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.
more than 100 projectors were installed to digitally recreate mangrove fo
rests and the environment surrounding them: tropical seas, tides and beaches.
With sound, light and electrical effects, the exhibition shows how mangroves, one of the very few vegetation env
ironments that can survive in coastal waters, thrive in the tides and change their surroundings for the better.
Tianjin resident Li Lingyan, who visited the park on Monday, was fascinated by the mangrove exhibition.
“Looking at the exhibit, it is as though I was brought to the seashore to se
e how mangroves grow in a tough environment. It was an amazing process,” she said.
” I was totally thrilled, and I got to learn a lot about mangroves.”
Near Gate No 5 of the park, “a forest of lights and shadows” draws crowds.
on the new science and technology innovation board, which will pilot the registration-based IPO system, according to Xinhua.
To accommodate the progress of reforms and development of the capital market, other modifications have also been made, cov
ering public issuance of securities, securities trading, and the protection of investors’ rights and interests, Xinhua said.
Dong expects the latest version to legitimize registration-based IPO systems not only
on the new board, but also across China’s whole A-share market. “Once the system achieves success on the n
ew board, it should be adopted on other submarkets as soon as possible,” Dong said.
President Xi Jinping announced in November that China will launch the S&T innovation board and pilot the registr
ation-based IPO system. Analysts expect the new board to begin trading around the middle of this year.
“The latest draft is expected to make comprehensive revisions, and it could go a long way
toward restoring public investors’ confidence and modernizing the regulation and governance of the ca
pital market,” said Liu Junhai, director of the Business Law Center at Renmin University of China.