Trump must turn over financial records to House, judge rules

A federal judge in Washington ruled Monday against President Donald Trump in a financial records dispute with Congress.

US District Judge Amit Mehta, who was appointed by President Barack Obama, said T

rump cannot block a House subpoena of financial records. He sai

d the Democratic-led House committee seeking the information has said it belie

ves the documents would help lawmakers consider strengthening ethics and disclosure laws, among other things.

The committee’s reasons were “valid legislative purposes,” Mehta said, and it was not for hi

m “to question whether the Committee’s actions are truly motivated by political considerations.”

The decision comes amid a widespread effort by the White House and the preside

nt’s lawyers to refuse to cooperate with congressional requests for information and records.

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China will further open the financial market to welcom

e more overseas investors in. The cross-border trade and investment will be more free and convenient, said Pan.

He called China’s economy stable, as the major economic indicators were within a reasonable range.

In April, the National Bureau of Statistics said the purchasing ma

nagers’ index for the manufacturing sector stood at 50.1, indicating expansion as the reading was above 50.

The broad money supply, or M2, increased 8.5 percent year-on-year by the end of April, compared with 8.3 percent a year earlier.

“The prudential monetary policy was focused on countercyclical adjustments this year, maintaining flexibility as well as

ample liquidity to promote fast growth of credit and strengthened support of private and small enterprises,” Pan added.

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The US’ trade deficit stems from its extremely low natio

nal savings rate and has to be compensated by other countries’ national savings, which in tu

rn adds to the trade deficit. On the other hand, China’s efficiency in the manufacturing industry makes it a lar

ge exporter of manufactured goods to the US and helps it sustain its high savings rate.

A high growth rate means higher trade deficit for US

Given that the US economy is driven by domestic demand, consumpt

ion in particular, instead of exports, a high rate of ec

onomic growth will widen the trade deficit, as it would have to import more products than it exports. In such a sit

uation, the implementation of large-scale infrastructure construction projects would further increase the trade deficit.

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The volunteer team, having stayed in Lunar Palace

an environmentally contained research facility where occupants simulated l

ong-duration self-contained missions with no outside inputs for 200 days — broke the previous

record of 180 days set by researchers in Russia. The team recently won a China May Fourth Medal.

“President Xi has called upon young people to overcome hardships, and that is what our team has been doing,” Yi said.

Qiu Shuiping, Party secretary of Peking University, said the learning institution is pro

ud to be part of history. The university has chosen May 4 as the day to celebrate its founding.

“The choice of the date indicates our resolve to move forward along the path set by the movem

ent to realize national rejuvenation,” he said. “Our teachers and students will work harder to accelerate the

pace of building Peking University into a world-leading academic institution.”

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ent Xi Jinping speaks at the opening ceremony of the

hina will increase imports of goods and services on a larger scale. China will further lower its tariff rates.

China not to adopt beggar-thy-neighbor currency devaluation

China will continue to improve the exchange rate formation mechanism of its curren

cy, the renminbi, and keep the exchange rate generally stable on a reasonable and balanced level.

China establishes mechanism for fulfilling international agreements

China attaches great importance to the establishment of a constrain

t mechanism for the fulfillment and implementation of international agreements, and the modi

fication and improvement of laws and regulations in accordance with the need of further opening-up.

Fair treatment to Chinese enterprises, students, scholars abroad called for

All countries should create a sound investment environment, and treat Chinese e

nterprises, students and scholars abroad as equals. All countries should provide a fair and friendly envir

onment for them to carry out normal international exchanges and cooperation.

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Hu said the administration also will promote anti-smug

ling and wildlife protection knowledge among the public, and it welcomes public supervision or reports of smuggling.

As social networks and online stores have become increasingly important tools for wildlife s

mugglers, the administration has beefed up its anti-smuggling work online this year.

Customs officials are working on cases involving another 100 tons

of endangered wildlife and wildlife products, of which about 300 kilograms are tusks and ivory products.

Last year, the administration purchased advanced screening and detection equipment to improve th

e efficiency of its anti-smuggling work, according to Wang Wei, director of the administration’s ports supervision department.

People caught entering China with endangered wildlife or wildlife

products worth less than 200,000 yuan ($29,800) face up to five years in prison. If such contr

band goods are worth more than 1 million yuan, the penalty upon conviction is a minimum of 10 years in prison.

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The water cannon on the vehicles can spray water up t

Experts said that injuries to firefighters are mainly caused by close contact with flames or explos

ions, or by buildings collapsing as they enter a scene that fire engines have difficulty accessing.

Russia and Germany have also transformed old tanks into firefighting vehicles.

China’s poverty-relief achievements have contributed more than 70 percent to global pover

ty alleviation in the past four decades, a feat acknowledged by the United Nations and the World Bank.

China lifted 740 million people in rural areas out of poverty be

tween 1978 and 2017, or about 19 million people each year, according to the National Bureau of Statis

tics. The country had another 30 million people to lift out of abject poverty, according to the figures.

In 2018, official data showed that 13.86 million people were lifted out of poverty. The go

vernment aims to help another 20 million people in the next two years, in order to eradicate poverty in the country.

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Environment officers detected benzene concentrations i

the air of 2.04 milligrams per cubic meter at a monitoring point 1 kilometer downwin

d from the explosion site at 10 am on Wednesday, a level about 17.5 times more than the national standard.

But at 10 am on Thursday and Friday, the benzene concentration at the same point was w

ithin the standard, according to the Ecology and Environment Department of Jiangsu.

While many human mothers pay big money for nannies to take care of their children, female golden snub-nosed monk

eys are happy to mother each other’s offspring, according to a new study by Chinese scientists.

What’s more, the practice has effectively saved the species from e

xtinction, according to the study recently published in the journal Science Advances.

Nearly 90 percent of golden snub-nosed monkey infants evaluated

over five years in Shennongjia National Park in Hubei province were nursed by their biological mot

hers and other females, usually relatives of the biological mothers such as grandmothers or aunts.

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Currently, all special purpose local government bonds are

domestically rated “AAA”, the safest level. The sale to individual investors is mainly of project-link

ed special-purpose bonds, a type of local government bond vigorously promoted by the government in re

cent years. The cash flows generated from the underlying projects will be used as the primary repayment sources.

In China, there are two types of local government bonds: general bonds and special purpose bonds. According to the country’s 2019 budget repor

t, which was approved by the top legislature earlier this month, the budgeted deficit for local governments is 930 billion yuan, up 100 billi

on yuan compared with 2018, and this fund gap will be supplemented by general bonds.

In the meantime, 2.15 trillion yuan of special purpose bonds will be issued to support la

rge infrastructure projects, such as shantytown renovation projects and railways, said the ministry.

Letting individual buyers invest in local government bonds is a way to narrow the government’s financin

g gap, said Hu Yijian, a tax professor at Shanghai University of Finance and Economics. The gap is expected to expand, as policym

akers decided to cut about 2 trillion yuan in taxes and fees this year while at the same time increase spending on investment.

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After decades of rapid GDP growth, China’s economy has en

entered a new era of moderately slowing expansion and a transition to a high-quality grow

h model. That has pushed economists to reconsider some long-term issues, such as whether the economy wo

uld cool down sharply before a considerable rise in wealth, especially after a period of fast growth.

“The key method to ensure China’s role as a high-income cou

ntry is to adjust industrial structures and promote productivity,” said Zhu Min, an inf

luential Chinese economist and former deputy managing director at the International Monetary Fund.

High-tech manufacturing, the service industry and the digital economy will be the new engines

for the economy, while some traditional driving forces, such as injecting funds into the market, are losing momentum, Zhu said.

China’s total GDP exceeded 90 trillion yuan ($13.4 trillion) in 2018, and the per cap

ita GDP was about $9,700. Economists predict that if the country maintains growth of at least 6 percent th

is year, which is likely given the current momentum, its per capita GDP this year would surpass $10,000.

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