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China makes marked progresses in people-centered reform

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      China

      China

      China makes marked progresses in people-centered reform

      2024-07-15 23:18 Last Updated At:07-16 01:27

      Since the 18th National Congress of the Communist Party of China (CPC), the CPC Central Committee has led the nation to make marked progresses in comprehensively deepening reforms while adhering to the people-centered approach.

      In 2012, China began to advance towards building a moderately prosperous society in all respects. Faced with the people's new expectations for a better life, Xi Jinping, who had just been elected General Secretary of the CPC, made a solemn promise to the people.

      "Our people have an ardent love for life. They wish to have better education, more stable jobs, more income, greater social security, better medical and health care, improved housing conditions and a better environment. They want their children to have sound growth, have good jobs and lead a more enjoyable life. To meet their desire for a happy life is our mission," Xi said while leading the Party's new central leadership to meet the press in 2012.

      The Third Plenary Session of the 18th CPC Central Committee proposed 60 specific tasks and 336 reform measures for comprehensively deepening reform.

      For years, Xi has persevered in going deep into the grassroots to observe people's livelihood, learn about people's true living standards, and personally ask what worries and troubles they have in their life and what expectations they have for the future.

      "In China's modernization, people's livelihood is the most important thing. What the Communist Party of China wants to do is to make the people live a happier life," Xi said during his inspection tour in southwest China's Chongqing Municipality in April 2024.

      The Party Central Committee with Comrade Xi Jinping at the core has adhered to promoting reform with the people at the center, and taken improving people's well-being and promoting the all-round development of people as the starting point of reform and development. It has planned and promoted reform based on the overall, fundamental and long-term interests of the people.

      "Comprehensively deepening reform is faced with tough tasks. The arduous situation and tasks, the complex contradictions and problems, and the stern risks and challenges are all unprecedented. Reforms should focus on what the people care about and expect. As long as it is conducive to increasing the people's sense of gain, happiness, and security, we will resolutely make breakthroughs and reform, and persistently work hard and do things well in the spirit of 'leaving a mark in the iron tools we clutch and footprints on the stones we tread,'" said Wang Yuqiang, a researcher at the Institute of Party History and Literature of the CPC Central Committee.

      Faced with the unprecedented battle to get rid of absolute poverty in human history, a series of reform measures have constituted a complete poverty alleviation system with Chinese characteristics. The CPC Central Committee has established a responsibility system and improved the assessment and evaluation system around the basic strategy of targeted poverty alleviation.

      On Nov 23, 2020, Guizhou Province announced that Ziyun and eight other counties had been removed from the list of poverty-stricken counties. From then on, all 98.99 million rural poor people in 832 poverty-stricken counties across China had been lifted out of poverty.

      Today, the national poverty population registration information system has been upgraded to an information system for preventing poverty relapse, monitoring and promoting rural revitalization, and relevant reforms continue to gain momentum.

      "The central government has identified 160 key counties for national rural revitalization, most of which were formerly national-level poverty-stricken counties. It has refined and consolidated preferential support policies in 14 areas, continued to increase support, and tightened work responsibilities at all levels to effectively enhance and expand the results of poverty alleviation and promote comprehensive rural revitalization," said Liu Junyong, deputy head of the Assistance Department of the Ministry of Agriculture and Rural Affairs.

      Since the 18th CPC National Congress, many institutional and mechanism drawbacks that hinder the social mobility of labor and talents have been eliminated, and the employment priority strategy and active employment policies have been continuously improved. Basic pension insurance now covers 1.07 billion people, and the coverage of basic medical insurance has stabilized at above 95 percent. High-quality medical resources are expanding to the central and western regions. More than 64 million sets of various types of affordable housing and housing for shantytown reconstruction resettlement have been built. The education at all levels has been up to or higher than the average level of middle- and high-income countries. A large number of old communities have been renovated, and people's life in communities is becoming more colorful.

      "If I'm not feeling well, there's the community hospital. If I'm hungry, there's the canteen. I just want to live here. I'm very happy," said Chen Dairong, a resident of Minzhu Village Community in Chongqing.

      China makes marked progresses in people-centered reform

      China makes marked progresses in people-centered reform

      China makes marked progresses in people-centered reform

      China makes marked progresses in people-centered reform

      China's first-ever overseas RMB-denominated sovereign green bond has seen strong subscriptions from international investors following its issuance in London, UK, on Wednesday.

      The deal totals 6 billion yuan (about 833.33 million U.S. dollars), including 3 billion yuan for a three-year term with an interest rate of 1.88 percent, and 3 billion yuan for a five-year term at an interest rate of 1.93 percent. Both rates are lower than the yields on comparable treasury bonds in the Hong Kong Special Administrative Region secondary market.

      Notably, the London offering spurred strong demand from international investors -- drawing a diverse range of participants across various regions. Total subscriptions hit 41.58 billion yuan (about 5.7 billion U.S. dollars), 6.9 times the issuance value.

      "This issuance has attracted extensive attention from both domestic and international investors, drawing enthusiastic subscriptions from global investors, including monetary authorities, commercial banks, insurance companies and fund management institutions. The total confirmed subscription surpassed 40 billion yuan (about 5.5 billion U.S. dollars), more than six times the issuance value, demonstrating that global investors highly recognize China's sovereign credit and sustainable green development policy," said Zhu Min, chief market officer at the Bank of China London Branch.

      "I think it's a very, very positive signal. China is already a leading issuer of bonds in green format. We can see from the size of the order book for this transaction that there is already extremely large demand for Chinese government bonds in sustainable format. So I think both from an offshore perspective as well as potentially onshore, we can see this act as a catalyst for more international involvement in Chinese government bond market," said Bryan Pascoe, chief executive of the International Capital Market Association.

      The bond is held in the Hong Kong Monetary Authority's Central Moneymarkets Unit (CMU), and will be listed on both the Hong Kong Stock Exchange and the London Stock Exchange.

      According to industry insiders, this marks the Ministry of Finance's second issuance of RMB government bonds in London after a nine-year hiatus, underscoring its significance in further deepening and supporting China-UK cooperation in the green, economic, and financial sectors.

      "The issuance of the RMB-denominated sovereign green bond not only promotes infrastructure development for the offshore RMB market in London, but also introduces a green component to China's sovereign offshore multi-currency interest rate curve," said Zhu.

      China’s 1st overseas RMB-denominated sovereign green bond draws strong int’l subscriptions

      China’s 1st overseas RMB-denominated sovereign green bond draws strong int’l subscriptions

      China’s 1st overseas RMB-denominated sovereign green bond draws strong int’l subscriptions

      China’s 1st overseas RMB-denominated sovereign green bond draws strong int’l subscriptions

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