In addition, the global total amount of new data generat

China is expected to generate 48.6 zettabytes (48.6 trillion gigabytes) of data in 2025, while the number for the US is forecast to be

30.6ZB, according to a study by the International Data Corporation (IDC) and data storage firm Seagate, a CNBC report said.

In addition, the global total amount of new data generated is set to grow from 33ZB in 2018 to 175ZB by

2025, with data collected from entertainment platforms, video surveillance footage, internet-co

nnected devices, productivity tools and metadata contributing to most of the growth, according to the report.

In the race for data, which, as IDC analysts put in their report, is

“at the heart of this digital world” and “a company’s most valuable intangible a

sset, which can create a competitive edge in digital transformation”, there is already a victory sign coming from China.

The country generated about 7.6ZB data last year, around 0.7ZB more than the US, the report said.

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Market expectations for interest rate cuts have been rising in

 China after Spring Festival. Before embarking on their next move in interest rate reform, however, policymakers need to assess dom

estic macroeconomic conditions in order to reduce financing costs. It is more urgent to let the financial market determine the lending rate, Sun said.

“We hope (policy fine-tuning) will not surprise the market when it is introduced,” Sun said.

Communication with other countries is also needed before launching new policies or introdu

cing creative monetary policy tools, and “the PBOC has good communication mechanisms with other c

entral banks including the US Federal Reserve and the European Central Bank”, Sun said.

Last year, the PBOC removed some constraints on credit, including liquidity in

jection through cutting the reserve requirement ratio four times and capital rep

lenishment by allowing commercial banks to issue perpetual bonds, which have no maturity rate, he said.

Chinese commercial banks, however, are still using the one-year lending rate of 4.35 percent — th

e rate commercial banks charge businesses — set by the central bank in 2015. It is higher than in

terbank market rates or the interest rates banks have been paying to the central bank of 3.05 to 3.30 percent.

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The central bank will eliminate that interest rate margin

sooner or later, and guide commercial banks to lower lending rates closer to a market-determined level, Sun said.

“Theoretically, there is room for rate cuts of 1 percentage point,” said Zhang Tao, a

n analyst in the financial market department of China Construction Bank.

China has enacted both monetary and fiscal policies to offset downward pressure on eco

nomic growth this year. Some economists have predicted the growth rate may slip in the first quarter be

low the 6.4 percent of the past three months of 2018 because of factors such as trade tensions.

US Federal Reserve Chairman Jay Powell decided on Jan 30 to shelve a plan to keep raisi

ng interest rates because of possible risks to US growth. The European Central Bank stopped exp

anding quantitative easing and warned about the negative results of Brexit.

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Festival brings to fore importance of demographic data

Spring Festival, celebrating the start of the Chinese Lun

ar New Year, is unique beyond being the most important festival in the world’s most populous country.

Not only is it the longest holiday that most workers in China are entitled to, it also pr

oduces the largest annual human population movement in the world, th

anks to the age-old tradition of family reunions that are at the center of the occasion.

This year, the Year of the Pig, which is strongly believed to be associated with good fortune, has seen hundreds of millions

of workers based in cities and big towns returning to their smaller towns and villages of origin to reunite a

nd feast with their families-including their parents, and, for many, also their spouses and children. The official fo

recast is that this year, nearly 3 billion trips will be generated during the 40-day travel rush from Jan 21 to March 1.

While it might not be so obvious, this huge social phenomenon both shapes and is shaped by the sheer size and dis

tribution of China’s population linked to births, deaths and migration, and the way these three sets of vital events interact.

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Demographic data on births, deaths and population mov

ements may appear boring, but they matter a lot. They are important to understanding how humans function as individuals and as members of society.

China’s development is now more focused on the quality of economic growth, including

spreading its benefits to all citizens irrespective of their life circumstances. This emphasis aligns well wi

th the 2030 Sustainable Development Agenda of leaving no one behind, and putting the furthest behind first.

However, without greater attention to the collection, disaggregation and utilization of data

on key aspects of population trends, this quest will be more difficult to accomplish.

Developing sound social and economic policies and making smart infrastr

ucture investments require a full understanding of the key features of the population at ev

ery level-its size, gender and spatial distribution, and age structure-now and in the future.

The author is the resident representative for China of the United Nations Population Fund.

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Most US media outlets have congratulated China for landi

ing a probe on the far side of the moon. For instance, Jim Bridenstine, NASA administrator, took

to Twitter to describe the mission as “a first for humanity and an impressive accomplishment”. China, on it

s part, said that scientists from the two communicated closely before and during the Chang’e-4 launch process.

While the US side informed Chinese scientists about its satellites in orbit around the moon, Chi

na shared with the US scientists the longitude, latitude and timing of Chang’e-4’s landing. The int

eraction was in sharp contrast to the tense relations between the two sides in other areas of science and technology. W

hich means there is huge room for cooperation between the US and China in space exploration.

Cooperation more important in spaceina have both made great progress in

Although the US and Ch space technologies, they are still in the primitive sta

ge of developing and using space. As of today, neither country is capable of building a new permanent sta

tion in space, let alone building one on the moon. But through cooperation and collaboration, which will reduce the cost of

space development for both countries, the US and China can aim at more ambitious targets.

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echnology revolution and urbanization still carricenter added.

Meanwhile, a slump in population increases and growing aging populations will become a ke

y factor dragging down economic growth in developed countries and some developing countries.

The global population is predicted to rise from 7.35 billion in 2015 to 8.89 billion in 2035 and 9.77 billion in 2050. The pr

oportion of the aging population is expected to rise from 8.3 percent in 2015 to 13 percent in 2035 and 15.8 percent in 2050.

Over the next 15 years, global economy is expected to trend more toward multipolarity. By 2035, developing co

untries’ GDP will surpass developed economies’, contributing nearly 60 percent in global economy and investment.

The focus of global economic growth will shift from Europe and the United States to

Asia and extend to other developing countries and regions, the center added.

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Exercise leads Lunar New Year trendsival holiday, burning

During the Spring Festival holiday, burning calories has become a new trend from an internet catchphrase, chinanews.com has reported.

In many parts of China, sports have risen in popularity, as people enjoy working out by putting their

bodies in motion, reducing the physical burden of eating and drinking while staying healthier at the same time.

Fangfang, 24, from Taizhou, Zhejiang province, ran her first 5 kilometers of the Year of the Pig on Monday, as jogging to work makes her feel full of energy.

Dozens of winter swimmers from Yuhuan, Zhejiang, gathered at the beach behind Kanmen and rushed into to the sea against the cold wind to enjoy s

wimming. “We coastal people start the new year with our unique sport,” winter swimming enthusiast Chen Zhongfang said.

In preparation for the 2022 Beijing Winter Olympics, games on snow and ice are drawing more interest. In snow and ic

e parks in Hohhot, Inner Mongolia autonomous region, a number of experiential projects have been set up, such

as a snow football field, ice bumper cars, curling, ice gyro and a snow circle. Thousands of citizens take part in such activities every day.

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More than 12 mln entry, exit trips made during Spring Fes

Border inspection agencies across China have seen more th

an 12.5 million entry and exit trips made during the week-long Spring Festival holiday that started Mo

nday, an increase of nearly 11 percent than that of last year, the National Immigration Administration (NIA) said Sunday.

Inbound trips exceeded 6.22 million, rising by about 9.5 percent than the figure of 2018, wh

ile outbound trips increased by nearly 12.5 percent to over 6.31 million, according to the NIA.

Over 7.22 million entry and exit trips during the holiday were made by mainland residents for personal p

urposes, including traveling and visiting family members, growing by nearly 16 percent year on year.

Destinations visited most included Thailand, Japan, Vietnam, the Republic of K

orea, Singapore, Malaysia and the United States, as well as Hong Kong, Macao and Taiwan, the NIA said.

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China, US to hold high-level economic, trade consultati

  US President Donald Trump (R) listens to Chinese Vice-Premier Liu He (L) during a

eeting to discuss trade issues in the Oval Office of the White House in in Washington, Jan 31, 2019. Photo/IC

  BEIJING – Chinese Vice Premier Liu He will hold a new round of high-level China-US economic

  and trade consultation with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Beijing from Feb 14 to 15.

  US Trade Representative Robert Lighthizer (2ndR) speaks across from Vice-Premier Liu He (L) during the opening of US-China Trade Talks

  in the Eisenhower Executive Office Building at the White House in Washington, US, Jan 30, 2019. PhotoAgencies

  ding on the recent consultation in Washington, the two sides will have further discussion on issues of common concern.

  The US delegation will arrive in Beijing on Feb 11.

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