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Through its app, customers can watch their coffee being

Luckin raised $561 million in its initial public offering Friday by selling 33 million American depositary shares at $17 apiece.

The ADS, which are trading on Nasdaq under the symbol “LK,” closed at $20.38 after rising as high as

$25.96 earlier in the day.Museums are not only there for enjoyment; they are education, and as such should be free.

While I can appreciate the enormous costs involved in maintai

ning and obtaining collections, let the wealthiest 1 percent of the country pay for it.

The Met in NYC is technically free; they ask you to give what you can afford. But the idea

of a person or child interested in art not being able to view it because of cost is morally wrong.

Free entrance does not attract people, nor does it encourage them to appreciate it

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considerable excitement. True, the company faces similar

bstacles to those that Asian and Latin American platforms previously had to overcome, including a

lack of reliable payment systems, low trust between buyers and sellers, and logistics and deliv

ry bottlenecks. But the experience of other regions shows that these shortcomings can be addressed over time.

Internet regulations must not be disruptive

The bigger risk to these platforms stems from the inevitable and necessary increase in regulation of the internet arou

nd the world. In particular, diverse national regulatory regimes may inadvertently or deliberately disrupt or bloc

k the international development of e-commerce ecosystems, hurting lower-income countries in the process. Avo

iding the creation of such unintended obstacles should therefore be a high priority for the international community.

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Chinese exporters have from 20 to 50 percent of the

 US market in other low-value-added markets, plus electrical machinery and equipment, mechanical

appliances, and iron and steel. In most other categories, China has less than 20 percent of the US market.

China also assembles and then exports a lot of phones, computers and other gadgets to the US. But, most of the profits and

wages go to Japanese or South Korean component producers or US-based designers. For example, China ma

kes less than $9 from each iPhone. The total price of a phone is ridiculously counted as a Chinese export to the US.

It’s a good thing that China is no longer a low-wage country. Most Chinese

are much better off than they were even 10 years ago. But it does mean that these lo

w-skilled, labor-intensive industries will be moving to less-developed nations. US tariffs on such products will only se

rve to hasten the transition to higher value-added industries that China has to make anyway.

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Bioethics experts call for more oversightand

Four leading ethics scholars in China are urging government authorities to intensify their supervision over scientific resea

rch to reduce the chances of unethical use of biomedical technologies involving gene editing and stem cells.

The appeal, published in the journal Nature on Wednesday, referen

ced a major ethical scandal in November, when a Chinese scientist announced he had pro

duced the world’s first twin human babies whose genes were altered to make them immune to HIV.

Hundreds of Chinese scientists voiced opposition and questioned the safety and effectivene

ss of the procedure following the announcement by He Jiankui, 35, who was an associate professor at So

uthern University of Science and Technology in Shenzhen, Guangdong province.

ozsnl.cn

address Conference on Dialogue of Asian Civilizations

 President Xi Jinping will deliver a keynote speech at the opening ceremony of the Conferen

ce on Dialogue of Asian Civilizations to be held on May 15 in Beijing, a senior official said Thursday.

Xu Lin, deputy head of the Publicity Department of the Communist Party of China Cen

tral Committee and director of the State Council Information Office, made the announcement at a press conference.

Under the theme of “exchanges and mutual learning among Asian civilizations and a community with a shared futu

re,” the conference includes an opening ceremony and sub-forums, said Xu, also vice president of the event’s executive committee.

More than 2,000 government officials and representatives of various circles from 47 Asia

n countries and other countries outside the region will attend the opening ceremony and forums, said Xu.

A grand Asian culture carnival, an Asian civilization week, and an Asian food festival will also be held during the event.

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While more students are now realizing that studying over

rseas no longer guarantees a well-paid job, the report found that 70 perce

nt of respondents said they do not care about return on investment and are more appr

eciative of other rewards of overseas study experience, including better adaptive ability.

Gao Ang, an undergraduate student at the University of Californi

a, Berkeley, said he does not regret going to the US despite its high cost.

Overseas study provides students with many advantages-their exp

erience tends to equip them with a global mindset and better languag

e and communication skills-important characteristics for future promotion opportunities, he said.

In 2018, 662,100 Chinese people went abroad

to study, up 8.83 percent year-on-year, according to the Ministry of Education.

gtlhhl.cn

President hails Nepal’s participation in BRinping holds

China and Nepal should strengthen cooperation on infrastructure construction and continue to promote the constructi

on of the China-Nepal cross-border economic cooperation zone, President Xi Jinping said in Beijing on Monday.

Xi made the remark during his meeting with his Nepali co

unterpart, Bidhya Devi Bhandari, who is on a nine-day state visit to China.

China greatly values its ties with Nepal, and supports Nepal in mai

ntaining its national independence, state sovereignty and terr

itorial integrity as well as exploring a path of development that suits its national conditions, Xi said.

Also, China appreciates Nepal’s firm and long-standing support over issues related to C

hina’s core interests and major concerns and its active participation in jointly building th

e Belt and Road, Xi said. He added that China will continue to support Nepal’s economic and social development.

xshp118.cn

The Temburong Bridge, the largest infrastructure

unei’s history, will become the country’s longest sea-crossing bridge with a total length of about 30 km. It is scheduled to open to traffic by the end of November 2019.

The CC4 section of the bridge is constructed by China State Construction Engineering C

orp. At around 11.6 km of the 11.8 km-long section will be a land viaduct traversing the mangrove swamp of the

Labu Forest Reserve, the company has established a set of strict safety and green construction evaluation systems to mee

t the high demand for environmental protection and cope with unprecedented difficulty in construction.

The Padma Bridge, 25 meters in width and 10 km in length, will

be built over the Padma River, one of the three major rivers in Bangladesh.

In June 2016, China Railway Major Bridge Engineering Group Co Ltd was awar

ded a $1.55-billion contract by the Bangladeshi government to build the core structure of the bridge.

The bridge is the country’s largest infrastructure project, as wel

l as the largest foreign bridge project undertaken by Chinese companies in terms of total cost.

Once completed, travel time between the capital, Dhaka, and the southern city of Khulna will be shortened to about three hours from 13 hours.

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But the underlying trend for the past five years is enc

ncouraging: annual TFP growth of about 3 percent, with especially strong growth in the tertiar

y sector. So, notwithstanding the recent slowdown in aggregate GDP growth, services-led Chi

nese rebalancing is imparting meaningful productivity leverage to the economy as a whole.

The question now is: Can China sustain its recent TFP trajectorya dist

inct possibility in light of an increasingly powerful shift to indigenous innovation and

the sustained services-led productivity of a growing cohort of well-educated knowledge workers-as well as rea

p the benefits of continued upgrading of its capital stock? If it can, the new Chinese study concludes that China’s potential GDP growth rate could hold aro

nd 6 percent over the next five years. Such an outcome would conform quite closely with China’s longer-term ambitions.

So, despite the days of 10 percent Chinese growth being over, which w

as inevitable, there is good reason to believe that the real story is China’s shift from qua

ntitative to qualitative growth. Which suggests China will defy yet again widespread fears of a looming middle-income trap.

www.ypwhl.cn

The European leaders said they are glad to see a greater

 development in China, and the EU welcomes China’s willingness to share its development opportunities.

Chinese enterprises are welcome to invest in European countries, said the European leaders, adding that they will not adopt restrictive measures against specific com

panies, and are willing to provide a fair, open and transparent business environment for all foreign enterprises.

During the visit, Peng Liyuan, Xi’s wife, also attended a number of events aimed at deepeni

ng cultural and educational exchanges between China and the European nations.

As a special envoy of the United Nations Educational, Scientific and Cultural Organization (UNESCO) for the advanceme

nt of girls’ and women’s education, Peng was invited to visit the headquarters of the UNESCO in Paris.

Wang said Peng’s visit highlighted China’s image of a hardworking, responsible maj

or country that actively participates in international education, gender equality and other affairs.

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