China has made noteworthy progress in supporting local economy through the issuance of bonds, according to the Ministry of Finance on Monday.
In March this year, China unveiled an action plan to implement the renewal program of promoting large-scale equipment upgrades and consumer goods trade-ins in an effort to enhance domestic demand and shore up the economy. It further stepped up policy support in July with an extra funds injection of 300 billion yuan (about 42.5 billion U.S. dollars) via ultra-long special treasury bonds.
The ministry announced on Monday that so far the 300 billion yuan of ultra-long special treasury bonds has all been allocated to local governments.
At the same time, the ministry worked together with other departments involved and issued detailed implementation rules for different fields to clarify the negative list of the use of funds for the renewal program.
With the fiscal support for the renewal program in place, from January to October, the investment in equipment and tools increased by 16.1 percent year-on-year, driving the growth of total investment by 2.1 percentage points. The total retail sales of consumer goods in October increased by 4.8 percent year-on-year, 1.6 percentage points faster than in September.
The ministry also updated the progress in issuing new local government special bonds.
Data shows that as of the end of October, local governments had issued a total of 3.9 trillion yuan in new local government special bonds, with an issuance progress of 98 percent.. Among them, 2.1 trillion yuan was issued from August to October, exceeding the total issuance from January to July. Specifically, it was invested in more than 30,000 projects with strong economic and social benefits, which promoted the stable development of local economy and society.
On Nov 8, the Standing Committee of the National People's Congress reviewed and approved an increase of 6 trillion yuan in local government debt limits to replace existing hidden debts. On Nov 9, the Ministry of Finance had issued the new 6 billion-yuan debt limits to all localities, and some provinces have started the issuance work to speed up the implementation of the policy.
China makes progress in supporting local economy through issuing bonds
A charismatic Chinese influencer is again leading the biggest winter party at northeast China's Harbin Ice-Snow World, as he whips up a carnival atmosphere among the enthusiastic crowds who have converged on China's "ice city".
Jiang Kedong, known by his online moniker of "Brother Left and Right", is playing a central role as the main host of the colorful performances taking place at the Harbin Ice-Snow World, the world's largest ice-and-snow theme park.
Jiang is one of the most passionate ambassadors of Harbin and has become a hugely popular character online as he shares his love for his hometown.
"I used to have 200 followers. Now I've got 680,000. Many people consider me an internet celebrity, and say that I've put an entire city on the map. But honestly, I don't think this is true. It was the city that got noticed first, and then people happened to find me here. So, the city's popularity has been good for me," said Jiang.
As night falls, the huge Harbin Ice and Snow World, which spans the size of 140 football fields, transforms into a wondrous fairyland after-dark.
And as the venue's tireless host, Jiang's mission is to fire up more than 50,000 tourists over and over again, every single day, keeping them warm amid the frigid temperatures.
"Why dance in winter? It's a new idea we came up with. The sun's set, you're covered in sweat in a cool breeze. It feels refreshing. This is the romance of Harbin. Those coming from southern China might have even more fun here than indoors. It's so much fun," said Jiang.
China has seen interest in ice and snow sports steadily grow in recent years, with the 2022 Beijing Winter Olympics further igniting people's passion. And for those who wish to pursue their love for winter sports, China's northeast is the prime spot, with the coldest weather and the best snow.
Traveling to the famous "ice city" of Harbin to experience the joy of ice and snow has become the hottest topic on social media during the winter months. Hotels and guesthouses have been fully booked out well in advance, while the streets overflow with tourists during this peak season.
Once a major industrial powerhouse in China, Harbin was a place where steel roared and machines never stopped. Even in the harshest winter, smokestacks still billowed warmth, as the fire of industry drove away the cold. But since the 1990s, with the slow transformation of industries, the northeastern region seemed to have become considered as China's "Rust Belt".
Revitalizing the northeast region has been a national strategy for over two decades. The key to reinventing northeast China lays in promoting its notorious snow and ice, the very elements that seemed like the greatest barriers to its development.
"Harbin's success is being celebrated across the Northeast. The joy is heartfelt. We'd been ignored for so long. Now that our moment has come, we'll do all we can to show off our city, Harbin. It's a must," said Jiang.
The attraction's popularity has soared beyond belief, with Jiang saying he and his team are now welcoming more visitors in an average day during this ongoing winter season as they did during the entire week-long Chinese New Year holiday of previous years.
Back in 2012, the entertainment team at the ice and snow park consisted of just eight people, but has now expanded to around 40 in order to keep up with the demand and the skyrocketing visitor numbers.
Looking ahead, the ever-energetic Jiang says the goal is to keep pushing forward and keep the party going, even as some claim Harbin has already peaked.
"I'm a single snowflake in a field of snow. I just happen to have been caught in the spotlight. As long as I am able, and as long as this stage and the audience need me, I'll keep doing it," he said.
Charismatic online star warms up crowds in China's "ice city" of Harbin
