Moreover, the number of Chinese who go abroad is closely

residents’ disposable income levels and income growth. Data from the National Bureau of Statistics (NBS) showed that in 2017, the per ca

pita disposable income of the high-income group reached 64,934 yuan ($9,604.71). For most of the residents in the high-inco

me group, overseas tours remain as a kind of luxury spending, thus the per capita disposable income for residents that traveled abroad

should be raised to at least 120,000 yuan a year. Yet this group probably numbers less than 100 mil

lion residents. In other words, the number of people who can afford the average cost of going abroad is theoretically less than 100 million.

Although many research institutions are optimistic about the development pr

ospects for Chinese people’s overseas tourism, the growth rate of private outbound trip

s was only 5.7 percent in 2017, compared to 22 percent in 2010 and 10.6 percent in 2015, showing a do

wnward trend. This may actually reflect the decline in the growth rate of disposable income.

I don’t agree with the so-called “consumption downgrade,” as the Engel coefficient – the propor

tion of money spent on food in household expenses – fell to 28.4 in 2018. Yet, the slowdown in consumption growth, increased leverage r

atio in home purchases and other factors have all impeded the pace of the consumption upgrade.

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According to The Travel & Tourism Competitiveness Repor

eased by the World Economic Forum, global tourism revenue contributed over 10 percent of the global GDP, but China’s domest

ic tourism revenue was around 5.5 percent of its GDP, which has been the world’s second highest since 2012. C

ompared with its economic volume, the Chinese tourism industry is not very well developed, which may have something to d

o with the overall low disposable income levels of Chinese residents. For example, in 2017, China’s gross national inc

ome (GNI) per capita ranked 69th in the world, while the US GNI per capita was 6.5 times that of China during the same time period.

In recent years, various local governments have been making great efforts to promote the increase of local tourism revenue

s by building traditional towns, exploring and developing local history, local culture and other tourist resources. It is certainly justified for au

thorities to develop tourism, to expand domestic demand, to increase “green” GDP and promote an economic transformation. However, it should be no

ted that the development of a tourism industry is closely related to the growth of residents’ disposable income. As the income level of residents rises, the to

urism industry will naturally see a rapid development. In the context of the declining growth of residents’ disposable i

ncome, it is completely unrealistic to achieve a rapid growth in tourism revenues. Furthermore, as various local gov

ernments are competing to develop tourism resources, this may lead to an “oversupply” within the tourism ind

ustry, and this will result in a low efficiency of fiscal expenditure and a waste of precious resources.

In short, it is of fundamental importance to find ways to improve the disposable income level of re

sidents as well as social security and welfare, which is the prerequisite for sustainable prosperity.

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hina and Pakistan have enjoyed a great relationship for

bilateral ties were upgraded to an all-weather strategic partnership.

“We wish that our relationship could be closer and the bond of friendship will be further strengthened in the future,” the admiral said.

Abbasi also noted that the Indian Ocean is vital for the global economy. Thr

eats to this region cannot be tackled by any navy alone. The Chinese navy’s mission to en

sure maritime security in the Indian Ocean has provided a lot of security to shipping in the region, he said.

Shao Shuguang, commander of the Task Group 998, said during meeting w

ith Abbasi that “Karachi’s long history and culture, the hospitality of the Pakistani pe

ople, especially the professionalism of our counterparts in your navy, have left a deep impression on me.”

“I hope that the navies of our two countries will have further close exchang

es and cooperation to jointly maintain maritime security and stability in the Indian Ocean,” Shao said.

During the visit to Kunlunshan, the admiral also reviewed the PLA Navy’s guard of honor.

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Vice premier urges bolder, more effective measures imp

Chinese Vice Premier Han Zheng on Friday stressed to take bolder and more

effective measures to implement the proactive fiscal policy.

Han, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Co

mmittee, made the remarks when presiding over a meeting after an inspection of the Ministry of Finance (MOF).

At the meeting, Han studied major issues, including the launch of another round of tax cu

ts and fighting the “three critical battles” against risks, poverty and pollution.

The MOF should stick to the basic tone of seeking progress while maintaining stability, promote

high-quality development and take coordinated steps to ensure steady growth, advance reform, m

ake structural adjustments, improve living standards and guard against risks, Han stressed.

He said that larger tax cuts will be helpful in improving the co

untry’s income distribution system and the tax structure and better serve China’s current macro policy.

The MOF should relieve the social insurance payment burden of firms, strengthen the manag

ement of the fiscal revenue and expenditure and create a sound policy environment for fair competition, Han said.

Han underlined that measures should be in place to effectively prevent and handle financial risks, reinforce the

monitoring of the local government debt risk and deploy more funds to facilitate winning the battles against poverty and pollution.

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In the guidelines, the regulator set detailed rules on

the basic prerequisites that micro and small enterprises should meet to renew their loans and on the regulatory

requirements for banking institutions to do this type of business.

The loan renewal policy does not apply to real estate companies or enterprise group head office that are not engaged in production

and business operation. Besides, qualified companies should not have delinquent loans and interests with malice, according to Jiang.

In terms of pricing, the regulator said commercial banks should adhere to market principl

es and encouraged banks to renew micro and small business loans at a lending rate no higher than the previous rate.

As of the end of 2018, the balance of micro and small business loans of the banking sector in Beijing

increased by 15.23 percent year-on-year to 1.2 trillion yuan ($176.95 billion). During the same pe

riod, the number of micro and small enterprises that received loans grew by 59,500 to 257,200.

A recent survey on 617 micro and small businesses in 200 villages in Beijing’s peripheral areas found that at the start-up phase, 13 perc

ent of the businesses obtained bank loans, 13 percent borrowed from friends and relatives, 8 percent secured funding from

microcredit companies, nearly 8 percent received loans from small lending services offered by Alibaba Group Ho

lding Ltd and Tencent Holdings Ltd, while the majority of business owners used their own money or borrowed from individual creditors, said Mo Xiugen, di

rector of research at the Chinese Academy of Financial Inclusion at Renmin University of China.

He advised policymakers to encourage joint-stock commercial banks and microcredit com

panies to play a bigger part in providing financing to micro and small companies, as these financial institu

tions are more flexible and experienced in serving small business clients than large State-owned commercial banks.

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ple of foreign guests are excited to take part in the fair’s

Over 180,000 people were attracted to the grand fair, which has been listed as a National Intan

gible Cultural Heritage, and watched the square parade, the fair’s most anticipated activity.

The parade featured over 20 troupe performances included lion dances, a waist drum presentation, stilt walking and

other local folk art shows. The folk parade stretched 2.5 kilometers around Meili town, Wuxi’s Xinwu district.

In celebration of the 70th anniversary of the founding of the People’s Republic of China, parade

s float went along the route expressing the people’s gratitude to the country and great expectations for the future.

During the opening ceremony, the first cultural tourism brand of Wuxi Xinwu district, “Tai Bo You Li“, was launched, and product

ions of the district’s history, Wu culture, local intangible cultural heritage and travel routes were staged.

The eight-day event will last until Lantern Festival, and will feature traditional trading fairs,

demonstrations of intangible cultural heritages and folk art, and public cultural activities.

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education authorities monitor Zhai Tianlin probeorities in B

Education authorities in Beijing have launched an investigation into actor Zhai Tianlin, who has received high-profile plagiarism allegations.

The Education Work Committee of the CPC Beijing Municipal Committee and Beijing Education Commission have sent an investigative team to the Beijing Film Acad

emy, where Zhai obtained a Ph.D., to look into the case, the university said in a statement on Thursday.

Zhai, 32, is also a postdoctoral candidate at Peking University. He found himself in hot water on social media after a Sina Weibo blogger accused him of plagiarism last week.

The university launched its own investigation on Monday. It has finished prelim

inary evidence collection and notified Zhai about the investigation, the statement said.

The university has zero tolerance for academic misconduct and will look into other matters uncovered by netizens.

Zhai raised a flurry of chatter online in August when he said in a live video appearance he did not know what the China National Knowledge Infrastructure w

as. CNKI is the largest and most widely used online academic library in China for university students writing theses and dissertations.

The post by the Sina Weibo blogger claimed one of Zhai’s papers published in an acade

mic journal was uploaded to CNKI and the similarity score for the 2,783-word article was 40.4 percent.

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Another post by the same blogger claimed Zhai’s doctoral gra

aduation dissertation could not be found in the CNKI database, while all graduation dissertations written by his classmates were there.

Zhai’s studio said on Friday he obtained a Ph.D. from the Beijing Film Academy in June, and all h

is academic papers and his dissertation were written by him under the guidance of supervisors.

He has met all graduation requirements from the academy and is willing to be held responsible for any academic misconduct, the studio said.

Netizens later found Zhai’s supervisor Chen Yi, former director of the performance institute of the Beijing Film Academy, on

ly has a bachelor’s degree and has not published any academic papers. However, doctoral supervisors at the university are supposed to have a do

ctoral degree and publish at least eight academic papers and two academic monographs within five years.

Zhai posted an apology letter on his Sina Weibo page Thursday.

“After I have starred in a few films and TV series, I have become full of myself and forgotten honesty is the most important principle,” he said.

“Vanity has misguided me and I brought this attitude into writing academic papers. I will

withdraw from postdoctoral research at Peking University and I am deeply sorry to my school, teachers, fans and the public.”

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China to establish national, regional medical centers by

China will set up a number of national and regional medical centers across the country by 2020, according to a working plan issued by the National Health Commission.

Regional medical centers will be established nationwide to provide patients in

different regions with quality medical treatment close to their homes, said the plan.

The country will also establish national medical centers aimed to carry out diagnosis and treatment of rare and sever

e cases of diseases of specific categories in the country and play a leading role in spreading advanced medical technologies nationwide, it said.

The plan proposes to build a four-level medical service system that covers medical insti

tutions at the national, provincial, prefectural and county levels by 2020, with national medical centers taking the lead.

Given different regions in China have big gaps in terms of medical service levels, so patients

often have to turn to hospitals far away for quality treatment, particularly those with severe and rare illnesses.

Experts believe the move is expected to better allocate medical resources in the country.

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Meanwhile, mobile payment is no longer confined to res

 of major Chinese cities such as Beijing and Shanghai. Smaller cities and even townships are capturing the fastest growth, findings from both payment providers showed.

According to Alipay, the quickest expansion rate in per capita overseas spending was logged in

Zhoushan, a port city in East China’s Zhejiang province, which surged 55 percent year-on-year. It wa

s followed by 50 percent in Weifang, Shandong province, and 44 percent in Lianyungang, Jiangsu province.

In contrast, the growth rate in relatively affluent Beijing, Shanghai and Guangzhou r

eached 27 percent, 30 percent and 24 percent respectively, although they accounted for the greatest outbound spending by volume.

These trends “really highlight how mobile payment is taking root in China’s outbound t

ourism market”, said Chen Jiayi, Alipay’s head of business operation on cross-border business.

WeChat also saw a notable surge in the use of mobile payment in lower-tier cities, with over 40 percent transactions ma

de by residents who work in bigger cities but returned to hometowns for the weeklong annual gathering.

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GiottoPress by Enrique Chavez