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he United States, may lead to weaker business confidence and slower
global trade growth, which is expected to weigh on investment and exports in 2020. But in the n
ear term, as China shows positive surprise in GDP growth in the first quarter, and the macroeconomic policies hav
e taken effects on stabilizing the growth, the GDP growth rate is likely to stay at 6.2 percent, the report said.
“In response to the growth moderation and less favorable external conditions, the government in
troduced a fiscal stimulus emphasizing tax incentives,” said Martin Raiser, World Bank Country director for China.
“While the central government has fiscal space to further increase spending, if necessary, the additional stimulus should be ap
propriately funded either directly at the central level or through additional fiscal transfers to the provinces. Highe
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.
ns in February for the clinical application of new biomedical technologies, stipulating that clini
cal research that involves human trials, including gene editing, stem cells, organ transplants be
tween species and assisted reproductive technologies, must secure the approval of the commission in advance.
Under the draft, which is yet to be adopted, violators may face punishments including fines, revocation of business permits or criminal charges.
The commission this year will complete its revision of an existing r
egulation on ethical inspection of human-related biomedical research that was adopted in 2016.
Authorities are also considering establishing a national ethics co
mmittee that supervises life science technologies and researchers to ensure compliance wi
th ethical standards, Huang Jiefu, former vice-minister of health, told China Daily in an earlier interview.