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China is also planning to tell local governments to stop offering subsidies, which stand at 50 percent of government subsidies this year, according to Bloomberg.
China is likely to become the world's largest local government bond issuer within five years — given the fast growth of the Chinese version of municipal bonds — as a way to facilitate debt restructuring reforms and further strengthen fiscal consolidation, an expert told China Daily.
China has seen an increase in people's trust in institutions running the country while the US has recorded a massive collapse. [Photo/IC]
China is the world's biggest crude oil importer. Since the launch of the Shanghai crude oil futures a year ago, futures contracts have been delivered seven times, with a total delivery volume of 7.2 million barrels. Related businesses such as trading, settlement, currency exchange, cross-border currency transfer, and delivery in bonds have been operated, which have promoted overseas energy companies' participation in the China market.
China is expected to provide new impetus for the development of internet technologies across the world, according to industry experts and entrepreneurs who participated in the 4th World Internet Conference in Wuzhen, Zhejiang province.
