China to Further Promote Innovation+Entrepreneurship

China will continuously promote its innovation-driven development and entrepreneurship, with more policy incentives to entrepreneurship from overseas.

A guideline is approved at a State Council executive meeting chaired by Premier Li Keqiang on Wednesday to further enhance the support for innovation and entrepreneurship.

China will establish an integrated digital business license registry, and enable one-stop registration for foreign enterprises and their domestic counterparts within a given timeframe for due procedures.

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The government will simplify procedures of work and residential permit application for high-calibre foreign talents, and pilot integrated service in housing, schooling and medical care. Overseas students in China who start new businesses can also apply for residential permit with their diplomas.

"Mass entrepreneurship and innovation has been an effective driver for both economic growth and the consistent transition between traditional and new growth engines. It has also significantly contributed to creation of new jobs and increase in income," Li said.

The push for mass entrepreneurship and innovation was first put forward by the premier during the Annual Meeting of the New Champions 2014 in Tianjin.

Statistics by the State Administration for Industry and Commerce shows that the country saw the registration of more than 13 million new enterprises between March 2014 and February 2017, 94.6 percent of which are in the private sector, adding an average of 15,600 new enterprises on a daily basis in the first five months of this year, giving employment a major boost.

The country will also put in place programs to support Chinese students overseas to return for business startups and innovation, and enable overseas Chinese entrepreneurs, including those from Hong Kong and Macao special administrative regions, enjoy the same public services as local residents, according to the guideline.

More efforts will go to the protection of intellectual property rights, while invigorating technology markets and explore a mechanism that can ensure timely commercialization of research findings with fiscal support in some areas.

The country will also expand the funding channels for enterprises, including measures to enhance the credit support and relevant services and reform on rules for state capital to take part in venture capital investment, according to the guideline.

The upgrading of the real economy will get a boost from enhancing the development of innovation and entrepreneurship platforms, the sharing economy and the development of digital economy.

The development of industrial Internet and advanced manufacturing and the land use for innovation and entrepreneurship purposes will be given priorities.

"We should keep promoting entrepreneurship and innovation, and give full play to the initiative and creativity of the public. The R&D outcomes should be put to full use so that we can better draw on the wisdom of the public," Li said.

"The internal strength of the new growth drivers should be fully converted into new growth engines of the Chinese economy," he added.

The State Council executive meeting on June 7 decided to set up more high-level demonstration bases for mass entrepreneurship and innovation covering all provincial-level areas.

The country established 28 such zones last year, playing a pivotal role in helping the transformation and upgrading of local economy, the China Association for Science and Technology said in a report.

The government will also innovate its ways of administration to further promote fair competition, step up prudent and tolerating oversight, widen market access, improve tax services and create an enabling environment for entrepreneurship and innovation.

Li said the country need to ensure that different policies can be fully implemented.

Entrepreneurship and innovation within major enterprises is of great significance as it gives rise to customized production and a change in production organization, he said.

The prime minister added that it also allowed them to better adapt to the individual needs of the information age.

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Belt and Road Initiative benefits Egypt-China cooperation

Huge opportunities for cooperation between China and Egypt with respect to mutual trade and investment will be promoted by The Belt and Road Initiative.

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 "The philosophy of the initiative is based on the concept of development as well as trade," said Mohamed Fayez Farahat, head of the Asian Studies program in state-run Ahram Center for Political and Strategic Studies.

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Proposed by Chinese President Xi Jinping in 2013, the Belt and Road Initiative aims at reviving ancient land and sea trade routes that link China with many countries in Asia, African and Europe via trade and infrastructure networks.

"The initiative by nature provides support for development process in Egypt because the maritime path of the Belt and Road would pass through the Suez Canal," said Farahat who is scheduled to attend the Belt and Road Forum for International Cooperation in Beijing on May 14 and 15.

Egypt has recently adopted reform policies and austerity measures, borrowing loans to revive its economy that has been ailing due to the eruption of two uprisings and the ouster of two presidents which caused flee of investments and tourists.

"The Belt and Road Initiative depends on huge financing capabilities and institutions that stand behind it, and Egypt could benefit by getting support and loans for carrying out developmental projects with better and easier conditions unlike the difficult system of the western financing institutions," Farahat added.

The diversity and the richness of the initiative's aspects that would cover coordinating policies, advancing the infrastructure and integrating the financial cooperation among the partners, would create several fields of cooperation with Egypt, he explained.

Farahat foresees the logistics, the ports and the infrastructure of the developmental projects "would constitute a breakthrough of cooperation between the two countries."

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Given the problems facing globalization in recent years, the Asian Affairs researcher predicts China will witness "massive transitions."

"China which represents a successful model in development, essentially based on industrial fields, would pay more attention to the logistic sector to push the train of economic development in the region including Egypt," he said.

Egypt's parliament on Sunday passed a long-awaited investment law that would create incentives the country needs to bring back investors after years of turmoil.

The new law is expected to boost much-needed investments by cutting down bureaucracy, especially for starting new logistics and ports projects around the Suez Canal.

China is the largest investor in the development of Egypt's Suez Canal Corridor which emerged in 1998. The Suez Canal Economicl Zone, covering a total area of 461 sq km and comprising of four sections and six ports, would facilitate the presence of foreign investors.

"I expect China would contribute largely to enhancing the developmental sector in Egypt, whose peace and stability are the base of those of the Middle East," Farahat said, adding that by supporting Egypt, China would secure those mega infrastructure projects that would pass through the Belt and Road Initiative's path."

As a member of the Asian Infrastructure Investment Bank, Egypt could also benefit from funding its infrastructure projects with easier conditions, he added.

The expert, who is expected to deliver a speech during the Belt and Road Forum for International Cooperation on the challenges that would face the implementation of the initiative, "sees large scope for the initiative's success."

The expert sees the Belt and Road Initiative needs to get out of the official governmental garment and be publicized at the people levels.

"The countries along the Belt and Road path should work on marketing the initiative as a project that the people believe in, which is the challenge now."

However, he pointed out some factors of success including that China enjoys a high level of credibility among the developing and growing countries; it has very good and special ties with different international partners, and its history lacks any negative implications with regards to imperialism or hegemony.

Reiterating that "the initiative was built on the idea of openness and not conflict," the expert explained the initiative seeks cooperation and integration which manifested in China's memberships in the Arab League, G20, the Asian Bank and ASEAN.

He also hailed the initiative because it does not seek conflict with the existing international system, but integration with the world financial institution like the World Bank.

"This is the first time for launching an international initiative that would seek development, especially the infrastructure, besides trade," He said.

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Chinese companies now flock to energy industry meeting

Chinese companies are making a much stronger presence because the industry experiences a downturn. Though the 2017 Offshore Technology Conference (OTC) is less crowded and the displays smaller and less elaborate with crude oil hovering around $50 per barrel.

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"I noticed that the China Pavilion area is much larger, and the number of Chinese companies has increased. I estimate that there are probably 200 to 300 Chinese companies at OTC this year," said Torry Wang, president of Houston-based Amphibian Petroleum Technologies.

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OTC, which runs from Monday through Friday, is the largest event in the world for the oil and gas industry with some 2,300 exhibitors representing more than 100 countries.

The depressed oil price gave Chinese companies more opportunities to come to OTC, which has a long waiting list for exhibitors, explained Wang. His company has been taking part in OTC for seven years.

"A lot of oil and gas companies decided not to show up due to the low oil price, thus freeing up spaces for Chinese companies. Some of them had tried for years to come to this event but couldn't get in until this year," said Wang.

Wang's assessment was partially echoed by Yi Baishui, deputy general manager of CMEC International Exhibition Co. His company has been organizing Chinese companies to participate in OTC since 2008.

"This year we brought more than 50 people from over 20 Chinese companies, much more than 30 some people last year," Yi said.

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"Although there are some policy uncertainties with the Trump administration when it comes to China-US relations, I am very glad to see more business exchanges going on between the US and China," said Zhao Zhenge, general representative of China Council for the Promotion of International Trade (CCPIT). "I am certain the larger presence of Chinese companies at OTC will bring more bilateral business in this industry."

Zhao also will meet with local American and Chinese business leaders to broaden bilateral business cooperation.

Not only are Chinese companies more prominent at OTC, but more of them are selling products to the US oil and gas industry, according to Tim Gonzales, acting director of global business at the American Petroleum Institute (API).

API has led the development of petroleum and petrochemical equipment and operating standards for more than 80 years. It certifies all products and services sold within the industry.

Gonzales said that the number of API-certified Chinese companies has surpassed that of American companies since last year.

"Now we certify more than 3,000 companies from China while we certify just about 3,000 companies in the US. It's very interesting," said Gonzales.

Gonzales said that API, after working in China to bring US standards to Chinese manufacturers, is now interested in working with Chinese organizations and companies to develop industry standards that China requires.

"So that when Chinese companies buy equipment such as pipes from the US, it will be the same as in China. We want to make the standard globally acceptable," said Gonzales, who discussed details with Zhao on how to work together to develop such standard for China.

"This is very encouraging news. It means China economy has become a force to be reckoned with. A recognized standard for China will certainly further benefit business exchanges on both sides," Zhao said.

This year, China's major players are at OTC such as CNPC, Sinopec and CNOOC.

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Trump's let China open its market to American beef as the start of trade enforcement

China has agreed once more to allow U.S. beef exports to that country, ending a ban in effect since 2003. The deal was struck over the weekend between President Donald Trump and China President Xi Jinping, according to the Financial Times. 

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After meeting with Chinese officials at Mar-a-lago last week, Treasury Secretary Steven Mnuchin appeared optimistic that a number of quick deals could be reached.

“We focused specifically on a more balanced economic relationship, specifically on trade,” he told reporters after the meeting. “And we focused on the desire to have very specific action items, both in the short term for the next time we get together, as well as what the goals are over the year.”

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As a result, China’s citizens have not had access to wholesome beef products that U.S. citizens enjoy every day. A three-ounce beef patty has about 155 calories and provides 25 grams of protein to help a person get their daily work completed. Beef also provides important nutrients including zinc, vitamins B12 and B5, iron and selenium, and eating a protein product like beef helps curb cravings.

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Now is a good time to encourage the reopening of U.S. beef imports to the China.

There is no doubt the United States produces some of the highest quality steaks in the world which commands a premium for those products. However, the domestic market does not produce enough lean beef from cull cows and bulls to mix with fatty trim from fed cattle to fully supply the domestic ground beef market.

  

Cattle producers and consumers have many questions regarding beef imports and exports, and hopefully some of those questions will be answered here.

If you are importing product from China (or any other country), now is the time to double check what you are doing with your trade and customs programs and to make darn sure that you are not bringing in product that will cost you a lot of money or maybe even jail time. There is a new sheriff in town and he does not like imports.

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Why Trump's showed a 'hole' lot of respect in summit with Xi

The second round of talks was held by U.S. President Donald Trump and Chinese President Xi Jinping in the Mar-a-Lago resort in Florida, the United States, April 7, 2017.

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Xi made the two-day trip to the southeastern U.S. coastal town of Palm Beach for the first meeting with Trump, in a bid to chart the course of bilateral ties in a new era.

The two leaders agreed that their first meeting, held at the seaside Mar-a-Lago resort in the U.S. state of Florida, was "positive and fruitful."

During their talks over the two days, Xi and Trump exchanged views on key areas of bilateral cooperation as well as global and regional issues of common concern.

Xi said his first meeting with Trump bears unique significance to the development of China-U.S. Ties.

The two sides need to further enhance their relations so as to better serve the interests of the two countries and their peoples, and to promote world peace and prosperity, Xi said.

"I think we have made tremendous progress in our relationship with China," the White House cited Trump as saying after meeting with Xi, adding that the relationship developed by Xi and himself is "outstanding."

U.S. representatives have been meeting one-on-one with their Chinese counterparts, and progress has been made, said the U.S. president.

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People-to-people exchanges remain a solid foundation for the China-U.S. relationship, Xi said, vowing to promote bilateral cooperation in tourism, arts, sports and health care to further enhance the public support and boost ties.

Trump said the United States is willing to further strengthen cooperation with China in economy, military affairs and people-to-people exchanges and support China's efforts in hunting for fugitives and recovering illicit money.

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Ahead of the two presidents' second round of talks, senior Chinese and U.S. officials on Friday initiated the comprehensive economic dialogue, as well as the diplomatic and security dialogue, two of the four pillars of the newly established bilateral dialogue mechanism.

Within the framework, the two sides had frank and in-depth conversations and set the agenda for the next phase.

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