urity”, signed an executive order on May 15 that led the US Department of Commerce to put Huawei and its affilia
tes on an Entity List, which would restrict the sale or transfer of US technologies to the company.
Craig Allen, president of the council, said many of its members are suppliers to Huaw
ei, and all of them have been impacted by the Department of Commerce’s move.
Founded in 1973, the council represents around 200 US companie
s doing business with China, including Apple and Microsoft. It also includes chipmakers Inte
l and Qualcomm, which have said they would stop offering supplies to Huawei until further notice.
The members will follow US law, but there is a cost associated with that, Allen told China Daily.
et forces, and China has never taken any measures to deliberately devalue the currency to make its exports more at
tractive, said Guo, who is also head of the China Banking and Insurance Regulatory Commission.
According to Guo, the short-term fluctuation of the RMB exchan
ge rate was normal, and the depreciation will not last long given the stable economic growth base.
“Any speculative activities to short the RMB will suffer huge losses,” he warned.
The RMB’s daily trading reference, or the central parity for onshore trading, has been stabilized arou
nd 6.89 per dollar for eight days from May 20, and market watchers said market-oriented depreciation pressure was losing steam.
Yi Gang, the central bank governor, has said several times that the PBOC has ceased
direct intervention in foreign exchange markets, and the performance of RMB is address
ch means even if Beijing does not take countermeasures equal in scale to Washington’s, the US economy will not be left unscathed.
Tariff hike will harm both China and US
The list of products subject to US tariff hike covers daily necessities, light industry and machinery, with the main targets
being agricultural and food products, and general manufacturing goods produced by light industries.
In terms of agricultural and food products, China is the third-largest supplier to the US, with processed fruits and
vegetables; fruit and vegetable juice; fast food and snacks; fresh vegetables and tea leaves being the main items.
big data industry and is willing to share opportunities of the digital economy’s development with other countries and jointly explore new
growth drivers and development paths by exploring new technologies, new business forms and new models, Xi added.
With increasingly wider applications of digital technologies in China, the country is expected to generate
and store 27.8 percent of global online data by 2025, up from 23.4 percent last year, according to a r
eport by market researcher International Data Corp and data storage firm Seagate.
In comparison, the US share will stand at 17.5 percent by 2025, a drop from its 21 percent share in 2018, the report added.
United Nations Secretary-General Antonio Guterres said th
at from medicine to transportation to farming, big data presents the world with a re
markable tool to advance global progress, but with that opportunity also comes risk.
technologies that it enables, are harnessed for the benefit of mankind while minimizing the risks to develo
pment, peace and security and human rights,” Guterres said in a congratulatory letter to the expo.
Miao Wei, minister of industry and information technology, said China has already made signif
icant progress in bolstering the big data industry with a string of big data platforms established in sec
tors such as manufacturing, commerce, finance, transportation and medical care.
“We will make a fresh push to integrate cutting-edge information technologies into the real econo
my, including establishing a national industrial data center, to better power the country’s sp
rawling manufacturing sector,” Miao said at the opening ceremony of the big data expo.
According to the ministry, China’s digital economy reached a total volu
me of over 31 trillion yuan ($4.5 trillion), or 34.8 percent of its GDP, in 2018.