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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.
insk and covering an area of 91.5 square kilometers, is the first special economic area in Bela
rus and the largest intergovernmental cooperation project between China and Belarus.
The industrial park is stepping up efforts to attract more global investors, with 43 companies registered by the end of February.
Among the 43 companies, 26 are from China, 10 from Belarus, and seven from other countries, like the United States and Ru
ssia. The companies have signed agreements to make total investments of more than $1 billion in the park.
The China-funded Djibouti International Free Trade Zone, which started construction in January 2017, opened on July 5, 2018.
Covering an area of 48.2 sq km, the zone is operated by a join
t venture with investment by Chinese enterprises, including China Merchan
ts Holdings and Dalian Port Corp Ltd, as well as the Djibouti Ports and Free Zone Authority.
More than 20 enterprises from the commerce, logistic, processing sectors have signed letters of intent to re
gister with the FTZ, as infrastructure in the first phase of the FTZ, which covers an area of 6 sq km, has been basically completed.
The FTZ is expected to become a crucial junction linking other African countries involved in the Belt and Road Initiative, and
make Djibouti, the small northeast African country, a marine logistics hub linking Africa, Asia and Europe.