represents bad news for other emerging markets.

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The headline figure sh上海龙凤419 economy expanded

cent in the second quarter of 2019, down from 6.4 percent in the first qua

rter but still within the government’s annual targeted range of 6-6.5 percent.上海龙凤419品茶微信

Despite the moderating GDP growth, activities rebounded visibly in June, with almost all the growth indicators beating expe

上海龙凤419ctations, a sign that effects of the government’s policies are filtering through, which will be more evident in

the second half, said Mao Shengyong, spokesman of the National Bureau of Statistics.

UBS economist Wang Tao expected the People’s Bank of China (PBO上海龙凤419品茶微信

C), the country’s central bank, to further ease liquidity to ensure continued credit reb

上海龙凤419ound in H2 and cut the reserve requirement ratio (RRR) by 100 basis points without adjusting the benchmark rates.

Cheng Shi, the chief economist with ICBC International Holdings Ltd, echoed Wang’s view and said followi

ng the possible rate cut of the Fed, the PBOC is lik上海龙凤419品茶微信

ely to lower the interest rates of open market operations or the medium-term lending facility.

上海龙凤419The PBOC adopted targeted RRR reduction twice this year to support priv

ate as well as micro and small enterprises. The latest RRR cut, announce

d in May and being conducted in three phases, unleashed a total of 280 billion yuan of liquidity into the market.

The government is expected to continue the proactive fiscal policy, w上海龙凤419品茶微信

ith more support for weak links such as public services and infrastructure.

上海龙凤419Meng Wei, a spokeswoman of the National Development and Reform Commission, said the government would p

ush forward the construction of major projects and boost investment in the private sector.

The growth of infrastructure investment is expected to rebound to “m上海龙凤419品茶微信

id-high single digits” in H2 from 4.1 percent in H1, said Wang Tao, the UBS economist.

The government could also ease the criteria for the issuance of sp上海龙凤419品茶微信

ecial local government bonds, and allow them to fund local infrastructure projects along with

major national projects, said Lian Ping, chief economist with the Bank of Communications.

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The interim regulation 上海夜生活 clear language of the

 law in several respects,” Stephen Legomsky, a former chief coun

sel of the US Citizenship and Immigration Services, told Reuters in an email.上海夜生活

In January Trump required many asylum-seekers to wait out their cases in Mexico, known as the

上海夜生活女神会所”Remain in Mexico” policy or the Migrant Protection Protocols (MPP), with nearly 20,000 pe

ople sent back so far. It was not immediately clear how the new rule would affect MPP.上海夜生活

As an internationally renowned instrumentalist of the pipa (a plucked string instrum

ent with a fretted fingerboard), Wu Man for decades has spared no effort in promoting the tradit上海夜生活

ional Chinese musical instrument throughout the world. Given her virtuosity and collaborations across disci

plines, she has been nominated several times for the Grammy Award for Best Instru

上海夜生活女神会所mental Soloist Performance (with orchestra) and Best World Music Album. Her performances, with mus

icians from various countries, have captured the hearts of numerous music enthusiasts from around the world.上海夜生活

Wu, who has lived in the United States for the past 29 years, often misses the “good old days,” when she drank tea with her frie

nds by West Lake (in Hangzhou, East China’s Zhejiang province), accompanied by soft pipa tunes.

Born into a family of art in Hangzhou, Wu lived, when she was a little girl, in a compound inhabited by families (of art), whose上海夜生活女神会所

members worked for Peking Opera troupes, song and dance troupes and academies of fine arts. Influenced by her l

iving environment, Wu developed an interest in performing arts during her early childhood.上海夜生活女神会所

In 1977, Wu was admitted to the Central Conservatory of Music Middle School, in Beijing. Her sco

re for pipaperformance ranked first among candidates in the country. From 1981-1987, she studied at th

e Central Conservatory of Music (in Beijing), where she became the first recipient of a master’s degree in the p上海夜生活女神会所

ipa(in the country). Then, she began teaching at the school. However, she was not satisfied w

ith the “stable life.” In 1990, she traveled — alone — to Los Angeles (LA), to pursue further studies in the pipa.

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ump administration mov上海后花园p more immigrants

The Trump administration on Monday moved to bar almost all immigrants from appl

ying for asylum at the country’s southern border, requiring them to first pursue safe上海后花园女神会所

haven in a third country through which they had traveled on the way to the United States.

上海后花园The Department of Homeland Security, in a statement issued with the Departme

nt of Justice, said the interim rule would set a “new bar” for immigrants “by

placing further restrictions or limitations on eligibility for aliens who seek asylum in the United States.”

The American Civil Liberties Union called the new rule “patently unlawful” and vowed to file a lawsuit.上海后花园女神会所

The rule would make it all but impossible for applicants seeking p

rotection from persecution unless they first apply for asylum in “third count

上海后花园ry” such as Mexico or Guatemala, through which they traveled en route to the United States.

It was just short of a “nuclear option, close to something like shutti

ng down the border,” said Jessica Vaughan from the Center上海后花园女神会所

for Immigration Studies, which supports increased immigration restrictions.

上海后花园uatemala, which both sends migrants the United States and receives Hondurans and Salvadorans passing through, said on Sunday it wo

uld postpone President Jimmy Morales’ visit to Washington to discuss Guatemala’s potential designati

on as a “safe third country” for asylum seekers, stressing it had no plans to sign such an agreement.上海后花园

The proposed changes, set to become official on Tuesday, represent the latest effort by the Trump administration to c

rack down on immigration, the signature issue that helped propel Trump to the Wh上海后花园女神会所

ite House in the 2016 election and one already figuring prominently in the 2020 campaign.

The change 上海后花园would also place an even higher burden on Mexico, w

hich has been somewhat cooperative with US efforts to slow Central American immigration.

Mexico pushed back on Monday, saying asylum-seekers上海后花园女神会所

rejected by the United States should have to go back to their home countries, not Mexico.

Mexican Foreign Minister Marcel Ebrard said the new US rule would not unila上海后花园女神会所

terally convert Mexico into a designated “safe third country,” a status that would

oblige it to offer asylum to those who entered its territory en route to the United States.

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will be a “small” yea上海会所 China’s property industry,

 but opportunities still exist, the newspaper said. During th

e first half, some second-tier cities, such as Suzhou and Xi’an exper

ienced an upside market, and some developers took this opportunity to get back their money.上海会所品茶微信

During the second half of this year, some cities are predicted to loosen their control of the real estate market based on loc

上海会所al conditions, when an increasing number of developers plan to launch their project.

Statistics from Shanghai-based China Real Estate Information Corp showed that during the first six m上海会所

onths China’s top 100 developers achieved sales of 3.9 trillion yuan, up 4 percent year-on-year.

The real estate market tracker also predicted that during the second half these developers w

上海会所品茶微信ill keep a stable growth in sales. “The possibility for a rapid growth is not high”, it added.

NetEase Games, the o

nline games division of NetEase Inc, announced on Tuesday that it has acquired a strategic minority上海会所

stake in Behaviour Interactive Inc, Canada’s largest independent video game developer.

上海会所品茶微信Following this investment, Montreal-based Behaviour will contin

ue to operate independently under the leadership of its president上海会所

and executive producer, Remi Racine. NetEase Games will nominate a director to Behaviour’s Board.

“NetEase’s investment validates the reputation for excellence and effici

ency we have built in the online games sector over the last 27 years,” said Racine. “As an ind上海会所品茶微信

ustry leader in online games, NetEase brings highly reputable R&D and operationa

l capabilities and experience that we believe will drive sustainable, long-term growth well into the future.”

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“Lagarde has excellent pe上海龙凤419MF chief, with a go

good global vision, political foresight, and understanding of international relations,” he said. “She has ac

complished a lot in the past eight years, thus, moving to lead ECB won’t be difficult for her.”上海龙凤419品茶微信

Wei, also a member of the Academic Committee of the International Mo

上海龙凤419netary Institute of Renmin University of China, said that he also appreciates Lagarde’s ef

forts in making the Chinese currency RMB part of the IMF Special Drawing Rights basket on Oct 1, 2016. It made the R

MB the fifth currency in the basket, joining the US dollar, euro, Japanese yen and British pound.上海龙凤419品茶微信

Edward Tse, founder and CEO of management consultancy Gao Feng Advisory, said that Lagarde’s comp

上海龙凤419rehensive experiences in multilateral institutions would make her a qualified ECB head.

He said that an important part of leading the ECB is balancing the p

olitical interests among eurozone members, so political skills are essential and somet上海龙凤419品茶微信

imes are more important than technical skills. And, in the ECB, there are already many economists to assist her.

“The most important part of leading the ECB is political sensitivity and political coord

上海龙凤419品茶微信ination capacity,” he said. “So EU leaders’ choice of Lagarde is very reasonable.”

He added that the EU’s economy lacks vitality, so whoever is ECB head will find it hard to change the situation.

“If Lagarde gradually solves the current problems with her high political sensitivity, it is already the best scenario,” he said.上海龙凤419

The European Union on Wednesday lowered its forecasts for economic growth next year fo

上海龙凤419品茶微信r both the 19-country eurozone as well as other countries within the bloc, partly due to the United Kingdom’s i

mpending exit from the bloc as well as current trade tensions around the world. Eurozone growth is expected to pick up f

rom 1.2 percent this year to 1.4 percent in 2020, down from a previous estimate of 1.5 percent.上海龙凤419

Tse said that EU’s economy has entered a structural downturn, and in many countries, ma

king short-term adjustments cannot help them achieve rapid economic development.上海龙凤419品茶微信

“Up till now, EU countries haven’t found the means for quic

k economic growth yet, which is different from the situation in China and t

he US, where innovation acts as the main driver for economic development,” he said.

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After over 100 years o上海夜生活on by the west, m

 Chinese still cannot step out of the shadow that Chinese culture

is inferior to that of the west. This is eroding our cultural self-confidence. Now it is time for上海夜生活

us to speak out and tell Chinese stories both past and present to the whole world,” she said.

上海夜生活品茶微信”Chinese culture seeks a balance between yin and yang. We believe that only in this way could people build a harmonious worl

d. Chinese kung fu shares more of a reputation abroad than other Chinese cultural elements, like Beijing Opera, pap

er-cutting, painting, etc,” said Liu Biqi, a contestant who is a member of the Mongolian ethnic group.上海夜生活

Others, however, apparently have different views. Liu is one of them. “If we want to build cultural confidence, and want

上海夜生活品茶微信to make our voice heard by the world, we have got to change,” Liu said. Her opinions were those of reformists. She

might reflect her own experience of pervasive prejudice and hope to change the status quo. But on the whole, most stu

dents showed great interest in and confidence over the future of traditional Chinese culture.上海夜生活

The students’ enthusiasm deeply impressed Professor Guo, the judge of the contest. “The contest this year shows a big d

ifference from previous ones. The contestants now are more interested in world affairs and the role China should pla

上海夜生活品茶微信y in the international community. They have broader perspectives and are more passionate in dealing with common ch

allenges the whole universe is facing, and their views are more diversified,” Guo said.

Professor He, director of the College of Liberal Arts & Law, said that the competition was not just a test of stu上海夜生活

dents’ English capability, but also an expression of students’ patriotism and global horizon. Keeping track of both wo

rld and Chinese affairs and maintaining an open mind without losing interest in traditional Chinese culture in the上海夜生活品茶微信

era of globalization are priorities in higher education, especially for liberal arts  students.The contestants’ passion for

traditional Chinese culture is the epitome of all college students’ reflection on Chinese culture in China. They grew up

in a prosperous and dynamic society with unlimited potential built by the older generations. Soon or later, they will ta上海夜生活品茶微信

ke over their causes and reshape this great country based on their perspectives and val

ues, and their speeches can be regarded as their declaration of building a better China in the future.

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he rerun of restored classic上海千花坊acked by

e promotional campaigns on video-streaming sites has borne fruit. For example, the restored version of the 2010 TV histori

上海千花坊cal comedy-drama, Li Wei the Magistrate 3, on Youku has gained surprisingly high views that are mainly from

the fans of actress Zhao Liying, as the show starred their idol long before she joined the A-list.上海千花坊女神会所

During this year’s Spring Festival holiday, iQiyi released 25 restored classical works, like The Kangxi Dyna

上海千花坊sty and garnered massive views. So to tap the huge potential of the summer season, Youku has set up the “HD Clas

sic” section featuring 1,000 restored classic film and TV productions in 1080P resolution.

Yantai, a coastal city in East China’s Shandong province, which is

a popular tourist destination, is trying to regain its past glory as a center for Peking Opera.上海千花坊女神会所

Peking Opera, or jingju, is a traditional Chinese art form, which has a history of more tha

n 200 years. In 2010 UNESCO declared Peking Opera an Intangible Cultural Heritage of Humanity.

上海千花坊To promote the art form, the local government in Yantai is to launch its first Peking Op

era summer camp from July 19 to 24, hoping to attract young students from around the country.

The summer camp, which is being supported by Jingju Theatre Company of Beijing will have veteran Peking Opera artists c上海千花坊女神会所

oach young students on painting the facial masks for Peking Opera, acting and giving live performances.

The origins of Peking Opera go back to 1790, when four famous Anhui Opera troupes came to Beijing as part of the celeb

上海千花坊rations for the 80th birthday of Emperor Qianlong (1711-99) of the Qing Dynasty (1644-1911), and stayed on.

Then, in 1828, some famous Hubei Opera troupes came to Beijin上海千花坊女神会所

g. And then the artists from the Hubei and Anhui troupes often performed jointly.

Later, around 1840, Peking Opera began to formally take shape, growing even faster d

uring the reign of the Empress Dowager Cixi (1835-1908), who was a Chinese opera lover.

After that, Peking Opera, which is known for combining various art for

ms, like singing, dancing, acrobatics, and for elaborate costumes and movements, grew f

rom strength to strength. Peking Opera troupes were born in Beijing, Tianjin and Shanghai.

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Furthermore, to offse上海龙凤419 falling exports to

enterprises from Zhejiang are actively exploring other markets, such as the European Union. Last year, Zhejiang’s trad

上海龙凤419女神会所e with EU countries grew by 9.3 percent year-on-year to reach 556.9 billion yuan.

Trade with ASEAN countries in 2018 surged 22.5 percent year-on-yea

r to 316 billion yuan. The province’s trade with countries and regions involved in the Belt and R上海龙凤419

oad Initiative reached 896.7 billion yuan, rising 12.3 percent year-on-year, the customs office said.

上海龙凤419女神会所”Multiple platforms, such as the China (Zhejiang) Pilot Free Trade Zone, the China-CEEC Expo & International Consumer Goods Fair as well as overseas indu

strial parks are also helping our enterprises to optimize their global value chains,” Yuan added.

According to the State Council Information Office, in the first quarter, Zhejiang’s GDP totaled 1.3 trillion yuan, 7.7 perc上海龙凤419女神会所

ent higher than the same period last year. The disposable income of urban and rural dwellers in the January-March peri上海龙凤419

od stood at 18,391 yuan and 10,010 yuan, respectively, up 8.7 percent and 9.5 percent year-on-year. Total trade in go

ods amounted to 1.17 trillion yuan in the first five months, growing 7.4 percent year-on-year.上海龙凤419女神会所

Che Jun, secretary of the Zhejiang Provincial Committee of the Communist Party of China, said that “taking advanta

上海龙凤女神会所419ge of the integrated development of the Yangtze River Delta region, Zhejiang has learned from the opening-up

experiences from the China (Shanghai) Pilot Free Trade Zone and Jiangsu and Anhui provinces. In the f

uture, we will strive to make further advances in the new round of opening-up,” he said.上海龙凤419女神会所

“As one of the major export regions of China, Zhejiang will continue to offer more favorable policies and assistance to exporters in

上海龙凤419女神会所order to support the steady growth of the economy as well as the region’s high-quality development,” Yuan said.

Firm plans more investments to ensure cybersecurity, protect users’ privacy

Huawei Technologies Co said on Friday that it has yet to see any benefit from the US govern上海龙凤419女神会所

ment’s promise to relax restrictions on it and called for a direct removal of the company from a security blacklist.

“So far, no concrete changes have happened (to supplier issues),” said Liang Hu上海龙凤419

a, chairman of Huawei, in a news conference in Shenzhen, Guangdong province. “If the US compan

ies obtain licenses to continue selling products to Huawei, we will cooperate with th上海龙凤419女神会所

em. But we hope there is some certainty in the licenses so that businesses can be controllable.”

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hina’s CEOs report rising上海千花网domestic econo

China’s CEOs reported growing confidence in the Chinese economy as well as their firms

‘ growth prospects despite possible global economic headwinds, a recent survey showed.上海千花网

About 77 percent of the surveyed 125 CEOs from companies headquartered in the Chines

上海千花网女神会所e mainland and Hong Kong are upbeat or very upbeat on domestic economic growth, compared with 71 pe

rcent last year, according to a survey by global auditing and consulting firm KPMG.

Meanwhile, China’s CEOs are increasingly confident in the growth prospects of their companies, with most expect上海千花网

ing to see top-line revenue growth and an increase in headcount over the next three years.

上海千花网女神会所The survey findings showed that despite the rapidly changing business environment, China’s CEOs are confident in the resi

lience of their companies.isitors take in stone carvings and porcelain tableware from Zhejiang provi

nce at a news conference regarding the province’s development held in Beijing on Fri上海千花网

Environmental or climate change risk is considered to be the biggest threat to their organization’s g

上海千花网女神会所rowth, while over two-thirds of China’s CEOs said that their organization’s growth will be determined by t

heir ability to anticipate and navigate the shift to a low-carbon, clean technology economy.

All surveyed China CEOs are planning to expand overseas over the next three years. More than ha上海千花网女神会所

lf are looking to invest in emerging markets, while the proportion of China CEOs that plan to in

上海千花网vest in developed markets also increased compared with last year’s results.

Over 60 percent of China CEOs and a similar proportion of global CEOs said they are prioritizing Belt上海千花网女神会所

and Road countries and regions when expanding to emerging markets, the report showed.

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