भारतीय रोज़ नई ख़बरें

01:32

There are some exciting news here for travelers! China now offers visa-free entry for tourist groups arriving on cruise ships docking in the ports of 13 cities. Groups of two or more, organized by Chinese travel agencies, can stay for up to 15 days.

Check out the video to learn more! And, to better enjoy your trip, be sure to listen to the “Takeaway Chinese” podcast to learn some local lingo before your trip!  

https://open.spotify.com/show/2DGClap8PZksK8YUG9jZIn?si=21d74b33740c4aa6

A bank clerk in Nantong, Jiangsu Province is handling individual residential housing loan business for customers on May 17. /CFP

A bank clerk in Nantong, Jiangsu Province is handling individual residential housing loan business for customers on May 17. /CFP

Editor’s note: Bruce Pang is chief economist and head of research at JLL Greater China. The article reflects the author’s opinions and not necessarily those of CGTN. It has been translated from Chinese and edited for brevity and clarity.

The combined policy measures of abolishing the floor limit of commercial individual mortgage rates for first- and second-time home buyers nationwide, cutting the loan rates of the individual housing provident fund, and lowering the minimum down payment ratios for individuals’ commercial housing mortgages will help reduce down payment burden and costs for residents, and hence increasing their ability and willingness to purchase houses. This initiative will help foster a more favorable monetary and credit environment for the stabilization and recovery of the housing market from the demand side. It will also boost residents’ consumption capacity, effectively safeguarding and improving people’s livelihoods, actively stimulating domestic demand, and giving play to consumption’s fundamental role in driving economic growth.

Considering the necessity for policy coordination, alignment, and synchronization, it is imperative to gradually lower both existing and new mortgage rates, so as to better meet people’s essential need for a home to live in and their different demands for better housing. Meanwhile, it can curtail early repayments and illegal on-lending, driven by interest rate differentials between existing and new mortgages. Consequently, it will further enhance residents’ consumption capacity and willingness, thus further supporting the recovery and expansion of consumption.

However, it is also essential to note that merely using monetary policies such as lowering down payment ratios and mortgage rates cannot completely, effectively, and fundamentally solve the cyclical, structural, and trend-related challenges facing the real estate market.

In a renovated old community, residents have fun in a newly built small amusement area, in Jiangsu Province on May 8./ CFP

In a renovated old community, residents have fun in a newly built small amusement area, in Jiangsu Province on May 8./ CFP

At present, the real estate market is still in the process of determining the lowest point, continuing to make necessary adjustments. Accordingly, real estate regulation should steer clear of too simplistic and linear policy approaches aiming to “stimulate an overly frigid market and restrict for an overly heated one”. Regulators should develop a deeper understanding of the changes in supply and demand relationship, recognise the role of city-specific policies and adjust measures to local conditions, and consider both incremental and stock issues comprehensively.

Only by adjusting and optimizing local real estate policies in a step-by-step, flexible, and differentiated manner based on local conditions, making full use of policy tools both locally and nationally, and implementing long-term mechanisms for the real estate market can we expedite the stabilization and recovery of the real estate market and facilitate its sustainable development over the long run.

On the demand side, the central and local governments are expected to continue optimizing and adjusting policy measures to promote the stable operation of the real estate market and better meet residents’ reasonable housing purchase needs. Various regions, especially first-tier and some strong second-tier cities, are anticipated to gradually relax restrictive measures like purchase limits, sales restrictions, loan restrictions, and price controls. Possible directions include regional, targeted, or even comprehensive easing of purchase restrictions, adjustments to price control policies, and modifications of fiscal and tax policies such as exemption periods for transaction taxes and fees.

Scenery of Hangzhou Future Science and Technology City in Zhejiang Province on May 10. CFP

Scenery of Hangzhou Future Science and Technology City in Zhejiang Province on May 10. CFP

On the supply side, plans are expected to continue to meet the reasonable financing needs of quality real estate enterprises, regardless of their ownership. Support will be given to such enterprises that focus on their primary business, comply with laws and regulations, boast good credentials, maintain stable operations, and exhibit development potential and some systemic significance. This move will help them improve their liquidity, broaden access to financing channels, expand the fund use scope, and enhance the fund use efficiency. By better connecting “asset activation” with “debt continuation”, “equity supplementation”, and “expectation enhancement”, we can help quality real estate enterprises with markets, prospects, and competitiveness yet face temporary difficulties improve their credit, mitigate project credit and spillover risks, and reduce financing costs. The move will help drive cash flow conditions, investment activities, and mergers and acquisitions in the real estate industry back onto a trajectory of normal development, thus accelerating the market-driven resolution of risks encountered by real estate enterprises in a steady and orderly manner, and promoting the stable and healthy development of the real estate market.

In addition, we anticipate that the central and local governments may consider various financing mechanisms such as the issuance of special treasury bonds and special-purpose bonds, the provision of low-interest loans and refinancing by financial institutions, the establishment of special funds, financial support for platform companies’ acquisition using accrued land premium funds from centrally supplied residential lands, and the generation of housing sales through rent-to-own models for co-owned housing. These measures aim to reduce inventory and ensure the availability of government-subsidized housing by repurchasing unsold new houses, promoting the sales of existing second-hand houses, revitalizing and renovating non-residential properties, acquiring land projects, and facilitating the construction and sales of government-subsidized housing. This will foster a virtuous circle between commercial and government-subsidized housing. It can not only activate stock and reduce inventory but also provide robust and effective support for the supply of public rental houses offered by the government.

Overall, the real estate industry is set poised for the transition from an era of incremental change to one of stock management, adjusting to changes in supply and demand relationship and long-term trends. The industry will shift from the expansion in total volume to a multifaceted strategy encompassing stock transformation, inventory reduction, digestion, and incremental quality improvement, adjustment, and optimization. It is expected that the three major key construction projects of government-subsidized housing, renovation of urban villages, and dual-use public infrastructure that can accommodate emergency needs, will be combined with the optimization and adjustment of regulation policies for the real estate industry, becoming a new driving force for optimizing the structure of the real estate industry, and building a new paradigm for the sector’s development.

An aerial view of the Shanghai Synchrotron Radiation Facility in east China’s Shanghai Municipality. /CMG

An aerial view of the Shanghai Synchrotron Radiation Facility in east China’s Shanghai Municipality. /CMG

The upgraded Shanghai Synchrotron Radiation Facility (SSRF), a key sci-tech infrastructure in east China that aims to reveal the mysteries of the microscopic world, passed national inspection and acceptance on Wednesday. 

Started in November 2016, the SSRF upgrades were completed in July 2023. They include the construction of 16 state-of-the-art beamlines and experimental stations, auxiliary laboratories, user data centers, support systems and associated facilities, as well as an accelerator performance upgrade, said Tai Renzhong, vice president of the Shanghai Advanced Research Institute of the Chinese Academy of Sciences.

An aerial view of the Shanghai Synchrotron Radiation Facility in east China’s Shanghai Municipality. /CMG

An aerial view of the Shanghai Synchrotron Radiation Facility in east China’s Shanghai Municipality. /CMG

An internal view of the Shanghai Synchrotron Radiation Facility in east China’s Shanghai Municipality. /CMG

An internal view of the Shanghai Synchrotron Radiation Facility in east China’s Shanghai Municipality. /CMG

The SSRF, which resembles a nautilus when viewed from above, officially opened on May 6, 2009 as the first third-generation synchrotron light source on the Chinese mainland.

The brightness of the light emitted by the facility is a trillion times higher than that of ordinary X-rays. At the experimental stations of the light source, various samples are illuminated by the synchrotron light, while scientific instruments record information of light-matter interactions. This enables scientists to gain insights into the microscopic world, such as the structure of viruses, and the microscopic architecture and properties of materials. 

(With input from Xinhua)

04:01

For over seven decades, Moscow Restaurant has been a cherished destination in Beijing, offering a rich tapestry of Russian cuisine, music, and art amid the city’s bustling culinary scene.

The dining hall of the Moscow Restaurant in Beijing /CGTN

The dining hall of the Moscow Restaurant in Beijing /CGTN

Luan Yufeng, Deputy General Manager of the Beijing Exhibition Center, reflected on the restaurant’s storied past saying, “As Beijing’s inaugural high-end Russian restaurant open to the public, it initially held a special diplomatic status, catering primarily to political figures, officials, Russian experts and intellectuals. Over time, it gradually opened its doors to the public. Decades ago, a meal here could have amounted to several months’ salary, yet eager customers still lined up for the experience.”

Russian dishes are served at Moscow Restaurant in Beijing. /CGTN

Russian dishes are served at Moscow Restaurant in Beijing. /CGTN

The allure of Moscow Restaurant lies not only in its delectable cuisine, but also in its preservation of history and tradition. Whether it’s the vintage Russian silverware from decades past, or the meticulously maintained decor and culinary techniques, each element offers a nostalgic journey for many older generations.

Customers celebrate a wedding anniversary. /CGTN

Customers celebrate a wedding anniversary. /CGTN

One customer, celebrating her 45th wedding anniversary, shared her heartfelt connection to the restaurant saying, “Moscow Restaurant holds a special place in my heart. Since my first visit decades ago, I’ve been captivated by its grand atmosphere and sincere Russian performers. It’s become a cherished venue for celebrating life’s milestones.”

Russian performers play instruments. /CGTN

Russian performers play instruments. /CGTN

For years, the restaurant serves as a vibrant cultural hub, where Russian musicians like Irina Pratsyuk and Alexander Butko share their talents with Chinese audiences. Pratsyuk, who has performed at the restaurant for over 16 years, expressed her deep connection to China saying, “I feel China is my second home. Through music, I’d like to introduce Russian culture to Chinese people.”

Amid China’s dynamic evolution since the 1950s, the Moscow Restaurant has stood as a beacon of Sino-Russian cultural exchange. Seamlessly blending traditions while adapting to Beijing’s changing landscape, it continues to serve as a testament to the enduring bond between the two countries.

Nicknamed “giant panda in the sea,” the Chinese white dolphin is under first-class state protection in China.

South China’s Guangdong Province hosts six out of the seven nature reserves established for the conservation of Chinese white dolphins and their habitats.

Chinese white dolphins in Leizhou Bay, Zhanjiang City, Guangdong Province, south China, May 16, 2024. /CFP

Chinese white dolphins in Leizhou Bay, Zhanjiang City, Guangdong Province, south China, May 16, 2024. /CFP

Chinese white dolphins in Leizhou Bay, Zhanjiang City, Guangdong Province, south China, May 16, 2024. /CFP

Chinese white dolphins in Leizhou Bay, Zhanjiang City, Guangdong Province, south China, May 16, 2024. /CFP

A Chinese white dolphin in the Leizhou Bay, Zhanjiang City, Guangdong Province, south China, May 16, 2024. /CFP

A Chinese white dolphin in the Leizhou Bay, Zhanjiang City, Guangdong Province, south China, May 16, 2024. /CFP

Chinese white dolphins in Leizhou Bay, Zhanjiang City, Guangdong Province, south China, May 16, 2024. /CFP

Chinese white dolphins in Leizhou Bay, Zhanjiang City, Guangdong Province, south China, May 16, 2024. /CFP

Chinese white dolphins in Leizhou Bay, Zhanjiang City, Guangdong Province, south China, May 16, 2024. /CFP

Chinese white dolphins in Leizhou Bay, Zhanjiang City, Guangdong Province, south China, May 16, 2024. /CFP

(Cover: Chinese white dolphins in Leizhou Bay, Zhanjiang City, Guangdong Province, south China, May 16, 2024. /CFP)

South Sudan on Wednesday launched a five-year United Nations-backed project to build the resilience of vulnerable communities to the effects of climate change while restoring ecosystems.

The Watershed Approaches for Climate Resilience in Agro-pastoral Landscapes (WACRESS) is a $33 million climate resilience project that aims to benefit more than 75,000 people and restore over 15,000 hectares of land.

South Sudan on Wednesday launched a five-year United Nations-backed project to build the resilience of vulnerable communities to the effects of climate change while restoring ecosystems. /CFP

South Sudan on Wednesday launched a five-year United Nations-backed project to build the resilience of vulnerable communities to the effects of climate change while restoring ecosystems. /CFP

Minister of Environment and Forestry Josephine Napwon Cosmas said climate change is currently a major threat to the world, and South Sudan is among the countries in the region most affected.

“The country is currently experiencing severe heat waves, droughts and unpredictable rain patterns. To address these impacts, the ministry has developed climate change strategies and projects to mitigate and adapt to these impacts,” Napwon said in the South Sudanese capital of Juba.

She said the project, which will run from March 2024 to December 2028, will be implemented in Aweil Center and Aweil East counties of Northern Bahr el Ghazal State.

South Sudan’s Minister of Environment and Forestry said climate change is currently a major threat to the world, and South Sudan is among the countries in the region most affected. /CFP

South Sudan’s Minister of Environment and Forestry said climate change is currently a major threat to the world, and South Sudan is among the countries in the region most affected. /CFP

Titus Osundina, deputy resident representative of the UN Development Program (UNDP) in South Sudan, said the project aims to restore ecosystems and build long-term climate resilience among agro-pastoral communities using participatory watershed-based approaches.

Osundina said the UNDP will also re-establish and strengthen market linkages and agricultural value chains while equipping extension agencies to help communities adopt gender-responsive, climate-smart agricultural practices and diversify livelihoods through practical, farmer-field-based approaches and climate change adaptation strategies.

South Sudan is one of the countries rapidly affected by climate change. Over the past four years, persistent flooding in many parts of the country has affected the livelihoods of millions of people, and some areas have experienced drought.

Source(s): Xinhua News Agency

A government-subsidized housing project is under construction in Nantong City, east China’s Jiangsu Province, March 22, 2024. /CFP

A government-subsidized housing project is under construction in Nantong City, east China’s Jiangsu Province, March 22, 2024. /CFP

China’s central bank announced on Friday that it would establish a 300-billion-yuan (about $42.25 billion) relending facility to support the government-subsidized housing project.

Local state-owned enterprises are encouraged to use the funds to buy reasonably priced commercial homes that have completed construction, Tao Ling, an official with the People’s Bank of China, told a press conference, adding that these homes will then be used to provide affordable housing. 

Source(s): Xinhua News Agency

Editor’s note: Zhu Fangfei is the director at the Research Department of the Institute for Public Policy of Zhejiang University. The article reflects the author’s opinions and not necessarily the views of CGTN. It has been translated from Chinese and edited for brevity and clarity.

China has issued the first batch of special treasury bonds with terms exceeding 30 years showing evident “ultra-long-term” characteristics. Previously, China issued special treasury bonds in 1998, 2007 and 2020, contributing to economic and social stability and development. Compared to previous issuances of special treasury bonds, the proposed ultra-long-term special treasury bonds this time stand out in three aspects:

First, they have ultra-long terms. Long-term bonds are typically those with terms of 10 years or more. Special treasury bonds issued this time have terms of at least 10 years, with some reaching 30 and even 50 years. Historically, China has rarely issued treasury bonds with terms of 30 years or more, and the total outstanding balance of treasury bonds with remaining terms exceeding 25 years is less than 2 trillion yuan ($277 billion). The special treasury bonds for COVID-19 pandemic control issued in 2020 and the additional treasury bonds issued in the fourth quarter of 2023 mostly had maturities of 10 years or less.

An image depicting the Chinese phrase for ultra-long-term treasury bonds. /CFP

An image depicting the Chinese phrase for ultra-long-term treasury bonds. /CFP

Second, they have specific purposes. According to information from the country’s government work report, ultra-long-term special treasury bonds are issued to systematically address funding issues for major projects in the process of building a strong nation and achieving national rejuvenation. Relevant funds will be specifically allocated to support the implementation of major national strategies and build up security capacity in key areas. The bonds will be used to support work in multiple fields, including science and technology innovation, integrated urban-rural development, coordinated regional development, food and energy security and high-quality population growth, Zheng Shanjie, chairman of the National Development and Reform Commission, said in March this year.

Third, they are under special management. Unlike ordinary long-term construction treasury bonds, these ultra-long-term special treasury bonds are included in the government fund budget and are not counted towards the country’s deficit. This means they should be used for specific purposes and not for general expenditures. Meanwhile, the principal and interest payments shall come from special revenues.

Given the above characteristics, these ultra-long-term special treasury bonds planned to be issued this time will not only help boost current domestic demand and stabilize the macroeconomy but also lay a solid foundation for high-quality development.

Consumers purchasing home appliances in Shanghai, China, May 12, 2024. /CFP

Consumers purchasing home appliances in Shanghai, China, May 12, 2024. /CFP

Firstly, these bonds will optimize the current structure of China’s government debt and enhance fiscal sustainability. On one end, medium and long-term debt represents a relatively small proportion of China’s current government debt. Special treasury bonds issued this time are ultra-long-term, meaning that the government will only need to pay interest over a long period, and the principal is repaid much later. This relieves debt repayment pressure and enhances fiscal sustainability. 

On the other end, central government debt accounts for 42.4 percent of China’s government debt, which is lower compared to most countries. The central government will repay the principal and pay the interest for the 1-trillion-yuan special treasury bonds proposed for issuance this year. Relying on the credit of the central government, the interest rate of these bonds is lower than that of local government bonds of the same term, thus helping reduce the overall government borrowing costs.

Secondly, these bonds will stimulate current investment and consumption, thereby boosting domestic demand. On one end, issuing ultra-long-term special treasury bonds sends a positive signal to the market about the government’s proactive fiscal policy and stabilizes market expectations. On the other end, the 1 trillion yuan in special treasury bonds serves as a significant force in driving domestic demand. From a fiscal expenditure perspective, the ratio of China’s total fiscal expenditure to GDP is about 30 percent. Strengthening fiscal expenditure intensity by issuing these 1-trillion-yuan special treasury bonds this year will further stimulate domestic demand.

From the viewpoint of expanding effective investment, China’s fixed-asset investment grew at a rate of 2.8 percent in 2023, with infrastructure investment growth at 5.9 percent and social sector investment (mainly in education, health and culture) at 0.5 percent. The proposed special treasury bonds will be used for investment in implementing major national strategies and building up security capacity in key areas, thus stimulating further recovery of investment growth this year.

People shopping in an outdoor mall in Beijing, China, May 3, 2024. /CFP

People shopping in an outdoor mall in Beijing, China, May 3, 2024. /CFP

Thirdly, these bonds hold paramount significance for promoting high-quality development. The special treasury bonds issued this time will be dedicated to implementing major national strategies and building up security capacity in key areas, including technology innovation, integrated urban-rural development, coordinated regional development, food and energy security and high-quality population growth. These fields are crucial for implementing new development concepts and supporting innovative, green, coordinated, open and shared development.

However, these bonds also face issues such as enormous potential construction demands, extended investment cycles, low market return, and insufficient funding channels. The special government bonds issued this time will help address these challenges, enabling government investment to play a key role in optimizing the supply structure and driving economic structural transformation and upgrade by raising quality and efficiency through fiscal policies.

(Cover via CFP)