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HONG KONG ugg classic tall boots clearance , Sept. 20 (Xinhua) -- The gold price in Hong Kong closed at 12,235 Hong Kong dollars (about 1,567.24 U.S. dollars) per tael on Wednesday, up 55 Hong Kong dollars from the previous trading day, according to the Chinese Gold and Silver Exchange Society. (1 U.S. dollar = 7.81 HK dollars)
Premier Li hopes for Singapore support in high-speed railway
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BEIJING, Nov. 8 (Xinhua) -- Free Trade Area of the Asia-Pacific (FTAAP) should be the top topic discussed at the on-going Asia Pacific Economic Cooperation (APEC) meetings in Beijing, a survey has found.
A report of the Pacific Economic Cooperation Council (PECC) annual survey said the FTAAP can unleash much greater economic vigor than other regional trade arrangements, and, if completed ugg bailey button short ireland , will add an estimated 2.4 trillion U.S. dollars to the global economy.
The report estimated that Trans-Pacific Partnership's (TPP's) contribution to the global economy will be about 223 billion U.S. dollars and Regional Comprehensive Economic Partnership (RCEP) about 644 billion dollars.
"Although APEC is not a platform for trade negotiation, it clearly has an increasingly important role to play in facilitating the preparatory work and efforts towards materializing an FTAAP," said Don Campbell, a co-chair of PECC.
The building of FTAAP is "closely connected to APEC's overall mission," Campbell added.
The survey was made among some 600 government officials ugg bailey button triplet ireland , business people, academic researchers and the press in APEC economies.
Respondents ranked "the building of FTAAP," "innovative development, economic reform and growth" and "APEC overall growth strategy" top three priorities of 2014 APEC Beijing meetings.
Edurado Pedrosa, secretary general of PECC ugg bailey button triplet womens , said all of these priorities show that APEC agenda has been "on the right track," and the challenge is "turning the cooperative process into concrete actions."
PECC, a non-governmental official observer of APEC, is a network of member committees composed of individuals and institutions dedicated to promoting cooperation across the Asia Pacific region.
GUANGZHOUSHANGHAI, June 24 (Xinhua) -- South China's Guangdong Province has issued the first municipal bond in China http://www.womensbootsireland.com/ugg-cardy-sweater-tall-5819.html , kicking off a more transparent pilot scheme designed to curb growing debt risks.
Guangdong became the first among 10 regions approved by the State Council, or China's cabinet, to issue their own local government bonds totaling 109.2 billion yuan (17.7 billion U.S. dollars).
Guangdong on Monday raised 14.8 billion yuan through the issue, with 40, 30 and another 30 percent maturing in five http://www.womensbootsireland.com/ , seven and 10 years respectively.
The returns range from 3.84 to 4.05 percent, below market expectation of higher costs associated with loans local governments have secured in the past through financing vehicles or state-owned firms.
Authorities are now looking to build a municipal bond market for local governments to raise funds for infrastructure as the back-door financing widely used by local governments over the years has stoked fears that unregulated financing activities may cause systemic risk for China's financial system.
Chinese law has prohibited local governments from borrowing directly from any party. Under a small pilot in operation since 2009, the Ministry of Finance has issued bonds on their behalf and pledged to use fiscal revenues to repay the debts.
Some analysts have argued that for municipal bonds to really become the mainstream source of funding for local governments, authorities should expedite the process of revising the current legislation banning local government from borrowing.
"The central government cannot, even if it wants to ugg boots ireland black friday , grant local governments the freedom to issue muni bonds at their own discretion until the new Budget Law is passed by parliament," said three strategists with Bank of America Merrill Lynch in a recent research note.
The move to gradually allow local governments to raise funds from the bond market on their own is part of an effort to deflate risks stemming from reckless financing in the shadow banking sector, where local governments have borrowed through entities created for financing purposes to fund projects that may not generate enough cash flow to pay back interest.
The growing amount of obligations local governments have taken on in the years after the global financial crisis are deemed as one of the major risks facing the world's second-largest economy. A national audit released late last year showed that local governments in China had a debt obligation of 10.88 trillion yuan by the end of June 2013.
The funds local governments have indirectly borrowed through other proxies tend to have short maturities and analysts fear that such reckless borrowing will be unsustainable in the long run as short-term loans are used to fund long-term projects.
At 1.02 trillion yuan as of the end of June 2013, Guangdong has the second-largest debt obligation among all provinces and municipalities in China.
The bond issued on Monday will be traded on the interbank market and the country's securities exchanges in Shanghai and Shenzhen. It has also received a rating of AAA -- the highest grade assigned to a debt product -- from domestic credit agency Shanghai Brilliance Credit Rating & Investors Service Co., Ltd.
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