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ing gap between increased spending and the slower expansion of income, some local governments, especially at the co
unty level, are facing fiscal pressure. But the central government will transfer more funds to local go?压博娱乐登入开户龙凤1314女神会所
vernments to ensure stable fiscal spending and further implement tax and fee cuts, the ministry said.
?压博娱乐登入开户龙凤1314By the end of July, local governments had issued 2.55 trillion yuan in new b
onds for the year, accounting for 82.8 percent of the annual quota of 3.08 trillion yuan.
A quota of 2.15 trillion yuan for local governments’ special bonds－mainly meant to s?压博娱乐登入开户龙凤1314
upport infrastructure projects－had been 65 percent used up by the end of July, the Ministry of Finance said.
Market speculation is that there will be additional bond quota space to bolster fiscal spending in coming months. But a seni?压博娱乐登入开户龙凤1314女神会所
or official at the Financial Department of the Ministry of Finance said in an interview this week: “It is unlik
?压博娱乐登入开户龙凤1314ely that the government will raise the quota for local government bonds, or for the special bonds.”
Local government special bonds are seen as an important measur
e to support infrastructure investment, and they also are not included in local?压博娱乐登入开户龙凤1314
budgeted debt. The annual quota was set by the Government Work Report in March.
About 1.55 trillion yuan in local government special bonds had been iss?压博娱乐登入开户龙凤1314女神会所
ued in the first half, the Ministry of Finance said. The remaining 600 billion yuan
issuance must be finished by September－a State Council requirement to speed financing for key projects.
China should have an expansionary and much stronger fiscal policy in order to inc?压博娱乐登入开户龙凤1314
rease public spending and prevent a further slowing of economic growth, said Yu Yo
ngding, a senior economist at the Chinese Academy of Social Sciences. Yu spoke at a recent forum.
The fiscal deficit ratio, which may surpass the government target of 2.8 per?压博娱乐登入开户龙凤1314女神会所
cent of GDP this year, should be compensated by issuing more central government
bonds, said Yu, who also suggested the central bank lower interest rates for the bond issuance.
After a disappointing performance in 2018, China’s economy appears to be stabiliz
ing. In the first quarter of 2019, GDP growth, at 6.4 percent year-on-year, matched that of the previous quarter. But grow
th in industrial production exceeded expectations, expanding by 6.5 percent year-on-year (and by 8.5 percent in Mar
ch). Even exports growth was positive, albeit weak, despite the ongoing trade frictions with the United States.
Moreover, fixed-asset investment (FAI) grew by 6.3 percent－0.2 percentage points higher than in the previous quar
ter. Investment in real estate grew the fastest (11.8 percent), followed by manufacturing (4.6 percent) and in
frastructure (4.4 percent). The growth of investment both in real estate and infrastru
cture was stronger not only sequentially, but also year-on-year. As usual, consumption growth was stable.
?question whether the US is really trying to improve the DPRK-US relationship and it is wondering whe
ther its previous steps to promote engagement with Washington were the right thing to do.
In what was the most comprehensive review of Pyongyang’s recent i
nteraction with Washington, the DPRK leader put the ball decisively back in Was
hington’s court after the US president floated the idea of a third summit on Thursday.
Washington maintains unabated zeal for a deal of some sort, because ot
herwise the engagement with Pyongyang since last year
would be regarded as failure. So, more likely than not, it will try to find a way to keep the possibility of a summit alive.
But the “correct manner” Pyongyang demands is Washington forsaking its “max
imum pressure” and demonstrating sufficient goodwill by relieving, or completely rollin
g back, sanctions, putting an end to the state of war, or, even better, offering economic incentives.