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China's bond market surpassed that of Japan in June this year to become the world's second-largest, following that of the United States. Despite its size, foreign participation stands at about 2 percent, due to restrictions on foreign investors' access.
China will push forward proactive fiscal policy, especially in the form of further tax cuts, and strengthen government expenditure to ease economic downward pressure amid Sino-American trade tensions, Finance Minister Liu Kun told China Daily in an interview on Thursday.
China will face pressure in the next three years, when much of the debt accumulated in the wave of the 2008 crisis will expire. According to July data, about 50 percent of the collected money from special bonds will mainly be used to pay back earlier debt issued before 2015.
China's approach to address major risks, poverty and pollution, "could set a global standard for using the major challenges of our time as drivers for innovation", said Dennis Pamlin, senior adviser at the Research Institutes of Sweden. "With this new initiative, China could actually shift the global innovation focus."
China's Ministry of Water Resources has called for all-out efforts to prevent floods and has dispatched teams to affected areas to facilitate flood prevention and control.
来源：资阳报