ercent from 8.1 percent at the end of December, the central

It’s hard to say that China entered a new cycle of credit expansion,” said Zhang Ming, chief eco

nomist at Ping An Securities. “For the whole year, the overall financing growth and money supply is expected to stabilize.”

Fast credit expansion means higher pressure on companies to repay debt and interest, and the space for sustainable credit growth i

s limited, given the current leverage level. Total outstanding debt has exceeded 250 percent of GDP, Zhang said.

The good news is that credit has been channeled effectively into the production sector, such as manuf

acturing and high-tech, and the healthier credit structure can support the overall economic r

estructuring reform, said Ruan Jianhong, head of the central bank’s statistics and analysis department.

hina and the United States will continue economic and trade consultations in Washington ne

xt week, after reaching consensus in principle on major issues during their high-level Beijing talks, State media reported.

According to Xinhua News Agency, the two sides had in-depth communication on topics of mutual concern including tec

hnological transfers, intellectual property rights protection, nontariff barriers, the service industry, agr

iculture, the trade balance and an implementation mechanism, as well as on particular issues of concern to China.

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Five more lunar locations get Chinese nameon Jan

ive more geographical entities on the moon have been given Chinese names, based on discoveri

es from China’s latest Chang’e 4 mission, according to a news conference on Friday.

The China National Space Administration, Chinese Academy of Sciences and International Astronomical Union held a j

oint news conference Friday to announce the five names approved by the IAU on Feb 4.

The landing site of the Chang’e 4 probe is named Statio Tianhe, and three annular pits around the landing site are called Zhin

yu, Hegu and Tianjin. The central peak in the Von Karman Crater is referred to as Mons Tai.

The five places are clearly shown on high-resolution images based on data from the Chang’e 2 and Chang’e 4 missions.

China’s Chang’e 4 probe, launched on Dec 8, landed on the Von Kar

man Crater in the South Pole-Aitken Basin on the far side of the moon on Jan 3.

Tianhe, another name for the galaxy in ancient China, implies that th

e Chang’e 4 probe served as a pioneer in the history of human lunar exploration.

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chin, who are here for a new round of China-US high-level econ

hina would like to address the problems of economic and trade frictions with the United States in a co

operative way to promote the conclusion of a deal accepted by both sides, President Xi Jinping said on Friday.

Xi made the remark while meeting with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mn

uchin in Beijing. The meeting came after the conclusion of two days of high-level economic and trade consultations.

Xi added that certain principles are necessary for cooperation.

Chinese and US consultation teams made important progress for the current stage, a

nd the two negotiating teams will meet again in Washington next week for fur

ther discussions, Xi said. He added that the both nations should make more efforts for a win-win deal.

The two countries’ economic and trade teams have had frequent and helpful consultatio

ns since December, Xi said. He has emphasized many times that cooperation is the best choice for China and the US.

Cooperation will bring benefits to the two countries while conflicts will injure both sides, he added.

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The central bank will eliminate that interest rate margin

sooner or later, and guide commercial banks to lower lending rates closer to a market-determined level, Sun said.

“Theoretically, there is room for rate cuts of 1 percentage point,” said Zhang Tao, a

n analyst in the financial market department of China Construction Bank.

China has enacted both monetary and fiscal policies to offset downward pressure on eco

nomic growth this year. Some economists have predicted the growth rate may slip in the first quarter be

low the 6.4 percent of the past three months of 2018 because of factors such as trade tensions.

US Federal Reserve Chairman Jay Powell decided on Jan 30 to shelve a plan to keep raisi

ng interest rates because of possible risks to US growth. The European Central Bank stopped exp

anding quantitative easing and warned about the negative results of Brexit.

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He anticipated that the plan would further connect the

echnology sectors of Hong Kong and the mainland, facilitating more career opportuniti

es for Hong Kong local talent as well as offering a larger market for knowledge transfer.

Tam Yiu-chung, a Hong Kong member of the Standing Committee of the National People’s Congress, the country’s top legislat

ure, estimated that the plan would lay out development priorities for the area, and the key tasks each city should carry out.

Hong Kong will thus have a clearer direction for future development, and better understand how it can fully contribute, Tam said.

The Greater Bay Area encompasses Hong Kong and Macao, as well as nine cities in Guangdon

g province: Guangzhou, Shenzhen, Zhuhai, Dongguan, Huizhou, Zhongshan, Foshan, Zhaoqing and Jiangmen.

In 2017, the 11 cities produced one-eighth of China’s gross domestic product while containin

g only 5 percent of the nation’s population and only 0.6 percent of China’s total landmass.

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Area encompasses Hong Kong and Macao, as well

Stock markets in China edged up on Tuesday as market sentiment was partly boosted by the news about the upcoming Bay Area blueprint.

The benchmark Shanghai Composite Index rose 0.68 percent to close at 2,671.89

points, while the Shenzhen Component Index closed 1.15 percent higher at 8,010.07 points.

Gains were seen across Greater Bay Area-related sectors.

Kaisa Group, which owns lots of land in the bay area, surged 3.5 percent, while Shen

zhen International Holdings and Shenzhen Invest both notched healthy increases.

5G-related stocks were also up as China Tower closed 2.4 percent higher while Yangtze Optical Fibre and Cable climbed 3.5 percent.

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hina refutes report of contact with Venezuelan opposition

BEIJING – China said on Wednesday that it hoped relevant media would report news abiding by principles of being objective and fair.

Chinese Foreign Ministry spokesperson Hua Chunying made the remarks when asked for comments on The Wall Street Jou

rnal reporting that Chinese diplomats had contact with Venezuelan opposition representatives in Washington.

“Recently, some media have been cooking up fake news. I don’t know what the purpose is,” said Hua at a press br

iefing. “We hope relevant media will report news abiding by principles of being objective and fair.”

As for the current Venezuela issue, China advocates seeking a political settlement through dialogue and consultation, Hua said.

The SpaceX Falcon 9 rocket, scheduled to launch a US Air Force navigation satellite, sits on Launch Complex 40 after the

launch was postponed after an abort procedure was triggered by the onboard flight computer, at Cape Canavera

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Former PBOC governor wins 2019 lifetime achievement award

Zhou Xiaochuan, former governor of the People’s Bank of China (PBOC), has won the UK’s 2019 Central Banking lifetime achievement award, according to the publication’s website.

Zhou, the sixth winner of the award, stands out for his high levels of integrity, intellectual ri

gor and bold reforms that have served the public interest in China and elsewhere, said a statement of the website.

The Central Banking Awards were established to recognize outstanding perform

ance in individuals and organizations in the central banking community.

Zhou, who stepped down as PBOC governor in March 2018, had served in his position from

December 2012-2018, which makes him China’s longest serving central bank governor since 1949.

The award recognizes the impact Zhou had on the central bank and the Chinese economy.

“While in office, Zhou demonstrated high levels of integrity in his pursuit of public s

ervice. He brought academic rigor to real-world decision-making, acting as a prag

matic policymaker with a strong sense of what was in the public interest,” the statement said.

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The post by the Sina Weibo blogger claimed that one of Zha

i’s papers published in an academic journal, was uploaded to CNKI and the similarity score for the 2,783-word article was 40.4 percent.

Another post by the same blogger claimed that Zhai’s doctoral graduation dissertation

could not be found in the CNKI database, while all the graduation dissertations written by his classmates could be found there.

The posts stirred a heated debate among netizens, with many saying academic misconduct

was unfair to students who had worked hard to obtain a degree. They have called for strict rules to curb such behavior.

“For someone with a PhD, how could he not know what the CNKI is? And how could he have never used it for referencing academic works?” one netizen wrote.

“I was only joking when I said that I did not know what CNKI was,” Zhai wrote in response

to the post. “Will anyone believe me if I said that I do not know one plus one equals two?”

Zhai’s studio said on Friday that he obtained a PhD from the Beijing Film Academ

y in June, and all his academic papers and his dissertation were written by him under the guidance of supervisors.

He has met all graduation requirements from the academy and is willing to be held responsible for any academic misconduct, the studio said.

Peking University declined to comment when contacted by China Daily on Monday.

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“I can spend more time with my family and pay much less

for a house than in a big city,” he said. “I attended the first job fair to be held in my hometown on Sunday. I’m considering some job interviews and the salaries offered.”

Ningbo, Zhejiang province, will hold 44 job fairs from Tuesday to late March-42 percent more than last year.

Among them are eight large job fairs starting on Feb 16. More than 900 companies are ex

pected to attend each of the fairs, which will be held on Saturdays and Sundays for a month.

Starting in March, Ningbo will organize more than 2,200 compa

nies and government-affiliated institutions to attend 100 job fairs in 40 cities across Ch

ina, including Hangzhou, Zhejiang province; Xi’an, Shaanxi province; and Changchun, Jilin province.

Cities such as Taizhou, Zhejiang province; Heze, Shandong province; and Nantong, J

iangsu province, will also hold many fairs for job hunters and employers in February and March.

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