Liu’s article was published in Qiushi Journal, a flagship m

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.

9319888.org.cn

The danger here lies in the fact that excessively low

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

The meeting on Sunday decided on further steps to

 identify unwarranted certification items for abolition and list all certification items deemed ne

cessary. At the same time, work to establish a pre-commitment qualification system will be intensified.

“The reform of the qualification system is part and parcel of our efforts to build a credit-based society. Without a fully fledg

ed credit-based society, our business environment will not see significant improvements,” Li said.

It was decided at the meeting that the practice of pre-commitment of qualification will be piloted in 13 pro

vinces and municipalities, including Tianjin, Liaoning, Shanghai, Guangdong, Sichuan and Shaanxi, and in five mi

nistries-the Ministry of Public Security, the Ministry of Justice, the Minist

ry of Human Resources and Social Security, the Ministry of Natural Resources and the Ministry of Transport.

www.cdyyfq.cn

The reception followed a meeting of Russian and DPRK

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.

sh419es.com

However, the consumption structure has changed, with

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

er electronics products. It has sent a draft plan to encourage consumption in the three sectors.

ashtt.com

The economy has stayed on the track of steady gro

owth. We have the confidence, conditions and capability to mee

t the projected targets for economic and social deve

lopment this year,” Yuan told an NDRC news conference on Thursday in Beijing.

Data from the National Bureau of Statistics showed China’s economy grew at a faster-than-e

xpected 6.4 percent year-on-year in the first quarter, remaining at the to

p end of the government’s projected growth range of 6 to 6.5 percent for this year.

The growth was unchanged from that in the fourth quarter of 2018.

Zhang Chenghui, former director at the finan

cial research institute of Development Research Center of the State Cou

ncil, said despite the downward growth pressure, China will see many positive factors in the economy this year.

wedding-gowns-wholesale.com

The school established an AI research institute in Decem

ber 2017 for graduate students. Many instructors at the school are working on AI-related res

earch so there will be no problem finding capable teachers for the new students, Lin said.

China’s booming AI industry has resulted in a growing demand for tal

ent. It is common for students in AI-related fields to have

already committed to companies before they even graduate and enter the job market, he said.

Master’s graduates majoring in AI can easily find jobs with salaries over 300,000 y

uan ($44,700) per year, and salaries for doctoral graduates are even higher, he said.

Chinese universities are catching up with their counterparts in the United

States in terms of basic research in AI and the numbe

r of published papers, yet they still lag behind in transforming research into application, he added.

www.shoppingfair.org

Inside Beijing’s must-attend April eventbassador to

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.

www.yuyingleyou.com.cn

EU gives PM May ‘flexible’ Brexit recess to Oct 31

European Union leaders gave Theresa May a new Brexit deadline of Oct 31, four months longer than the p

rime minister asked for, in a move the EU summit chair said would let Britain resolve its domestic deadlock on the issue.

“EU27/UK have agreed a flexible extension until 31 October,” European Council Pres

ident Donald Tusk tweeted after eight hours of talks that went into the early hours of Thursday.

“This means (an) additional six months for the UK to find the best

possible solution,” Tusk added on the eve of what would otherwise have been the day Britain

crashed out of the bloc with no deal to smooth the departure for businesses and citizens.

Britain, he stressed, could still leave earlier if May secures parlia

mentary backing for her Brexit treaty, or it could amend what it wants from a future trade pact. “Until t

he end of this period, the UK will also have the possibility to… cancel Brexit altogether,” Tusk added.

The agreement gives May more than the three months to June 30 that she asked for to bui

ld a parliamentary majority behind the withdrawal treaty she negotiated with the EU last year.

koryoung.com.cn

Xu said the country’s urbanization may hit 70 percent by

“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, develop high-end manufacturing and p

roducer services in big cities and guide small and medium-sized cities to consolidate manufacturing centers.

Xu Lin said with rapid urbanization, 80 percent of China’s urban citizens will live in some 20 city clusters in the future.

stgongchen.cn