Under a pilot scheme, the first group of six provinces and cities sold 6.8 billion yuan in bonds
at commercial bank counters to individual buyers between March 22 and early April.
The coupon rates are between 3.01 percent and 3.33 percent, higher than treasury b
onds issued by the central government as well as bank deposits with the same maturity.
Gross local bond issuances hit 1.18 trillion yuan in the first qua
rter, compared with only 219.5 billion yuan in the same period last year.
The total quota for 2019 local government bond issuances is 3.08 trillion yuan, according to the Ministry of Finance.
“About 60 percent of the bonds were issued for ongoing construction, especially
for shantytown renovation projects, railways and roads,” said Hao Lei, head of the ministry’s Budget Department.
While debt financing continues to grow, the government is experiencing sharp declin
es in fiscal revenue growth, especially from tax and land sales, official data showed.
tions at the Brussels summit, has pledged to intensify discussions on the rules concerning in
dustrial subsidies, a priority for the WTO reform for the EU. This is being seen as a breakthrough by the EU side.
In fact, almost all countries provide subsidies for domestic companies in certain sectors, and i
n most cases, China has given subsidies to Chinese companies in strict accordance with WTO rules as its ultim
ate goal is to achieve complete marketization. Yet intensifying discussions on industrial subsidies and other
sensitive issues, including intellectual property rights protection, is a step that must be taken to not only addre
ss WTO members’ concerns, but also invigorate the organization and the global trading system.
China, US should jointly promote WTO reform
Chen Fengying, a senior researcher in world economy at the China Institutes of Contemporary International Relations
The Office of the United States Trade Representative seems to have made dr
iving the WTO reform its priority so that Washington can claim the discourse rights in global t
rade mechanisms and lead the process for making new trade rules and establishing a new global trading system.
About 20 Chinese martial arts schools in the Wudang Mountain region have tra
ined about 30,000 kung fu enthusiasts from around the world.
Yuan Xiugang, a member of the Wudang Martial Arts Association, has taugh
t over 60 foreign students since 1995. One of his apprentices, Jack, a 29-year-old from Ill
inois in the US, first arrived in Wudang 10 years ago. Now Jack has become a kung fu coach.
“My goal is to open a school in the US, letting more Americans appreciate authentic Chinese martial arts,” he said.
Thomas, another of Yuan’s students, is from France and explores tea culture. He leases about
two acres of a tea garden at Wudang Mountain. After mastering the technique of processing tea leaves, Th
omas decided to sell his products to European countries, like France and Austria.
on a decreasing streak. Imported models of Ford Motor (China) abated as much as 34,000 yuan, compared with Volkswagen Multivan’s highest cut of
13,300 yuan and some models of FAW Toyota’s 11,000 yuan, said Chinanews. As China International Capital Corporation Lim
ited analyzed, automobile, real estate and medicine industries will enjoy the largest scale of tax reduction; and the bigge
st rise in net profit as a result of tax cuts will go to coal, food and beverage, electricity industries.
Nur Bekri, former head of the National Energy Administration, has been arrested
for taking bribes, said the Supreme People’s Procuratorate on Tuesday, Xinhua reported.
Nur Bekri, also former deputy head of the National Development and
Reform Commission, was investigated by the Communist Party of China Central Com
mission for Discipline Inspection and the National Supervisory Commission.
The former chairman of the Xinjiang regional governm
ent was named new head of the National Energy Administration on Dec 31, 2014.