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hina’s credit growth surged unexpectedly to a record pace in January, strengthening production in the real econo
my and easing overall downward pressure, People’s Bank of China, the country’s central bank, said on Friday.
Bank lending in domestic currency increased by 3.23 trillion yuan ($476.8 billion) last month, the fastest single-month growth
since the figure was first tracked in 1992. It increased by 2.9 trillion yuan in January 2018, the bank said.
Total social financing, a broader measure comprising all money the real economy receives from the fi
nancial sector, including off-balance-sheet financing activities, rose by 4.64 trillion yuan in Ja
nuary, which was also the fastest monthly growth ever, according to the central bank.
The month’s rapid credit growth was a result of a series of precauti
onary measures to ease the negative effects of slowing domestic demand and external h
eadwinds, according to Sun Guofeng, head of the bank’s monetary policy department, at a news conference.
of understanding on bilateral economic and trade issues, Xinhua reported. The two sides said they will step up their work
within the time limit for consultations set by both heads of state, and strive for consensus.
Vice-Premier Liu He, US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin headed the talks.
After tit-for-tat exchanges of hefty import tariffs, China and the US agreed in December to halt new ta
riffs for 90 days to allow for talks. Since then, the world’s two largest economies have conducted i
ntense negotiations on a wide array of topics, such as trade and structural issues.
Wei Jianguo, vice-president of the China Center for International Economic Ex
changes, said China and the US have maintained close contacts in recent m
onths, which reflects their positive desire to solve genuine problems and foster cooperation.
Wei, a former vice-minister of commerce, underlined the importance of conducting rule-based negotiations and seeking win-win solutions.
Diao Daming, associate professor at Renmin University of China’s School of International Studies, said the world’s two la
rgest economies can deliver positive results in future trade talks to allay global concerns.
China lost 3-0 to Iran in late January in the Asian Cup quarterfinal, conceding all three goals due to defensive errors. “When you face a strong team like Iran, you
have to avoid making the mistakes. I did not expect we lost the game in this way,” China coach Marcello Lippi said.
With the Olympic qualifying tournament and the 2022 World Cup quali
fying campaign around the corner, China faces an uphill battle with a limited squad.
Hou Sæter’s versatility has been praised by Guo’an head coach, Rog
er Schmidt, who has said the midfielder can play a number of positions across the pitch.
Naturalization has become increasingly popular in international football in recent
years, and has been used by Japan, the Philippines, and AFC Asian Cup holders Qatar.
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ment bond issuance or implement more tax cuts, Economic Information Daily reported Wednesday, citing the Chinese Academy of Social Sciences.
A total of 2.61 trillion yuan ($386.46 billion) of bond quota was unused by the end of 2018, accounting for 14.1 percent of total local debt, the academy said in a report.
This means China can extend bond issuance, or undertake 14 percent of tax and fee cuts.
The debt balance stood at 18.39 trillion yuan at the end of last year, well below the official ceil
ing of 21 trillion yuan, and accounting for 109 percent of total fiscal revenue of local governments.
In 2018 local authorities raised a total of 4.17 trillion yuan through bond issuance, down from 4.36 trill
ion yuan in 2017, according to the Ministry of Finance. The local debt ratio was 76.6 percent last ye
ar, significantly lower than the international warning line of 100-120 percent.
Last year local governments’ implicit debt risk was controlled effectively, however, the total debt level was still huge, the academy said.
In 2018 new explicit debts rose 13.5 percent to 2.18 trillion yuan, while the in-balance-sh
eet interest payment reached 734.5 billion yuan, with a 17.1 percent growth rate, about 2.75 times that of fiscal revenue.
A rapid increase in interest payments put pressure on future fiscal guarantees and service capacity, the academy added.
The bureau is soliciting public opinion on the draft until Feb 20.
With the new standard, major polluting gas from light-duty vehicles, including ca
rbon monoxide and nitrogen oxide, will be reduced by about 50 percent and em
issions of particulate matter will be reduced by about 40 percent, according to the bureau.
For heavy-duty diesel-powered trucks, the emissions of nitrogen oxide and particulate matter are expected to drop by more than 60 percent, it said.
Mobile sources, mainly vehicles, contributed 45 percent of locally generated
hazardous particles known as PM2.5 in 2017, outnumbering all other types of sources, according to the bureau.
Beijing has seen continuous improvement in its air quality. The PM2.5 density in th
e capital in 2018 stood at 51 micrograms per cubic meter, down by 12.1 percent year-on-year.
Officials and experts have said, however, it could be increasingly challe
nging for the city to further reduce air pollution after the local government has taken all ma
jor measures that could achieve quick results, including the shifting of bulk coal to clean energy as a heating source.