"The Mongolian economic growth is forecast to reach 6.4 percent this year and 6.1 percent next year," Lommen told Xinhua in a recent interview.

This growth is largely driven by massive foreign direct investment in the country's Oyu Tolgoi copper-gold mine, estimated at 1.1 billion U.S. dollars in each year respectively, she explained.

"This is remarkable because the country was a in a deep economic crisis just a couple of years ago," the country director said.

The Oyu Tolgoi mine, located in a gobi desert 80 km north of Mongolia's border with China, is expected to produce 430,000 tons of copper and 425,000 ounces (about 12,050 kg) of gold annually for 20 years.

The contribution of mining to growth is projected to turn positive in 2018 and be higher in 2019, Lommen said, adding that the construction sector is to recover along with increasing mining activities, she said.

Domestic consumption will be supported by an increase in government expenditures, household incomes and consumer confidence gained from economic recovery, Lommen said.

The ADB projects an average inflation at 7.2 percent in 2018 and 7.0 percent in 2019, close to the government's target of 8.0 percent.

Lommen said that rising domestic demand, oil and global food prices as well as effects from a looser monetary policy last year has driven higher inflation in 2018.

Fiscal policy will remain expansionary in 2019, with rigorous tax reforms supporting small- and medium-sized enterprises.

Upbeat about Mongolian's long-term economic prospects, the ADB country director said:"large ongoing mining projects are expected to turn the balance of the fiscal budget and the balance of payments into surpluses in the years ahead."

Meanwhile, she stressed that for a mining-dependent economy like Mongolia, "more is needed" apart from well taping its mineral wealth.

In addition to economic diversification and higher productivity, more efforts should be made to ensure macroeconomic stability as well as sustainable and inclusive growth of its economy.

At the event, Chinese Culture Translation and Studies Support (CCTSS) representative Xu Baofeng said that a new China-Mongolian publishing platform created by the agreements will allow both sides to "discover, translate and publish each other's cultural products faster than ever."

Publishing houses from the two countries, including Mongolia's NEPKO and Guangming Publishing House and the mainland's China Children's Press & Publication Group, will release a number of new books as part of projects covered by the agreements.

NEPKO first established a cooperative relationship with CCTSS in 2015, going on to import a number of books, films and television projects, including the well-known series Empresses in the Palace, into Mongolia.

According to D. Boldbaatar, the president of Guangming Publishing House, Chinese literature, such as the Four Classic Novels and Tang Dynasty (618-907) poetry, are very popular in Mongolia.

At the event, former chairman of Mongolian National Television Sodnompil Myagmar told media that China and Mongolia should continue to strengthen film and television cooperation and that he hopes as Chinese cultural products enter the Mongolian market, more Mongolian films and TV programs can head to China.

Deputy Chief of the Cabinet Secretariat of the Government G.Bayasgalan sounded the PM’s ordinance to the staff of Citizens’ Representative Khural (City Council) of Ulaanbaatar city and the Governor’s Office of the Capital City and informed an appointment of acting governor.

J.Batbayasgalan, deputy governor in charge of Green Development and Air Pollution, will work as an acting governor until new Governor of the Capital City and Mayor of Ulaanbaatar is appointed.

In respect to an official letter of Prime Minister U.Khurelsukh sent to the City Council in November concerning dismissal of the Mayor, Mr. Batbold announced his submission of resignation letter. Considering his submission of resignation letter, the Prime Minister withdrew his proposal in which he accused the governor of not fulfilling his duties.

Today, eight MPs including J.Bat-Erdene, N.Nomtoibayar and L.Enkh-Amgalan reported press about it. In the beginning of the press conference, MP J.Bat-Erdene said, “We are very critical towards the incidents that MPs and members of government received loans from SME Development Fund, which has actual impact on creating jobs and reducing poverty. Regarding the Fund’s matter, we, 22 MPs, have signed an official letter to make an initiative to undergo investigation of legal organizations by refusing of our full powers of Member of Parliament. We are calling for all MPs to sign this letter. After having signatures, we will submit it to the Parliament’s Subcommittee on Ethics.”

Asked whether MPs whose associated companies allegedly received loans from the fund have signed the letter or not, MP J.Bat-Erdene replied, “Currently, MPs who connected with the scandal have not signed. We will keep calling all MPs to sign the letter.”

In November, independent refiners - the so-called teapots - continued to buy high volumes and some of them increased intake as they start trial runs at newly-built oil refineries.

Private firm Hengli is planning trials at its new 400,000 bpd refinery at Dalian, a port city in northeastern China, while Zhejiang Petrochemical is also expected to begin trial runs at some units of its refinery with 400,000 bpd capacity at Zhoushan. According to Reuters, Zhejiang Petrochemical has imported several cargoes of crude oil from Oman this quarter.

Two months ago, China raised by 42 percent the oil import quota for its non-state refiners—most of which are the independent refiners—for 2019 as new refinery capacity is planned to enter into operation next year. China is allocating a total of up to 202 million tons, or 4.06 million bpd, of import quota to non-state refineries for next year, according to S&P Global Platts. Independent refiners had until November 10 to apply, and those who haven’t imported crude oil in 2018 will not be allocated quotas for next year.

This weekend, Chinese customs data also showed that crude oil imports between January and November averaged 9.17 million bpd, higher than the level of imports in the same period last year, and putting China on course to set a new record for crude oil imports in 2018.

Under the framework of the two projects, CCTSS will be authorized by the NEPKO Press and the BEAM Press to exclusively represent all their business in China.

Mongolian Ambassador to China Damba Gankhuyag said at the launch ceremony that the granting of the sole agency in China is a historical event.

“It proves that Chinese and Mongolian companies are deepening their cooperation; the business models are expanding and people-to-people ties are getting closer,” the ambassador said.

He said that China-Mongolia relations, including booming trade, economic and cultural cooperation, has been both solid and vigorous in recent years. He believes today’s cooperative projects between the two countries will help lift China-Mongolia cooperation to a new high.

He added that during the second meeting of the Joint Committee on China-Mongolia People-to-People Exchanges to be held in January next year, both sides will discuss the current mechanism as well as exploring possible future cooperation fields.

The first meeting of the Joint Committee on China-Mongolia People-to-People Exchanges was held in Beijing at the beginning of this year. The aim of the mechanism is to coordinate exchanges and cooperation in people-to-people and cultural fields between the two countries through this mechanism, cement the friendly social basis of both sides and push forward the development of the China-Mongolia comprehensive strategic partnership.

Xu Baofeng, head of the CCTSS and a professor at BLCU, said that the launch of today’s projects will help cement the friendly social basis of both sides and draw closer the ties between the two peoples.

“China and Mongolia are neighboring countries. Previously we could only find good pieces of work randomly. With the launch of the CCTSS Sino-Mongolian International Publishing Exchange Platform and the Sino-Mongolian Translation Workshop, the good works of the two countries can be translated and published rapidly,” Xu said.

According to Chagedeer Surong, director of Mongolian Language Committee, CCTSS, the history of CCTSS’s cooperation with Mongolian publishing agencies can be dated back to 2015 when with the help from the Mongolian Embassy in China, NEPKO Publishing House and other Mongolian publishing organizations established cooperation with CCTSS. Their smooth cooperation has led to the translation and publication of the popular Chinese novel Empresses in the Palace, Dream of the Wolf King and other books into Mongolian.

Over 3000 students are available to study at the newly commissioned educational facility which is furnished with up-to-date equipment and devices. Whereas 62-bed Mongolian Traditional Medicine Hospital has a capacity to serve to more than 110 people a year. The hospital is special as becoming the first general hospital to render traditional medical services including, balneotheraphy, mud cure, acupuncture, cauterization as well as bone setting.

In 2015 the Japan International Cooperation Agency (JICA) signed a grant agreement (G/A) with the Government of Mongolia to provide grant aid of up to 7.985 billion yen for the Project for Construction of Mongolia-Japan Teaching Hospital and the first ever teaching hospital associated with a university in Mongolia is currently under construction in 12th khoroo of Bayanzurkh district, Ulaanbaatar.

During the opening ceremony, Chairman of the Citizens’ Representatives Khural (City Council) S.Amarsaikhan said “We see each citizen as a kernel of the development policy of the capital city and intend to implement policies targeted to it. Therefore, we are paying special attention to the citizens’ health and taking measures to create healthy and safe living environment. One of its examples is the State Dental Center which was built with city budget and started operating. This new university complex will enable students to learn multisided scientific knowledge and make practice.”

Mongolia will host the horse marathon of the festival. The marathon will be entitled ‘Aravt’ after the smallest army unit of ten soldiers in Chinggis Khaan’s army. Mongolia has sent invitations to 15 countries for the competition.

At the meeting, the sides exchanged information and views on Mongolia-UN cooperation, especially some changes brought by the repositioning of the UN Development System and further plan of action.

Under the UN General Assembly (UNGA)’s resolution on the repositioning of the UN Development System, functions of the UN resident coordinator are being separated from those of the UNDP resident representative. Thus, Ms. Beate Trankmann will be working as UN Resident Coordinator ad interim until the appointment of a new resident coordinator.

The Foreign Minister noted the Government of Mongolia will endeavor to be understanding towards and support the changes effected by the above mentioned reform.

The decision was reportedly made after communication with the US on a wide range of issues, including cybersecurity, according to Japan’s chief government spokesman, Yoshihide Suga.

Later, Japanese media agency Kyodo News reported that the country’s big three telecom operators are planning to stop using network equipment from China’s Huawei and ZTE.

The ban came after Huawei’s expulsion from the US market followed by Washington’s allies, including Australia, New Zealand and Britain, making moves to restrict the Chinese telecom giants’ businesses. The restrictive measures were taken due to the company’s alleged ties to the Chinese government and concerns over spying.

Earlier this month, Canadian authorities arrested Meng Wanzhou, the global chief financial officer at Huawei Technologies, at the request of US authorities. The top executive faces possible extradition to the US for allegedly breaking a trade embargo with Iran.

China has never heard of any country having a security problem with Huawei, according to the Foreign Ministry spokesman Lu Kang who called for equal conditions for Chinese companies abroad.

“Chinese enterprises operating in Japan under any circumstances cannot become a target for discrimination,” the spokesman said. “We demand that Japan provide Chinese corporations with transparent, equal and nondiscriminatory conditions.”

Huawei stock has plunged over 13 percent since Washington started using the Chinese corporation as a tool in a trade war against Beijing.