"Small and beautiful" livelihood projects become hallmark of China's foreign aid

China's commitment to investing in a number of "small and beautiful" livelihood-improvement projects have now become a hallmark of the country's foreign aid efforts, with green development assistance projects also playing a crucial role around the world, according to reports released by the China International Development Cooperation Agency (CIDCA).

The reports are the fifth and sixth issues in the "International Development Cooperation: China's Practice" series.

As an important direction and priority of the Belt and Road development, those small-scaled, well-grounded and replicable projects aim to improve people's well-being and boost people-to-people bond in recipient countries, a report said.

A large number of "small and beautiful" projects have taken root worldwide over the years.

Examples include Tarawa bridge in Kiribati which has greatly improved local transportation, wells in Rwanda which have provided safe water to residents, and medical vehicles which have expanded service scale and scope in Panama. They demonstrate the humanistic care and kindness of China's foreign aid and international development cooperation, the report said.

Green development also becomes an important part of China's practice in international development cooperation, according to the other report.

The report showed that China has carried out 184 assistant projects in green development totaling 30 billion yuan (4.11 billion U.S. dollars), benefiting 75 countries, since 2018.

The aid, ranging from sustainable agricultural development, clean energy development to climate change response and environmental protection and pollution control, are provided through various ways including technical assistance, materials and complete sets, the report said.

Hu Zhangliang, vice-chairman of the CIDCA, said the goal of China's international development cooperation series is to help partners from all walks of life deepen their understanding of Chinese foreign aid and international development cooperation.

Speaking at the launch of China's practice on international development cooperation on Tuesday, Hu also said China will continue contributing its knowledge with partner countries to progress on the path toward modernization.

"Small and beautiful" livelihood projects become hallmark of China's foreign aid

The U.S. Federal Reserve on Wednesday decided to maintain its target range for the federal funds rate at 3.5-3.75 percent, in line with market expectations.

"Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has been little changed in recent months. Inflation remains somewhat elevated," said the Federal Open Market Committee (FOMC) in a statement.

Nevertheless, "uncertainty about the economic outlook remains elevated. The implications of developments in the Middle East for the U.S. economy are uncertain. The Committee is attentive to the risks to both sides of its dual mandate," the statement said.

"In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent," the statement said. "In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks."

In the statement, the FOMC reiterated its strong commitment to supporting maximum employment and returning inflation to its 2 percent objective.

Of the 12 FOMC members, 11 voted for keeping the rate unchanged. Stephen Miran voted against the action. He preferred to lower the target range for the federal funds rate by 25 basis points at the meeting.

U.S. Fed keeps interest rate unchanged at 3.5-3.75 pct