38th AU summit opens in Addis Ababa, focuses on justice, leadership elections

The 38th Ordinary Session of the African Union (AU) Assembly of the Heads of State and Government opened Saturday at the AU headquarters in Addis Ababa, the capital of Ethiopia.

The two-day summit, bringing together leaders from AU members, is being held under the 2025 AU theme: "Justice for Africans and People of African Descent Through Reparations."

Beyond the theme, discussions at the summit will cover key continental issues, including regional peace and security, socio-economic development, AU institutional reforms, and Africa's growing role on the global stage.

Leadership elections within the AU Commission, including for the chairperson, deputy chairperson, and six commissioners, are also a key focus of the summit's agenda.

Chairperson of the AU Commission Moussa Faki Mahamat and United Nations (UN) Secretary-General Antonio Guterres attended the opening ceremony and delivered speeches.

"Africa cannot remain silent or inactive. Our solidarity has always been the lifeline in our fight against colonialism and racial segregation, leading us to independence," said Faki.

Mahamoud Ali Youssouf, Djibouti's Foreign Affairs and International Cooperation Minister, was elected as the new AU Commission chairperson for the 2025-2028 term.

Selma Malika Haddadi, Algerian ambassador to Ethiopia, was elected as the new deputy chairperson of the AU Commission for the same term.

38th AU summit opens in Addis Ababa, focuses on justice, leadership elections

38th AU summit opens in Addis Ababa, focuses on justice, leadership elections

38th AU summit opens in Addis Ababa, focuses on justice, leadership elections

38th AU summit opens in Addis Ababa, focuses on justice, leadership elections

China's newly increased special-purpose local government bonds issued in the first quarter of 2026 stood at 1.1599 trillion yuan (about 169.7 billion U.S. dollars), according to the country's Ministry of Finance on Friday.

The number was 199.6 billion more than that of the same period last year, up 20.8 percent.

The special-purpose local government bonds are used for projects in key areas such as social services, transportation infrastructure, affordable housing, and urban renewal.

They are also intended to supplement government fund resources and help the clearance of government arrears owed to enterprises.

In the first quarter, the total treasury bond issuance exceeded 3.6 trillion yuan, up nearly 10 percent year on year, providing strong support to proactive fiscal policy.

Also on Friday, China kicked off the issuance of its 2026 ultra-long special treasury bonds, with the first two tranches comprising 20-year and 30-year fixed-rate bonds with periodic interest payments.

The issuance follows this year's Government Work Report, which proposed raising 1.3 trillion yuan (about 189.3 billion U.S. dollars) through ultra-long special treasury bonds to support projects for implementing major national strategies and building security capacity in key areas, as well as large-scale equipment upgrades and consumer goods trade-in programs.

According to a notice previously released by the Ministry of Finance, the issuance of this year's ultra-long special treasury bonds is expected to be completed by mid-October.

Ultra-long special treasury bonds are government securities with maturities typically of 10 years or longer. They are used as a policy tool to finance long-term, large-scale investments aligned with national priorities, while also helping to stabilize growth by injecting sustained fiscal support into the economy.

China issues nearly 1.16 trillion yuan of new special-purpose local gov't bonds in Q1