भारतीय रोज़ नई ख़बरें

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)

A man displays a newspaper article detailing the attack on Slovak Prime Minister Robert Fico outside the F. D. Roosevelt University Hospital in Banska Bystrica, Slovakia, May 16, 2024. /CFP

A man displays a newspaper article detailing the attack on Slovak Prime Minister Robert Fico outside the F. D. Roosevelt University Hospital in Banska Bystrica, Slovakia, May 16, 2024. /CFP

Slovak police have charged a man with attempted murder of Prime Minister Robert Fico, local media organization tvnoviny.sk reported on Thursday.

Fico was shot five times in an assassination attempt on Wednesday afternoon after attending a government meeting in the town of Handlova, some 150 km northeast of the capital Bratislava.

Deputy Prime Minister Robert Kalinak said doctors had managed to stabilize Fico’s condition overnight, and procedures were underway to secure further improvement.

“Unfortunately, the condition continues to be very serious due to the complicated nature of the wounds, but we all want to believe firmly that we will succeed in managing the situation,” he said.

The suspect, who was detained on the spot, is reported to be a 71-year-old man.

Slovak news media said the 71-year-old shooter was a former security guard at a shopping mall, an author of three collections of poetry, a member of the Slovak Society of Writers and a legal holder of a gun license.

(With input from agencies)

A view of China National Petroleum Corporation (CNPC) Fushun Petrochemical Company, Fushun City, Liaoning Province, northeast China. /CGTN

A view of China National Petroleum Corporation (CNPC) Fushun Petrochemical Company, Fushun City, Liaoning Province, northeast China. /CGTN

China’s capabilities in ensuring energy security has constantly improved over the past decade, with the country’s energy self-sufficiency rate maintained at more than 80 percent. What role does self-developed technology play for the country’s energy security?

In one of China’s oldest oil refineries, the China National Petroleum Corporation (CNPC) Fushun Petrochemical Company, some of its equipment couldn’t stand the test of time. Located in Fushun City of northeast China’s Liaoning Province, the plants are fed with oil from China’s Daqing field and Russia’s Siberia. Its traditional products include paraffin, solvent oil and ethylene. And the new upgraded equipment brings a new line of business – jet fuel.

Lu Chuantao, the deputy manager of Refinery No. 3 in CNPC Fushun Petrochemical Company talks to CGTN reporter, Fushun City, northeastern China’s Liaoning Province. /CGTN

Lu Chuantao, the deputy manager of Refinery No. 3 in CNPC Fushun Petrochemical Company talks to CGTN reporter, Fushun City, northeastern China’s Liaoning Province. /CGTN

An illustration shows how the refineries convert crude oil into petroleum products for use as fuels for transportation, heating, paving roads, and as feedstock for making chemicals. /CGTN

An illustration shows how the refineries convert crude oil into petroleum products for use as fuels for transportation, heating, paving roads, and as feedstock for making chemicals. /CGTN

Staff on duty at CNPC Fushun Petrochemical Company in Fushun City, northeastern China’s Liaoning Province. /CGTN

Staff on duty at CNPC Fushun Petrochemical Company in Fushun City, northeastern China’s Liaoning Province. /CGTN

“A lot of equipment was replaced by domestically made ones… like hydrotreaters and deaerators. The purity of aviation fuel is of vital importance. It means better engine performance and lower wear and tear costs. We are confident about the potential of this new business division due to the post-pandemic air travel recovery,” Lu Chuantao, the deputy manager of Refinery No. 3 in CNPC Fushun Petrochemical Company told CGTN.

With a few inefficient, polluting, less valuable capacities still in place, the industry needs to upgrade and restructure for greener development. Refineries convert crude oil into petroleum products for use as fuels for transportation, heating, paving roads and as feedstock for making chemicals. In the world of refinery, hydrocrackers are particularly valuable in terms of maximizing production and reducing residual fuel oil.

A view of the world’s largest hydrocracker reactor developed by China First Heavy Industries Group. /CGTN

A view of the world’s largest hydrocracker reactor developed by China First Heavy Industries Group. /CGTN

The hydrocracker upgrades low-quality heavy gas oils into high-quality, clean-burning jet fuel, diesel and gasoline. /CGTN

The hydrocracker upgrades low-quality heavy gas oils into high-quality, clean-burning jet fuel, diesel and gasoline. /CGTN

The new reactor is capable of treating large amounts of distillate to obtain kerosene, naphtha and gasoline, hence increasing the efficiency for refinery operations. /CGTN

The new reactor is capable of treating large amounts of distillate to obtain kerosene, naphtha and gasoline, hence increasing the efficiency for refinery operations. /CGTN

In May, the largest hydrocracker reactor ever manufactured in the world was completed by China First Heavy Industries Group. The handover of the 3,000-tonne iron giant – the equivalent of 100 Boeing 737 – has broken many world records for forging, welding and delivery.

With a length exceeding 70 meters and a wall thickness of 320 millimeters, welding engineer Zhu Lin from China First Heavy Industries Group (Dalian) and his team has performed a consistent, precise and reliable weld throughout the entire operation.

Zhu told CGTN that “the reactor consists of three tubes, with each weighing over 1,000 tonnes. So, two welding teams have to carry out the work simultaneously. Every step and technique has to be identical as the three tubes are heated and rotated at exactly equal speeds – like a set of twins. Also, both teams have to ensure the detection and rectification of flaws before they become critical.”

Welding engineer Zhu Lin from China First Heavy Industries Group (Dalian), northeast China’s Liaoning Province. /CGTN

Welding engineer Zhu Lin from China First Heavy Industries Group (Dalian), northeast China’s Liaoning Province. /CGTN

Worker from China First Heavy Industries Group (Dalian), northeast China’s Liaoning Province. /CGTN

Worker from China First Heavy Industries Group (Dalian), northeast China’s Liaoning Province. /CGTN

In simple terms, the hydrocracker upgrades low-quality heavy gas oils into high-quality, clean-burning jet fuel, diesel and gasoline. The expansion of China’s refining sector accelerated for many years to meet its fast-growing domestic demand. Because of the size of the new reactor, it is capable of treating large amounts of distillate to obtain kerosene, naphtha and gasoline, hence increasing the efficiency for refinery operations.

For decades, China has relied heavily on foreign technologies to build the more sophisticated processing units that can convert the country’s heavy crude oils into various petrochemical products. The 3,000-tonne domestically built hydro cracker reactor helps reduce such reliance.

Zhang Lin, the deputy chief engineer from China First Heavy Industries Group (Dalian), talks with CGTN reporter, Dalian City, northeast China’s Liaoning Province. /CGTN

Zhang Lin, the deputy chief engineer from China First Heavy Industries Group (Dalian), talks with CGTN reporter, Dalian City, northeast China’s Liaoning Province. /CGTN

Workers on duty at hydrocracking reactor production line of China First Heavy Industries Group (Dalian), northeast China’s Liaoning Province. /CGTN

Workers on duty at hydrocracking reactor production line of China First Heavy Industries Group (Dalian), northeast China’s Liaoning Province. /CGTN

“Hydrocracking reactor design is a proprietary technology with each licensor having his own specific design based on operating experience, catalyst technology and engineering expertise. In addition, each reactor’s design is somewhat unique in the refining industry due to a combination of process requirements. The project has broken the longtime foreign monopoly on the manufacturing of high-end refinery equipment,” Zhang Lin, the deputy chief engineer from China First Heavy Industries Group (Dalian), told CGTN.

China is becoming more self-sufficient in energy supplies thanks to rising domestic oil and gas production in recent years. However, with more than 70 percent of its crude oil feedstock from overseas, experts say that refinery efficiency has played an integral role in China’s quest for energy security. No doubt, getting the most out of each barrel at a lower cost and with less emission requires more technological breakthroughs.

02:15

In the world of education and cultural promotion, the importance of teaching often goes hand in hand with the need for promotion. This rings especially true when the aim is to enlighten a broader audience about the core principles of Taoism. Just as crucial as imparting knowledge is the active dissemination of it, ensuring that the profound insights and wisdom of Taoist philosophy are widely accessible.

This balance between teaching and promotion is exemplified by the work of Misha Tadd, associate professor at Nankai University’s College of Philosophy and director of the Global Laozegetics Research Center. In his capacity, Tadd not only delves into the scholarly exploration of Taoist texts but also takes on the essential role of sharing these discoveries with a wider audience.

The term “Global Laozegetics” encapsulates the dual mission of the center, Tadd explained, highlighting its aim to adopt a worldwide perspective while also addressing tangible realities. Over time, Tadd has undertaken a global endeavor to gather all the diverse translations of the “Tao Te Ching” in various languages. This ancient text has undergone many translations and publications, with the count growing rapidly each year. Presently, there are over 2,052 translations available in 97 languages, making it one of the most translated books in history.

Tadd noted that what makes a classic is not just its age but its enduring relevance – each generation finds new value in these ancient words. For instance, the “Tao Te Ching” struck a chord with him as a 14-year-old American, and its resonance persists into the 20th century.

Furthermore, exploring these historical encounters, such as how renowned figures like Leo Tolstoy drew inspiration from the “Tao Te Ching,” unveils a vast and captivating topic. It highlights the universal allure of Taoist wisdom and its capacity to inspire and enlighten individuals across diverse cultures and eras.

(Cover image designed by Yu Peng; video edited by Qi Jianqiang)

03:14

Will a plastic bottle drifting in the sea become waste that endangers marine life, or will it become a recycled resource?

A Chinese environmental initiative named the Blue Circle has an answer to this question. Using blockchain technology and the Internet of Things (IoT), the initiative comprehensively monitors the entire life cycle of plastic pollution, encompassing collection, regeneration, re-manufacturing and re-sale.

Last October, the UN Environment Programme honored the initiative with the 2023 Champions of the Earth award for its innovative marine plastic treatment technology.

Based on the harmonious coexistence of humans and nature, China protects marine biodiversity, as well as develops and utilizes marine resources in an orderly manner.

02:02

Promoting the development of the marine economy is essential to building a maritime community with a shared future.

Over the years, China has continuously strengthened the blue partnership and deepened practical maritime cooperation and sci-tech exchanges.

In the future, China will continue to build a platform for open cooperation and win-win sharing for coastal countries around the world and promote maritime connectivity and pragmatic cooperation for the development of the blue economy.