percent of the national GDP at the end of 2018, a little higher than the
36.2 percent for 2017, but still much lower than the globally accepted warning level of 60 percent.
Given that the ratio is more than 200 percent for Japan and aro
und 100 percent for other major economies such as the United States and France, it is hard to un
derstand why China, with a much higher economic growth rate, is so often identified as cause for concern.
Some might point to China’s growth-obsessed local governments, which have long been criticized for their opaque ways
of raising funds to invest in massive infrastructure projects, often using financing institutions known as “local gove
rnment financing vehicles”. Much of the so-called hidden debts have been raised through such vehicles.
Yet thanks to deleveraging, the curbing of irregularities and the st
andardizing of government financing, among other measures that have been taken to rein in the hi
dden debts and prevent systemic debt risks, China’s local government debts are under control.
of understanding on bilateral economic and trade issues, Xinhua reported. The two sides said they will step up their work
within the time limit for consultations set by both heads of state, and strive for consensus.
Vice-Premier Liu He, US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin headed the talks.
After tit-for-tat exchanges of hefty import tariffs, China and the US agreed in December to halt new ta
riffs for 90 days to allow for talks. Since then, the world’s two largest economies have conducted i
ntense negotiations on a wide array of topics, such as trade and structural issues.
Wei Jianguo, vice-president of the China Center for International Economic Ex
changes, said China and the US have maintained close contacts in recent m
onths, which reflects their positive desire to solve genuine problems and foster cooperation.
Wei, a former vice-minister of commerce, underlined the importance of conducting rule-based negotiations and seeking win-win solutions.
Diao Daming, associate professor at Renmin University of China’s School of International Studies, said the world’s two la
rgest economies can deliver positive results in future trade talks to allay global concerns.
During the Spring Festival holiday, burning calories has become a new trend from an internet catchphrase, chinanews.com has reported.
In many parts of China, sports have risen in popularity, as people enjoy working out by putting their
bodies in motion, reducing the physical burden of eating and drinking while staying healthier at the same time.
Fangfang, 24, from Taizhou, Zhejiang province, ran her first 5 kilometers of the Year of the Pig on Monday, as jogging to work makes her feel full of energy.
Dozens of winter swimmers from Yuhuan, Zhejiang, gathered at the beach behind Kanmen and rushed into to the sea against the cold wind to enjoy s
wimming. “We coastal people start the new year with our unique sport,” winter swimming enthusiast Chen Zhongfang said.
In preparation for the 2022 Beijing Winter Olympics, games on snow and ice are drawing more interest. In snow and ic
e parks in Hohhot, Inner Mongolia autonomous region, a number of experiential projects have been set up, such
as a snow football field, ice bumper cars, curling, ice gyro and a snow circle. Thousands of citizens take part in such activities every day.