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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above living with chronic diseases in China. Of those, 44 million

were fully or partially disabled and in need of regular nursing services, she said.

“With more nurses and nurse’s aides, the demand for nursing services from the elderly will be gradually met,” she said.

The commission will also encourage community health centers to provide more nursin

g services for the elderly in neighborhoods, Jiao said. They would include more beds and setting up day-care centers.

Regulations will also be released to encourage community health centers to pro

vide beds to the elderly at home, so family doctors can provide treatment there, she said.

“The disabled, whether fully or partial, will be the priority in nursing services,” Jiao sa

id. “We will release a detailed standard for evaluating nursing services for the disabled elderly

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growth targets, based on excessively low estimates of potential growth, lead to lower actual growth. Fo

r an economy the size of China’s, a difference of even 1 percentage point has a huge impact on welfare.

Many economists would counter that a conservative growth target is useful-or even necessary-to create space for struct

ural adjustment. But this claim is unconvincing. Reducing China’s excessive reliance on investment in real es

tate-one of the economy’s most serious structural problems-does not necessarily require a reduction in FAI gro

wth, let alone GDP growth. Nor is slower GDP growth a prerequisite for improving financial stability.

China must pursue as high a growth rate as possible

In my view, because no one is sure what exactly China’s potential growth rate is, the best strategy is to try to achieve as high a g

rowth rate as possible, so long as it doesn’t worsen inflation and hinder structural adjustment.

koryoung.com.cn

th rate of more than 9 percent three years in a row, the Chinese film market is extreme

ly open and inclusive with outstanding movies from around the world, fine works of Hollyw

ood in particular, being screened in China even before they are shown in other countries.

This shows China’s decision to open up its film market in the trough in 1995 was absolutely right. Since then the quota for Hollywo

od movies has been significantly raised from the initial 10 films a year. The opening up of the Chinese movie ma

rket proves that the more open and inclusive a film market is, the higher the number of good films it will generate o

wing to the active and beneficial exchanges with the world’s most advanced filmmaking countries.

The remarkable performance of about a dozen Chinese movies in recent

years makes it clear that well-made films that showcase Chinese culture and touch Chin

ese people’s hearts could not only become smash hits but also help spread Chinese culture. Which g

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China’s financial minister and central bank governor vowed to strengthe

n debt management and leverage more private funds for infrastructure construction un

der the Belt and Road Initiative, suggesting a new framework to assess debt risks for partner countries on Thursday.

The Ministry of Finance published a debt-sustainability analysis framework for the BRI’s participating economies at the start of t

he Second Belt and Road Forum for International Cooperation, a three-day event in Beijing.

Financial institutions of China and other BRI economies are encouraged to use the “nonmandatory” policy t

ool for rating debt risk before making lending decisions. The analysis method is based on in

ternational standards provided by the International Monetary Fund and World Bank, according to the ministry.

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delegations, which was preceded by a one-on-one meeting between Putin and Kim.

Kim arrived here in his train on Wednesday for his first meeting with Putin.

The meeting came at a time when tensions were growing between the DPRK and t

he United States.At the end of 2018, Australia became another “surveillance state” with the passing of the T

elecommunications and Other Legislation Amendment Bill or the Assistance and Access Bill 2018.

Last week, the DPRK test-fired a new tactical guided weapon and requested Washi

ngton to exclude U.S. Secretary of State Mike Pompeo from future negotiations.

In response, Pompeo swept aside Pyongyang’s demand ab

out replacing him by someone “more careful and mature” to deal with the talks.

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on the new science and technology innovation board, which will pilot the registration-based IPO system, according to Xinhua.

To accommodate the progress of reforms and development of the capital market, other modifications have also been made, cov

ering public issuance of securities, securities trading, and the protection of investors’ rights and interests, Xinhua said.

Dong expects the latest version to legitimize registration-based IPO systems not only

on the new board, but also across China’s whole A-share market. “Once the system achieves success on the n

ew board, it should be adopted on other submarkets as soon as possible,” Dong said.

President Xi Jinping announced in November that China will launch the S&T innovation board and pilot the registr

ation-based IPO system. Analysts expect the new board to begin trading around the middle of this year.

“The latest draft is expected to make comprehensive revisions, and it could go a long way

toward restoring public investors’ confidence and modernizing the regulation and governance of the ca

pital market,” said Liu Junhai, director of the Business Law Center at Renmin University of China.

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A draft amendment to the Securities Law was submitted Saturday to a bimonthly session of the

National People’s Congress Standing Committee, China’s top legislature, for a third reading.

The latest revisions to the law include rules on the newly-devised science and technology inn

ovation board, which will pilot a registration-based initial public offering (IPO) system.

Under the current IPO system, new shares are subject to ap

proval from the China Securities Regulatory Commission before being listed.

Other revisions in the draft are made in light of new p

rogress of reforms and new developments of the capital market.

A draft amendment to the law was previously submitte

d to the top legislature for first reading in April 2015, mainly

to meet the legislative demand of reforming the IPO system toward a registration-based one.

fanxgq.cn

Guests like Austrian ambassador to China Friedrich Stift, p

erformances from the Strauss Festival Orchestra Vienna, and reality TV star Allen Wu as

host have made the event the most talked-about on Beijing’s April social calendar.

The dapperly attendees and the venue at the Kempinski Hotel Beijing Lufthansa Center, a lux

ury hotel in downtown Beijing, will make April 13 a night of waltz, high fashion and haute cuisine.

With tickets priced 1,500 yuan ($224), the ball has sold out every ye

ar during its five-year history in Beijing, according to organizer, the Kempinski Hotel.

In this video interview with China Daily’s website, both the ambassador and Brice Péan, mana

ging director of the Kempinski Hotel, give a preview of what to expect at this year’s ball.

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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.

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