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China has been pushing for progress in negotiations for the Regional Comprehensive Economic Partnership, the China-Japan-South Korea Free Trade Agreement and China-Israel Free Trade Agreements. Meanwhile, the country and the European Union have accelerated the pace of negotiations for the bilateral Comprehensive Agreement on Investment, and hope to conclude talks this year.

China cut the one-year interest rate on re-lending funds that aim to help agribusiness and small businesses by 0.25 percentage point to 2.5 percent. After getting the re-lending funds at a favorable rate, small commercial lenders will issue loans to small businesses at a rate of no more than 4.55 percent. The spread between the two interest rates is 205 basis points.

China has a four-tier flood control emergency response system, with level I representing the most severe.

China has loaned the US more than trillion by buying treasury bonds. Does anyone seriously believe it would be legal or moral for the US government to decide not to pay back these debts? For 50 years, the US government has increasingly borrowed to finance its debt－and substantially from foreigners. The quickest way to bankrupt the US government would be to do anything that even hints at not honoring these obligations.

China had set a GDP growth target of about 6.5 percent for the year. It achieved a higher-than-expected 6.9 percent GDP growth in the first quarter. Recent indicators, such as the purchasing managers index, a gauge of business conditions and economic health, also showed that growth remained steady in May.