But since challenges co-exist with opportunities, Chin

  should maintain regular communication with its EU partners, seek

mutual benefits and use innovative mechanisms to realize better cooperation.

  Tian Dewen, deputy director general of the Institute of European Studies of Chinese Academy of Social Sciences

  Sino-EU cooperation has great potential

  As one of the world’s three largest economies and a strong driving force of multilateralism, the EU is an

important cooperation partner of China in fields such as free trade, international issues and global governance.

  Xi’s visit to the three EU member states shows a great potential for China-EU coope

ration is still to be tapped. The EU’s wish to deepen cooperation with China was reflected in what the EU states said

about strengthening Sino-EU cooperation through a coherent strategy at Xi’s meeting with Merkel and Junker.

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World’s widest immersed channel takes shape

The first tube of the world’s widest immersed channel is expected to be put in position of a mega bridge across the Lin

gding Bay at the mouth of the Pearl River in South China soon, according to an assistant chief engineer of the project.

Yang Runlai from CCCC First Harbor Engineering Co Ltd said Thursday that workers are preparing

for the connection of a tunnel end on an island with the first immersed tube, the Science and Technology Daily reported.

Yang’s company took charge of constructing an island and major part of the tunnel of the Shenzhen-Zhongshan Bri

dge, another mega project of bridge, island and tunnel after the Hong Kong-Zhuhai-Macao Bridge (HZMB).

The new project, 38 kilometers from the HZMB, is 24 kilometers long. It has the immer

sed tunnel in the east and the bridge section in the west to ensure the sea routes there.

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China becomes second-largest source of ‘unicorn com

China has become the world’s second-largest source of “unicorn companies” accordi

ng to the latest report on China unicorn companies by the Evergrande Research Institute.

With 88 in total, China is the world’s second-largest source of unicorn compani

es following the US with 151. The report cited data from IC Insight gathered between 2013 and Dec 31, 2018.

Twenty-two companies worldwide were included as super unicorn companies in 2018 and C

hina’s Fintech company Ant Financial ranked first in value worth $150 billion, the report said.

The US and China had the greatest number of new sup

r unicorns worth $10 billion last year with 12 and 7 respectively, accounting for 86.4 percent of

the world’s total. The UK, India and Singapore had one of these companies each in the same period.

New energy vehicles, artificial intelligence chips, robots, big da

ta, computer vision and cloud computing are the main areas for these emerging unicorns.

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Chinese telescope collects more than 11 mln spectra

China has released 11.25 million spectra of celestial objects acquired by the Large Sky Area Multi-Object Fiber Spectroscopic Telescope (LAMOST) to astrono

mers worldwide, according to the National Astronomical Observatories of China (NAOC) of the Chinese Academy of Sciences Friday.

As the world’s largest spectral survey telescope, LAMOST mark

s the world’s first spectral survey project to obtain more than 10 million spectra.

Spectra are key for astronomers to read celestial bodies’ chemical compositions, densities, atmospheres and magnetism.

Among the released spectra, there are 9.37 million high-quality spec

tra, which is twice the total number of other astronomic surveys internationally. Th

ere are also 6.36 million stellar spectra, creating the largest stellar parameter catalog in the world.

Finished in 2008, LAMOST began regular surveys in 2012. The telescope is located in NAOC’s Xinglong Observatory, in north China’s Hebei Province.

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hina to improve transport efficiency, reduce logistics costs

China will unveil various measures to improve transport efficiency and lower logistics costs, according to a spokesperson for the transport ministry.

Vowing to see a notable increase in transport efficiency in the next

three years, the country will accelerate the construction of a comprehensive tra

nsport network, spokesperson Wu Chungeng told a news conference on March 28.

Efforts will also be made to expand the electronic toll collection system and promote multimodal transport, Wu said.

Meanwhile, the logistics costs are expected to be reduced by 120.9 billion yuan (about $17.97 bil

lion) in 2019, and a logistics service system in line with the country’s high-quality growth will be established over the next three years.

To fulfill such targets, the ministry will optimize transport struct

ure, upgrade rail, road and waterway transport systems and expand the network of logistics hubs, Wu said.

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onfidence to tackle technology challenges risings better

Chinese business leaders are more confident and prepared in addressing the challenges brought by new technologies than

those in many other countries, said Cindy Hook, CEO of Deloitte Asia-Pacific, a global consultancy firm, on Thursday.

While many business leaders in the rest of the world take a protective approach to using technologies, Ch

ina’s leaders would like to “disrupt their sectors” and facilitate real changes, Hook said on the sidelines of the Boao Forum for Asia.

“Chinese enterprises are looking at the technologies available-whet

her it’s artificial intelligence, big data or the like-to actually come up with whole-new busi

ness models and whole-new approaches to doing things, not just improving the old processes.”

With the readiness for technologies, China is likely to lead on many aspects of the unfol

ding Fourth Industrial Revolution, such as e-commerce, smart cities and the internet of things, Hook said.

The country’s impact on the revolution will be enlarged by its opening-up determina

tion, she added, citing the fresh opening-up measures announced by Premier Li Keqiang at the forum on Thursday.

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More appetite among Chinese, Asian collectors for Western art

hinese and Asian art collectors have become more knowledgeable, sophisticated and are branching out for m

ore Western works, said Francis Belin, president of Christie’s Asia, who is excited about the trend.

“Chinese clients have evolved from being very dedicated to Chinese arts to gaining increasing interest

in other categories and expanding the spectrum of the type of objects that they wish to collect,” Belin told

Xinhua in an interview in New York City during Christie’s Asian Art Week held on March 19-26.

Diversity of collecting is one of three “fundamental trends” the auction house has obse

rved among the Chinese and Asian buyers, Belin said, noting the increased appetite to collect across categories.

About 10 or 20 years ago, Asian collectors focused primarily on the art that relates to their own c

ulture, he said, “we’ve seen this evolved in the past years to be much more holistic in the collecting of our Asian buyers.”

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For example, banks tend to gravitate to Frankfurt beca

 it is already a banking center in the European context, plus a clearinghouse. Also, Frankfurt has the Euro

pean central bank, which is now the regulator for all banks in Europe. So, the banks want to be closer to the major regulator,” Donoghue said.

As for asset management, insurance, and funds companies, Donoghue said, they are relocat

ing to Dublin because the city has a very broad and diversified set of capabilities in running funds and managing assets.

Andrew Pilgrim, associate partner at consultancy Ernst & Young, which is known as EY, sai

d it is probably not in the EU’s best interests to have financial services concentrated in one location.

“From policy and political perspectives, there is an argument to say that actually having a balanced financial sector across many EU jurisdi

ctions means that you have less risk concentrated in one jurisdiction,” Pilgrim said. “And it also means that you get a more balanced regu

latory and supervisory environment across all the EU member states, as opposed to all of that being focused on one.”

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According to EY consultancy, financial services have relo

cated around 1 trillion pounds ($1.32 trillion) worth of assets, up from 800 billion pounds last quarter, from London to elsewhere in the EU since the 2016 Brexit

referendum, and more than 2,300 new workers have been hired locally by financial services companies in mainland Europe.

Pundits are still optimistic that Brexit will not significantly change London’s role as a global financial hub, arguing that co

mpanies are relocating in response to the wishes of their clients, not because of Brexit.

Donoghue said: “Major global financial firms, they are not abando

ning London as a consequence of Brexit. They are merely carving out the European Union side

of the business that is currently domiciled in London and relocating that element only to EU domicile because tha

t’s what the customers require and that’s what they need to do to preserve the market access to the EU.”

Catherine McGuinness, City of London corporation policy

chair, is confident that, in the long-run, London will retain its role as a leading international financial cen

ter because it has a dynamic cluster of financial and professional services that are used by the wider world, and not only Europe.

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Europe alone is not what makes London the number one cen

ter for foreign exchange, for example. We clear more dollars than New York, and are the largest center for RMB trading outside greate

r China. London is strong and international,” she said. “The long-term fundamentals of London and the UK still remain strong.”

Alex De Ruyter, director of the Centre for Brexit Studies at Birmingham City University, echoed the

view of McGuinness, saying: “Whilst I think Brexit has clearly had a significant impact, it must be remembered that Lon

don is a global financial center and the majority of assets held by the financial services sector are outside of th

e EU, with the US, China, and other emerging economies particularly important markets.

“The 800 billion pounds figure only comprises about 10 percent of the estim

ated total assets of the UK banking sector,” he said. “So, the total volume of business affected has been relatively small.”

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