magazine of the Communist Party of China Central Committee. He said more efforts a
re needed to implement the proactive fiscal policy and boost efficiency this year.
Preventing and defusing local governments’ hidden debt risks is key to controlling major risks, he said.
Innovative financial tools will be introduced for debt swaps, and the indebted comp
anies will be allowed to choose the same way, under guidance from the local governments, Liu Shangxi, hea
d of the Chinese Academy of Fiscal Sciences, the Ministry of Finance’s think tank, told China Daily.
“The total amount of hidden debt waiting to be swapped has not yet been calculated, as this
round of debt swaps will not involve the government’s administrative orders, but depends on the ma
rket’s appetite based on the evaluation of the potential default risks and the companies’ solvency,” he said.
government on Tuesday to consider the costs it would bear through raising tariffs.
He reiterated that China will never capitulate under any external pressure and hopes the US meets China halfway.
The US has no need to “worry about” China’s affairs, Geng said at a daily news conference. The country has made progress i
improving its foreign investment environment and has become a popular investment destination, he sa
id, citing the expansion of US-based Exxon Mobil Corp and Tesla Inc in the market last year.
Geng stressed that China welcomes foreign companies to increase investment in the market and will co
ntinue to establish a more stable, fair, transparent and predictable investment and business environment.
traded and they can redirect trade toward one country, away
from others. They cannot directly affect any country’s worldwide current account balance. A count
ry that saves less than it invests will have to borrow foreign funds to import foreign goods to make up that difference.
There are two ways to reduce the US trade deficit. A serious recession would reduce investme
nt, but nobody advocates that as a strategy. The only other path is to change the US financial and gove
rnment system to encourage increased savings. China has almost nothing to do with it.
Ironically, the disputes between the US and China center around both nations’ legitimate desires to
protect some current low-skilled jobs, or at least to allow an easier transition to new jobs and industries.
US administration’s economic policy has rightly focused on the need to
retain jobs for working-class people in the US. And, China’s companies that export to the U
and external shocks from the long-term trend and to conclude that China’s potential growth rate really is 6-6.5 percent.
Many Chinese economists cite long-term supply-side structural factors－such as demographic agi
ng, environmental degradation, and a lack of progress on reform－to argue that China has simply en
tered a new stage of development, characterized by significantly lower potential growth rates.
Structural factors don’t explain falling growth rate
While this may be true－everyone in China agrees that 9-10 perce
nt annual growth rates are a thing of the past－there is no clear indication of how much Chin
a’s growth potential has actually declined. Long-term supply-side structural factors do not explain, for exam
ple, why the growth rate fell from 12.1 percent in the first quarter of 2010 to 7.4 percent in the third quarter of 2013.
study of Chinese history and religious traditions in college. Horne began studying Ch
inese in fourth grade, and it’s “both a personal journey and an intellectual journey”, he said.
“That diversity — another way to see the world, another way to look at things — has brought so much into my life,” Horne said.
Charlotte Christensen, vice-president of the Oregon China Council, has worked for years with Chinese people and organizations.
Christensen, who took second prize, also witnessed friendships going
beyond the personal level. The state of Oregon developed a sister-state/province rela
tionship with Fujian province 35 years ago and a state/municipality relationship with Tianjin in 2014.
“China raised 800 million of her people from poverty and made it a p
riority to restore her natural environment to become an ecological civilization,” she said.
The Beijing International Horticultural Exhibition opened just two days before the May holiday, giving
the public a close-up view of state-of-the-art gardens created by horticulturists from around the world.
China hosted a similar exhibition in Kunming, Yunnan province, in 1
999. In the two decades since, the social and economic situations in China have unde
rgone tremendous changes. A growing awareness of environmental protection is one of them.
Two decades ago, the Chinese people embraced the Kunming horticu
ltural show as a novelty and curiosity because the countr
y at that time did not have many opportunities to host large international gatherings.
Economic development at the time was the top priority of the country,
which explains why the news media were so interested in reporting that 15 billion yu
an ($2.23 billion) in economic and trade deals were inked during the exhibition.
tain a breakneck pace of economic development, which has brought booming economic prosperity.
Unfortunately, it has also brought a deteriorating environment. Seeing heavy smog, for ex
ample, many people feel that a worsening environment will destroy the happiness brought by economic growth.
Since 2012, the new leadership under President Xi Jinping has put forward a series of ecol
ogical ideas. On Sunday, Xi said at the opening ceremony of the exhibition that “green mountains and cle
ar waters are indeed mountains of gold and silver, and environmental improvement means great productivity”.
This idea, dubbed the theory of two mountains, enjoys immense popular support in China.
Xi, who is also general secretary of the Central Committee of the Communist Party o
f China, urged officials at all levels never to sacrifice the environment for economic growth.
ton-based Institute for China-American Studies, specifically praised the new Foreign Investm
ent Law－passed in March by China’s national legislature and effective in 2020－which he said is “a far
sighted piece of legislation” that “will firmly usher in a new round of reform and opening-up”.
“Strong measures to deal with political, regulatory and administrative noncompliance are envisaged. A robust wor
king mechanism to promptly address foreign businesses’ complaints is also envisaged,” said Gupta, who believes the p
rovisions are a big step in assuring foreign businesses that the playing field is leveled in China.
“It is the predictability, transparency and nondiscrimination bent of the law which, in my view, will lead to a significant inw
ard flow of foreign capital in key services and advanced manufacturing sectors,” he said.
and will not allow any forces to use its territory to conduct any anti-China activities.
The two leaders witnessed the signing of bilateral cooperation documents after the meeting.
hinese tech giant Huawei reported a 149 percent rise in research and development spendin
g from 2014 to 2018, faster than its counterparts Apple and Samsung, according to a Bloomberg report released last Friday.
The company’s R&D expenditure increase was just behind Amazon, which rose 210 percent during the 5-year period.
China is now Nepal’s biggest source of foreign investment
, second-largest trade partner and second-largest source of foreign tourists.
Ahead of the First Belt and Road Forum for International Coopera
tion, China and Nepal signed a memorandum on Belt and Road cooperation in May 2017.
International Cooperation two years ago, more countries and inter