March 2019

Senior Colonel Zhou Bo, director of the Center for Secur

Cooperation at the ministry’s Office for International Military Cooperation, said that comp

ared with other branches of the military, the PLA Navy plays a relatively larger role in protecting China’s overseas inter

ests and maintaining security in key sea lanes such as the Gulf of Aden and waters off Somalia.

“The PLA Navy is at the forefront of proving that the Chinese milita

ry is an open, cooperative and competent force for peace,” he said, adding that the PLA Navy has f

requently participated in humanitarian rescue missions, naval escorts, joint exercises and exchanges in past years.

“Through these non-war military operations, the Chinese Navy has also improved its capability and operability in dis

tant waters,” Zhou said. “Many security issues around the world require global efforts, and as its capability impr

oves, the PLA Navy can play a bigger part and contribute more to global maritime security.”

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Retail sales of local government bonds attract eager

Chinese local government bonds worth 1.4 billion yuan ($208.5 million) were snapped up by retail investors within a single day, after counter sales in banks we

re made available for the first time. The fundraising will help supplement a broader fiscal deficit this year, analysts said.

On Monday, individuals in China were able to purchase bonds issued by t

he Zhejiang provincial government (five-year term, 3.32 percent coupon rate) and the N

ingbo city government (three-year term, 3.04 percent coupon rate). Proceeds from the sales will be used for land purchases (300 million yuan) and shantytown renovations (1.1 billion yuan), acc

ording to a notice on the website of China Central Depository and Clearing, a clearinghouse under the central bank.

The minimum investment amount for retail investors is 100 yuan, lower than most wealth management products issu

ed by commercial banks. Previously, individual investors could only purchase bonds issued by the central government, kno

wn as treasury bonds. And before Monday, local government bonds were traded mainly in the interbank market.

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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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Finance Minister Liu Kun said at a forum on Sunday tha

t the government plans to accelerate local government bond issuance this year. “We are tryi

ng to complete the issuance of the new bond quota of 3.08 trillion yuan by the end of September.”

“We will urge local governments to inject funds into projects quickl

y in order to stabilize investment and expand domestic demand,” said Liu.

In the first two months, issued local government bonds totaled at 782.1 billion yuan. Among this, 326.1 bil

lion yuan was raised through special purpose bonds, a type just like United States municipal bonds, the ministry said.

hina will further facilitate foreign enterprises’ venture ca

pital investments in Chinese companies, said Premier Li Keqiang at the Boao Forum for Asia on Thursday.

The country will also improve the regulations on foreign investors’ strategic invest

ment in mainland-listed companies as well as on their mergers and acquisitions with domestic enterprises.

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ao poses with a dog at her brick-and-mortar store in Chen

Zeng Niaoniao, a qipao designer in the post-95s generation, started her business when she was a sophomore in 2015, and now runs stores both online and off.

Last year, the turnover from her online store reached 12 million yuan ($1.78 million)

The 24-year-old designer has a track record on improving qipao, displaying her work at the 2018 Shan

g Fashion Week and attracting Chinese pop idol Yang Chaoyue to wear her design for an advertising photoshoot.

Zeng said her wish was to see people wearing her designs to stroll around town, and sh

e wanted to bring more improveqipao with new designs to young Chinese girls.

May’s offer to quit fails to break Britain’s Brexit stalemate

LONDON – British Prime Minister Theresa May failed to sway hardline opponents of her European Union divorce de

al on Wednesday with an offer to quit, but parliament’s bid to agree an alternative fell short, leaving the Brexit process as deadlocked as ever.

May told her Conservative lawmakers she would step down if her Brexit deal was finally passe

d by parliament at the third attempt, in a last-ditch bid to win over many of her party’s eurosceptic rebels.

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Five Chinese women are ranked in the world’s top 50, spear

headed by No 18 Wang Qiang, who this week reached the Miami Open quarterfinals to

become the first Chinese to go that far at the premier mandatory event since Li’s run to the final in 2014.

Li is delighted to see her compatriots mixing it with the world’s best, but said she expects more.

“It’s good to have a group of girls in the top 50, but the resources they enjoy today make me believe they could do better,” she said.

With more advanced coaching and training methods, WTA

CEO Steve Simon reckons China will unearth the next Li sooner rather than later.

“The chances of finding the next Li Na are very bright; it’s just a matter of time,” he said earlier this month in Shenzhen.

The return of The Road to Wimbledon, a tailor-made tournament for under-14 players, f

or its fourth year in China is part of the latest effort to deepen the domestic talent pool.

It began on Monday with a weeklong trial camp overseen by Dan Blox

ham, head coach of the All England Club. The best performers will be picked to compete at a nat

ional tournament in Nanjing in May, which will decide China’s representatives at the global final at Wimbledon from Aug 11-17.

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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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Chinese President Xi Jinping’s first overseas visit in 2019

  levated China’s ties with Italy, Monaco and France to a new level, and injected new impetus into China-Europe compreh

ensive strategic partnership, Chinese State Councilor and Foreign Minister Wang Yi has said.

  When the world is undergoing profound changes unseen in a century, Xi’s Europe tour, hailed b

y the international community, is dedicated to deepening partnership for cooperation, improving global governance, and uphol

ding multilateralism, which shows China’s sense of responsibility as a major country, Wang said.

  In six days, the Chinese president attended over 40 events during his visit to five cities including Rome, Palermo, Monaco, Nice a

nd Paris, Wang noted, adding that it is a trip of friendship, cooperation and exploration that has delivered fruitful results.

  FRIENDSHIP & MUTUAL BENEFIT

  This year marks the 15th anniversary of the China-Italy comprehensive strategic

partnership, and next year will witness the 50th anniversary of China-Italy diplomatic relations.

  At meetings with Italian President Sergio Mattarella and Prime Minister Giuseppe Conte, Xi agreed with them to further i

ntensify high-level exchanges, consolidate political mutual trust, and elevate bilateral relations, Wang said.

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Ceremony held to mourn E China blast victims victims in Yanch

A memorial service was held on Wednesday for victims who died in a chemical plan

t explosion seven days prior in Xiangshui township, Yancheng city, East China’s Jiangsu province.

More than 200 officials, police officers, firefighters, bereaved families and volunteers attended the serv

ice at 7:30 am. The cars at the site honked their horns and attendees presented flowers to pay tribute to the victims.

To date, the deadly explosion of Jiangsu Tianjiayi Chemical Co in Yancheng’s Xiangshui county has claimed 78 lives.

According to Chinese tradition, the seventh day after a death marks the height of the mourning period.

subsidies continue gradual phase-out

China will whittle down subsidies on new energy vehicles as the industry develops and cost drops, aiming to boost high-quality development in the NEV sector.

The newest measure will lower subsidy standards for new energy passenger cars, buses and t

rucks, taking factors such as industry growth, cost reduction and subsidy phase-out policies into consideration, the

Ministry of Finance said in a joint statement Tuesday, adding the move was set to bring more competition in the industry.

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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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