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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.
inated and inter-connected, and fair and inclusive approach and forge a growth
model of vitality, a cooperation model of openness and win-win results, and a developm
ent model of balance and common benefits, so that people from across the world could share the benefits of economic globalization, Xi said.
This year marks the 70th anniversary of the founding of the People’s Republic of China, Wang said.
During his visit, Xi, based on China’s just-concluded Two Sessions earlier this month, illu
strated to the European leaders the fine performances of the Chinese economy which had overcome multiple challenges in 2018.
Wang said Xi also introduced the newly-adopted foreign investment law, emphasizi
ng that it is necessary to use legal means to better protect intellectual property rights and attract foreign investment.
Xi pointed out that China will continue to push forward all-round reform and opening-up, promote trade and investment
liberalization and facilitation, so that European friends can better share China’s development opportunities.
-border online shopping in China grew by 20.6 percent year-on-year to 7.6 trillion yuan ($1.1 trillion) in sales in 2017.
The nation is encouraging cross-border e-commerce transactions by easing the annual cap
on cross-border online purchases and adding categories of imports to the duty-free list, according to the Ministry of Finance.
Starting from this year, the annual duty-free quota for cross-borde
r e-commerce purchases for individual buyers will be lifted to 26,000 yuan from the current 20,000 yuan.
“The livestreaming form, as a new operation model for online marketplaces, could settle
the problem of information asymmetry,” said Chen Tao, an analyst with internet consultancy Analysys in Beijing.
Both Alibaba Group Holding Ltd’s Taobao and its rival J
D, two of China’s biggest online shopping sites, have launched their own livestreaming platforms.
Shop owners hire livestreamers with large fan bases to help promote their products, and meanwhile, a link to the purchasing page hovers on the streaming screen.
Monica Zhang, who lives in France with her husband, opened an online store on Taobao. She became a livestreamer last year.
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