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 asRead More →

service consumption accounting for 47.7 percent, up 1.4 percentage points year-on-year . Meanwhile, sluggish auto consumption dragged the whole consumption growth. The continuous decline of auto consumption has become a key for stabilizing this year’s consumption, said Liu Xiaoguang, a resear cher at the National Academy of Development and Strategy at Renmin University of China. Mao Shengyong, spokesperson for the National Bureau of Statistics, recently said t hat based on March data, auto production fell, however, the drop was narrowing. The National Development and Reform Commission was reportedly considering a sl ew of new measure to boost spending on automobiles, home appliances and consum erRead More →

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 inRead More →

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 wasRead More →

with the island by officially acknowledging that military personnel have been posted in the Taipei office of the American Institute in Taiwan since 2005. US weapons manufacturer Raytheon was also granted a $9 million contract to upgrade Taiwan’s Patriot missile defense system. Senior Colonel Liang Fang, a professor at PLA National Defense Universit y, said the recent drill will test and enhance the PLA’s joint operating capabilities. “It will increase the PLA’s ability to protect national sovereignty, and warn thos e who are trying to undermine it to abandon their illusions,” she said. “Similar drills will be more common in the future, with increasingly sophisticatedRead More →

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 theRead More →

“China’s urban development should take the road of sustainable development,” Xu said. “We sh ould pay more attention to green city construction, green industrial development and low-carbon energy-saving de velopment. And we should also ensure that migrant workers have the same social rights as native residents.” The NDRC proposed the introduction of various monetary policies to reso lutely curb the rise in hidden local government debt, encourage commercial financial institut ions to appropriately increase the credit supply and support qualified enterprises to issue bonds for financing. To implement the new urbanization tasks, China will improve the appro priate positioning of different cities in various fields,Read More →

dative effect to strengthen the basis for sustained growth while also considering the need to ensu re fiscal sustainability. It is a major decision taken at the macro policy level in support of the efforts to en sure stable economic growth, employment, and structural adjustments,” Li said in the report. Value-added tax-a major type of corporate tax der ived from the sale of goods and services-reductions will benefit most of the companies, said Yang We iyong, an associate professor at the Beijing-based University of International Business and Economics. “The VAT reductions can effectively lighten the tax burden of en terprises, thereby increasing the investment byRead More →

  going to be very severe economically,” Trump said. “We’re going to tariff a lot of their products coming in.”   Most leaders go out of their way to avoid antagonizing their counterparts and wading into their delicate domestic politics.   Not Trump.   The exchange also revealed another one of Trump’s political tools: his fervent effort to in ject an appeal to his base — in this case on a signature issue, trade — into almost every political situation.   Trump vs. Congress   Trump also launched a mini-campaign rally, seizing on the Senate vote undoing his emergency declaration, to spell out his hardline policies on immigration and the wallRead More →

In September 2015, Alibaba Group founder Jack Ma Yun started a program to sponsor rural teac hers. His Jack Ma Foundation then launched a Rural Teacher Award to honor the 100 top tea chers around China each year and offer each of them 100,000 yuan ($15,000) and professional training for three years. In order to attend the ceremony in Hainan on January 13, Thubten Gyatso had to leave Moding vill age on January 10, ride a mule to Xulong county, and walk for two hours to Simaoding in Yu nnan Province. From there, he took a bus to Shangri-La county and flew to Sanya, aRead More →