On December 30, Xinhua released the full text of a directive issued by the China Communist Party Central Committee and State Council on changing the one-child policy to a two-child policy.
China’s Local Government Debt Climbed to 17.9 Trillion Yuan
China’s National Audit Office (NAO) announced on Monday that, by the end of June 2013, local government debt had increased to 17.9 trillion yuan, soaring 67 percent over the figure for three years ago.
According to the NAO’s last figure, for the end of 2010, the total debt of local governments in China was 10.7 trillion yuan. China’s local governments cannot borrow directly from banks. Their debt is built up mainly by establishing some financial entities and using these entities to borrow money for infrastructure projects. Government debt also includes financial guarantees for some projects.
If the debt of the central government is included, the Chinese government’s overall debt is 30.3 trillion yuan, accounting for 53.3 percent of GDP. Some analysts worry that the economic slowdown could lead to an increase in bad debts, thus putting pressure on large state-owned banks. The NAO report also points to an over-reliance on land related fiscal revenue as a cause of the rapid increase in local government debts.
Source: Voice of America, December 30, 2013
http://www.voachinese.com/content/china-local-government-20131230/1820431.html
The 12th Politburo Collective Study: Xi Jinping Stresses Improving China’s Cultural Soft Power
On December 30, the Chinese Communist Party Politburo conducted the12th collective study (of 2013) on the topic of how to enhance China’s national cultural soft power. Xi Jinping presided over the study, stressing that improving China’s national cultural soft power is a matter related to the realization of the "bi-centennial" goals and China’s great rejuvenation – the China Dream.
Luo Yuan: China Is Not a Lamb That Others Can Slaughter at Will
Chinese Strategic Culture Association Executive Vice President and Secretary-General Luo Yuan had a discussion online on People’s microblog [under the website of People’s Daily] with the Netizens about the recent developments in the situation of the Diaoyu Islands.
Communist Party Issued Five Year Anti-Corruption Work Plan
According to Xinhua, on December 26, 2013, the Central Committee of the Chinese Communist Party issued a “2013 to 2017 Work Plan to Establish a Sound System for Punishing and Preventing Corruption.”