domestically rated “AAA”, the safest level. The sale to individual investors is mainly of project-link
ed special-purpose bonds, a type of local government bond vigorously promoted by the government in re
cent years. The cash flows generated from the underlying projects will be used as the primary repayment sources.
In China, there are two types of local government bonds: general bonds and special purpose bonds. According to the country’s 2019 budget repor
t, which was approved by the top legislature earlier this month, the budgeted deficit for local governments is 930 billion yuan, up 100 billi
on yuan compared with 2018, and this fund gap will be supplemented by general bonds.
In the meantime, 2.15 trillion yuan of special purpose bonds will be issued to support la
rge infrastructure projects, such as shantytown renovation projects and railways, said the ministry.
Letting individual buyers invest in local government bonds is a way to narrow the government’s financin
g gap, said Hu Yijian, a tax professor at Shanghai University of Finance and Economics. The gap is expected to expand, as policym
akers decided to cut about 2 trillion yuan in taxes and fees this year while at the same time increase spending on investment.
eration, network traffic distribution, packaging and promotion. And it will provide exclusiv
e agent for every super partner on the platform to help the super partner make decisions and amplify the effect of their contents.
In April 2017, JD for the first time launched the shopping c
ircle function, which allows users to join online interest groups of beauty products, maternal and chi
ld products, fashion, photography and food, and share recommended products and their shopping experience.
In November 2018, the mini program for WeChat based on the shopping circle function was launched.
As new e-commerce players such as Xiaohongshu taste success from social shop
ping, online celebrity and fan economy, JD also noticed that besides the traditional “sea
rch for products” mode, for an e-commerce platform there are new opportunities in community building and user-generated content.
fossils representing more than 50 previously undescribed animal species dating back 518 million years.
The soft tissues of their bodies, including muscles, organs, eyes and mouths are still visible in some
of the 4,351 fossils discovered in Yichang, Hubei province, according to a new study published in the journ
al Science on Friday. The excavated fossils represent 109 species, including known jelly fish, arthropods and algae.
Fu Dongjing, associate professor at Northwest University in Xi’an, Shaanxi, also the first author of the paper, said the research g
roup started exploring the ancient ruins in the summer of 2007, in Changyang Tujia autonomous county. It was lo
cated on the bank of Qingjiang River where a representative insect from the Cambrian period was first found.
The new trove of fossils called the Qingjiang biota－the living organisms of a region－ha
ve the potential to greatly inform the understanding of early animal evolution, according to the study.
About 542 million years ago, life on earth diversified at an extremely rapid pace, known as t
he Cambrian explosion. Almost all present animal categories appeared at that time. Many creatures wen
t extinct in the process of evolution, but others became the initial form of future organisms.