Month: March 2019

The draft amendment to the patent law has been sub

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The government has started formulating matching regulations and rules to support implementation of the Foreign Invest

ment Law, adopted two weeks ago, Li said, adding that supporting regulations will take effect along with the law on Jan 1.

The draft amendment to the patent law has been submitted to China’s top legisl

ators. It sharply increases compensation for infringement to a cost that violators will not be able to afford, he said.

Forced technology transfers are prohibited and violators will receive harsh penalties, Li said. The complaint mecha

nism for foreign-invested companies will be perfected to improve exchanges and coordination between the gover

nment and investors, making it an effective way to protect the legal rights of foreign companies, he said.

China will not resort to massive economic stimulus to boost

growth, but will continue to open up and innovate to energize market players, Li said.

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He said the European equivalent of the US agency deleg

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gates more authority to a manufacturer’s employees when certifying the safety of Airbus.

Elwell said the FAA conducts strict oversight of all manufacturers.

Senator Ed Markey demanded a “yes” or “no” answer from Elwell on whether two safety options that airlines could decline to bu

y should have been mandatory on the Max aircraft. Elwell declined to answer with a single word.

Some airlines chose to purchase the “angle of attack” system display for readi

ngs of two sensors and a “disagree light” to be activated if the sensors produce conflictin

g readings while others did not. Ethiopian Airlines and Lion Air reportedly declined to buy the two add-on safety devices.

Scovel, inspector general of the Transportation Departme

nt, said his office plans to revise its oversight of aircraft development by July.

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Over the years, FAA has increasingly shifted toward wor

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king with industry to meet shared safety goals,” he said. “FAA now delegates more of its aircr

aft certification to approved manufacturers through its congressionally authorized Organization Desig

nation Authorization program or ODA. However, my office has identified weaknesses with FAA oversight of ODA.”

Senators questioned the safety of Boeing’s anti-stall system, called the Maneuvering Characteristics Augmentation System.

The system was installed because Max jets have bigger engines mounted closer to the nose of the plane than older Boeing 737s, changing the plane’s aerodynamics.

If the nose rises, threatening a stall, the MACS system automatically points the nose of the plane down to gain speed. The sys

tem can be shut off by flipping a switch on the throttle console between the pilot and co-pilot.

The “angle of attack” sensor built into the Max aircraft measures the amount of lift generat

ed by the wings. The device warns pilots when there is too little lift, potentially stalling the plane

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Retail sales of local government bonds attract eager

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Chinese local government bonds worth 1.4 billion yuan ($208.5 million) were snapped up by retail investors within a single day, after counter sales in banks we

re made available for the first time. The fundraising will help supplement a broader fiscal deficit this year, analysts said.

On Monday, individuals in China were able to purchase bonds issued by t

he Zhejiang provincial government (five-year term, 3.32 percent coupon rate) and the N

ingbo city government (three-year term, 3.04 percent coupon rate). Proceeds from the sales will be used for land purchases (300 million yuan) and shantytown renovations (1.1 billion yuan), acc

ording to a notice on the website of China Central Depository and Clearing, a clearinghouse under the central bank.

The minimum investment amount for retail investors is 100 yuan, lower than most wealth management products issu

ed by commercial banks. Previously, individual investors could only purchase bonds issued by the central government, kno

wn as treasury bonds. And before Monday, local government bonds were traded mainly in the interbank market.

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Finance Minister Liu Kun said at a forum on Sunday tha

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t the government plans to accelerate local government bond issuance this year. “We are tryi

ng to complete the issuance of the new bond quota of 3.08 trillion yuan by the end of September.”

“We will urge local governments to inject funds into projects quickl

y in order to stabilize investment and expand domestic demand,” said Liu.

In the first two months, issued local government bonds totaled at 782.1 billion yuan. Among this, 326.1 bil

lion yuan was raised through special purpose bonds, a type just like United States municipal bonds, the ministry said.

hina will further facilitate foreign enterprises’ venture ca

pital investments in Chinese companies, said Premier Li Keqiang at the Boao Forum for Asia on Thursday.

The country will also improve the regulations on foreign investors’ strategic invest

ment in mainland-listed companies as well as on their mergers and acquisitions with domestic enterprises.

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Wang hailed Italian government’s forethought and pragmatis

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gmatism over its decision of endorsing the Belt and Road Initiative (BRI), saying Xi and Mattarella agreed

that China and Italy, which are at the two ends of the ancient Silk Road, are natural partners in constructing the Belt and Road.

Conte, according to Wang, said the BRI will bring great opportunities to Italy. He also agre

ed to attend the second Belt and Road Forum for International Cooperation to be held in Beijing next month.

France is one of the earliest European countries that have expressed the willingness to take pa

rt in the BRI cooperation. During Xi’s visit to France, the two countries signed agreements on the third round of the BRI-related dem

onstration projects in third-party markets and kicked off a third-party market fund, Wang said.

At the closing session of a global governance forum co-hosted by China and France, Macron

said the BRI is significant and can play an important role in world peace, stability and development, adding that the EU could align

its development strategy with the BRI in an innovative way and jointly promote Eurasian connectivity.

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It is advisable to pursue an innovation-driven, well-coordi

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inated and inter-connected, and fair and inclusive approach and forge a growth

model of vitality, a cooperation model of openness and win-win results, and a developm

ent model of balance and common benefits, so that people from across the world could share the benefits of economic globalization, Xi said.

This year marks the 70th anniversary of the founding of the People’s Republic of China, Wang said.

During his visit, Xi, based on China’s just-concluded Two Sessions earlier this month, illu

strated to the European leaders the fine performances of the Chinese economy which had overcome multiple challenges in 2018.

Wang said Xi also introduced the newly-adopted foreign investment law, emphasizi

ng that it is necessary to use legal means to better protect intellectual property rights and attract foreign investment.

Xi pointed out that China will continue to push forward all-round reform and opening-up, promote trade and investment

liberalization and facilitation, so that European friends can better share China’s development opportunities.

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Ceremony held to mourn E China blast victims victims in Yanch

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A memorial service was held on Wednesday for victims who died in a chemical plan

t explosion seven days prior in Xiangshui township, Yancheng city, East China’s Jiangsu province.

More than 200 officials, police officers, firefighters, bereaved families and volunteers attended the serv

ice at 7:30 am. The cars at the site honked their horns and attendees presented flowers to pay tribute to the victims.

To date, the deadly explosion of Jiangsu Tianjiayi Chemical Co in Yancheng’s Xiangshui county has claimed 78 lives.

According to Chinese tradition, the seventh day after a death marks the height of the mourning period.

subsidies continue gradual phase-out

China will whittle down subsidies on new energy vehicles as the industry develops and cost drops, aiming to boost high-quality development in the NEV sector.

The newest measure will lower subsidy standards for new energy passenger cars, buses and t

rucks, taking factors such as industry growth, cost reduction and subsidy phase-out policies into consideration, the

Ministry of Finance said in a joint statement Tuesday, adding the move was set to bring more competition in the industry.

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lawmakers seize Brexit agenda in bid to break deadlock

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LONDON – British lawmakers seized a measure of control over the

stalled Brexit process from Prime Minister Theresa May‘s foundering governmeng up a seri

es of votes that could dramatically alter the course of the UK’s departure from the European Union.

The move came after May conceded that Parliament would defeat her twice-rejected divorce deal with the EU again if she put it to a third vote.

With Brexit delayed and the new departure date up in the air, the House of Commons v

oted to give itself temporary control of the parliamentary timetable starting on Wednesday so lawmakers can vote o

n alternatives to May’s withdrawal deal. The government usually controls the scheduling of votes in Parliament.

Lawmakers who backed Monday’s motion, which passed 329-302, hope the planned “indic

ative votes” will narrow the options down to one that can secure majority support. Possible options inclu

de a “soft Brexit” that maintains close economic ties with the EU or scrapping Britain’s departure altogether.

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May has come under intense pressure to quit the prime minis

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 minister’s post as the price of winning support for the deal.

At a meeting Sunday at the prime minister’s country retreat, Chequers,

prominent Brexiteers told May they might back the deal — if she agreed to step d

own so a new leader could take charge of the next phase of negotiations, which will

settle Britain’s future relations with the EU.

Former Foreign Secretary Boris Johnson, who attended the meeting and is likely to be a conten

der in any future Conservative leadership race, accused the government

of lacking “gumption” and chickening out on delivering Brexit.

Britaina’s best-selling newspaper, The Sun, put a call on its front page for the

prime minister to resign under the headline “Time’s up, Theresa.”

May is hanging on, hoping she can persuade Brexit-backing lawmakers that

rejecting her deal means Britain may never leave the EU.

She told lawmakers that Britain would not leave the EU without a deal unless

Parliament — which has already rejected the idea — voted for it.

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