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ment bond issuance or implement more tax cuts, Economic Information Daily reported Wednesday, citing the Chinese Academy of Social Sciences.
A total of 2.61 trillion yuan ($386.46 billion) of bond quota was unused by the end of 2018, accounting for 14.1 percent of total local debt, the academy said in a report.
This means China can extend bond issuance, or undertake 14 percent of tax and fee cuts.
The debt balance stood at 18.39 trillion yuan at the end of last year, well below the official ceil
ing of 21 trillion yuan, and accounting for 109 percent of total fiscal revenue of local governments.
In 2018 local authorities raised a total of 4.17 trillion yuan through bond issuance, down from 4.36 trill
ion yuan in 2017, according to the Ministry of Finance. The local debt ratio was 76.6 percent last ye
ar, significantly lower than the international warning line of 100-120 percent.
Last year local governments’ implicit debt risk was controlled effectively, however, the total debt level was still huge, the academy said.
In 2018 new explicit debts rose 13.5 percent to 2.18 trillion yuan, while the in-balance-sh
eet interest payment reached 734.5 billion yuan, with a 17.1 percent growth rate, about 2.75 times that of fiscal revenue.
A rapid increase in interest payments put pressure on future fiscal guarantees and service capacity, the academy added.
An Air New Zealand flight from Auckland to Shanghai had to turn back midway on Sunday morni
ng after the aircraft was found to be lacking the required permission to land in China’s mainland.
The Boeing 787-9, operating as Flight NZ289, took off from Au
kland, New Zealand, around midnight on Saturday local time but turned back after flying for a
bout 4.5 hours. The flight was scheduled to land at Pudong International Airport at 7:05am Beijing time.
In a short message sent to passengers later, the airline said the “aircraft operating the flight did not have reg
ulatory approval to land in Chinese mainland and was required to return to Auckland.”
The B787-9, the bigger version of the Dreamliner, with the registration ZK-NZQ, has been flying wit
h the airline for five months, but has never landed in the Chinese mainland, according to its flying records.
According to China’s civil aviation regulation, foreign carriers are required to
submit a list of the type, nationality and registration mark of aircraft sch
eduled to land in Chinese mainland to the Civil Aviation Administration of China (CAAC) before operating the flight.
China and the United Kingdom should break the ice of protectionism and build an open an
d inclusive world economy, China’s ambassador to the UK, Liu Xiaoming, said in London on Thursday.
“China will continue to embrace the world with open arms and stands ready to work with oth
er countries. We hope the rest of the world would respond in the same spirit,” he said. “In a time when op
enness and inclusiveness are irreversible, protectionism has no future because it is against the trend of history.”
The remarks were made before 400 business, political, and cultural leaders at
tending a Chinese New Year celebration in London that was hoste
d by The 48 Group Club and the Chinese Chamber of Commerce in Britain.
The year 2018 marked the 65th anniversary of an “ice-breaking trip” to Chi
na in 1953 that was made by a group of farsighted people from the British business community.
said. In 2018, trade in goods between China and countries within the re
gion covered by the BRI stood at $1.3 trillion, a 16.3 percent increase year-on-year. It w
as 3.7 percentage points higher than the growth rate of China’s overall external trade.
More than 13,000 China Railway Express trains have traveled along the BRI routes to date, l
inking cities in China with 49 cities in 15 European countries, including London, he added.
Rona Fairhead, the UK’s minister of state for trade and export promotion, said trade be
tween the two countries is worth more than 66 billion pounds ($86 billion) annually.
“UK exports to China continue to go from strength to strength,” she said. “In this n
ew year, I very much look forward to continuing our close level of engagement w
ith China. It is clear that there is still untapped demand for British goods and services in the Chinese market.”