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Chinese local government bonds worth 1.4 billion yuan ($208.5 million) were snapped up by retail investors within a single day, after counter sales in banks we
re made available for the first time. The fundraising will help supplement a broader fiscal deficit this year, analysts said.
On Monday, individuals in China were able to purchase bonds issued by t
he Zhejiang provincial government (five-year term, 3.32 percent coupon rate) and the N
ingbo city government (three-year term, 3.04 percent coupon rate). Proceeds from the sales will be used for land purchases (300 million yuan) and shantytown renovations (1.1 billion yuan), acc
ording to a notice on the website of China Central Depository and Clearing, a clearinghouse under the central bank.
The minimum investment amount for retail investors is 100 yuan, lower than most wealth management products issu
ed by commercial banks. Previously, individual investors could only purchase bonds issued by the central government, kno
wn as treasury bonds. And before Monday, local government bonds were traded mainly in the interbank market.
back the motion. Richard Harrington, who resigned as a junior business minister, accused the government of “playing roulette with the lives and liveli
hoods of the vast majority of people in this country” by failing to resolve Britain’s Brexit impasse.
The government said it was disappointed by the vote, claiming it “upends the balance
between our democratic institutions and sets a dangerous, unpredictable precedent for the future.”
But it also conceded that the new votes might be a way to break the months-long Brexit gridlock. May said she would “engage
constructively” with the results of the process, though sahe said she was skeptical that it would produce a decisive result.
The move raises the chances that Britain will tack toward a softer Brexit, and is likely to be welcomed by th
e EU. Guy Verhofstadt, the European Parliament’s Brexit coordinator, tweet that it was an “opportunity to build a cross-party coope
ration leading to an enhanced political declaration & a closer future relationship!”Earlier in the day, May ack
nowledged, “with great regret,” that her deal still lacked “sufficient support” to be approved as of Monday.
in their favor. Hundreds of thousands of people marched through London on Saturday calling for a new referendum on whether to leave the EU or remain.
But with the deadline for a Brexit decision less than three weeks away, British poli
ticians remain divided, and increasingly despairing about the country’s political gridlock.
“Brexit is like the Death Star of politics,” Conservative legislator George Freeman said. “I always fea
red it would be like this. It’s destroying and soaking up all the prime minister’s room for maneuver and political goodwill.
“I’ve never known this country so divided, so angry and in such a dangerous state,” he said.
France is willing to support the China-proposed Belt and Road Initiative, with the best way forward
being to work together on a project-by-project basis, former French prime minister Jean-Pierre Raffarin told China Daily.
In an exclusive interview ahead of the state visit of President Xi Jinping to France
on Monday and Tuesday, Raffarin said it is in France’s national interest to be part of the BRI.
“We also want our companies to propose projects which are good for the BRI, but also go
od for our enterprises,” said Raffarin, who served as prime minister from 2002 to 2005.
such an attitude. Any nation with very strong and rapid growth is always in a very difficu
lt position in public opinion because we are afraid about the strength of others,” he said.
“For example, we were afraid of cultural pressure from the United States in the 1960s, and 20 ye
ars later, we had the same feelings against Japan with its technological projects. Now, China is bac
k around the table of big nations. I think we have to accept that and not be afraid, but to discuss.”
Raffarin said the two countries are expected to close contracts and announce new projects. He also
said the dialogue between France and China could be very useful in forming a new vision for multilateralism in a changing world.
In addition to strong existing collaboration between France and China, including in the automotive, aviation and healthcare sectors, Raffarin said the most
important thing for the future of Sino-French relations is to identify third-country projects, such as the Hinkley Point C nu
clear power plant in the United Kingdom, which is jointly financed by China and France, as well as opportunities in Africa.