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efforts on cross-border sales in China and to keep improving the experience for bo
th Chinese customers and global selling partners.
Amazon entered China in 2004, when it bought a local online boo
kseller for $75 million. Since then, it has invested in wareh
ouses, data centers and programs to teach Chinese sellers how to get their goods to Amazon customers.
In October 2016, Amazon launched in China its Amazon Prime, the first unlimited free cross-border shipping memb
ership program that operates globally, in an attempt to lure the rising number of quality-conscious Chinese buye
rs to buy foreign products.isual China Group, which owns Chinese photo platform vcg.com, was fined 300,000 yua
n ($44,758) for flawed supervision of user content, according to a company statement late Thursday.
Under a pilot scheme, the first group of six provinces and cities sold 6.8 billion yuan in bonds
at commercial bank counters to individual buyers between March 22 and early April.
The coupon rates are between 3.01 percent and 3.33 percent, higher than treasury b
onds issued by the central government as well as bank deposits with the same maturity.
Gross local bond issuances hit 1.18 trillion yuan in the first qua
rter, compared with only 219.5 billion yuan in the same period last year.
The total quota for 2019 local government bond issuances is 3.08 trillion yuan, according to the Ministry of Finance.
“About 60 percent of the bonds were issued for ongoing construction, especially
for shantytown renovation projects, railways and roads,” said Hao Lei, head of the ministry’s Budget Department.
While debt financing continues to grow, the government is experiencing sharp declin
es in fiscal revenue growth, especially from tax and land sales, official data showed.
ded souls face to face.The Beijing native, who quit his job in the hospitality industry and opene
d the shop 17 years ago, says seeing people in the shop, no matter they are looking for something in particula
r or simply browsing, is a delight. Over 16 years Free Sound has sold about 300,000 records, he says.
“It started out as a dream for me and I feel so fortunate to have lived out that dream.”
Wang, in his mid-40s, was introduced to music by his parents, who played vinyl records at home. One of his
favorite singer-songwriters is the Chinese rock musician Cui Jian, and like many music lovers of his generat
ion, Wang enjoyed going to record shops. Sound quality and nostalgia are what draws him to vinyls, he says.
For many people it has long appeared that traditional physical records such as vinyl and cassettes were
on the edge of extinction in the face of online streaming brought by the internet revolution.
Between 2002 and 2005 in particular, the fall in sales of CDs and other ty
pes of musical recordings in China was precipitous, mostly as the result of piracy and online
streaming, and the customer base for record shops evaporated as people stopped buying physical records.
ains into service. It said residents in the city would likely make about 340,000 trips by train on Friday.
Other branches of the railway system have also launched more runs to handle the increase of holiday passengers.
Tomb Sweeping Day, also known as Qingming Festival, fell on Friday this year. It i
s a traditional Chinese day on which people pay tribute to deceased family members,
friends and national heroes. Chinese people have used the day for spring outings since ancient times.
In recent years, the number of Chinese travelers, to both domestic and foreign destinations, d
uring the Tomb Sweeping Day holiday has increased annually, and most of them travel by rail for some or all of the j
ourney. For destinations within China, railways offer lower prices and more choices than airlines.
At present, China operates more than 131,000 kilometers of tracks. That fig
ure includes more than 29,000 km of high-speed rail, two-thirds of the global total.
Last year, China invested more than 338 billion yuan ($50 billion) in the construct
ion of 26 new railways and opened new lines totaling 4,683 km, most of them high-speed.
About 20 Chinese martial arts schools in the Wudang Mountain region have tra
ined about 30,000 kung fu enthusiasts from around the world.
Yuan Xiugang, a member of the Wudang Martial Arts Association, has taugh
t over 60 foreign students since 1995. One of his apprentices, Jack, a 29-year-old from Ill
inois in the US, first arrived in Wudang 10 years ago. Now Jack has become a kung fu coach.
“My goal is to open a school in the US, letting more Americans appreciate authentic Chinese martial arts,” he said.
Thomas, another of Yuan’s students, is from France and explores tea culture. He leases about
two acres of a tea garden at Wudang Mountain. After mastering the technique of processing tea leaves, Th
omas decided to sell his products to European countries, like France and Austria.
nts in Sichuan, Shaanxi and Shandong provinces as well as Beijing will eventually be able to sell bonds at count
ers in commercial banks directly to retail investors, and the practice will be expanded nationwide after an additional period of time.
The ministry said individuals do not need to pay taxes on the bonds’ interest income, and this policy is likely to attract more investors.
Selling local government bonds to retail investors should facilitate liquidity
in the secondary market, improve the market-oriented bond pricing mechanism and pu
sh issuers to enhance the quality of information disclosure, said Amanda Du, a Moody’s vice-president and senior analyst.
“Higher coupon rates compared with treasury bonds, and the tax exemption on the interest income, make
local government bonds more attractive for retail investors,” she said. “The fast takeup by retail investors also indicates that the
bonds have won high recognition among individual buyers, supported by the local governments’ high credit ratings.”