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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.
came to Europe again in his first overseas trip this year, manifesting the great importance China attaches to Europe, Wang said.
In a world of unprecedented transformations, Xi noted that a stable, strategic and reciprocal China-EU relationship is urgently needed.
Wang said during his visit, Xi had in-depth communication with the European leaders to discuss cooperation in internation
al issues and reached important consensus of adhering to multilateralism, and discarding isolationism and unilateral moves.
He also said Xi and the European leaders agreed to enhance coordination and cooperation wit
hin the UN system, give full play to the constructive role of global and regional multilateral mechanisms s
uch as the World Trade Organization, the International Monetary Fund, the World Bank, and Group of 20 and the EU, and
actively contribute to solving international conflicts, combating climate change and promoting sustainable development.
In his keynote speech at the global governance forum, Xi raised “four deficits” in global affairs including governance deficit, tru
st deficit, peace deficit and development deficit. To address these deficits, he proposed a four-pronged approach of fairness and reas
onableness, consultation and understanding, joint efforts and mutual assistance and mutual benefit and win-win results.
in their favor. Hundreds of thousands of people marched through London on Saturday calling for a new referendum on whether to leave the EU or remain.
But with the deadline for a Brexit decision less than three weeks away, British poli
ticians remain divided, and increasingly despairing about the country’s political gridlock.
“Brexit is like the Death Star of politics,” Conservative legislator George Freeman said. “I always fea
red it would be like this. It’s destroying and soaking up all the prime minister’s room for maneuver and political goodwill.
“I’ve never known this country so divided, so angry and in such a dangerous state,” he said.
France is willing to support the China-proposed Belt and Road Initiative, with the best way forward
being to work together on a project-by-project basis, former French prime minister Jean-Pierre Raffarin told China Daily.
In an exclusive interview ahead of the state visit of President Xi Jinping to France
on Monday and Tuesday, Raffarin said it is in France’s national interest to be part of the BRI.
“We also want our companies to propose projects which are good for the BRI, but also go
od for our enterprises,” said Raffarin, who served as prime minister from 2002 to 2005.
understanding as an opportunity to connect the BRI with Italy’s own development plans, including building seaports in northern Italy, Xi said.
He called for upgrading bilateral cooperation in such priority areas as space technology, inf
rastructure, transportation, environment and energy, and also expanding third-market cooperation in relevant fields.
Conte said he considers participation in the BRI as a historic opportunity for Italy, a
nd trusts the move will help the two countries tap potential for bilateral cooperation.
Conte added that he expected to attend the second Belt and Road F
orum for International Cooperation, which will be held in Beijing next month.
Italian economist and China expert Michele Geraci hailed the memorandum of understandi
ng signed between the two countries as “a win-win-win for Italy, the rest of Europe and China”, and said he be
lieves more European countries will follow his country’s lead and sign up to be involved in the BRI.
An additional 14 people were found dead in the latest search and rescue operation after an explo
sion in East China’s Jiangsu province, bringing the death toll to 78, local authorities said on Monday afternoon.
A total of 56 dead have been identified, local authorities said at a news conference, leaving 22 unaccounted for.
Among the 28 missing, 25 have been confirmed to be dead via DNA, with three confirmed safe.
A total of 566 injured people were still receiving medical care in the hospital on Monday, inclu
ding 13 in critical condition and 66 seriously wounded. Thirty-eight were discharged on Monday, according to the news conference.
Medical monitoring at hospitals near the blast site shows no cases of chemical poisoning, the rescue headquarters said on Monday.
In a notice released on Monday, the State Council has ordered a national inspection on poten
tial hazards of dangerous chemicals and safety assessments on all chemical industry parks across the country.
outlines of soft tissue have been found at the Burgess Shale in Canada, as well as some by the Chengjiang River in Yunnan province. The
newly discovered fossils provide a completely different ecosystem of organisms that lived around the same time, the study said.
Unlike other Cambrian fossil troves, the Qingjiang biota appears to conta
in a high proportion of jellyfish and comb jellies, which are extremely rare at other sites.
Zhang Xingliang, a professor at Northwest University and co-author of the p
aper, said that compared with the Chengjiang biota in the shallow water along the coast, Qi
ngjiang biota lived in deep ocean, making the two biota complementary in their scientific significance.
“The treasure trove of the Qingjiang biota provides an exciting opportunity to explore how paleoenvironmental conditi
ons influenced ecological structuring and evolutionary drivers during the Cambrian explosion,” said Allis
on Daley, a paleontologist at the University of Lausanne in Switzerland, who was not involved in the study.