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t of Tesla Inc. The official website of Tesla even crashe

The development of national economic and technological development zones should stick to innov

ation and opening-up, prioritize high-quality output, and remain market-oriented, the circular said.

A slew of approaches will be taken to beef up the open econom

y quality of the development zones, including diversifying ways of utilizing foreign inves

tment and introducing multinational enterprises’ regional headquarters, research and development cent

ers, and finance departments. Improving the quality of foreign trades and supporting qualified development zone

s to establish comprehensive bonded areas also are among the plans.ent zones, in a bid to boost their international co

mpetitiUS electric car maker Tesla Inc priced its China-made Model 3 vehicles from 328,000 yuan ($47,529) on Friday, acco

rding to a report from wallstreetcn.com. The first pre-order for Tesla Model 3 was completed in just three min

utes after registration started on Friday morning, according to the official Sina Weibo accoun

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Development of huge shale oil field goes full steam

This year, PetroChina’s Xinjiang Oilfield Company has been fully develop

ing the Jimsar shale oil field, which boasts 1 billion tons of shale oil reserves, Xinhua reported.

The company has mobilized 36 drilling rigs, started drilling on 47 wells and completed eight wells till now. The daily drille

d footage surpassed 2,000 meters and the total drilled footage reached 160,000 meters.

PetroChina has ramped up exploration efforts on Bohai Bay Basin, Songliao Basin, Ordo

s Basin and Junggar Basin in recent years and shale oil was listed as one of the four exploration goals. Dagang Oilfi

eld, Xinjiang Oilfield, Tuha Oilfield and Changqing Oilfield have been set as important demonstration zones.

Xinjiang Oilfield Company said it planned to mobilize 45 drilling rigs this year to finish drilling nearly 100 wells.

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Since agricultural products account for a relatively smal

ll percentage of China’s total exports to the US, the tariff hike is expected to have a limited impact on its overall trade. But Chi

na’s export of textiles, chemicals, daily necessities and some other products will be affected. Yet the effect of the h

igher tariffs would be somewhat offset due to the ratio of foreign capital and value-added goods in China’s foreign trade.

In terms of product category, the tariffs are targeted at intermediate and capital goods. Intermediate prod

ucts, capital goods, and consumer goods account for 51 percent, 32 percent and 17 percent of t

he $250 billion of Chinese goods on which the US has imposed higher tariffs (the US had already slapped higher tari

ffs of $50 billion of Chinese goods last year). And since 29 percent of consumer goods, 39 percent of capital goods and 74 perce

nt of intermediate products face higher tariffs, intermediate products will be the most affected by the US tariffs.

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Lu’s comment followed US Treasury Secretary Steven Mn

nuchin’s comments on Wednesday that he is hopeful that both countries can “go back to the table”.

Lu told a Foreign Ministry news briefing that China has reiterated that it

s door is always open, but negotiations must be meaningful and conducted with sincerity.

“A mutually beneficial deal must be based on mutual respect, equality and win-win outcomes,” he said.

The US, out of political purposes, has used its state power to groundlessly suppress Chinese te

ch firms, which has severely affected the global development and cooperation in science and technology, he said.

It has also damaged the interests of businesses of relevant countri

es and will not win the approval and support of the international society, he added.

“Apparently it will not help create a good atmosphere for the negotiations,” he said.

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plemented more favorable visa policies for Chinese student

he said. The report also found that studying overseas is no longer limited to wealthy fam

ilies, and the number of students from middle-class families studying overseas keeps growing.

According to the survey on parents’ professional backgrounds, most parents whose children prefer studying overseas hold o

rdinary positions at work, accounting for 43 percent of the total, up 14 percentage points from 2015.

Parents who are middle-level managers accounted for 35 percent, and those who are high-level executives accounted for 22 per

cent, the report said. The number of students studying overseas for master’s degrees continues to increase, a

counting for 70 percent of the total, up from 57 percent in 2016. They are studying ov

erseas to obtain higher academic qualifications and be more competitive in the domestic job market, it said.

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China’s tech heavyweights said the digital economy ha

s become a driving force behind economic growth, and interne

t companies should concentrate on making breakthroughs in core technologies.

“The country is narrowing the gap with developed countries, especially in autonomo

us driving, cooperative vehicle-infrastructure systems and intelligent transportation. We started a little late, but o

ur pace is faster and our potential is bigger,” said Robin Li, chairman and CEO of leading Chinese search engine Baidu Inc.

He noted that AI will have an impact on the internet and China should firmly grasp the historic opportuni

ties of AI, and the country’s efforts in technological innovations will begin gradually changing the world.

Pony Ma, chairman and CEO of Tencent Holdings Ltd, said the e-government is becoming the driving force for cons

truction of a digital China and high-quality social and economic development, and internet firms should co

nsolidate basic research and focus on making breakthroughs in core technologies.

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Leveraging private funds prioritized in BRI projects

China’s financial minister and central bank governor vowed to strengthe

n debt management and leverage more private funds for infrastructure construction un

der the Belt and Road Initiative, suggesting a new framework to assess debt risks for partner countries on Thursday.

The Ministry of Finance published a debt-sustainability analysis framework for the BRI’s participating economies at the start of t

he Second Belt and Road Forum for International Cooperation, a three-day event in Beijing.

Financial institutions of China and other BRI economies are encouraged to use the “nonmandatory” policy t

ool for rating debt risk before making lending decisions. The analysis method is based on in

ternational standards provided by the International Monetary Fund and World Bank, according to the ministry.

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China releases report on progress, contributions and pro

China on Monday published a report elaborating on the progress, contributions and prospects of the Belt and Road Initiative (BRI).

The document, prepared by the office of the leading group for promoting the BRI, was released ahead

of the second Belt and Road Forum for International Cooperation to be held from April 25 to 27 in Beijing.

The Belt and Road Initiative is an initiative for peaceful

development and economic cooperation, rather than a geopolitical or military alliance, said the rep

ort. “It is a process of open, inclusive and common development, not an exclusionary bloc or a ‘China club’.”

“It neither differentiates between countries by ideology nor plays the zero-sum

game. Countries are welcome to join the initiative if they so will,” according to the report.

The BRI has turned ideas into actions and vision into reality, and i

tself into a public product widely welcomed by the international community, the report said.

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mental protection, science and technology innovation,

end manufacturing, finance, sharing economy, medical care and elderly care indust

ries,” Osuga said, adding Japan and China will push forward cooperation in more areas this year.

Chinese State Councilor and Foreign Minister Wang Yi said at the dialogue on Sunday that Ch

ina hopes the two sides can make steady headway in promoting bilateral investments and trade coope

ration, and actively explore third-party market cooperation as well as local cooperation.

Osuga said the Japanese government’s position on the Belt and Road Initiative remains unchan

ged, as it expects to conduct cooperation with China in a third market, promote trade and invest

ment liberalization and facilitation and uphold a business environment of fairness, justice and non-discrimination.

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Li said the common interests of China and the EU far out

 outweigh their differences, and expanding their common interests will help narrow those differ

ences. Li spoke at a joint news conference with Tusk and Juncker after the meeting.

The two sides will continue to strengthen synergies between the EU strategy on Connecting Europe and Asia, the EU’s Trans-E

uropean Transport Networks and the China-proposed Belt and Road Initiative, the statement said, adding they welco

me further exchanges in 5G networks and technological cooperation between their business communities.

During the meeting, the EU and China also reaffirmed their commitment to multilaterali

sm. The Chinese and EU leaders also worked on coordinating their positions on regional and internationa

l hot spot issues such as the Iran nuclear issue, the Korean Peninsula nuclear issue and the Venezuela situation.

Foreign Ministry spokesman Lu Kang said on Wednesday that the joint statement reflects the resolve of China and t

he EU to strengthen their unity and coordination at a time that multilateralism is being challenged.

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