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ntry in the forest sector by the middle of this century in a guideline on promoting the greening of the homeland issued in November. The count
ry also aims to increase its percentage of forest cover from 21.7 percent in 2018 to about 23 percent in 2020, and 26 percent in 2035.
China’s digital trade is expected to lead global trade development, with the economic value of di
gital trade-enabled productivity benefits to the Chinese economy estimated to reach 37 trillion yu
an ($5.5 trillion) by 2030,according to a report on how China can capture digital trade opportunities at home and abroad.
Digital trade has become increasingly important; there are a lot of definitions of digital trade going on, with
the most common one being e-commerce, including monetary transactions and exchanges of goods and services, said re
search project head Konstantin Matthies, noting the report studies digital trade with a much broader approach.
“Digital trade” refers to the production, distribution, marketing, sale or delivery of goods and servi
ces – domestically and abroad – supported by cross-border digital flows. This consists of trade in digi
tally enabled products and services and cross-border data flows that create economic value in the domestic economy, acc
ording to the report jointly released by the Center for China and Globalization as well as the Hinrich Foundation.
domestically rated “AAA”, the safest level. The sale to individual investors is mainly of project-link
ed special-purpose bonds, a type of local government bond vigorously promoted by the government in re
cent years. The cash flows generated from the underlying projects will be used as the primary repayment sources.
In China, there are two types of local government bonds: general bonds and special purpose bonds. According to the country’s 2019 budget repor
t, which was approved by the top legislature earlier this month, the budgeted deficit for local governments is 930 billion yuan, up 100 billi
on yuan compared with 2018, and this fund gap will be supplemented by general bonds.
In the meantime, 2.15 trillion yuan of special purpose bonds will be issued to support la
rge infrastructure projects, such as shantytown renovation projects and railways, said the ministry.
Letting individual buyers invest in local government bonds is a way to narrow the government’s financin
g gap, said Hu Yijian, a tax professor at Shanghai University of Finance and Economics. The gap is expected to expand, as policym
akers decided to cut about 2 trillion yuan in taxes and fees this year while at the same time increase spending on investment.
gmatism over its decision of endorsing the Belt and Road Initiative (BRI), saying Xi and Mattarella agreed
that China and Italy, which are at the two ends of the ancient Silk Road, are natural partners in constructing the Belt and Road.
Conte, according to Wang, said the BRI will bring great opportunities to Italy. He also agre
ed to attend the second Belt and Road Forum for International Cooperation to be held in Beijing next month.
France is one of the earliest European countries that have expressed the willingness to take pa
rt in the BRI cooperation. During Xi’s visit to France, the two countries signed agreements on the third round of the BRI-related dem
onstration projects in third-party markets and kicked off a third-party market fund, Wang said.
At the closing session of a global governance forum co-hosted by China and France, Macron
said the BRI is significant and can play an important role in world peace, stability and development, adding that the EU could align
its development strategy with the BRI in an innovative way and jointly promote Eurasian connectivity.
France cooperation has not changed, Xi said.
“The history of China-France cooperation shows that bilateral ties are not ‘a zero-sum game.’ The strong com
plementarities between the two economies will remain for a long time,” Xi said, adding that China’s sustained devel
opment and further opening-up will create a host of new opportunities as well as broader space for bilateral cooperation.
Xi called on the two countries to constantly explore new fields of cooperation, nurture new growth areas for cooper
ation, and speed up the implementation of the Belt and Road and third-party cooperation projects that have been agreed upon.
“China staands ready to strengthen strategic communication and coordination with France on major issues including the UN aff
airs, the reform of the World Trade Organization and climate change,” Xi said, adding that China always supports European inte
gration and hopes France can play a more active role in leading and promoting China-Europe relations.
Hailing his successful visit to China last year, Macron said that the two countries have been implementing the important con
sensus reached by him and Xi over the past year, strengthening cooperation on economy, trade, technology and culture.