uarter, which represented the 14th consecutive quarter in the 6.4 percent to 6.8 percent range.
The country added 4.59 million urban jobs in the first four months, with total imports and expo上海会所品茶微信
rts up by 4.3 percent year-on-year and its foreign exchange reserves remaining above $3 trillion.
上海会所品茶微信Xi said there will be ample factors to reinfo
rce the steady, healthy and sustainable growth of the Chinese economy.
The president called the country’s large pool of resources a primary factor. C上海会所
hina has a population of nearly 1.4 billion, a 900-million-strong workforce, the w
orld’s largest middle-income population and over 100 million market entities.上海会所
47-year-old woman who suffered terminal kidney failure was saved after a transplant su
rgery using two kidneys from a donor who weighed just 1.3 kilograms – the lightest ki上海会所品茶微信
dney donor ever reported worldwide – a newspaper in Hubei province has reported.
上海会所The woman, surnamed Wang, from Duchang county, Jiangxi province, was diagnos
ed with uremia in June 2018 at Wuhan Union Hospital and had the transplant surgery at
the same hospital in July last year, Chutian Metropolis Daily reported on Wednesday.上海会所品茶微信
The kidneys used in the surgery came from a premature ba
by whose parents decided to donate after the baby’s death, the report said.
上海会所Following a year’s treatment, the baby’s kidneys have grown to the size of an adult’s and function healthily.
Wang has recovered her health, the hospital said.
The donor is now the lightest kidney donor in the world, the hospital announced on Wednesday.
Transplant surgeries using kidneys donated by infants are difficult, and infants w上海会所品茶微信
ho weigh less than five kilograms are not considered sources of organs in many countries, the hospital said.
The success of the surgery in Wuhan means sources of kidney for transplant surgeries
will be greatly expanded to include early infants, which will ease the gap between the number of organs don
ated and the number of patients with terminal kidney diseases waiting for transplant surgeries in China, the hospital said.
to take the delayed effect of balance sheet reduction conducted earlier into its consideration of rate cuts. The current phase-out of balanc
上海会所e sheet reduction already has some easing effect, and only after the balance sheet reduction ends in September, can its impact become clearer.
By incorporating that impact into consideration, the Fed can draw up a better rate cut plan that maximizes effects of the policy mix.上海会所
Thirdly, the market may have overestimated how much the Fed will cut the rates. There may be no more than three rate cuts by the end of 2020.
St. Louis Fed President James Bullard – the major advocate of this
round of rate cut – has suggested the use of the modern-day Taylor rule, which fairly well explains th上海会所
e Fed’s interest rate decisions. Even based on this model adopted by dovish Fed officials, we found that the degree of rate cuts may be weaker than m
上海会所arket expectation for quite some time going forward: at most one cut by the end of this year and likely two or three cuts by the end of 2020.
By contrast, before the June FOMC meeting, the market expected a higher-than-85-percent chance of more than one rate cut by the
end of this year as well as an about 60-percent chance of more than three cuts by the end of 2020, according to Bloomberg data.上海会所品茶微信
In conclusion, we think as economic downside pressure gradually emerges, the Fed will have to kick off the rate cut cycle. But the rate cut si上海会所品茶微信
gnal, timing and degree may not measure up to the market expectation. Therefore, two future developments appear possible:
First, investor sentiment can reverse drastically if the Fed’s action fails to meet market expec上海会所品茶微信
tation. Considering the market has fully priced in the unrealistic expectation of rate cuts sinc
e early June, any reversal of expectation can lead to short-term fluctuations of key price signals such as the US Treasury yield cu
rve, the US Dollar Index, and the gold price, which may pose extensive spillover shocks to asset portfolios.
Second, the long-term trend of rate cuts will continue even if the market expectation reverses. In the long
run, the Fed is expected to proceed with rate cuts in a fairly slow and smooth way. This will enlarge the monetary policy room of ot
her major economies and expedite the shift toward an easing global monetary environment, which may in turn lift the sen
timent of global stock markets and ease any currency risk of emerging markets gradually.
Cheng Shi is the managing director, head of research and chief economist of ICBC Interna
tional Holdings Ltd.Qian Zhijun is a senior economist of ICBC International Holdings Ltd.
ow is the focus上海419论坛品茶微信 for Van Gogh: The Immersive Experience, an ong
oing exhibition at the National Museum of China that runs through Sept 22. Techn
icians have used cutting-edge technology to bring to life the work of the gifted artist through an all-encompassing pr
ojection display of images taken from more than 200 paintings and drawings from the artist’s oeuvre.
The 35-minute show is being staged inside a purpose-built rectangular box occ
upying a section of the spacious third-floor corridor of the National Museum of China.
The viewer first encounters Van Gogh through a space set out like a galler
y, in which the painter’s self-portraits are displayed on wall-mounted screens. Then the gal
lery changes into different scenes inspired by Van Gogh’s iconic works, where viewers “step inside” these fam
iliar landscapes. One moment, viewers are surrounded by blossoming almond trees, while the next, they watch cr
ows flying over expansive wheat fields. Overhead, a dreamy, starlit night sky unfolds.
In recent years, Van Gogh has been the subject of many popular interactive exhibitions at home and abroad, where digital t
echnology rather than the original paintings are used to offer an insight into the painter’s life and art.