In the long term, these smart urbanization trends will help sustain productivity growth and mitigate the structural growth headwinds from an aging population, Robin Xing, Morgan Stanley's Chief China Economist, said in another report recently.
In the pilot reforms, priority will be given to financial support for agriculture, rural areas and farmers, and technological innovation, as well as further financial opening-up. Practices proven effective in the pilot reforms will be rolled out to places where conditions are ripe.
In the previous aviation season, more than 100 new international routes opened to economies involved in the initiative. As of May, there were direct flights linking China with 43 of those economies, with about 4,200 flights weekly.
In the trade sector, the import and export volume between Guangdong and BRI economies increased from 9.11 billion in 2013 to 1.95 billion in 2017, according to the report.
In the short term, telecommuting is believed to be more flexible, because it enables business or organization leaders to keep contact with their employees constantly. In this context, COVID-19 will deal a blow to the retail market, be it brick-and-mortar stores or online business.
In the overall development of the province's innovation-driven economy, Shenzhen stands out. Wang Weizhong, the city's Party chief, said the city will increase R&D investment from the current 4.1 percent of GDP to 4.2 percent over the next five years, to enhance basic research.
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In the park, tourists can enjoy 130 ice and snow buildings and creations, including a 21-meter-high ice Olympic torch, a 420-meter-long ice slide and a 157-meter-long snow sculpture.
In the past five years, the central government has invested nearly 1 trillion yuan (7 billion) to support several major projects in Tibet and promoted a series of preferential policies to support the region's development, Wu said.
In the next stage, China will continue to fight a tough battle preventing financial risks, deepening supply-side structural reform in the financial sector, and promoting high-quality development of the banking and insurance sectors, said Zhou Liang, vice-chairman of the China Banking and Insurance Regulatory Commission.
In the past, China went in for liberal financing. Infrastructure received money from banks that were supported by the government. But the private sector was not a big beneficiary. This needs to change now, and more financing should flow toward the private sector as well, to give impetus to innovation.