Trade agreements can affect the types of goods being

traded and they can redirect trade toward one country, away

from others. They cannot directly affect any country’s worldwide current account balance. A count

ry that saves less than it invests will have to borrow foreign funds to import foreign goods to make up that difference.

There are two ways to reduce the US trade deficit. A serious recession would reduce investme

nt, but nobody advocates that as a strategy. The only other path is to change the US financial and gove

rnment system to encourage increased savings. China has almost nothing to do with it.

Ironically, the disputes between the US and China center around both nations’ legitimate desires to

protect some current low-skilled jobs, or at least to allow an easier transition to new jobs and industries.

US administration’s economic policy has rightly focused on the need to

retain jobs for working-class people in the US. And, China’s companies that export to the U

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The Belt and Road Initiative, which originated in C

 China but belongs to the world, has become an open and inclusive platform for international cooperation and a well-recog

nized global public good thanks to the concerted efforts of the parties involved, Xi said.

Calling think tanks significant forces for Belt and Road constructi

on, the president said developing think tank exchanges and cooperation helps deepen mu

tual trust, unite consensus and promote the BRI to achieve high-level development.

He expressed the hope that the think tank network would develop in-depth academic exchanges to promote solid coope

ration under the BRI and contribute to the building of a community with a shared future for mankind.

Also on Wednesday, a ceremony to mark the release of the English and French editions

of a compilation of remarks by Xi on the Belt and Road was held in Beijing by the State Council Information Office.

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hinese Navy to send huge fleet to take part in sea parade

Qiu Yanpeng (middle), deputy commander of the PLA Navy, attends a press confer

ence for the upcoming multinational naval activity to mark the 70th anniversary of the People’s Liber

ation Army Navy at the press center in Huanghai Hotel in Qingdao, Shandong province, Ap

ril 20, 2019. About 200 journalists from home and abroad attended the press conference.Chinese Navy

will send 32 warships and 39 aircraft to take part in a joint sea parade in waters near Qingdao.

Nearly 20 ships from about 10 countries will participate in t

he sea parade on Tuesday, deputy commander of the PLA Navy Qiu Yanpeng said.

A Singapore Navy frigate arrived on Friday in Qingdao, Shan

dong province, becoming the first foreign warship to arri

ve ahead of a grand event to honor the 70th birthday of the People’s Liberation Army Navy.

The PLA Navy will hold multinational naval activities in Qingdao and nearby waters from

Monday to Thursday to celebrate its founding anniversary. They will include a joint sea parade, high-level sympo

siums, public tours of ships, military music performances and other cultural exchanges.

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If Britain receives competing extradition requests, law

yers say the Home Secretary would have some leeway in deciding which takes priority. Considera

tions would usually include which request came first, and which alleged crime was more serious.

Most of the lawmakers who signed the letter are from the opposition Labour Party, whose leader, Jere

my Corbyn, wants Britain to refuse to send Assange to the US After Assange’s arrest, he prai

sed Assange for exposing US atrocities committed in Iraq and Afghanistan.

Some Conservative Party members are also backing the move. Prom

inent lawmaker Alistair Burt, a former Foreign Office mini

ster, said the “minimizing of the issues in relation to sexual assault are really quite disturbing.”

He said the testimony of the women who have been involv

ed makes it “essential” that Assange face justice to either be cleared or convicted.

Assange, 47, has denied the sexual misconduct allegations, which he claims are politically motivated.

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If the nose of the Boeing Max 8 model rises, threaten

ning a midair stall, the MCAS system automatically points the plane’s nose down

to gain speed needed to stay aloft. Boeing added larger, more fuel-efficient engines to upgr

ade the existing 737 airframe to compete with European rival Airbus. The new engines are positioned close

r to the fuselage, changing the aircraft’s aerodynamics and pushing the nose up in certain conditions.

Boeing created MCAS to make the new Max planes handle more like previ

ous versions of the 737, a popular model used by airlines around the world. Some in the aircra

ft industry, including pilots, have said Boeing did not provide adequate notice of the new plane’s flight ch

aracteristics or how to shut off the new anti-stall device if necessary. A group of pilots in

dependently compiled and circulated a 13-page manual about the new system. Oth

ers have said Boeing provided adequate notice of the changes and how to disable MCAS.

The version of MCAS installed on the Ethiopian Airlines pl

ane had relied on information from one sensor that sent back bad information.

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Fourth, the daunting challenges that China faces at this po

point in its economic development are far more important than whether its slowdown is

a gap or a trap. What comes after the catch-up to advanced economies operating on the technological frontier? This

is where China’s stated goal of shifting from imported to indigenous innovation comes in. Middle-versus high-inco

me status is a relative comparison for developing economies seeking to operate on that frontier. Notwithstanding the

temporary effects of periodic exogenous disturbances-such as deleveraging, global slowdowns, or even trad

e wars-catching up to the frontier and joining others pushing to move beyond it is the ultimate reward of economic development. That goal is ensh

rined in President Xi Jinping’s aspiration for China to achieve high-income status by 2050.

And fifth, productivity growth is far more important than GDP gro

wth in determining a country’s development prospects. As such, I would be far more wor

ried about China falling into a productivity trap than a GDP growth trap. A new study on total factor prod

uctivity (TFP) by a team of Chinese researchers offers some comfort here. Like the work of Pritchett and Summers, thi

s latest assessment of Chinese TFP growth reveals several discontinuities over the past 40 years.

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The Italian Senate warmly welcomes Xi for his visit, Casell

llati said, noting that the Italian and Chinese peoples have always trusted each other and

maintained profound friendship, with close ties in such fields as economy and trade, and culture.

The Senate speaker said she agrees with Xi on his remarks about the traditional friendly exchanges between the two cou

ntries dating back over 2,000 years, published in leading Italian newspaper Corriere della Sera ahead of his visit.

China and Italy are major countries that boast a rich culture, she said, adding that Italy is willing to boost communication and c

ooperation with the Chinese side in such fields as culture, art, language, heritage protection, tourism, science and tec

hnology, and innovation, and encourage their youths to increase exchanges and mutual understanding.

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Extra pilot averted disaster on previous Boeing 737 Max 8 flight

An off-duty pilot in the cockpit of a Boeing 737 Max 8 jet jumped in to help

crew disable a malfu

nctioning flight-control system as it experienced difficulties in October, according to Bloomberg.

The next day, with a different crew, the same plane crashed into the sea off Jakarta, killing all 189 people on board.

On doomed Lion Air Flight 610, pilots searched in a handbook f

or a way to stop the plane from nosediving, according to an exclusive Reuters report.

Reuters cites the information from three people with knowledge of the contents of the cockpit voice recorder that has never been made public.

Indonesia’s National Transportation Safety Committee (KNKT) has refused to comment to CNN on the content of the voice r

ecorder as the investigation is still ongoing. Boeing also refused to comment to CNN on the matter Wednesday.

Indonesian authorities found the cockpit voice recorder in the Java Sea on January 14 and said it could take up to a year to publish a full report into the crash.

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Blueprint for Bay Area to be revealedanticipate greate

The blueprint for the massive economic development that will turn the Guangdong-Ho

ng Kong-Macao Greater Bay Area into a global economic powerhouse will be made public within days.

Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor did not disclose the exact date for the rele

ase when speaking to reporters before Hong Kong’s weekly Executive Council meeting on Tuesday. S

he did, however, announce that a conference on Feb 21 will begin poring over details of the project.

Lam said the blueprint would lay out broad guidelines after which local go

vernments in Guangdong province, Hong Kong and Macao will work together wi

th the support of central government departments to pull the project together with concrete planning.

Cross-sector heavyweights in Hong Kong welcomed the upcoming development blu

eprint, saying it could lead the city’s different sectors into a stronger growth phase.

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Becoming a member of the winter swimming club

Students who want to join the club must get a university certificate for deep water swimming and a recommendation from no less than tw

o senior members of the club, according to Yin Ximing, a Ph.D. student at the Economics and Ma

nagement School of Tsinghua University, who is also the founder of the university’s winter swimming club.

The university is supportive of the sport, and winter swimming is carried out in the sc

hool’s West Lake Swimming Pool, which has an outdoor deep water zone and shallow end.

Early in 1919, Tsinghua University incorporated swimming into its school regula

tions, stating that those who weren’t able to swim couldn’t graduate or study abroad. The rule was later suspended.

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