Archive March 2019

According to the Ministry of Finance, local government

nts in Sichuan, Shaanxi and Shandong provinces as well as Beijing will eventually be able to sell bonds at count

ers in commercial banks directly to retail investors, and the practice will be expanded nationwide after an additional period of time.

The ministry said individuals do not need to pay taxes on the bonds’ interest income, and this policy is likely to attract more investors.

Selling local government bonds to retail investors should facilitate liquidity

in the secondary market, improve the market-oriented bond pricing mechanism and pu

sh issuers to enhance the quality of information disclosure, said Amanda Du, a Moody’s vice-president and senior analyst.

“Higher coupon rates compared with treasury bonds, and the tax exemption on the interest income, make

local government bonds more attractive for retail investors,” she said. “The fast takeup by retail investors also indicates that the

bonds have won high recognition among individual buyers, supported by the local governments’ high credit ratings.”

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But some were unmoved and the Northern Irish party cruc

rucial to getting the agreement through said it would reject the deal again.

Britain was supposed to leave the bloc on Friday but Brussels agreed last week to put back the

divorce date until April 12 to give it a chance to resolve a three-year crisis that has split the country down the middle.

However, it still remains uncertain how, when or even whether the United Kingdom, the wo

rld’s fifth-biggest economy, will leave the EU. The possibilities that it will leave with no deal to so

ften the shock to its economy, or delay the departure date to hold a general election, have increased as other options fade.

While May’s deal continued to stumble, an attempt by parliament to take control of the proc

ess by holding a series of indicative votes on other options produced no immediate way through the impasse.

None of the proposals, many of which involved closer alignmen

t with the EU than May envisages, won the support of a majority of lawmakers.

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In a spectacular display of indecision, the House of Comm

ons has voted against remaining in the EU and every version of leaving the EU,” tweeted James Cleverly, the Conservative Party’s deputy chairman.

Nevertheless, some proposals fared better than May’s deal had done two weeks ago, and parlia

ment was due to hold more indicative votes on Monday after refining the options most likely to secure a majority.

Many Conservative eurosceptics had made clear they would only c

onsider supporting May’s deal if she gave a firm commitment to resign, hoping a new leader

would be more sympathetic to their views when negotiating the terms of Britain’s future relationship with the EU.

“I have heard very clearly the mood of the parliamentary party,” May told a meeting of Conservative lawmakers (MPs).

“I know there is a desire for a new approach – and new lead

ership – in the second phase of the Brexit negotiations – and I won’t stand in the way of that.”

But within hours of May’s offer, the Democratic Unionist Party, which props up her minority gov

ernment, said it would vote against the deal if May brought it back a third time.

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She would also become the fourth Conservative prime min

ister in a row to have fallen foul of divisions over Europe within her centuries-old party, following David Cameron, John Major and Margaret Thatcher.

Most voters think the Brexit negotiation has been handled badly and there may now be a slight majority for staying in the EU, rec

ent polls suggest. Many Conservative MPs say May herself has caused the chaos by not negotiating harder with the EU.

“It was inevitable and I just feel she’s made the right decision. She has actually read the m

ood of the party, which was a surprise,” said Conservative lawmaker Pauline Latham.

Over two decades since her debut appearance at Wimbledon, Chinese legend Li

Na still remembers her awkward introduction to the iconic London tournament.

Li first competed there in the girls’ singles in 1998, and was tripped up by the switch f

rom hard courts to grass, not to mention the All England Club’s famous sartorial etiquette.

“I had no clue at all on how to play on grass,” Li recalled at Tuesday’s The Road to Wimbledon junior training camp in Beijing.

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Detailed analysis of the fragment indicated that the

 bird’s reproductive system was not behaving normally. The eggshell consists of two layers instea

d of one as in normal, healthy bird eggs, indicating the egg was retained too long inside the abdomen, Bailleul said.

This condition occurs in living birds as a result of stress. Unlaid eggs may be coated with a second laye

r, or sometimes more, of shell. This abnormality has also been documented in sauropod dinosaurs, and in fossil and living turtles.

In addition, the eggshell was extremely thin, thinner than a sheet of paper, and did not have the proportions of a healthy egg, Bailleul said.

hina’s civil aviation regulator has temporarily stopped issuing airworthine

ss certificates for Boeing 737 Max 8s because of safety concerns, a move an expert said will bring huge economic losses to Boeing.

Two Boeing 737 MAX 8s have crashed in the last five months. All 157 pa

ssengers and crew members of a 737 MAX 8 operated by Ethiopian Airlines died on Mar 10, includi

ng eight Chinese nationals. In October, the same model of plane, operated by Lion Air, went down over the Java Sea, killing 189.

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This year marks the 55th anniversary of China-France

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.

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According to the 2018 International Energy Agency re

port, global energy-related carbon dioxide emissions rose by 1.7 percent to 33 gigatonnes last year, the highest level since

2013. Coal use in power generation alone surpassed 10 Gt, accounting for one-third of the total increase.

The fact that most of the increase in coal use comes from coal power plants in developing Asia points to the harsh reality that greenhouse gas emissions are the cost be

ing paid for development. That the majority of coal power plants in Asia are only 12 years old on average, decades short of the

average life span of around 50 years, shows how challenging it is to cut CO2 emissions and maintain economic growth.

That the developing countries obtain help from their developed co

unterparts in both funds and technologies is essential to the fight against global warming.

It is high time that countries appreciated the urgency of this comm

on challenge and how important it is for concerted efforts to cut greenhouse gas emissions.

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Three government ministers quit their posts so they could

back the motion. Richard Harrington, who resigned as a junior business minister, accused the government of “playing roulette with the lives and liveli

hoods of the vast majority of people in this country” by failing to resolve Britain’s Brexit impasse.

The government said it was disappointed by the vote, claiming it “upends the balance

between our democratic institutions and sets a dangerous, unpredictable precedent for the future.”

But it also conceded that the new votes might be a way to break the months-long Brexit gridlock. May said she would “engage

constructively” with the results of the process, though sahe said she was skeptical that it would produce a decisive result.

The move raises the chances that Britain will tack toward a softer Brexit, and is likely to be welcomed by th

e EU. Guy Verhofstadt, the European Parliament’s Brexit coordinator, tweet that it was an “opportunity to build a cross-party coope

ration leading to an enhanced political declaration & a closer future relationship!”Earlier in the day, May ack

nowledged, “with great regret,” that her deal still lacked “sufficient support” to be approved as of Monday.

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In agreeing to the postponement, European leaders

 hoped Britain’s deadlocked politicians would find a solution to the crisis. But the EU isn’t counting on it. The European Comm

ission said Monday it had completed planning for a no-deal Brexit, calling that outcome “increasingly likely.”

The EU said its members would be able to cope with a no-deal departure, although more remained to be done on ensuring an open border betwee

n EU member Ireland and the UK’s Northern Ireland — something both sides have agreed to. Checkpoints there were a soaurce of tensi

on and a target during the decades of sectarian violence before Northern Ireland’s 1998 peace accord.

An EU official said the bloc was in “in intense discussions with the Irish authorities about these matters.”

May stands little chance of getting the deal she struck with the EU approved unless she can win over Brexit-backing lawmakers in her Conservative Party and its Nor

thern Irish ally, the Democratic Unionist Party. The DUP said Monday that the party’s “position remains unchanged.”

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We support the BRI globally because it’s a big project wi

ith so many applications in different parts of industry and the economy, and we want agreements, project by project.”

Raffarin was appointed special envoy on China affairs by French President Emmanuel Mac

ron. He pointed out that it is not pragmatic to have an agreement about every industrial sector, because, as sovereig

n states, both countries need to protect the interests of their own businesses and industries.

“It’s easier to go project by project, and, after some experience, we can add a larger vision,” Raffarin said.

His comments came after Italy signed a BRI memorandum of understanding with China during

Xi’s visit to Rome last week to become the first G7 country to join the global infrastructure plan.

According to China’s Ministry of Commerce, from January to November 2018, China’s direct investment in France reached $330 mil

lion. China’s growing investment in Europe has prompted concerns in the West, which Raffarin thinks are misplaced.

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