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magazine of the Communist Party of China Central Committee. He said more efforts a
re needed to implement the proactive fiscal policy and boost efficiency this year.
Preventing and defusing local governments’ hidden debt risks is key to controlling major risks, he said.
Innovative financial tools will be introduced for debt swaps, and the indebted comp
anies will be allowed to choose the same way, under guidance from the local governments, Liu Shangxi, hea
d of the Chinese Academy of Fiscal Sciences, the Ministry of Finance’s think tank, told China Daily.
“The total amount of hidden debt waiting to be swapped has not yet been calculated, as this
round of debt swaps will not involve the government’s administrative orders, but depends on the ma
rket’s appetite based on the evaluation of the potential default risks and the companies’ solvency,” he said.
ns in February for the clinical application of new biomedical technologies, stipulating that clini
cal research that involves human trials, including gene editing, stem cells, organ transplants be
tween species and assisted reproductive technologies, must secure the approval of the commission in advance.
Under the draft, which is yet to be adopted, violators may face punishments including fines, revocation of business permits or criminal charges.
The commission this year will complete its revision of an existing r
egulation on ethical inspection of human-related biomedical research that was adopted in 2016.
Authorities are also considering establishing a national ethics co
mmittee that supervises life science technologies and researchers to ensure compliance wi
th ethical standards, Huang Jiefu, former vice-minister of health, told China Daily in an earlier interview.
on the new science and technology innovation board, which will pilot the registration-based IPO system, according to Xinhua.
To accommodate the progress of reforms and development of the capital market, other modifications have also been made, cov
ering public issuance of securities, securities trading, and the protection of investors’ rights and interests, Xinhua said.
Dong expects the latest version to legitimize registration-based IPO systems not only
on the new board, but also across China’s whole A-share market. “Once the system achieves success on the n
ew board, it should be adopted on other submarkets as soon as possible,” Dong said.
President Xi Jinping announced in November that China will launch the S&T innovation board and pilot the registr
ation-based IPO system. Analysts expect the new board to begin trading around the middle of this year.
“The latest draft is expected to make comprehensive revisions, and it could go a long way
toward restoring public investors’ confidence and modernizing the regulation and governance of the ca
pital market,” said Liu Junhai, director of the Business Law Center at Renmin University of China.
For residents in Huojugou village in China’s Changbai Mountains, a train whistl
e is a euphonious sound that will bring gurgling water to their kitchen and bathhouse.
For 44 years, the mountainous village and several others in northeast China’s Jilin Province
have relied on a train, which only has one locomotive and one tank car, to provide their water supply.
The train commutes between the towns of Songshu and Baihe, nestled deep in Changbai Mountain. Since 1975, it has run for m
ore than 1.6 million km, delivering water to over 2,600 nearby villagers that had limited access to clean water.
Though cisterns have been built to store water unloaded from the trains, villagers along the line
still keep the tradition of welcoming the train in person, clanking their buckets and bottles.
Fetching water used to be a big headache. We had to travel to a far-away river to get water and e
ven make a hole in the ice during winter,” said Li Zuopei, an 80-year-old resident in Yingbishan village.
“Then the small train sent water right to our doorsteps, and it’s amaz
ing that the service has been going on uninterrupted for so many years,” said Li.
Super Rice project is geared to guarantee stable yields while beefing up crops’ resistance against drought, flooding and diseases,” Li said.
“Thus, farmers are able to save a large amount of resources, such as fertilizers or irrigation water, to fight those issues,” he added.
The sustainability of the approach is welcomed by Philippine agricultural researchers and farmers, according to Jose
Yorobe, a consultant with the International Rice Research Institute in the Philippines. He attended a meeting in Beij
ing on Tuesday, along with dozens of representatives from participant countries, that marked the project’s conclusion.
“Because of climate change and population growth, developing countries are now pressured to increase rice prod
uctivity,” he said. “Some high-yield modern varieties are still vulnerable to inclement weather, pests and disease.”