employment market, based on big data of online recruit

 this year was 1.68, down from 1.91 in the first quarter of 2018. Although the figure was above 1, the balance line, it was the first decline since the beginning of 2018.

About 8.34 million new college graduates and 2 million migrant workers are expected to enter the job market this year. Added to the list of job seekers woul

d be those who lose their jobs because of the industrial structural transformation and special type of job see

kers such as veterans. This means at least 12 million urban jobs have to be created this year.

Still, the employment pressure this year is not overbearing for two re

asons. First, the number of job seekers has not increased considerably from last year.

In fact, the number and ratio of China’s working-age people have both d

eclined for the seventh consecutive year. Over the past seven years, China’s working-age

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RMB’s value determined by market forcesce forex rese

Beijing will not sacrifice forex reserves to defend its currency, analysts say

China would rather rely on market-oriented forces to determine the renminbi’s value than defend its currency by d

ipping into its $3 trillion foreign exchange reserves amid trade disagreements, analysts said.

The United States Treasury announced on Wednesday that it could not label China a

s a “currency manipulator” after Washington monitored the recent performance of the RMB.

No evidence was found to show Chinese monetary authority intervention in foreign exchange markets over the past sev

eral months, according to the US Treasury’s semiannual foreign-exchange report to Congress.

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The debate seems to be generating wide interest in Chi

 China, with related hashtags getting more than 150 million views on Weibo.

Eunice Yoon, Beijing bureau chief and Inside China host at CNBC Interna

tional, tweeted to Regan that 120 million people viewed a Chinese hashtag that she tran

slated to: “Fox News female anchor challenges debate after being accused by CCTV for being emotional”.

Yoon, incidentally, was a former classmate of Regan’s at Phillips Exeter Academy, a prep school in New Hampshire.

“Seeing the kind of reaction online, I want to say, it’s important for us to have a meaningfu

l discussion to try to understand each other better. I appreciate the opportunity,” Liu wrote on May 24.

Liu has been working at CCTV since 1997, after graduating from Nanjing University’s English studies program.

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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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In May, the offshore RMB exchange rate against the US do

dollar dropped more than 3 percent under market pressure as global investors worried about the escalation of trade friction.

Guo Shuqing, Party secretary of the People’s Bank of China, the central bank, said on Monda

y that higher US tariffs on China’s imports triggered financial market volatility, and this also affected the offshore RMB.

The currency’s depreciation was purely caused by market forces, a

d China has never taken any measures to deliberately devalue the currency to make its exports more

attractive, said Guo, who is also head of the China Banking and Insurance Regulatory Commission.

According to Guo, the short-term fluctuation of the RMB exchange

rate was normal, and the depreciation will not last long given the stable economic growth base.

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Still, the victory of the Brexit Party could prompt the Cons

servatives to choose a new leader to campaign on a “no-deal” Brexit. But

this has little or no chance of being accepted by the British parliament, which means the B

rexit stalemate will continue until there is a general election or a second referendum. In any case, the normally pr

ofree trade voice of the UK will be reduced in the new European Parliament.

Beijing‘s first bikeway, which connects Huilongguan in Changping district and Shangdi in

Haidian district for cyclists, has finished the colored pavement and is about to open this week.

The bicycle-only road has a maximum speed of no more than 15 kilom

eters per hour and is forbidden to entry by pedestrians, electric bicycles and other vehi

cles, according to traffic rules on the bikeway released by the Beijing Municipal Commission of Transport.

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The strategic guiding role of national development plannin

ng should be leveraged to improve coordination mechanisms

for economic policies such as finance, currency, employment, industry, and regional develop

ment to ensure the nation’s economic development stays within a reasonable range, the statement said.

The meeting highlighted the importance of strengthening innovative cap

abilities as well as opening-up and cooperation in this regard, and called for improving the serv

ices and environment for opening-up and cooperation so that development is promoted through opening-up, inn

ovation is advanced through reforms and win-win results are achieved through cooperation, it said.

Tough and newly emerging problems should be resolved through deepening reforms, the state

ment said, adding that the capability of dealing with challenges and preventing risks should be intensified.

www.guapogang.cn

ale Zhang, managing director of Shanghai-based con

nsultancy Automotive Foresight, said SEAT’s smaller cars will help its parent company to reach custo

mers in China’s smaller cities, where electric cars built on Volkswagen’s own platforms would be less affordable.

Volkswagen, as well as its subsidiaries from Audi to Porsche, plan to deliver aro

und 1.5 million electrified vehicles, most of them pure electric cars, in China by 2025.

It also expects global sales of electrified vehicles will total 22 million by 2028, and half of them will be produced in China.

China overtook the United States as the largest producer and market of new energy vehicles in 2015.

The China Association of Automobile Manufacturers expected sales of su

ch vehicles to reach at least 1.6 million this year, up from 1.2 million in 2018.

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Xi calls for bolstering reform and developmentforts to p

Xi Jinping, general secretary of the Communist Party of China Central Committee, called

on Wednesday for further efforts to prevent and eliminate major problems in the nation’s reform and

development against the backdrop that uncertainties and instabilities are on the rise.

Xi, also Chinese president and chairman of the Central Military Commission, made the remarks while presiding over a key meeting

of the Central Committee for Deepening Overall Reform. He is the director of the committee.

Saying China is facing profound changes in its reform and development against the backdro

p of increasing external uncertain and unstable factors, Xi said the country must maintain a strategic focus.

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Spain’s SEAT set to make China comeback by 2021

Spain’s largest carmaker SEAT is set to make a comeback in China around 2021, a move that will help its parent

company Volkswagen AG secure a larger share in the world’s largest new energy vehicle market.

“The Spanish brand aims to enter the Chinese market in the coming two to three years,” said Volkswagen in a stat

ement on Tuesday, citing an agreement it signed with SEAT and Chinese carmaker JAC Motors.

SEAT pulled out of China in 2014 after two years of poor sales of its gasoline vehicles.

This time, it will enter the Chinese market through JAC Volks

wagen, a 50-50 joint venture established in Hefei, Anhui pr

ovince, in 2017 to develop, produce and sell pure battery vehicles.

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