creased by 5.4 percent year-on-year, 11.9 percentage points lower than that in the first quarter 2018.
Individual income tax decreased by 29.7 percent, the largest drop among three major tax item
s. Value-added tax growth has already slowed to 10.7 percent, down from 20.1 percent a year earlier.
Local government income from land sales fell 9.5 percent in the first three months, the Ministry of Finance said.
As the central bank has taken a pause in monetary easing, fiscal policy should remain pro
active to stabilize economic growth and ensure the recent rebound is not just a seasonal fluke, said economists.
Xu Xianchun, a former deputy director at the National Bureau of Statist
ics, said that fiscal policy should be implemented “with proper intensity and at the right time”, t
o prevent large fluctuations in the investment growth rate and negative impact on economic stability.
tment, and it could also leverage on more bank lending and attract private funds to increase investment, said Xu.
In the meantime, allowing retail access to local government bonds will help diversify the
investor base and increase market liquidity, said Amanda Du, an analyst at Moody’s Investors Service.
The analyst expected access for retail investors to widen to encompass all local government bonds in 2020.
hina’s economy grew at a faster-than-expected 6.4 percent year-on-year in the first qua
rter, according to data released by the National Bureau of Statistics on Wednesday.
The growth was unchanged from that registered in the fourth quarter of last year.
The country’s industrial output posted steady growth in the same period, up by 6.5 percent
year-on-year, compared with 5.7 percent in the previous quarter, official data showed.
Fixed-asset investment growth was 6.3 percent in the first quarte
r, compared with 6.1 percent in the first two months, according to the NBS.
Retail sales increased by 8.3 percent year-on-year in the same pe
riod, compared with 8.2 percent in the first two months, the data showed.
end manufacturing, finance, sharing economy, medical care and elderly care indust
ries,” Osuga said, adding Japan and China will push forward cooperation in more areas this year.
Chinese State Councilor and Foreign Minister Wang Yi said at the dialogue on Sunday that Ch
ina hopes the two sides can make steady headway in promoting bilateral investments and trade coope
ration, and actively explore third-party market cooperation as well as local cooperation.
Osuga said the Japanese government’s position on the Belt and Road Initiative remains unchan
ged, as it expects to conduct cooperation with China in a third market, promote trade and invest
ment liberalization and facilitation and uphold a business environment of fairness, justice and non-discrimination.
China’s customs officers have seized 2,748 ivory tusks weighing a combined 7.48 metric tons after cracking a major smuggling case.
It was the biggest haul of tusks ever recorded in an anti-smuggling bust conducted in
dependently by customs officers, the General Administration of Customs said on Monday.
The case was solved in March after a combined operation of differ
ent customs offices lasting three months. A total of 238 custo
ms officers took part from cities around the country, including Hefei, Nanjing, Beijing, Fuzhou and Qingdao.
Twenty suspects were detained for further investigation, accor
ding to Sun Zhijie, director of the administration’s anti-smuggling bureau.
Sun said the tusks, illegally shipped from African countries, were imported into China labeled as wood.
and bilateral issues despite remaining difficulties in bilateral relations, he said.
The thawing of ties between China and Japan was marked by Li’s visit to the country in
May, the first by a Chinese premier in eight years, and the visit by Japanese Prime Minister Shinzo Abe to China in October.
The economic dialogue between the two countries was launched in 2007,
and deteriorated relations due to disputes over a number of issues resulted in an eight-ye
ar hiatus until last April, when the two sides restarted with the fourth round of dialogue in Tokyo.
China said on Monday that the Belt and Road Initiative is open to economic cooperation with
other countries and regions, and it does not become involved in territorial disputes of relevant parties.
Foreign Ministry spokesman Lu Kang said at a daily news briefing tha
t although the initiative was proposed by China, it is an international project for the public good.
While advancing the initiative, China upholds the principle of equality, openness and transparency and sticks to enter、
prise-oriented market operations as well as market laws and well-accepted international rules, Lu said.
ons in many aspects, and based on those data, China’s year-on-year GDP gr
owth rate in the first quarter may reach 6.3 percent or a bit higher,” said Liu Chun
sheng, an associate professor of economics at the Central University of Finance and Economics in Beijing.
Improved market expectations resulting from progress in the Sino-US trade talks and Beijing’s tax and
fee cut plan, as well as eased liquidity, have helped to offset negative effects of the traditional Spring Fes
tival holiday and downside pressure that continued from the end of last year, Liu said.
China has set this year’s GDP growth rate target at 6 percent to 6.5 perce
nt, after registering full-year growth of 6.6 percent in 2018 and 6.4 percent in the fourth
quarter. The NBS is scheduled to announce the country’s first-quarter economic growth data on Wednesday.
onable salary system to motivate their employees to give full play to their creativity and pro
ductivity, instead of forcing the workers to work long hours without adequate remuneration.
Chinese internet firms should learn from the managerial experiences of their foreign counterparts such
as Google and Facebook to incentivize their staff if they want them to work overtime and improve their productivity.
Huang Wei, a lawyer at Zhejiang Shenggang Law FirmWorkers’ rights and interests must not be compromised
The average leisure an average Chinese person enjoys is 2.27 h
ours a day compared with about 5 hours in developed countries suc
h as the United States, according to a research conducted by the Chinese Academy of Social Sciences.
Due to the “996” schedule in some high-tech and internet companies, the workers have even less leisure time, which affects not only t
heir daily life but also their health. Worse, many workers don’t even get paid for the extra work they do.
Premier Li Keqiang has signed a revised regulation on the disclosure
of government information to better respond to public concerns.
The revision, based on the 2008 version, is aimed at increasing openness of government
affairs and resolving prominent problems in government information disclosure.
It also represents the headway and achievements made in this field over the past years and clarified the scope of governm
ent information disclosure, calling for constantly expanding information disclosure.
Stressing the need to improve the legal rights and interests of the a
pplicants and related parties when applying for information disclosure in accordance with pr
ocedures, the revision also made necessary stipulations on the improper exercise of application rights by a small num
ber of applicants affecting the normal conduct of government information disclosure.
Efforts should be made to improve the effectiveness of government information disclosure by using information techn
ology, to enable government information to play its due role in serving the people, it added.
A man has been arrested after an incident in west London on Saturday morning. Police f
irearms and Taser were discharged, according to a latest statement released by Metropolitan Police.
According to the statement, police were called at around 8:30 am local time on Saturday, with reports o
f a car in collision with a number of parked vehicles near the Ukrainian Embassy in Holland Park, west London.
“As part of the protective security arrangements for London, armed and unarmed officers were
deployed to this incident,” said the statement, adding that “on arrival at the scene, a vehicle was driven at police officers.”
Police confirmed that firearms and Taser were discharged, the vehicle was stopped and a man in his 40s was arrested, not injured.
Andy Walker, chief superintendent in the Met’s Specialist Firearms Command, said: “as is st
andard procedure, an investigation is now ongoing into the discharge of a police firearm during this incident.”
Some of the winners will represent Latvia in the 2019 Chinese Bridge competition for universities