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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.
ward underground to Lize Financial Business Area, which is about 3.5 km from Caoqiao Statio
n, so passengers can transfer to Line 14 and Line 16, which are under construction, and Line 11, which is planned.
Masood Khalid, Pakistani ambassador to China, said Chinese culture is a reflection of the cou
ntry’s long and rich history. “It is a civilization that has made an imprint on global culture,” he said.
The ambassador listed a variety of manifestations of Chinese culture, which include Chinese cuisine, dance, art, and costume.
“The way Chinese people attach importance to their family and their children, lookin
g after the elderly – all these practices and traditions have been inherited over time,” he said. “Then after har
d work, they come together with their families and friends.”
A city terminal will be established in the Lize Financial Business Area, p
roviding check-in and luggage check services. Passengers will enjoy more convenience with
the ability to check their luggage and get their boarding passes before they arrive at the new airport.