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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.

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Hospital head removed after 5 infants diern Medical Univers

Investigators criticize lax management, failure to control enterovirus outbreak

Liu Ruilin, Party secretary and president of Shunde Hospital of Southern Medical University, has been

removed from his positions after five babies died and 14 fell ill during an enterovirus outbreak at the hospital.

The five newborns who died had other underlying diseases, such as pneumonia, before c

ontracting the virus, according to a statement from the Guangdong Health Commission on Saturday.

Thirteen of the sick babies have been discharged from the hospital, w

hile the other one continues to be treated and is in a stable condition, the commission said.

An investigation determined that the case became serious because

of the combination of the intestinal virus with lax hospital management.

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The National Health Commission issued draft regulatio

ns in February for the clinical application of new biomedical technologies, stipulating that clini

cal research that involves human trials, including gene editing, stem cells, organ transplants be

tween species and assisted reproductive technologies, must secure the approval of the commission in advance.

Under the draft, which is yet to be adopted, violators may face punishments including fines, revocation of business permits or criminal charges.

The commission this year will complete its revision of an existing r

egulation on ethical inspection of human-related biomedical research that was adopted in 2016.

Authorities are also considering establishing a national ethics co

mmittee that supervises life science technologies and researchers to ensure compliance wi

th ethical standards, Huang Jiefu, former vice-minister of health, told China Daily in an earlier interview.

huawaii.cn

the World Trade Organization in 2001. That paved the

way to more than a decade of export-led double-digit economic grow

th, and the ongoing shift from export-led quantitative economic growth to inno

vation-led qualitative development, which has accelerated under President Xi Jinping’s leadership.

China’s industrialization peaked between the late 1990s and 2008, when the

global financial crisis broke out. Now China’s rate of growth is decelerating, which has been

the norm for all industrialized countries from Great Britain in the 19th century to the US in the 20th century.

In China, deceleration is a sign that rebalancing toward consumption and innovation by 2030 is on track.

Nevertheless, the living standard in China continues to improve st

eadily. Today, it is about a third relative to the US. In other words, it has multiplied six tim

es relative to US living standard, thus supporting the rise of the world’s largest emerging middle-income group.

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Chan also said that trade secrets at times were diffic

cult to legally protect in the past, causing “huge trouble for American tech

nology companies in protecting core and critical technologies” that they could not patent.

The latest amendments to the Anti-Unfair Competition Law, which unde

rwent a substantial revision in 2017, have emphasized protecting trade secrets.

He said in that in January, China’s Supreme People’s Cour

t set up an IPR court to handle complex appeals on patent litigation.

Chan said “all these measures” have led to progress for 59 percent of t

he US companies operating in China in protecting trademarks and brands in the pa

st five years, according to the American Chamber of Commerce in China.

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Leveraging private funds prioritized in BRI projects

China’s financial minister and central bank governor vowed to strengthe

n debt management and leverage more private funds for infrastructure construction un

der the Belt and Road Initiative, suggesting a new framework to assess debt risks for partner countries on Thursday.

The Ministry of Finance published a debt-sustainability analysis framework for the BRI’s participating economies at the start of t

he Second Belt and Road Forum for International Cooperation, a three-day event in Beijing.

Financial institutions of China and other BRI economies are encouraged to use the “nonmandatory” policy t

ool for rating debt risk before making lending decisions. The analysis method is based on in

ternational standards provided by the International Monetary Fund and World Bank, according to the ministry.

ex079.cn

Analysts guessing over central bank’s next move

Debates on whether the central bank needs to further ease monetary policy or not are continuing amo

ng analysts, with their emphasis on guessing the next liquidity injection through reducing banks’ reserved deposits.

Supporters of monetary easing expect that another cut in the re

serve requirement ratio (RRR) may come no later than this week, as a liquidity shorta

ge may occur after commercial banks pay back 366.5 billion yuan ($54.65 billion) to the central bank on Wedn

esday. That amount of interbank lending was conducted previously under the medium-term lending facilities (MLF) scheme.

Opponents, however, contend that the current liquidity is sufficient, and any further ea

sing will fuel inflation risks, especially as Chinese economy has started its upcycle.

The central bank’s monetary policy committee held the first quarter’s regular meeting on Friday.

The members achieved a consensus to continue the counter-cyclical measures and stren

gthen coordination between monetary and fiscal policies. Policy fine-tuning should be at the proper time, to prev

ent risks with the priority of stabilizing growth, according to a statement after the meeting.

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The brotherly bailout is striking because Mukesh Ambani pla

  yed a part in bringing his younger brother’s business to the brink of collapse.

  The Mumbai billionaire stunned India in September 2016 when he launched a ne

w mobile network called Reliance Jio that offered customers six months of free high-speed internet.

  The move triggered a brutal price war, forcing some companies to quit the market altogether, including Reliance Communications.

  Indian billionaire turns to bankruptcy court after losing 4G price war with his brother

  Anil Ambani’s company, once one of India’s biggest mobile pl

ayers, announced in late 2017 that it would sell its main consumer mobile business to Reli

ance Jio in order to focus on providing data services to corporate clients.

  That deal has now been abandoned, the two companies said Monday. An Indian bankruptcy court will instead auct

ion off Reliance Communications’ mobile assets to pay off the company’s $7 billion debt.

  The Ambani brothers have had a tumultuous and often acrim

onious relationship. After the death of their father in 2002, they waged a bitter succe

ssion battle for control of the vast Reliance business empire that he had spent decades building.

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A UK Foreign Office spokesperson said that the governme

  nt would look at the judgment “carefully.” “The defens

e facilities on the British Indian Ocean Territory help to protect people here in Britain and arou

nd the world from terrorist threats, organized crime and piracy,” the spokesperson added.

  rom Singapore to Djibouti and Bahrain to Brazil, today the US operates about 80

0 military bases and logistical facilities outside its sovereign territory — more than any other nation.

  ”If you take all the other foreign bases owned by countries together there are only ab

out 30,” says Daniel Immerwahr, a professor of history at Northwestern University.

  Most of America’s bases were acquired during the era of decolonization, after World War II, when trad

itional colonial powers such as Britain and France were shedding colonies around the world, especially in Asia.

www.shanghaidianbaobao.cn

The development comes on the heels of Thursday’s New York Time

  that President Trump ordered Kelly to grant Kushner a top secret security clearance despite con

cerns raised by intelligence officials. The President has denied he had any role in Kushner receiving a clearance.

  New York Times: Trump demanded Kushner get top-secret security clearance

  The latest revelation also contradicts Ivanka Trump’s denial to ABC News three weeks ag

o, when she said her father had “no involvement” regarding her or Kushner’s clearances.

  Several sources told CNN it is feasible that she was unaware of the red flags raised during h

er background check process, as well as the President’s involvement in it. According to a source fam

iliar with her process, she “did not seek, nor have, outside counsel involved in her process as no issues were ever rais

ed.” A separate person added that she was notified by career officials that her clearance had been granted.

  Kushner’s clearance was downgraded in February 2018 after Kel

ly stipulated new changes to the security clearance system because a senior West Wing staff

er with a temporary clearance was accused of domestic abuse by his ex-wife. Aides who previously operated on “top

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