Liu’s article was published in Qiushi Journal, a flagship m

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.

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Intensified law enforcement also benefits overseas ent

erprises in China. Last year, intellectual property authorities punished violators in more

than 6,000 cases of infringing on rights of trademark registrants from overseas, with a t

otal value of 151 million yuan ($22 million), an increase of 50.1 percent over the previous year, the report said.

An agreement to support young scholars’ research into the Silk Road was signed between China and UNESCO during a ses

sion of the Conference on Dialogue of Asian Civilizations in Beijing on Wednesday.

Under the agreement, an international academic program will be launched with funding of $1 mill

ion from the Chinese government to scholars under 35 years of age from around the world.

Hosted by the Ministry of Education and UNESCO, the session – entitled “Safeguardin

g the Diversity of Asian Civilizations” – focused on cultural interactions among Asian people and disc

ussed challenges in terms of revitalizing the multiple cultures of Asian countries and regions.

chuangxiangjie.cn

Foreign Ministry spokesman Geng Shuang urged the US gover

 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.

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In the past several months, China has announced and

started to implement a “negative list” program that allows foreign co

mpanies to have 100 percent ownership in investments in all areas of the economy, excep

t for a small number of areas, such as telecoms and defense, that are explicitly prohibited.

Also, foreign investment has been simplified by creating a one-stop regulatory shop and a single application process.

These new policies will lead to greater competition within China, forcing C

hina’s companies to become more efficient and to produce higher quality products.

The Chinese government has also recently announced tax cuts and financial regulations desi

gned to help private companies. This will hasten the ongoing transition to a market-driven economy.

Most Chinese State-owned enterprises are not relevant to trade negotiations. Many are in non-tradable sectors such as p

roperty development, infrastructure, or concrete. Others are basically public utilities in telecoms or power.

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Not only are there missing links on the causality chai

 between long-term structural factors and actual economic performance, it is also unclear how long those factors would take to constrain GDP growth to a part

cular level. In fact, 20 years ago, the same long-term factors were used to warn of a possible fall in Chinese GDP growth.

Because of the complexity of China’s growth trajectory, many economists seem to base their assessments of potenti

al on performance. After every drop in China’s GDP growth since the second quarter of 2012-when growth fell be

low 8 percent-economists have emerged to declare that performance was in line with potential.

Difficult to determine potential growth rate

To be sure, there are various estimates of China’s potential growth rate, ranging from 5 perc

ent to 8 percent. But it is difficult to determine which is reliable. For one thing, there is reason to believe that

most estimates fail to discount cyclical factors adequately when calculating the long-term trend.

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She added that Nepal sticks to the one-China poli

cy and will not allow any forces to use its territory to conduct any anti-China activities.

China’s State Council made public a decree Tuesday to prompt the integrated platform building for e-gov

ernment services to optimize the business environment and make government services more easily available.

The decree clarifies the goal and overall structure of the integrated

platform for e-government services, aiming to standardize the services nationwide, facil

itate information sharing and coordinate services among regions and departments at various levels.

The two leaders witnessed the signing of bilateral cooperation documents after the meeting.

China is now Nepal’s biggest source of foreign in

vestment, second-largest trade partner and second-largest source of foreign tourists.

Ahead of the First Belt and Road Forum for International Cooperat

ion, China and Nepal signed a memorandum on Belt and Road cooperation in May 2017.

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Some facts may be twisted and distorted to sensatio

nal proportions. But nothing can obliterate the tangible benefits the development initiative has brought. In less than six

years, the nascent Belt and Road are already changing development landscapes in multiple places and dime

nsions. Thanks to the initiative, East Africa has seen its first expressway, the Maldives its first cross-sea bridge, Belar

us its own car-manufacturing enterprise, and landlocked Kazakhstan finally has access to the sea.

And while China-Cambodia trade may not look to be in perfect balan

ce at this point, Belt and Road cooperation between the two neighbors is laying a solid fo

undation for the latter’s future progress. Take the Sihanoukville Special Economic Zone for instance. An exem

plary project under the framework of the Belt and Road Initiative, it is expected to host 300 enterprises, create 100,0

00 industrial jobs, and serve as a resident-friendly new community housing 200,000 people.

www.shlf17.com

AI major now available at universitiesigence-powered

Universities in China will welcome the first group o

f undergraduate students majoring in artificial intelligence in September.

According to a list issued by the Ministry of Education, 35 universities received approval to establish th

e four-year undergraduate AI-related majors amid the country’s drive to build a strong AI talent pool.

They include many prestigious universities such as Beijing Jiao

tong University, Beihang University, Nanjing University and Xi’an Jiaotong University.

Lin Youfang, vice-dean of the School of Computer and Information Technology at Beijing Jiaotong University, said the scho

ol plans to enroll about 30 undergraduate students majoring in AI in September.

There might be more students majoring in AI who transfer from other m

ajors through a selection process if the new major proves to be successful, he said.

www.prxffc.cn

Vehicle sales in China continue to drop, NEV sales rise

hinese sales of passenger vehicles, MPVs, SUVs and minivans in March dropped 12 percent on a yearly basis to 1.78 million units.

This is the 10th consecutive monthly decrease, according to the C

hina Passenger Car Association (CPCA), Changjiang Times reported.

The MPV sector saw the largest sales decline, 20.2 percent to 130,000 units in the pas

t month, while SUVs and sedans dropped 10.7 and 12 percent, respectively.

The decreases in 2019’s first quarter are mild compared with those at the end of the last year, CPCA said.

As the State-VI emission standards will be implemented from July 1 this

year, some Japanese brands have launched corresponding products ahead of their co

unterparts, and performed well in sales and consumer confidence, CPCA said.

“Automobile sales in North China, and those in the county and township level, are still weak,” the association added.

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The core of Beijing’s high-quality development is to

 better deal with the relationship between ‘capital’ and ‘city’, which is to strengthen the four funct

ions of Beijing — the national center of politics, culture, international communications and scient

ific innovation,” said Cai Qi, Party secretary of Beijing, last month during the two sessions.

According to the municipal authority, the new economy — industries with intensive innovation a

nd knowledge — now makes up 33 percent of the city’s economy, and this ratio is expected to keep growing.

President Xi Jinping’s three-nation visit to Europe last month prod

uced tangible fruits and showed that despite any differences that may exist between China and

the European Union, they have the common desire to strengthen cooperation.

Thanks to mutual efforts from both sides, China-EU interaction has been displaying good momentum. Over the years, their economic

interests have become increasingly intertwined, and people-to-people exchanges have flourished, formin

g a solid foundation on which bilateral ties have been able to grow and prosper in an all-around way.

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