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A farmer works on July 23 in a fi eld in Zhangjiajie， central China’s Hunan Province. This year， Dashu， or great heat day， one of the 24 Solar Terms according to the Chinese lunar calendar， fell on July 23， signifying the hottest day of the summer.
Flood Battles
As rainfall continued to batter northern China， relevant departments have made necessary preparations for possible disasters caused by the rain. On July 22， China’s Ministry of Emergency Management （MEM） called for better efforts to mitigate disasters and reduce casualties during the fl ood season.
MEM’s Vice Minister Huang Ming said that late July and early August is a critical period for fi ghting fl oods and providing relief.
The Yellow River Flood Control and Drought Relief Headquarters issued a new alert for fl oods along the river’s upper reaches on July 23. The water level along the section of the Yellow River—the second longest in China—in Lanzhou， northwest China’s Gansu Province， has risen rapidly due to heavy rain.
Relevant departments along the upper reaches of the river have been asked to strengthen precautions against fl oods and landslides， as well as to evacuate people from affected areas and enhance monitoring along the river and dikes.
Safety personnel must promptly update and report information regarding fl oods， while reservoir management agencies should release fl ood waters according to instructions.
Heilongjiang Province， Ningxia Hui Autonomous Region and northern Mongolia Autonomous Region have all suffered from the rain. Meanwhile， Beijing， Tianjin and Hebei Province experienced more heavy rains on July 23 and 24 from Ampil， the 10th typhoon this year.
Retired Teachers Recruited
China’s education and finance ministries plan to recruit 10，000 teachers above retirement age in the next three years to teach in primary and junior middle schools in rural areas. The first batch of veteran teachers will be in place for the fall term.
The silver-age project launched by the ministries is aimed at improving the quality and balanced development of education in rural areas.
Most teachers will serve for at least one academic year， and those who pass assessments will be encouraged to extend their service.
Apart from giving classes， they will also evaluate other teachers’work， hold open lectures and workshops， give general guidance and help schools improve their management. “The money spent on the elderly， including care and medical services， will take up 26.24 percent of China’s GDP by 2050， up from 7.33 percent in 2015，” he said.
Wang called for more agingrelated education， saying that it would contribute to a favorable atmosphere for this work in society.
A circular on such education was released by the office and 13 other departments in January， in order to raise people’s awareness of an aging society.
Bolstering the Real Economy
China will better utilize its fi scal and fi nancial policies to support the expansion of domestic demand and boost the development of the real economy， a State Council executive meeting decided on July 23.
The meeting， chaired by Premier Li Keqiang， said that a more proactive fi scal policy will be pursued and the government will focus on tax and non-tax fee cuts. More companies will be eligible for preferential policies involving an additional deduction in research and development spending on taxable income， a policy expected to cut 65 billion yuan （$9.6 billion） of taxes this year. This comes on top of an initial goal of reducing taxes and fees by 1.1 trillion yuan （$162 billion） for the year.
The country’s prudent monetary policy will neither be too tight nor too loose， the meeting announced. The government will keep the social fi nancing scale at a reasonable level， and liquidity will remain proper and suffi cient.
The government will step up efforts to ensure delivery of the state fi nancing guarantee fund， targeting 140 billion yuan （$20.6 billion） of loans for about 150，000 small and micro-sized fi rms each year.
Water Welcome
Fire engines welcome a cargo plane with sprays of water as the fi rst regular all-cargo intercontinental routes were launched in central China’s Hunan Province at the Changsha Huanghua International Airport on July 21.
SOE Profits
Profi t growth of China’s state-owned enterprises （SOEs） accelerated in the fi rst half of the year， offi cial data showed.
Combined profi ts reached 1.72 trillion yuan （$253 billion） for the January-June period， up 21.1 percent year on year， according to the Ministry of Finance. The pace of growth quickened from the 20.9-percent increase registered in the fi rst fi ve months.
By the end of June， total SOE assets reached 171 trillion yuan （$25.2 trillion）， up 9.4 percent from a year earlier， while liabilities climbed 8.8 percent to 111 trillion yuan （$16.4 trillion）. In the fi rst half of the year， SOEs in sectors such as iron， steel， oil， petrochemicals and non-ferrous metals posted dramatic profi t increases.
Accusations Rebuffed
On July 23， China said that it has no intention of spurring exports through competitive devaluation of its currency， rejecting U.S. accusations of manipulating the exchange rate of the yuan.
“The yuan’s exchange rate is mainly determined by market supply and demand，” Foreign Ministry spokesperson Geng Shuang told a press briefing. “It floats in both directions， which means there are ups and downs.”
Currently， the good fundamentals of China’s economy provide strong support for the yuan’s exchange rate to remain generally stable.
U.S. Treasury Secretary Steven Mnuchin said earlier that the United States was monitoring the recent weakness in China’s currency and would review whether it had been manipulated.
“China remains resolute and clear in its stance that it does not want a trade war， but is not afraid of and will fight one if necessary，” Geng said.
Limits to Bike Sharing
Kunming， capital of southwest China’s Yunnan Province， will not accept business applications from new bikesharing firms as of August since existing operators have already overshot the city’s capacity.
Incumbent bike-sharing companies， including Mobike and Ofo， will be subject to strict rules regarding the phasing out of old bikes， according to a management rule recently released by traffic authorities.
The rule sets a limit for the city of 300，000 shared bikes. The city’s four bike-sharing companies currently have about 350，000 bicycles and 4 million registered users， among its total population of 6.6 million. Bike-parking areas in public spaces without official permit will be banned.
Bike sharing has caused problems such as traffic jams， parking difficulties and vandalism， as well as challenges for urban management. Many cities have regulated the service. In May， Beijing and Hangzhou unveiled new rules， with the latter removing at least 80，000 bikes from the street.
The Kunming Municipal Government has already turned down several applications from companies wishing to enter the market.
Smart Technology
Robots on display at the China International Consumer Electronics Show， which took place in Qingdao， east China’s Shandong Province， on July 20-23. Exhibits covered new technology and products ranging from smart homes to cars of the future.
Virtual Telecom
China has given an offi cial green light to virtual telecom operator businesses after piloting the practice for almost fi ve years.
The Ministry of Industry and Information Technology has issued offi cial licenses to 15 private virtual telecom fi rms to resell mobile services， according to a ministry statement released on July 23.
These virtual operators， including tech giants Alibaba and Xiaomi， do not maintain the network infrastructure but rent wholesale services from the country’s three major telecom operators China Mobile， China Unicom and China Telecom.
In a move to further open up the telecom sector， China started to issue pilot licenses in 2013 to allow private companies to offer repackaged mobile services to users. A total of 42 Chinese enterprises received pilot licenses to operate virtual telecom businesses.
Granting these offi cial licenses is aimed at encouraging mobile telecom business innovation and improving the sector’s overall service quality， the statement said.
Ford Boosts Performance
Ford Motor Co. has vowed to“take urgent action to address underperformance” in the Chinese market as the U.S. automaker reported a sharp decline in overall profi ts in the second quarter of the year.
Ford made a net income of $1.1 billion in the second quarter， which was $900 million less than the same period in 2017， according to its latest earnings report released on July 25.
Fire at one of Ford’s supply plants in the U.S. and underperformance in China were believed to be two main factors which led to the almost 50-percent decrease in profi ts.
Ford said that in Asia Pacifi c， the company is now focused on China and taking urgent action to address underperformance.
“This includes improving cost competitiveness with aggressive fi tness actions， localizing more products in China， as well as recruiting more local talent to key management positions，” said the automaker.
It added that new products will soon enter the Chinese market， with 60 percent of the lineup refreshed or new by the end of 2019.
Ford did not reveal specifi c fi gures related to its China sales， but put the whole Asia-Pacifi c region’s revenue for the second quarter at$2.3 billion， down $1.1 billion year on year.
Green Power
A farmer cleans scum in a fi sh pond in Huzhou， east China’s Zhejiang Province， on July 25， below photovoltaic panels that are used for power generation. The photovoltaic project was built on 11，000 mu （733 hectares） of fi sh ponds， forming a unique landscape.
New Platform
The China-Serbia Economy Association （CSEA）， which aims to attract prominent companies to further develop the cooperation and exchanges between the two countries， was founded in Belgrade on July 24.
Chinese Ambassador to Serbia Li Manchang invited companies to join the association， explaining that the establishment of the CSEA is a result of his cooperation with Tomislav Nikolic， former President of Serbia and current President of the National Council for Cooperation With China and Russia.
According to CSEA President Xu Li， the goal of the association is to actively respond to the Belt and Road Initiative by creating a platform and promoting exchange among companies.
“It will provide immense support to the companies from China to invest and grow in Serbia， while also signifi cantly helping Serbian companies that plan to develop in the Chinese market，” Xu said， adding that some of the members of the association， such as China Road and Bridge Corp. and Huawei， have already made immense contributions to economic ties between the two countries.
Flood Battles
As rainfall continued to batter northern China， relevant departments have made necessary preparations for possible disasters caused by the rain. On July 22， China’s Ministry of Emergency Management （MEM） called for better efforts to mitigate disasters and reduce casualties during the fl ood season.
MEM’s Vice Minister Huang Ming said that late July and early August is a critical period for fi ghting fl oods and providing relief.
The Yellow River Flood Control and Drought Relief Headquarters issued a new alert for fl oods along the river’s upper reaches on July 23. The water level along the section of the Yellow River—the second longest in China—in Lanzhou， northwest China’s Gansu Province， has risen rapidly due to heavy rain.
Relevant departments along the upper reaches of the river have been asked to strengthen precautions against fl oods and landslides， as well as to evacuate people from affected areas and enhance monitoring along the river and dikes.
Safety personnel must promptly update and report information regarding fl oods， while reservoir management agencies should release fl ood waters according to instructions.
Heilongjiang Province， Ningxia Hui Autonomous Region and northern Mongolia Autonomous Region have all suffered from the rain. Meanwhile， Beijing， Tianjin and Hebei Province experienced more heavy rains on July 23 and 24 from Ampil， the 10th typhoon this year.
Retired Teachers Recruited
China’s education and finance ministries plan to recruit 10，000 teachers above retirement age in the next three years to teach in primary and junior middle schools in rural areas. The first batch of veteran teachers will be in place for the fall term.
The silver-age project launched by the ministries is aimed at improving the quality and balanced development of education in rural areas.
Most teachers will serve for at least one academic year， and those who pass assessments will be encouraged to extend their service.
Apart from giving classes， they will also evaluate other teachers’work， hold open lectures and workshops， give general guidance and help schools improve their management. “The money spent on the elderly， including care and medical services， will take up 26.24 percent of China’s GDP by 2050， up from 7.33 percent in 2015，” he said.
Wang called for more agingrelated education， saying that it would contribute to a favorable atmosphere for this work in society.
A circular on such education was released by the office and 13 other departments in January， in order to raise people’s awareness of an aging society.
Bolstering the Real Economy
China will better utilize its fi scal and fi nancial policies to support the expansion of domestic demand and boost the development of the real economy， a State Council executive meeting decided on July 23.
The meeting， chaired by Premier Li Keqiang， said that a more proactive fi scal policy will be pursued and the government will focus on tax and non-tax fee cuts. More companies will be eligible for preferential policies involving an additional deduction in research and development spending on taxable income， a policy expected to cut 65 billion yuan （$9.6 billion） of taxes this year. This comes on top of an initial goal of reducing taxes and fees by 1.1 trillion yuan （$162 billion） for the year.
The country’s prudent monetary policy will neither be too tight nor too loose， the meeting announced. The government will keep the social fi nancing scale at a reasonable level， and liquidity will remain proper and suffi cient.
The government will step up efforts to ensure delivery of the state fi nancing guarantee fund， targeting 140 billion yuan （$20.6 billion） of loans for about 150，000 small and micro-sized fi rms each year.
Water Welcome
Fire engines welcome a cargo plane with sprays of water as the fi rst regular all-cargo intercontinental routes were launched in central China’s Hunan Province at the Changsha Huanghua International Airport on July 21.
SOE Profits
Profi t growth of China’s state-owned enterprises （SOEs） accelerated in the fi rst half of the year， offi cial data showed.
Combined profi ts reached 1.72 trillion yuan （$253 billion） for the January-June period， up 21.1 percent year on year， according to the Ministry of Finance. The pace of growth quickened from the 20.9-percent increase registered in the fi rst fi ve months.
By the end of June， total SOE assets reached 171 trillion yuan （$25.2 trillion）， up 9.4 percent from a year earlier， while liabilities climbed 8.8 percent to 111 trillion yuan （$16.4 trillion）. In the fi rst half of the year， SOEs in sectors such as iron， steel， oil， petrochemicals and non-ferrous metals posted dramatic profi t increases.
Accusations Rebuffed
On July 23， China said that it has no intention of spurring exports through competitive devaluation of its currency， rejecting U.S. accusations of manipulating the exchange rate of the yuan.
“The yuan’s exchange rate is mainly determined by market supply and demand，” Foreign Ministry spokesperson Geng Shuang told a press briefing. “It floats in both directions， which means there are ups and downs.”
Currently， the good fundamentals of China’s economy provide strong support for the yuan’s exchange rate to remain generally stable.
U.S. Treasury Secretary Steven Mnuchin said earlier that the United States was monitoring the recent weakness in China’s currency and would review whether it had been manipulated.
“China remains resolute and clear in its stance that it does not want a trade war， but is not afraid of and will fight one if necessary，” Geng said.
Limits to Bike Sharing
Kunming， capital of southwest China’s Yunnan Province， will not accept business applications from new bikesharing firms as of August since existing operators have already overshot the city’s capacity.
Incumbent bike-sharing companies， including Mobike and Ofo， will be subject to strict rules regarding the phasing out of old bikes， according to a management rule recently released by traffic authorities.
The rule sets a limit for the city of 300，000 shared bikes. The city’s four bike-sharing companies currently have about 350，000 bicycles and 4 million registered users， among its total population of 6.6 million. Bike-parking areas in public spaces without official permit will be banned.
Bike sharing has caused problems such as traffic jams， parking difficulties and vandalism， as well as challenges for urban management. Many cities have regulated the service. In May， Beijing and Hangzhou unveiled new rules， with the latter removing at least 80，000 bikes from the street.
The Kunming Municipal Government has already turned down several applications from companies wishing to enter the market.
Smart Technology
Robots on display at the China International Consumer Electronics Show， which took place in Qingdao， east China’s Shandong Province， on July 20-23. Exhibits covered new technology and products ranging from smart homes to cars of the future.
Virtual Telecom
China has given an offi cial green light to virtual telecom operator businesses after piloting the practice for almost fi ve years.
The Ministry of Industry and Information Technology has issued offi cial licenses to 15 private virtual telecom fi rms to resell mobile services， according to a ministry statement released on July 23.
These virtual operators， including tech giants Alibaba and Xiaomi， do not maintain the network infrastructure but rent wholesale services from the country’s three major telecom operators China Mobile， China Unicom and China Telecom.
In a move to further open up the telecom sector， China started to issue pilot licenses in 2013 to allow private companies to offer repackaged mobile services to users. A total of 42 Chinese enterprises received pilot licenses to operate virtual telecom businesses.
Granting these offi cial licenses is aimed at encouraging mobile telecom business innovation and improving the sector’s overall service quality， the statement said.
Ford Boosts Performance
Ford Motor Co. has vowed to“take urgent action to address underperformance” in the Chinese market as the U.S. automaker reported a sharp decline in overall profi ts in the second quarter of the year.
Ford made a net income of $1.1 billion in the second quarter， which was $900 million less than the same period in 2017， according to its latest earnings report released on July 25.
Fire at one of Ford’s supply plants in the U.S. and underperformance in China were believed to be two main factors which led to the almost 50-percent decrease in profi ts.
Ford said that in Asia Pacifi c， the company is now focused on China and taking urgent action to address underperformance.
“This includes improving cost competitiveness with aggressive fi tness actions， localizing more products in China， as well as recruiting more local talent to key management positions，” said the automaker.
It added that new products will soon enter the Chinese market， with 60 percent of the lineup refreshed or new by the end of 2019.
Ford did not reveal specifi c fi gures related to its China sales， but put the whole Asia-Pacifi c region’s revenue for the second quarter at$2.3 billion， down $1.1 billion year on year.
Green Power
A farmer cleans scum in a fi sh pond in Huzhou， east China’s Zhejiang Province， on July 25， below photovoltaic panels that are used for power generation. The photovoltaic project was built on 11，000 mu （733 hectares） of fi sh ponds， forming a unique landscape.
New Platform
The China-Serbia Economy Association （CSEA）， which aims to attract prominent companies to further develop the cooperation and exchanges between the two countries， was founded in Belgrade on July 24.
Chinese Ambassador to Serbia Li Manchang invited companies to join the association， explaining that the establishment of the CSEA is a result of his cooperation with Tomislav Nikolic， former President of Serbia and current President of the National Council for Cooperation With China and Russia.
According to CSEA President Xu Li， the goal of the association is to actively respond to the Belt and Road Initiative by creating a platform and promoting exchange among companies.
“It will provide immense support to the companies from China to invest and grow in Serbia， while also signifi cantly helping Serbian companies that plan to develop in the Chinese market，” Xu said， adding that some of the members of the association， such as China Road and Bridge Corp. and Huawei， have already made immense contributions to economic ties between the two countries.