Skip to content
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.
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.
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.
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.