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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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Now that it has reached middle-income status, China’s eco

nomic strategy will focus on creating a highly competitive domestic market that forces com

panies to produce high-value goods so they can pay high wages to highly skilled people.

Because of its long experience in manufacturing, much of tha

t push will be focused on higher value-added production, using the new technologies of r

obotics, artificial intelligence, the internet of things and 5G. This is the only way to avoid the middle-income trap.

The reform and opening-up policies are exactly the kinds of market-driven reforms

needed to make this happen. The Chinese government is investing heavily in research and development, but it sho

uld be noted that the R&D spending as a percentage of GDP is still lower than that of the US.

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Uber was the biggest of a group of Silicon Valley startu

ups that have spent years raising money in private rounds at record prices. Many of these com

panies are now looking to follow with their own IPO. Some, like Uber and Lyft, are unprofitable.

Workplace messaging company Slack Technologies Inc plans to hold an investor presentation on Monday in adv

ance of its direct listing next month. Grocery and food delivery platform Postmates, WeWork owner The We Co

mpany and online mattress retailer Casper Sleep are among startups seeking to launch IPOs this year.

“If a venture capital investor wants to burn cash they can do that as long as they want, bu

t once you get to the public markets you have to show profitability or a path to it,” said Jordan Stuart, a po

rtfolio manager at Federated Kaufmann who often purchases companies’ shares during an IPO.

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population, including psychological needs, so the servi

services will aim precisely at those most in need,” she said.Shan Jixiang, former director and curator of the Palace Muse

um, has been hired as Palace Museum Research Institute chief, one month after his retirement.

Wang Xudong, current director of the Palace Museum, on Wednesday handed the offer letter, dated May 6, to Shan.

Xi Huan, vice-president of Beijing Hospital, said major medical institutions need to mak

e more efforts to improve services for the elderly, including the promotion of disease prevention educ

ation and increased follow-up visits for elderly patients who have been discharged from the hospital.

“Big hospitals should provide more help for elderly patients, and more follow-up nursing services after they leave the ho

spital, so they can get timely help if problems occur at home or at community health centers,” he said.

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Not only are there missing links on the causality chai

 between long-term structural factors and actual economic performance, it is also unclear how long those factors would take to constrain GDP growth to a part

cular level. In fact, 20 years ago, the same long-term factors were used to warn of a possible fall in Chinese GDP growth.

Because of the complexity of China’s growth trajectory, many economists seem to base their assessments of potenti

al on performance. After every drop in China’s GDP growth since the second quarter of 2012-when growth fell be

low 8 percent-economists have emerged to declare that performance was in line with potential.

Difficult to determine potential growth rate

To be sure, there are various estimates of China’s potential growth rate, ranging from 5 perc

ent to 8 percent. But it is difficult to determine which is reliable. For one thing, there is reason to believe that

most estimates fail to discount cyclical factors adequately when calculating the long-term trend.

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It was Washington’s decision to recognize Jerusalem

as the capital of Israel and Israeli sovereignty over the Golan Heights that fueled the massive protests from Palest

inians and the Arab world and deepened the enmity between the Palestinians and Israelis.

The Trump administration has closely aligned itself with Israel’s right wing, and on Su

nday night, US President Donald Trump reinforced this when he tweeted his “100%” su

pport for Israel’s actions, blaming the violence on “terrorist groups Hamas and Islamic Jihad”.

Israel and Hamas have fought three wars since the Islamic militant group s

eized control of Gaza from Western-backed Palestinian forces in 2007, but its leader Ism

ail Haniyeh said Hamas is “not interested in a new war” and is ready to “return to the state of calm” if Israel stop

s its attacks “and immediately starts implementing understandings about a dignified life”. In the past, Hamas has hal

ted attacks in return for the easing of an Egyptian and Israeli blockade imposed on Gaza.

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The overall stability of China-US relations over the pa

four decades has been a blessing to not only our two countries, but the whole world,” said Cui Ti

ankai, Chinese ambassador to the US, in his remarks during the awards presentation.

“And the essence of the 40-year story is amity between the peoples, which lays the foundation for

and shapes the future of our relations,” he said, adding that the stories shared by peoples from the two cou

ntries through the My China Album series will always “be a source of inspiration and motivation for us”.

Hundreds of US citizens participated in the series from Feb 6 to April 19, sharing their personal stories about China thro

ugh photos and captions. Ten of the participants were recognized for their genuine and touching stories.

“I was so honored to win first place in this year’s My China Album,” said

Max Horne, an incoming Harvard University freshman who visited Yunnan province years a

go and studied the Naxi culture, a local ethnic group. “There’s endless culture for us to appreciate.”

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Embrace exhibition through greener lifestyle at the

The Beijing International Horticultural Exhibition opened just two days before the May holiday, giving

the public a close-up view of state-of-the-art gardens created by horticulturists from around the world.

China hosted a similar exhibition in Kunming, Yunnan province, in 1

999. In the two decades since, the social and economic situations in China have unde

rgone tremendous changes. A growing awareness of environmental protection is one of them.

Two decades ago, the Chinese people embraced the Kunming horticu

ltural show as a novelty and curiosity because the countr

y at that time did not have many opportunities to host large international gatherings.

Economic development at the time was the top priority of the country,

which explains why the news media were so interested in reporting that 15 billion yu

an ($2.23 billion) in economic and trade deals were inked during the exhibition.

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In the years since, the country has continued to maint

tain a breakneck pace of economic development, which has brought booming economic prosperity.

Unfortunately, it has also brought a deteriorating environment. Seeing heavy smog, for ex

ample, many people feel that a worsening environment will destroy the happiness brought by economic growth.

Since 2012, the new leadership under President Xi Jinping has put forward a series of ecol

ogical ideas. On Sunday, Xi said at the opening ceremony of the exhibition that “green mountains and cle

ar waters are indeed mountains of gold and silver, and environmental improvement means great productivity”.

This idea, dubbed the theory of two mountains, enjoys immense popular support in China.

Xi, who is also general secretary of the Central Committee of the Communist Party o

f China, urged officials at all levels never to sacrifice the environment for economic growth.

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Using a variety of advanced technologies-augmente

 reality, artificial intelligence, virtual reality and human-computer interaction-scenes are create

d based on ancient Chinese classics, such as the Classic of Mountains and Seas, in which mythical an

imals appear in forests, lightning flashes, thunder rumbles, wind blows and rain pours.

Visitors can experience primeval nature in a part of the exhibition developed by the Beijing World Horticultural Expo Co

ordination Bureau and the Chinese Academy of Sciences’ Institute of Automation.

In addition, visitors can experience what it’s like to ride in an autonomous vehicle. Three driv

erless vehicles developed by Baidu-two with eight seats and one with four seats-offer rides in the park.

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