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China is ready to have discussions with the United States and work to resolve trade issues because the world’s two largest economies stand to lose from confrontation, Vice President Wang Qishan said on Tuesday.

“The Chinese side is ready to have discussions with the U.S. on issues of mutual concern and work for a solution on trade acceptable to both sides,” Wang told the Bloomberg New Economy Forum held in Singapore.

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JP Morgan International chairman Frenkel on Fed pausing rate hikes

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U.S. stocks initially rallied as traders welcomed the Fed’s easier monetary stance, which typically supports stock prices. But share subsequently tumbled as investors grew increasingly wary of the central bank’s cautious economic projections.

But Frenkel told CNBC’s Martin Soong at the China Development Forum in Beijing on Saturday that the Fed revised its economic assessment only for the near term.

“I don’t believe that their assessment about the medium and long term has changed,” he said.

“To put it differently, the Fed said: ‘You know what, let’s be patient in assessing where we go. We do not change the direction — in fact we believe that we will continue to raise rates next year maybe at a slower pace.’ So that’s the modification I see in it: It’s not a U-turn, it’s changing the speed along the same trajectory,” said Frenkel, who was the governor of the Israeli central bank from 1991 to 2000.

The outlook for the U.S. economy took a turn at the end of last year, according to Frenkel. Then, additional uncertainties emerged in the form of slower-than-expected recovery in Europe, global trade tensions and heightened geopolitical risks.

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Italy, China sign memorandum deepening economic ties

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Italy's Prime Minister Giuseppe Conte reviews the guard of honour at Chigi palace in Rome, Italy, June 1, 2018.

Alessandro Bianchi | Reuters

Italy’s Prime Minister Giuseppe Conte reviews the guard of honour at Chigi palace in Rome, Italy, June 1, 2018.

Italy has signed a memorandum of understanding with China in support of Beijing’s “Belt and Road” initiative, which aims to weave a network of ports, bridges and power plants linking China with Africa, Europe and beyond.

Premier Giuseppe Conte and Chinese President Xi Jinping shook hands during a ceremony in Rome on Saturday, after 29 separate sections of the memorandum were signed by members of both governments.

With the memorandum, Italy becomes the first member of the Group of Seven major economies that includes the United States, to join Belt and Road, following Portugal’s embrace of the initiative in December.

Italy’s involvement gives China a crucial inroad into Western Europe and a symbolic boost in its economic tug-of-war with Washington.

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Apple CEO Tim Cook says he’s bullish on global economy

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The iPhone has long been Apple’s marquee product and main money maker, but sales are starting to decline. The company is pushing digital subscriptions as it searches for new growth.

Apple is one of many American companies now grappling with increasing Chinese consumer anxiety. China is a major market for Apple and other smartphone makers, accounting for one-third of the industry’s global handset shipments.

In other comments, Cook said the world was “facing greater challenges than ever before.”

“Climate change is threatening our planet, poverty and inequality hold citizens and nations back from their potential, basic health care remains out of reach for millions,” he said.

“At the same time … we can have a healthy planet and a thriving economy. We can continue to lift millions of people out of poverty, and we can give everyone a chance to learn and thrive. To fulfill this potential, we must all work hand in hand, government, academic institutions and businesses like Apple,” Cook said.

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