?settlement and sales by banks stood at $6.6 billion, down 44 percent from H2 2018, SAFE data showed.
The reading indicated a relatively good supply-demand situation of the forex market, while monthly fluctuations refl娱乐地图
ected the overall stability of market expectations and the market-oriented adjustment of prices, Wang said.
娱乐地图女神会所According to Wang, China’s forex market showed stable sentiment amid trade frictions with the US and the exchanges bet
ween Chinese and American companies are still very close, which is playing a positive role.
“We are confident to cope with the changing situation and maintain the stability of cross-border capital flows in China,” Wang said.娱乐地图女神会所
A national bankruptcy mechanism is under discussion by policymakers, covering local gover
娱乐地图nments and enterprises, to prevent systemic financial risks, said a senior official with the central bank.
“The key task is to prevent debt default risk,” said Wan Cunzhi, director-general of the PBOC’s Credit Information System Bu
reau, at a news conference on Thursday. He said the mechanism will include inde
bted local governments, while market-oriented measures will be introduced to ease their debt burden.娱乐地图女神会所
Bankruptcy of local governments was rarely mentioned in China before, and the official didn’t re
娱乐地图lease more details on the mechanism. It reflected that policymakers have noticed the potential challe
nges and more measures are expected to strengthen financial stability, analysts said. Total local government deb
t reached 19.9 trillion yuan ($2.89 trillion) by May, according to the Ministry of Finance.娱乐地图女神会所
The State Council released a guideline on Tuesday for building a credit-based market regulation system. The bankruptcy mechanism is one part of the who
娱乐地图le system. Besides local government, individuals and enterprises will also be regulated.
Companies with bad credit records will receive serious punishment
, said Lian Weiliang, deputy head of the National Development and Reform Com娱乐地图女神会所
mission. “For the worst scenario, the companies could be prohibited from the market.”
The measures for rating companies’ credit are being drafted, and market-oriented third-part
y institutions and industry associations will be involved in the rating process, according to Lian.
?recent and future tariffs will cut about 0.3 percent of global GDP in the short ter
m, with half stemming from negative effects on business and market confidence.
Failure to resolve the trade differences and further escalation in other areas, such as the auto
industry, which would cover several countries, “could further dent business and financial market se
ntiment, negatively impact emerging market bond spreads and currencies, and slow investment and trade“, the research said.
Experts urged the US government to stop its protectionism and proposed options for a resolution between the two countries.
Chen Wenling, chief economist of the China Center for International Economic Exchanges, said the US needs to correct moves that have
already added pressure to global economic prospects. Otherwise, it will “pay the price” for its protectionist behavior, she said.
titutions, companies and colleges in Beijing, including the Beijing sub-council of the China Council for the Promotion of Inte
rnational Trade, Beijing Enterprises Group Real-Estate Co and the Beijing Forestry University have participated in nong
overnmental exchange projects in countries such as Cambodia, Mongolia, Myanmar and Nepal.
Generally, those Belt and Road projects involve such fields as business cooperation, cultura
l exchanges, protection of women and children, charity, environmental protection and responses to natural disasters.
In 2018, Beijing and Phnom Penh, Cambodia, became sister cities.
Beijing Enterprises Group has been working on a Sino-Camb
odian special economic zone which is planned to be built as a new industrial city.
Qian Xu, president of the group’s Real-Estate Co, which is in charge of the project, said the company has completed the
regulatory planning process for the special economic zone and will start on infrastructure construction soon.
tribute to deleveraging, Hu said.
“The large-scale reduction of taxes and fees could efficiently reduce burdens on enterpris
es and strengthen their ability to repay debts and absorb equity financing,” she said.
Zhu Min, chair of the National Institute of Financial Research at Tsinghua University, sai
d it is clear that China will “move more on fiscal policy than monetary policy” to offset short-term economic challenges.
This year’s tax and fee cut on enterprises－worth nearly 2 trillion yuan ($297.8 billion)－is “really encouraging”, which will
improve their productivity and efficiency, said Zhu, a former deputy managing director of the International Monetary Fund.
The debt level, especially for State-owned enterprises, is still high, Zhu said, making i
t necessary to continue deleveraging to contain risks and achieve sustainable growth.