ational Cooperation, to be held in Beijing on Thursday through Saturday, S

ong said the ministry will help deepen economic and trade cooperation with other coun

tries. “China will build more free trade zones with countries that are willing to do so,” Song added.

“As for the existing free trade zones, we will reduce administrative barriers in trade

and investment and push the formation of a big Belt and Road marketplace.”

While some critics have argued that the initiative will lead countries i

nto debt traps, Song said debt can be solved through joint efforts to promote the devel

opment of BRI economies. “Even though some countries may have high debt levels, as their pace of indus

trialization, urbanization and modernization accelerates, their debts will gradually decrease.”

Joe Kaeser, president and CEO of Siemens AG, said, “If an initiative like the BRI unifies more than two-thirds of the global

population, it will create massive infrastructure and economic movement that will build its own rules.”

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service consumption accounting for 47.7 percent, up 1.4 percentage points year-on-year

. Meanwhile, sluggish auto consumption dragged the whole consumption growth.

The continuous decline of auto consumption has become

a key for stabilizing this year’s consumption, said Liu Xiaoguang, a resear

cher at the National Academy of Development and Strategy at Renmin University of China.

Mao Shengyong, spokesperson for the National Bureau of Statistics, recently said t

hat based on March data, auto production fell, however, the drop was narrowing.

The National Development and Reform Commission was reportedly considering a sl

ew of new measure to boost spending on automobiles, home appliances and consum

er electronics products. It has sent a draft plan to encourage consumption in the three sectors.

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A travel rush is expected for the upcoming May Day holiday, a

s air tickets and high-speed railway tickets on multiple routes were sold out, while ho

mestay hotels at destinations including Beijing and Shanghai were fully booked.

While only one week away, the May Day holiday this year is extended to fo

ur days – one day more than last year – and will see a travel craze comparable to that  ty

pically seen during China’s Spring Festival, a traditional holiday for family reunion.

According to Qunar, one of China’s largest online travel agencies, quite a few people chose to take a few days off before or af

ter the May 1 to 4 holiday, so that they can enjoy a journey lasting upwards to nine days.

The travel rush is expected to come as early as April 27, and will reach a climax on April 29 and 30.

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Country may soon adopt revision to pave way for capital market reform

The top legislature deliberated on the draft revision of the Securities Law over the weeke

nd, signaling China may soon adopt the revision to pave the way for key capital market reforms, experts said.

On Saturday, the draft revision was submitted to a bimonthly s

ession of the Standing Committee of the National People’s Congress for a third reading, Xinh

ua News Agency reported. The session began on Saturday and continues through Tuesday.

Revision of the fundamental law governing the capital market h

as lasted for six years, with 2015 and 2017 having seen readings of two draft versions.

“The latest draft version is of great importance because it will provide legal grounds for the registration-based initial pub

lic offering system-a key reform that China’s capital market has been awaiting for years,” said Dong Dengxin, director of th

e Finance and Securities Institute at Wuhan University of Science and Technology.

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Of the dead in the blasts, there are 35 foreigners, the police confirmed. Hospital sources

had earlier said nine foreigners were among those killed while 13 others have been injured.

Airline says flights continue despite curfew

SriLankan Airlines is telling passengers boo

ked on flights out of the country that they will be able to fly despite the curfew imposed.

The carrier says in a statement that travelers on all airlines operating out of Bandaranai

ke International Airport can access the airport by showing their tickets and passports at checkpoints.

The airline says security has been tightened at the airp

ort, and it advises passengers to arrive four hours before their scheduled flights.

Both Sri Lankan President Maithripala Sirisena and Prime Mi

nister Ranil Wickremesinghe have condemned the attacks and appealed for calm.

Prime Minister Ranil Wickremesinghe said t

he tri-forces and the police are conducting a thorough probe into the explosions.

In a special statement, the police urged the publi

c to stay indoors and not gather at the explosion sites which had been sealed off.

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Qiu Yanpeng (middle), deputy commander of the PLA Navy, attends a press confer

ence for the upcoming multinational naval activity to mark the 70th anniversary of the People’s Liber

ation Army Navy at the press center in Huanghai Hotel in Qingdao, Shandong province, Ap

ril 20, 2019. About 200 journalists from home and abroad attended the press conference.Chinese Navy

will send 32 warships and 39 aircraft to take part in a joint sea parade in waters near Qingdao.

Nearly 20 ships from about 10 countries will participate in t

he sea parade on Tuesday, deputy commander of the PLA Navy Qiu Yanpeng said.

A Singapore Navy frigate arrived on Friday in Qingdao, Shan

dong province, becoming the first foreign warship to arri

ve ahead of a grand event to honor the 70th birthday of the People’s Liberation Army Navy.

The PLA Navy will hold multinational naval activities in Qingdao and nearby waters from

Monday to Thursday to celebrate its founding anniversary. They will include a joint sea parade, high-level sympo

siums, public tours of ships, military music performances and other cultural exchanges.

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A draft amendment to the Securities Law was submitted Saturday to a bimonthly session of the

National People’s Congress Standing Committee, China’s top legislature, for a third reading.

The latest revisions to the law include rules on the newly-devised science and technology inn

ovation board, which will pilot a registration-based initial public offering (IPO) system.

Under the current IPO system, new shares are subject to ap

proval from the China Securities Regulatory Commission before being listed.

Other revisions in the draft are made in light of new p

rogress of reforms and new developments of the capital market.

A draft amendment to the law was previously submitte

d to the top legislature for first reading in April 2015, mainly

to meet the legislative demand of reforming the IPO system toward a registration-based one.

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th other WTO members should be properly handled according to the WTO dispute settlement proc

edures. It not only takes the initiative to file claims in order to safeguard its legal interests and the authority

of the WTO rules, but also actively responds to charges, and respects and enforces WTO rulings.

The WTO’s ruling on this dispute over shows that the orga

nization has an important role to play in safeguarding the multil

ateral trading system. It’s not simply a matter of one side tallying up a victory against the other.

The multilateral trading system, with the WTO as its core, has been a mainstay in promoting glo

bal economic development and building an open world economy. The WTO dispute settlement system is the org

anization’s court for settling trade disputes. It maintains a balance between the WTO members’ rights and oblig

ations, and also ensures the effective implementation of WTO principles and rules.

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ting the spirit of December’s Central Economic Work Conference.

Macro policies should be stable, micro policies should be flexible and social policies should guarantee the basic needs of the grassroots

people, the statement said. Macro policies should focus on promoting high-quality growth and stimulating market vitality.

The importance of manufacturing’s high-quality development in stabilizing economic growt

h was stressed. Traditional industries should be guided to upgrade, and new industries should grow stronger.

The development of small and medium-sized companies and private businesses should be supported through measures like s

peeding up the supply-side structural reform of finance and providing better loan services, the stat

ement said. It also reaffirmed that houses should be used for living rather than for profit.

Reform should be further deepened and opening-up boosted, and forei

gn capital should have bigger access to the Chinese market. Poverty reduction is a key meas

ure of building a moderately prosperous society in all respects, which must be achieved by the end of next y

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comes in time because, if passed, it will provide better regulations of the gene-editing activities over embryos.

Besides, the draft law did not list clearly the definition of gene-edited em

bryos. Technically speaking, if a fertilized egg is genetically edited and grows into an embr

yo, the total process should be considered gene-editing of embryo and put under the regulation of the law.

Zhang Dake, an associate researcher at Beijing Institute of Genomics, Chinese Academy of Sciences

In the past, “health rights” mainly referred to the right to stay healthy and free from injuries. T

he draft amendment this time follows the latest progresses in genetic technologies by extending its defin

ition to cover genetic resources, and will be a guiding principle for relevant disputes in the future.

More importantly, the civil code is a guiding law for all laws in the ci

vil sector. If the draft amendment passes, more related laws, regulations as well as sta

ndards will be amended or drafted in the future, which is a major progress in legislation.

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