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He noted that trade tension started in early March with the US steel and aluminum tariffs for national security concerns and has fed into several bilateral negotiations aimed at reducing US trade deficits. "These initiatives will do little, however, to change the multilateral or overall US external current account deficit, which owes primarily to a level of aggregate US spending that continues to exceed total income," Obstfeld said.

He cited a popular series of official coins that he designed to commemorate the 70th anniversary of the War of Resistance Against Japanese Aggression (1931-45) and World War II.

He made the remarks during an interview with China Daily last week.

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He hopes there will be more joint projects between Chinese and Welsh businesses in industries including life sciences, advanced manufacturing, food and drinks, and in the creative industry.

He listed five misconceptions: trade deficits are bad; trade balances reflect trade policies; trade deficits always lead to job loss and slower growth; trade performance is the most important reason for the long-run decline in US employment in manufacturing; and bilateral trade between countries should be balanced.

He noted these companies also need to prioritize agile innovation to meet customer expectations, unlock the potential of technology and adapt to challenging business environments.

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He now gets up far earlier than before, walking to the subway station near his home and spending about 75 minutes on the subway, changing lines three times, and then walking for about 30 minutes to reach his office.

He made the remark during a seminar held by the administration's China Federation of Internet Societies on Friday, which was attended by more than 100 guests, including from internet companies and academies.

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He declared his enthronement from the "Takamikura" - a 6.5-metre (21 feet) high pavilion that weighs about 8 tons - with an ancient sword and a jewel, two of the so-called Three Sacred Treasures, placed beside him.

He noted the company is poised to provide a solid supplement to offline events and he looks forward to partnering with the China International Import Expo, the country's top import-themed fair.