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More than 60 countries will send naval delegations to participate in the 70th anniversary of the founding of the Peo
ple’s Liberation Army Navy in late April, a spokesman for the Ministry of National Defense said on Thursday.
The celebration will showcase the progress of the PLA Navy and its growing capabili
ty in safeguarding China’s overseas interests as well as regional and world peace, an expert said.
The multinational naval event will take place in Qingdao, Shandong province, in late Ap
ril, said ministry spokesman Senior Colonel Wu Qian. April 23 is the 70th anniversary of the PLA Navy’s founding.
The naval event will include high-level dialogues, an international fleet review, military band performances, cultural and sports e
xchanges as well as other activities, Wu said. Some nations will send military ships to participate in the fleet
review, though details are still in the works and will be announced at a later date, he added.
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.
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.”
inated and inter-connected, and fair and inclusive approach and forge a growth
model of vitality, a cooperation model of openness and win-win results, and a developm
ent model of balance and common benefits, so that people from across the world could share the benefits of economic globalization, Xi said.
This year marks the 70th anniversary of the founding of the People’s Republic of China, Wang said.
During his visit, Xi, based on China’s just-concluded Two Sessions earlier this month, illu
strated to the European leaders the fine performances of the Chinese economy which had overcome multiple challenges in 2018.
Wang said Xi also introduced the newly-adopted foreign investment law, emphasizi
ng that it is necessary to use legal means to better protect intellectual property rights and attract foreign investment.
Xi pointed out that China will continue to push forward all-round reform and opening-up, promote trade and investment
liberalization and facilitation, so that European friends can better share China’s development opportunities.