hina’s economic growth will remain stable in the first quarter, and is expected to land at 6.3 percent or even higher year-on-year when it is released this week, e
conomists said after some economic indicators for March surprised the market on the upside.
“Downside pressure began to ease in the first quarter, as signaled by the r
ather substantial recovery in various economic indicators in March,” said Yao Jingyuan, form
er chief economist at the National Bureau of Statistics and a researcher for the Counselors’ Office of the State Council.
Chinese banks’ lending in yuan, a leading indicator for the real economy
, surged in March by 1.69 trillion yuan ($252 billion), up 52 percent from a year earli
er, according to the People’s Bank of China, the central bank. The manufacturing purchasing managers inde
x for March, which was back into expansion territory, may be a sign of accelerating industrial activities.
Exports in March also picked up, rising 14.2 percent in US dollar ter
ms from a year ago, versus 0.1 percent for the January-February period, customs data showed.
The city of Shanghai has become the first local government to answer the call of the central gove
rnment to promote automobile consumption by providing subsidies, since 10 mi
nistries and commissions of the country released six major methods of promoting car sales in January.
The official WeChat account of the Shanghai Municipal Government announced yesterday it will launch a car trade-i
n program, encouraging car owners to trade in their vehicles for new gas-powered cars complying with State-VI emi
ssions standards or new energy vehicles, according to a report by the 21st Century Business Herald.
The government will provide a subsidy of 10,000 yuan ($1,489) for a trade-in gas-powered
vehicle and 15,000 yuan for a trade-in new energy vehicle, the announcement said.
China’s automobile market saw a sales decline in 2018 for the first time
in 28 years, with passenger vehicle sales slumping for 10 consecutive months from last y
ear to March, according to the China Passenger Car Association. As the central government halved subsidies for new energy
vehicles this year, the promotion of car consumption depends more on local governments and enterprises.
was “extremely unlikely” any of the 27 countries would veto a delay.
AP”If one country was to veto an extension and, as a result, impose hardship on us, real problems for the Dutch and Belgians
and French as neighboring countries (to the UK)…they wouldn’t be forgiven for it,” he told Ireland’s RTE radio.
magnitude earthquake at a depth of 17 kilometers was detected at 1:25 pm on Sund
ay in Beijing’s Haidian district, according to the China Earthquake Networks Center.
Two earthquake experts said the minor quake was a normal activity in the earth’s crust caused by chan
ges in crustal stress, and there is no need for the public to panic, according to a report on huanqiu.com.
“It is a normal and isolated event,” said Guo Xun, dean of the Civil Engineering School at the Institute of Disaster Prevention.
“As Beijing is at the junction of the earthquake zones of Shanxi province, the Hebei Plain
and Yanshan Mountain, the city will experience one to two earthquakes at around magnitude-3 degree ev
ery year, according to past experience,” Sun Shihong, a researcher at the China Earthquake Networks Center, added.
last year. Every day, an average of 5.5 million people use the nation’
s high-speed trains, accounting for nearly 60 percent of daily users of the country’s rail network.
The State-owned rail car manufacturer CRRC Corp, the world’s largest train maker, had sta
rted developing a new-generation of bullet train that will operate at 400 kilometers per hour.
A preliminary report issued on Thursday by Ethiopian officials found that a malfunctioning sensor sent incorrect inform
ation to a Boeing 737 Max 8 jetliner, triggering an anti-stall system that began a chain of events that ended with th
e plane nose-diving into the ground, killing 157 people on March 10, the Associated Press reported.
Boeing has acknowledged that the sensor malfunctioned in the Ethiopian Airlines 737
Max jetliner, triggering the anti-stall system when it was not needed, the AP reported.
In addition, CRRC is designing two types of maglev trains-a 600 km/h high-speed version and a 200 km/h medium-speed ver
sion. Designers said the company expects to put them into service sometime around 2021.
the foreign investment law, a landmark legislation that will provide stronger protection a
nd a better business environment for overseas investors. The law will become effective on Jan 1, 2020.
Artificial intelligence will bring about changes as fundamental as t
hose enabled by electrification, argues Li Kaifu, Chinese artificial intelligence specialist and fo
under of the venture capital firm Sinovation Ventures. He says that China is leading in real-world applications of AI to bus
inesses, factories and cities, and is catching up with the United States in basic research.
Li’s technological optimism contrasts with a widespread pessi
mism about technology prevalent among thinkers from Silicon Valley.
For example, famed venture capitalist Peter Theil uses the slogan “We wanted flying cars, ins
tead we got 140 characters” as the subtitle of his investment fund. In many interviews, he ha
s explained that we’ve seen “innovation in the world of bits, but not in the world of atoms”.
Hainan is offering housing incentives to attract talent to the tropical isla
nd province, where the country’s 12th free trade zone－its largest－is being created.
A notice from the provincial government on Friday said the employ
ees of companies that move their headquarters to the island will enjoy the same housing polici
es and credit support as locals when buying a house, even though they don’t have household registration in Hainan.
The supplementary measure, which is intended to address problems of new em
ployees settling in the Hainan FTZ, will improve the business environment, attract investo
rs, promote opening-up and development of headquarters, and optimize the living environment, local officials said.
In April last year, after the central government said Hainan would become a pilot free trade zone, the island announ
ced it would attract 1 million skilled workers. To accomplish that, it has adopted measures to support free hou
sing for topnotch personnel, child education, spousal employment, medical insurance and car purchases.
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.