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domestically rated “AAA”, the safest level. The sale to individual investors is mainly of project-link
ed special-purpose bonds, a type of local government bond vigorously promoted by the government in re
cent years. The cash flows generated from the underlying projects will be used as the primary repayment sources.
In China, there are two types of local government bonds: general bonds and special purpose bonds. According to the country’s 2019 budget repor
t, which was approved by the top legislature earlier this month, the budgeted deficit for local governments is 930 billion yuan, up 100 billi
on yuan compared with 2018, and this fund gap will be supplemented by general bonds.
In the meantime, 2.15 trillion yuan of special purpose bonds will be issued to support la
rge infrastructure projects, such as shantytown renovation projects and railways, said the ministry.
Letting individual buyers invest in local government bonds is a way to narrow the government’s financin
g gap, said Hu Yijian, a tax professor at Shanghai University of Finance and Economics. The gap is expected to expand, as policym
akers decided to cut about 2 trillion yuan in taxes and fees this year while at the same time increase spending on investment.
headed by No 18 Wang Qiang, who this week reached the Miami Open quarterfinals to
become the first Chinese to go that far at the premier mandatory event since Li’s run to the final in 2014.
Li is delighted to see her compatriots mixing it with the world’s best, but said she expects more.
“It’s good to have a group of girls in the top 50, but the resources they enjoy today make me believe they could do better,” she said.
With more advanced coaching and training methods, WTA
CEO Steve Simon reckons China will unearth the next Li sooner rather than later.
“The chances of finding the next Li Na are very bright; it’s just a matter of time,” he said earlier this month in Shenzhen.
The return of The Road to Wimbledon, a tailor-made tournament for under-14 players, f
or its fourth year in China is part of the latest effort to deepen the domestic talent pool.
It began on Monday with a weeklong trial camp overseen by Dan Blox
ham, head coach of the All England Club. The best performers will be picked to compete at a nat
ional tournament in Nanjing in May, which will decide China’s representatives at the global final at Wimbledon from Aug 11-17.
came to Europe again in his first overseas trip this year, manifesting the great importance China attaches to Europe, Wang said.
In a world of unprecedented transformations, Xi noted that a stable, strategic and reciprocal China-EU relationship is urgently needed.
Wang said during his visit, Xi had in-depth communication with the European leaders to discuss cooperation in internation
al issues and reached important consensus of adhering to multilateralism, and discarding isolationism and unilateral moves.
He also said Xi and the European leaders agreed to enhance coordination and cooperation wit
hin the UN system, give full play to the constructive role of global and regional multilateral mechanisms s
uch as the World Trade Organization, the International Monetary Fund, the World Bank, and Group of 20 and the EU, and
actively contribute to solving international conflicts, combating climate change and promoting sustainable development.
In his keynote speech at the global governance forum, Xi raised “four deficits” in global affairs including governance deficit, tru
st deficit, peace deficit and development deficit. To address these deficits, he proposed a four-pronged approach of fairness and reas
onableness, consultation and understanding, joint efforts and mutual assistance and mutual benefit and win-win results.
to the “pro-independence” DPP, it will embolden the Tsai authorities to take more risky acti
ons, and thus damage cross-Straits ties further, harming the interests of Beijing and Washington both.
US Congress members are elected by American voters as their representatives and, ther
efore, they should always put the interests of their people and country first. And instigating the Tsai authorities to fu
rther damage cross-Straits ties certainly doesn’t serve the interest of either American voters or the US as a country.
The author is a professor at the Institute of Taiwan Studies, Beijing Union University. The views don’t necessarily repre
sent those of China Daily.President Xi Jinping and Italian Prime Minister Giuseppe Conte (both seated), witness the
signing of a memorandum of understanding on joint construction of the Belt and Road between He Lifeng, head of the N
ational Development and Reform Commission, and Luigi Di Maio, Italian deputy prime minister, in Rome on Saturd
understanding as an opportunity to connect the BRI with Italy’s own development plans, including building seaports in northern Italy, Xi said.
He called for upgrading bilateral cooperation in such priority areas as space technology, inf
rastructure, transportation, environment and energy, and also expanding third-market cooperation in relevant fields.
Conte said he considers participation in the BRI as a historic opportunity for Italy, a
nd trusts the move will help the two countries tap potential for bilateral cooperation.
Conte added that he expected to attend the second Belt and Road F
orum for International Cooperation, which will be held in Beijing next month.
Italian economist and China expert Michele Geraci hailed the memorandum of understandi
ng signed between the two countries as “a win-win-win for Italy, the rest of Europe and China”, and said he be
lieves more European countries will follow his country’s lead and sign up to be involved in the BRI.