First, China has undisputable sovereignty over islands and their surrounding waters in the South China Sea, backed by a wealth of historical and legal basis,” Shao said.
For a long period of time, various nations’ normal passage and flight in the region have never been obstructed. “There i
s no issue over the freedom of navigation and overflight in the South China Sea,” he said.
However, the US has frequently sent vessels and aircraft to trespass into Chinese mar
itime territory and airspace, and has conducted intense intelligence gathering and special drills in the region.
“These actions damage the peace and security of the region,” Shao said. “As a result, the PLA
has installed necessary defense equipment on the islands in accordance with security needs. This is within
the natural rights of a sovereign state, and a necessary measure to counter those provocative actions.”
lower-income－some growing and others not) developing countries will be of huge importance in red
ucing poverty further. Although these countries face significant headwinds, they could also seize imp
ortant new growth opportunities－especially with the help of digital platforms.
The headwinds are certainly considerable. For starters, advances in digital technolo
gies－robotics, machine learning, sensors, and vision－directly threaten the labor-intensive manu
facturing and assembly upon which lower-income, nonresource-rich economies have traditionally relied.
Moreover, climate change has had its greatest economic impact on the tropical and subtropical regio
ns where most of the lower-income countries are located. The effects of global warming are highly disrup
tive in fragile economies, and, taken together, constitute a major new obstacle to growthle
tivity of infrastructure, unimpeded trade, financial integration and closer people-to-people ties as its main goals, has advanced in solid steps, the report said.
“Significant progress has been made, including a number of landmark early results. Participating countries have obtai
ned tangible benefits, and their appreciation of and participation in the initiative is growing,” according to the report.
With a view to building a global community of shared future, the BRI uphold
s the principles of extensive consultation, joint contribution, and shared benefits, the report said.
“Through the initiative China has made a constructive contribution to the reform of th
e current global governance system and to economic globalization,” according to the report.
The report said China would face many problems and challenges in pursuing the BRI in
the future as well as unprecedented opportunities and prospects for development.
pply (M2),” said Sheng Songcheng, a central bank adviser and a former director of the central bank’s statistics department.
The central bank released M2 data on Friday, which recorded a 13-month high of 8.6 percent by the end of March, accelerating from 8 percent by February.
Aggregate social financing, a gauge to measure broader financial activities including trust funds and local govern
ment bonds, also grew faster than market expectations. That total financing amount grew to 2.86 trillion yuan in Mar
ch, or a 11.1 percent growth from a year earlier, compared with 10.6 percent in February, said the central bank.
“According to the latest economic data, there is less necessity for RR
R cuts, but it requires further observation on future changes,” said Sheng.
If the central bank further cuts the RRR, when economic growth is already stabilized, inflation wi
ll surge, and possibly lead to funds flowing into the property sector instead of supporting the real economy, he added.