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The Fed Stays Put in a Swift Position to Counter Inflation Risk （改写21年11月新闻
Notes: The rewriting is for the purpose of study, instead of a reflection of the writer's true Enligh level, so it has to compromise some of the original accurancy, simplicty and balancing.
注意：改写只是起学习作用，并不反映写者的真实英语水平，所以可能会牺牲原文的准确性，简单明了及句子的平衡性。Open to English-Chinese translation接受中英翻译业务
For most of the year, the Fed’s prediction on monetary policy was founded on projections that contained an element of magic thinking, with hindsight. The inflation was envisioned to stay within control even as the Fed has been fueling an over-heated economy by monetary stimulus. In the Fed’s median forest as of Sep., it assumed that yearly consumer price rises would dip to 2.1% by the end of 2024, while the unemployment rate would drop to 3.5% and short-term interst rates would remain low, reaching a slight 1.8%.
That benign and wishful view has been rendered untenable by economic developments that are pushing inflation higher and more persistent than expected, as was reflected in the core consumer index in the three months through Sep., which increased at annualized rate of 5.6%, excluding volatile food and energy prices, twice more than the Fed’s objective of 2%. An annualized 4.8% growth of average hourly earnings pushed up by robust hiring, over the same period, is troubling economists worried about a self-reinforcing wage-price spiral, despite a welcome raise for workers.
It’s good to see the Fed preparing to make a response. On Dec. 15, the Fed announced that it would step up the pace of gradually decreasing the purchases of Treasury and mortgage securities, which shows that it has put the program on a trajectory to end earlier-by March, instead of June. This, in turn, will give officials the option to hike the short term interest rate target from its current near-zero one at this mid-March meeting, and apart from that, to hike rates higher and sooner, if inflate fails to subside. The Fed recognized this possibility partially in its longer-term projections: the median forecast for the target rate at the end of 2021 is 2.1%.
To be sure/admittedly, the economic prospect remains highly uncertain. Economic recovery could be yet undermined by developments, such as the emergence of new coronovirus variants and thus requires the remaining of low interest rate, something that the Fed is capable of doing. By ending the asset-purchase program sooner, the central bank leaves options open, as it usually does in its product risk management, which matters to the economy in recovery.
As of now, the Fed’s policy shift has been taken by market largely in stride, but the gap still lies between expectations of Fed officials and investors accustomed to accommodation. For example, the prices in Eurodollar futures markets, following the decrease announcement on the afternoon show that short term interest rates won’t surpass 1.8% over the next few years. Under some circumstances, an uncomfortable adjustment is required for coming terms with the center bank’s plans. So be it. The Fed needs to bear responsibility for the entire economy instead of markets alone.
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It might be Nipel’s most serious air crash in its 30 years
A plane, boarding 68 passengers and 4 crew members, in 9N-ANC flight of Nipel’s Yeti Airlines, crashed near the Seti Reiver Gorges adjacent to Pokhara, the second largest city of Nipel, January 15, local time and at least 45 persons were confirmed dead so far, according to the report from the Kathmandu Post.
“The crash has happened about 20 minutes after the liftoff of the model ATR-72-500 plane, which took off from the capital, Kathmandu, 10:33 am, January 15,and the passengers are confirmed to include 50 Nepalese,5 Indians, 4 Russians, 2 Koreans, and other 4 passengers respectively from Ireland, Australia, France and Argentina.
The information on flight tracking website, FlightRadar24, shows that the plane YT691 (from Kathmandu to Pokhara) is of ATR-72 model, code 9NANC, with 15 years of age.
According to sources, ATR-72 is a dual-engine turbopropeller passenger aircraft, widely used in the market, and manufactured under the joint venture of EADS in the owner of 80% shares of Airbus, and Italy’s Leonardo.
The prime minister of Nipel convened an emergent chamber meeting promptly after the crash happened and urged all-out rescue and investigation of causes and encouraged security personnel and the public to give assistance.
But so far the flames at the wreckage have caused the difficulty for the rescue. The spokesperson for the military said, “We expect to find more remains as the plan has been broken.”
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China has basically finished its stringent rectification on tech giants.
China’s stringent rectification on tech giants is reaching to end, which is expected to make the country’s economic growth back on track, according to a top central bank official.
The rectification of financial technology operations of more than a dozen internet companies is basically finished, said Guo Shuqing, the secretary of Communist Party at the People’s Bank of China, in an interview with state-run Xinhua news agency on Saturday.
“Next, we’ll focus on the promotion of healthy development of internet platforms, “said Guo. “We will encourage them to make strong come-out in leading economic growth, creating more jobs and competing internationally.
His inspiring remarks were overshadowed with the news that came on the same day, that is, Chinese billionaire Jack Ma abandoned his control of Ant Group after the fintech giant’s shareholders made an agreement on restructuring its business.
Ma’s Ant Group was forced to suspend its $ $37 billion IPO days before its launch, in China’s rectification on its top-ranking tech companies, which began in 2020, and rolled out new regulations on fintech.
And then, the online financial service units of 13 other tech giants are targeted, including Tencent, Baidu, JD.com, Bytedance, Meituan, and Didi.
These tech regulations were part of a broader government campaign to curb wild growth of the country’s private companies Party.
Hitting the pause button
However, Chinese policymakers are expected to shift their focus to boosting growth in 2023, and tech firms will play a key role in that. The country recently lifted its zero-Covid policy, which had battered the world’s second-largest economy.
However, China’s sluggish economy battered by 3-year zero-Covid policy is making policymakers turn their attention to economic growth in 2023, while tech firms will play an important role in that.
Guo is confident that the Chinese economy will get back on track after China lifted its zero-Covid policy in late December, 2022.
“Current total income shall be converted into consumption and investment as much as possible, which is a key to rapid economic discovery and high quality development.”
China’s economy is expected by most economists to stay inactive in the first quarter of 2023, given that domestic demand remains week amid rapidly rising covid cases, but the growth is expected to come back in the second quarter.
More financial support is promised to be given to private businesses, most of which are small and micro enterprises.
“[We’ll also] expand their access to funding and support IPOs and bond issuance,” he added.
The improvement of balance sheets of top-ranking developers will be prioritized by the government to curb the depression in the property market-a major drag on growth
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Guo Shuqing gave responses to some hot issues in an interview
Guo Shuqing, the secretary of the Party Committee of the People’s Bank, and chairman of China Banking and Insurance Regulatory Commission, gave responses to some hot issues in an interview with a journalist from Xihua News Agency, according to its report.
“It’s an essential part to transfer current total revenues into consumption and investment for rapid economic recovery and high quality development, so some policies will be rolled out to encourage consumption of bulk commodities, such as houses and cars.” He said. He stressed that the special rectification of financial businesses of 14 platform companies has been nearly completed, and the renminbi exchange rate will see a continual appreciation on the whole.
“To support economic development, these actions below shall be taken,” he expressed.
Firstly, we will make financial policies actively coordinative with fiscal and social policies, as to increase the income of the groups who have low or middle income and get influenced much by the pandemic.
Second, we will design more marketable financial products with an emphasis on new citizen demands, to support the consumption of bulk commodities, such as houses and cars.
Third, we will give more support to the integrated finance that serves the consumption in such key fields as education, culture, sports and entertainment.
Fourth, we will take further protection of investment and financing on infrastructure projects, such as energy, traffic and irrigation and integrate more financial resources to support urban renovation and rural revitalization.
Fifth, we will utilize more financial tools creatively to push forward the perfection of investment and financing mechanism and speed up the improvement of weak links in social fields.
Sixth, we will continuously optimize such financial services on import and export businesses as settlement, financing and insurance with an emphasis on emerging economies and developing countries, as to consolidate and further strengthen new advantages in foreign trade.
Ensuring timely deliveries of presold homes is prioritized for facilitation of steady and healthy development of real estate industry.
For real estate, Guo expressed, “We will endeavor to promote the sound circulation between real estate and finance, fulfill ’16 financial items” measures, prioritizing timely deliveries of personal homes and emphasizing the improvement of superior-quality top-ranking real estate enterprises’ balance sheets, to facilitate steady and healthy development of real estate industry and gear up the transition of real estate industry into new development patterns by steps.
Guo further expressed, “We will actively coordinate in resolution of local governments’ hidden debt risks, supervise and urge financial institutions to strengthen their capabilities of risk management and orderly carry out local debt replacement to fuel the optimization of structure of debt timelines, and ease interest burden.
The special rectification of financial businesses of 14 platform companies has been nearly completed
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Tesla slashes prices in China for the second time in 3 months to cope with slow demand
Tesla announced a second-time slash of car prices in China in less than 3 months, making efforts to drive the sales amidst slow demand, in the world’s largest car market.
The electric vehicle maker lowered prices for all versions of its China-made model S and model Y on Friday, according to its website.
Tesla has reduced the starting price for model 3 by 13.59% to 229,900 yuan and by 10% to 259,900 yuan for model Y, according to CNN calculation.
This is the second price cut since Oct. 24, following the first reduction, up to 9.4%, of prices of model 3 and model Y, while Tesla had lifted prices for several times in the past 2 years.
“Tesla’s price custs are backed by countless engineering innovations, “ said Grace Tao, Tesla’s vice president for external affairs in China, on her weibo account. “We are taking real actions, in response to the call of the country, to advance economic development and unleash the potential of domestic consumption. “
The discount arrives at a time when Tesla is struggling to sustain its sales in China
In December, Tesla’s shanghai factory delivered 55,796 vehicles, down 44% from November.
Beijing’s termination of a 13-year-long subsidy for electric vehicle purchases is expected to lay more pressure on car demand, gearing up Tesla’s price cuts.
The Chinese government had planned gradually terminate its pricy EV subsidy program by the end of 2020, but prolonged it during the pandemic to ward off sharp economic slowdown.
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Tesla China launches a price war by lowering prices for a second time during 3 months
Tesla lowers the prices of electric cars in China for a second time during less than 3 months, to cope with the depression on global car market by launching a price war, January, 6.
Tesla cuts the prices, through calculation, of all versions of model 3 and model Y by 6% to 13.5%, on Friday, making the start price of model 3 drop to reminbi 229,900 from 265,000. The new selling prices, given the falls, in the present and previous October, plus Tesla-provided subsidy up to 10,000, fall by 13% to 24% from the ones of the previous September.
“The price adjustment is backed by numerous engineering innovations of Tesla, which sticks to pricing based on costs, and takes real moves to propel economic development and unleash consumption potential, in response to the call of the country,” Taolin, the vice president of External Affairs of Tesla China, claims in this post on Weibo, a Chinese version of Twitter.
Tesla delivered 55,796 electric cars made in China, in December, according to the data released by China Passenger Association before the announcement of the new cut, which mark the lowest level during five months, 44% down over November, and 21% over the same period of the previous year.
“Tesla is sacrificing gross profits on each of its cars to boost sales since the remaning orders in China have been consumed,” said Bill, the founder of Automobility.
The report from Automobility points out that to stimulate demands for electric cars, Tesla has been implementing many measures, that including slashing prices of model Y and model 3, launching recharge rewards and new user recommendation campaigns, insurance subsidy and preferential for new year purchases.
This report also quotes other sources as saying that Tesla is developing a new type of model 2 with bigger advantage on price, which will be probably launched later this year, priced at 170,000 or so. Tesla does not respond to the reporter on this report.
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Details emerge about William attack claim, drug admission, and concerns in reports on Harry’s new book
An accusation has been made in Princess Henry’s new memoir, of his brother physically attacking him, along with a revelation of a wide range of private conversions between him and other senior British royals and his split from the family, according to media outlets who said they had received early copies of the book.
What is perhaps the most dramatically revealed is the accusation from Henry of a sharp quarrel with Princess William, during an argument over his wife, Meghan in 2019, first reported by the Guardian. Henry appears to tell more grievances, accusations and other sensational disclosures in his memoir, that include divulging the number of Taliban fighters he killed, opening up about taking drugs as a teen and speaking to a woman with powers about his deceased mother, Diana.
Henry says he was pushed by William to the floor. Reportedly the duke makes an allegation in his highly anticipated autobiography that William knocked him to the floor during the quarrel as the Guardian claims to have seen in an advance copy. The alleged hassle happened after a conversation between the two brothers, during which, William called Meghan, difficult, rude and abrasive.
The confrontation heated up until William “grabbed me by the collar, ripped my necklace and …knocked me to the floor.”
The alleged physical altercation between the two brothers is the focus of the article which, however, described the entire book as a remarkable volume.
Based on Henry’s version of events, as is reported in the story, William arrived at Harry and Meghan’s then-home to allegedly discuss the successive catastrophe of their relationship and grapple with media.
Harry alleges that the attack took place after he gave the elder brother water and made efforts to cool the boiling verbal exchange.
“He set down the water, called me another name, then rushed at me. It all happened so fast. He grabbed me by the collar, ripped my necklace and …knocked me to the floor. I landed on the dog’s bowl, which cracked under my back, pieces cutting into me. I lay there for moments, dazed, then got to my feet and told him to get out.”
Henry states that William urged him to punch back, but he said no. William left but later came back, with a regretful look, and apologized.
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Prince Henry of the British claimed physical assault in his new book by his brother, William, who grabbed his collar, pulled away his necklace and knocked him to the ground
The news, that the British princess Henry disclosed that his brother William ever “made physical assault on him”, attracts a lot of attention from the British media. Henry claimed in this biography that once in the dispute with William over his marriage with Meghan, “William grabbed my collar, pulled away my necklace and knocked me to the ground”.
The news was firstly exclusively reported by the British Guardian, before quoted by other British media, such as the Sky News. The Guardian claimed it received a copy of Henry’s biography , “Spare”, to be published next week, which though could enrage the British royals.
In his book, Henry narrates a family quarrel which happened in 2019, in which, William complained to Henry Megan is “hard to get along with”, “impolite” and “rude”, while Henry told William these complaints were nothing but a repeat of the media’s description of his American wife.
Henry claimed William’s irrational behavior has caused their dispute, which escalated up with serous of verbal quarrels. “William grabbed my collar, pulled away my necklace and knocked me to the ground”. “I fell on the dog bowl, and it broke, with scraps having pierced into my body. I lied there with moments of blankness in my mind, and then I got on my feet and asked him to piss off.”
About what was next, according to the report by the Guardian, Henry wrote that William asked him to hit back, mentioning they fought with each other in their childhood, but he refused to do this. Henry said, that William left for a while, and then came back. He “looked very regretful and said sorry to me.” As William left again, he turned around, and said to Henry, “you do not have to tell Meghan about it.”
“You referred to the assault on me?”, Henry asked.
“I haven’t made any assault on you.” William replied.
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A second surgery on serious injuries is required for Jeremy Renner who suffered blunt chest trauma
A New Year’s Day snow plowing accident has led to the actory, Jeremy Renner’s suffering of blunt chest trauma and bone injuries, citing a spokesman for the actor on Monday evening.
“Renner remains in the ICU in critical but stable condition,” after a surgery on Monday, the spokesman said.
Jeremy’s family would love to extend their thanks to the fabulous doctors and nurses, taking caring of him, Truckee Meadows, Fire and Rescue, and the Carana and Mardock families,” a statement from his spokesman read, “His fans have outpoured love and support. They are tremendously overwhelmed and thankful.
The “Hawkeye” has so far needed two surgeries to deal with the injuries he suffered in the accident, a source close to the actor previously told CNN.
“His injuries are critical,” they said.
Renner was sent hospital in serious condition after he was injured in Nevada.
“By far, we can confirm Jeremy s in critical but in critical but stable condition, with injuries sustained after experiencing a weather-related accidence in snow plowing earlier today, “ Sam told CNN in a statement, “His family is in company with him and he is under good care.”
Officers gave response to a traumatic injury in the area of Mount Rose Highway, according to a new release from the Washoe County’s Sheriff’s office, which has previously confirmed the actor lived in the community.
No details were provided by the sheriff’s office, on the seriousness of Renner’s injuries, or the cause for the accident.
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51-year-old “Hawk Eyes” critically injured in snow plowing, now in ICU. A miracle to stay alive, a father as a single parent, with 9-year-old only-child daughter.
At the start of 2023 comes as a wrenching piece of news that the factor Jeremy Renner, for the role “Hawk Eyes” had an unexpected calamity in snow plowing, on the brink of death. “Hawk Eyes” is a superhero in the movies, “Revengers” but no more than a body of blood and flesh in real life.
A snow storm is sweeping through the USA, turning many places into a world of snow like in the movie, “the Day after Tomorrow”.
Renna, who lives on the ranch in Nevada, was trying to drvie his own snow plow to clear ways as he usually does. Unexpectedly, an accident happened. A snow plow got out of control and rolled over his legs. The sight was horrifying. Even some media called it “a miracle to survive.”
Luckily, his neighborhood is a doctor, who right away bound him with tourniquet.
The rescuers arrived in time, and sent him to be hospitalized by helicopter.
The accident happened on New Year’s Day. Renna has received 2 surgical operations and now stays in ICU. His team made a briefing, confirming his suffering of blunt chest trauma and orthopedics wounds, and critical but stable.
You know, Renna is 51 years old anyway. This serious inquiry is very worrying.
In fact, Renna is an experienced operator of snow plows. Since 2015, he has plowed snow himself, where in Nevada, there are heavy snows and even blizzards every year. This is a view of the snow around his house he showed before. The door was inaccessible without plowing.
Renna has several plows, all big and heavy types. You know, these plows all have safety gears. Unexpectedly this time, Renna was seriously injured by one of them. The police has got involved into the investigation, with a temporary keeping of the plow.
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Key conclusions drawn from 6 years of Trump’s federal tax returns
Very little in federal income taxes was paid by Trump, the former president, the first and last year of his presidency, according to six years of his federal tax returns, which claimed high losses that were helpful for squeezing his tax bill, among other revelations.
The House Ways and Means Committee revealed the returns, the long secrets, to the public on Friday, which culminated in a battle over their disclosure that went to the Supreme Court. They resonate with a report issued by the JCT that Trump claimed huge losses before and throughout his presidency that he carried forward for reduction and practical elimination of his tax burden. For example, he carried forward 105 million dollars loss in 2015 and 73 million in 2016.
The former president’s personal and business federal tax returns are consisted of thousands of pages of documents, spanning the years 2015 through 2020, and reveal a complex web of raw data about his finances, raising a lot of questions about his wealth and income that could be investigated both by auditors and Trump’s political adversaries.
Here are key conclusions drawn from the documents reviewed by CNN:
Returns give clues on suspicious tax claims
Trump’s several claims are shown in his returns and may raise the auditors’ question. A large number of suspicious items claimed in his returns are marked by the JCT, which reviewed the returns, including shocking amounts of interest he claimed to have received loans to his children, that the bipartisan committee said could be an indication of Trump’s disguising of gifts.
The JCT advised that an investigation shall be made by an auditor on the loan agreements made by Trump with his children including the interest rate. If the interest was not charged to his children at market rate as Trump claims, it could be deemed as a gift for tax purposes, which required a higher tax rate on the money.
In each year of his presidency, for example, according to Trump’s claims, he received exactly $18,000 in interest on a loan he said he gave his daughter Ivanka Trump and $8,715 in interest from his son Donald Trump, Jr.. In 2017 to 2019, Trump said he received exactly $24,000 from his son Eric Trump, and Eric paid him $19,605 in interest in 2020.
It sparks the question of whether the loans are truly fair transaction, or whether the transfers were disguised gifts that could activate gift tax and a rejection of interest deduction by the related borrower,” the JCT said in its report.
“Round numbers are unusually seen in interest, “, said Martin, former supervisory special agent. An auditor would want to see payments, load agreements and interest rates.
The questions are also seen on Trump’s returns which bear a same amount of company expenses and income.
For example, in 2017, his company, DJT, operating Trump’s personal helicopter claimed 42965 dollars in income and the exact identical amount 42965 in expenses., as claimed in his returns.
In other words, every single dollar, earned by the company, was offset by its expenses, including wages, fuel and other items. That led to zero income, nothing to tax.
“It’s unusually statically to have total expenses equal total income,” said Shiel, adding that the figures don’t prove any illegal things done. It just doesn’t happen.”
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46 files, including several hundred copies, over-1G data, Trump’s tax returns made public, with zero tax payment in 2020, five doubts attract hot attention.
The former U.S. president, Trump’s tax returns from 2015 to 2020, totally 46 files, including several hundred copied and over 1G data were made public, by the House Ways and Means Committee, local time, Dec. 30.
The federal income tax paid by Trump in 2016 and 2017 is only 750 dollars, and nearly 1 million dollars in 2018, while in 2020, the tax is zero, according to a 39-page report issued by BBC and the U.S. Joint Committee on Taxation.
Trump made a statement the same day, claiming “The republicans were not supposed to publicize the returns. The Federal Supreme Court shouldn’t have given permission. It will bring very awful things to many people. “
The new returns reveal Trump’s business losses, complex taxation setting, tax payment, his and his father’s revocable trusts and 7 corporate entities during his presidency at the White House. Below are the highlights in the report.
Highlight 1: gain astounding interests from his loans to his children. The JCT, responsible for reviewing the returns pointed out that there are a large number of suspicious projects on his tax returns; including astounding amount of interested he claimed to have received from his loads to his children. JCT advised that auditors investigate loan contracts made between Trump and his children, including loan interests. For example, if Trump claimed the interest rates were not counted on market interest rates. It may be for the purpose of tax avoidance, deemed as disguised granting. Trump shall be required to pay higher taxation rate.
CNN gives an example in its report. Trump claimed he received 18,000 and 8,715 dollars of interests from his daughter and son. Round figure (interest rate) is unusual and very rate. Martin, the former supervisory secret service agent in the U.S. Criminal Investigation Unit of IRS pointed out that auditors expect to see real payment, loan agreements and interest rates.
Highlight 2: Corporate income and expense made a full offset. According to CNN, Trump claimed that the income of the private helicopter company he runs was 42,965 dollars, and the expense was 42,965 too. In other words, each coin it earned was offset by its expense, which made its revenue zero, no need to be taxed.
Besides, JCT also mentioned a couple of similar problems in the report. The auditors for the U.S. IRS were also investigating many so-called large and unusual suspicious projects and the supervisory investigators expect Trump to provide proof to support his claims.
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Chinese tourists are making ready for their resumption of travel abroad. Here’s the reason for some countries’ hesitancy.
Hongkong-A dramatic rise of Covid cases in China. Travel restricts are being imposed on Chinese trippers by some countries with sharp wariness of the virus which is being carried into their territories. Scientists are notifying the risks of fearmongering and xenophobia.
However, this isn’t the beginning of 2020. The same picture as seen before is presenting itself as China is embattled with the biggest-ever outbreak, in the wake of the dismissal of its strictest zero-covid policy and partial reopening of its borders 3 years after the outbreak.
An announcement was made this week that if it will give up quarantine requirements for arrivers from abroad and resume international trip for Chinese, which had been prohibited before. It has provoked a soaring rise of eager trippers, who are booking flights to depart from the country, with a hunger for trip after several years of separation from the rest of the world, but it also causes concerns among some overseas governments as the world is seeing a surge of China’s Covid cases.
Nearly half of the 212 arrivers in Italy’s Milan airport from China on Monday tested positive for Covid, according to a local health official on Wednesday.
But, though countries including the US and Japan gets poised to impose restrictions, others, such France and Great Britain have lit the green light for Chinese travelers.
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The development of China’s Covid situation, overall, in line with expectation and under control, the Ministry of Foreign Affairs says.
China is confident to keep smooth and orderly shift in its Covid policy, Wan Wenbin, the spokesman of the Ministry says, responding to some western media’s recent defamation of its change in handing the Covid.
What underlies these tones is public trick and defamation full of prejudice and political manipulation with ulterior motives, which not only fails to get pass the factual scrutiny, but also betrays the truth. The international community has seen it very clearly without being misled.
“The truth is that, over the three years since the outbreak of the pandemic, the Chinese government has assembled all the resources and made its full efforts to safeguard each Chinese’s life safety and health, all along adhering to the principle of People First, Life First, withstanding round after round of impact, and effectively getting through the hardest times when the virus was the most rampant.”Wan says. On the perspective of entire globe, China has the lowest critical care ratio and mortality rate. Chinese’s average life expectancy is lifted from 77.3 to 78.2. In the context that the global Human Development Index has fallen for 2 years in a row, China’s HDI has climbed up the rankings for 6 positions.
Against the backdrop of plainly decreased pathogenility and virulence of Omiron variant, and continuously-increased capabilities in our medical care and treatment, pathogene testing , China has taken proactive and optimal measures to fight the pandemic, adapting itself to the timing and tendency, including the orderly introduction of Twenty Rules and New Twenty Rules, formulation of the proposals, adjusting the category B, management A of Corona virus to category B, management B, gradually refocusing its efforts on prevention of critical condition and preservation of health, a shift from previous epidemic prevention. These measures are scientific, timely and necessary, to safeguard the people’s life and health to the greatest extend, and lessen the impact of the pandemic on economic and social development as much as possible.
Each country undergoes an adaption period at the shift of its epidemic policies. China is no exception.
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