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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.
headed by No 18 Wang Qiang, who this week reached the Miami Open quarterfinals to
become the first Chinese to go that far at the premier mandatory event since Li’s run to the final in 2014.
Li is delighted to see her compatriots mixing it with the world’s best, but said she expects more.
“It’s good to have a group of girls in the top 50, but the resources they enjoy today make me believe they could do better,” she said.
With more advanced coaching and training methods, WTA
CEO Steve Simon reckons China will unearth the next Li sooner rather than later.
“The chances of finding the next Li Na are very bright; it’s just a matter of time,” he said earlier this month in Shenzhen.
The return of The Road to Wimbledon, a tailor-made tournament for under-14 players, f
or its fourth year in China is part of the latest effort to deepen the domestic talent pool.
It began on Monday with a weeklong trial camp overseen by Dan Blox
ham, head coach of the All England Club. The best performers will be picked to compete at a nat
ional tournament in Nanjing in May, which will decide China’s representatives at the global final at Wimbledon from Aug 11-17.
diplomatic ties. During their meetings, Xi agreed with French President Emmanuel Macron and Prime Minister Edouard Philippe to f
orge a more solid, stable and vibrant China-France comprehensive strategic partnership, and continue to explore the way for major countries to get al
ong with each other, which should feature independence, mutual understanding, foresight, mutual benefit and win-win outcomes, Wang said.
In the joint statement issued by China and France on jointly safeguarding multilateralism and improving global governa
nce, the two sides pledged to build international relations of mutual respect, equality, justice, and win-win coop
eration on the basis of respecting international laws and the basic principles of international norms, Wang said.
Speaking of Xi’s visit to Monaco, Wang said leaders of the two cou
ntries have agreed to firmly stick to the correct direction of bilateral relations, adhere to open
ness and cooperation, and pursue more win-win results so as to jointly elevate the China-Monaco relations into a new era.
During Xi’s talks with Prince Albert II, head of state of the Prin
cipality of Monaco, the Chinese president said both sides should adhere to openness and cooperation a
nd pursue more win-win results, adding that China welcomes Monaco to actively participate in the joint development of the Belt and Road.
and greatly improve our work efficiency”, according to a released statement at a news conference held by the administration on Tuesday.
In the past, the residents in Chinese mainland could only apply for permits in their house
hold registration places with relevant documents, including identification card, hukou and application form.
National Immigration Administration holds a press conference on March 26, 2019.
Under the new measure, the residents will provide the same documents to apply for th
e passports and travel permits in their nearby exit and entry management departments, it said.
With the rapid development of China’s economy and society, a growing
number of people have been living, stuadying and working away from their hometown, and th
ere has been a strong demand for them to apply for the passports or travel permits in different places.
Data provided by the National Immigration Administra
tion show, this year, an estimated 21 million people will apply for passports and travel permits in di