Minister: Innovative financial tools, swaps to help tackle growing problem Local governments will be urged to leverage financial resources for reducing “hidden debt” and make use of market-oriented financial instruments for debt swaps, a senior government official said on Thursday. In a signed article, Finance Minister Liu Kun said it was imperative to bring down the contingent liabilities of local gove rnments. The minster’s comments also marks a change in the government’s perception about local government debt. The earlier stance of the ministry was on “controlling the incremental part of the hidden debt”, which is usually debt borrow ed by State-owned companies and local governmentRead More →

uld be to separate the government-owned assets from that of the companies and let the State-owned businesses run by thems elves, said experts close to the matter. This is particularly so for some public and infrastructure construction proj ects. But it also means that the local governments will not be undertaking the default risks. Experts said the minister‘s viewpoint is a signal that the authori ties are determined to solve the vexed debt issue with more details set to emerge later and star t a national campaign for preventing systemic financial risks, amid rising external trade challenges. Other measures could include selling part of theRead More →

thanks to measures to stimulate innovation, optimize the business environmen t and public services, and to strengthen opening-up and cooperation in the digital sector. “China’s high-tech industries, represented by new technologies, new industr ies, and new products, have maintained rapid growth in recent months,” she said. According to the commission, output in the high-tech manufacturing sector rose 8.7 percent ye ar-on-year from January to April, 2.5 percentage points higher than that of industrial output. High-tech ma nufacturing output was responsible for 13.6 percent of industrial output, 1 percentage point higher year-on-year. Output of the electronics and communication equipment manufact uring sector, pharmaceutical manufacturing and aerospaceRead More →

China’s health authorities are advising people to meditate for five minutes a day with the recent launch of a health knowledge promotion project. The project has been jointly initiated by the disease prevention and cont ol and promotion centers under the National Hea lth Commission, China Health Education Center and All-China Journalists Association. They advise a “5125” healthy living concept, suggesting people meditate f ive minutes every day, do physical exercise for one hour every day, master one sport, join one exercise community, take in at least 12 types of food every day and 25 types of food every week. www.gzbbhk.comRead More →

hina’s financial center Shanghai boasts the best business environment in the country, according to a report on China’s urban busi ness environment index jointly released by the China Strategic Culture Promotion Association, the C hina Economic Media Association, WANB Institute and YICAI Research Institute. With an index of 86.73, Shanghai topped the list of Chinese cities with best business environment, followed by the capi tal city Beijing at 84.63, and then Shenzhen, in South China‘s Guangdong province, at 84.48. The report evaluates Chinese cities according to five “soft environment” indexes — technological innovation, finan cing, talent, culture and life — and two “hard environment” indexes,Read More →

 partnership with Tianjin to set up an AI research institute in the city. By opening the new institute , Inspur aims to join the top ranks of Chinese AI powerhouses in their quest to attract global talent. “We will step up our efforts to develop the AI sector in Tianjin, and will focus on fields i ncluding cloud operating systems and cloud databases,” said Sun Pishu, chairman of Inspur. he Ministry of Commerce urged the United States on Thursday to stop abusing the concept of national security and export control measures, and it promised that China will take all nec essary measures to resolutely safeguardRead More →

Being one of the earliest human settlements and a major birthplace of human civilization, Asia takes up one third of the total land o n Earth, has two thirds of the global population, and consists of 47 countries and more than 1,000 ethnic groups. Asian people have made incredible cultural achievements over the past thousand s of years and they have started cultural exchanges and mutual learning since the early days. Asian people’s aspiration for better life should become reality Geographically and culturally connected, Asian countries have experienced similar historical situations and pursue the same dream. Facing future, Asian countries should grasp overall situation andRead More →

ith China retaliating in kind to the United States hiking the existing “punitive” tariffs on Chinese go ods, the world was not left long in suspense wondering how Beijing would react to Washington putt ing the kibosh on what was evidently an impending trade deal in such a high-handed manner. With hindsight, it is easy to see that despite the product ive efforts of the two negotiating teams, such a scenario was perhaps inevitable. The US administration has made it clear on more than one occasion that it wants to halt China‘s development in its tracks and therefore it is questionable whether it has anyRead More →

Four Chinese banks were among the world’s top 10 most profitable companies over the past year concluding at the end of March, according to a report by Bloomberg. The Industrial and Commercial Bank of China and China Construction Bank achieved a net in come of $45 billion and $38 billion respectively over the past year, closely following Apple Inc, which retai ned its title of world’s biggest moneymaker for the fourth straight year with a net income of $57.2 billion. The Agricultural Bank of China and the Bank of China were respectively ranked at the seventh and 10th places in the top profit list, withRead More →

ities for UK and China businesses transitioning from investment and infras tructure into an operating phase where British service providers can really benefit. As a matter of fact, many UK companies have already started to profit by playing an active part in projects in the countries involved the Belt and Road Initiative. UK engineering consultancy Mott MacDonald has been working with PetroChina in Iraq and the UAE, especially in Dubai and Abu Dhabi, for more than 10 years. The Chinese project has h elped Mott MacDonald make $6-10 million in fee revenue each year over the past decade, said Martin Tai, energy div ision generalRead More →