Local government debt in China plays a major role in directing and executing public investment, which has been a key driver of China's economic expansion, and is again growing in importance as the authorities seek to counteract slowing growth, said Gene Fang, associate managing director of the Sovereign Risk Group, Moody's Investors Service Singapore Ltd.
Local people's congresses at and above county level will elect and have the power to remove the directors of the supervisory commissions at the corresponding level, while their standing committees shall supervise the supervisory commissions at the corresponding level.
Looking ahead, sound economic foundation is expected to stabilize the healthy trend of the labor market, providing stronger momentum to growth as trade protectionism and economic uncertainties rise, according to the commission.
Local governments have been urged to curb new production capacity of urban rail vehicles as part of China's ongoing efforts to curb industrial overcapacity and prevent debt risks.
Local governments have made great efforts in lifting people out of poverty in the past year, Hu Zejun, head of the National Audit Office, said while making an annual audit report to the top legislature on Wednesday. However, auditors had still found some irregularities, such as the improper use and management of the funds designated for poverty relief, Hu said.
Located along Beibu Gulf in the South China Sea, Sanniang Bay is dubbed the "hometown of Chinese white dolphins".
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Local legislatures in Gansu and Shandong provinces appointed two acting governors on Tuesday.
Located in Liaoyuan, the park is China's main production base for cotton socks, with a daily output of 8 million pairs.
Located at the main atrium of the K11 art mall in Shanghai, the exhibition featured a broad range of products, including toys, home appliances, watches, headphones and organic diapers. Customers were able to purchase the products on Tmall, one of Alibaba's e-commerce platforms, by scanning the QR codes on the price tags. Most of the products came with discounts.
Liu urged that a tax on the holding of properties should be launched as soon as possible, to reduce real estate market speculation and increase tax revenues of local governments.