China after Spring Festival. Before embarking on their next move in interest rate reform, however, policymakers need to assess dom
estic macroeconomic conditions in order to reduce financing costs. It is more urgent to let the financial market determine the lending rate, Sun said.
“We hope (policy fine-tuning) will not surprise the market when it is introduced,” Sun said.
Communication with other countries is also needed before launching new policies or introdu
cing creative monetary policy tools, and “the PBOC has good communication mechanisms with other c
entral banks including the US Federal Reserve and the European Central Bank”, Sun said.
Last year, the PBOC removed some constraints on credit, including liquidity in
jection through cutting the reserve requirement ratio four times and capital rep
lenishment by allowing commercial banks to issue perpetual bonds, which have no maturity rate, he said.
Chinese commercial banks, however, are still using the one-year lending rate of 4.35 percent — th
e rate commercial banks charge businesses — set by the central bank in 2015. It is higher than in
terbank market rates or the interest rates banks have been paying to the central bank of 3.05 to 3.30 percent.
orwegian-born John Hou Sæter, a midfielder with Beijing Guo’an, received his temporary Chinese ID card Tuesday, becoming the first naturalized Chinese footballer.
Known as Hou Yongyong in China, the 21-year-old is expected to make his Guo’an debut in the Chinese Football Assoc
iation (CFA) Super Cup match between Shanghai SIPG and Beijing Guo’an next weekend, according to The Paper.
Guo’an has also registered him up for the upcoming AFC Champions League.
It has also been predicted that he may receive a national team call-up in the future.
Hou Sæter made his debut for Norwegian side Rosenborg in a domestic cup game against Orkla F
K in 2014. The appearance made him, at 16 years and 101 days, Rosenborg’s youngest ever senior player.
In September 2014 he made his debut in the Norwegian top f
light against Aalesund, coming on as an 81st-minute substitute in a 3-0 win. This made him his sid
e’s youngest ever league debutant, at 16 years and 258 days, beating the previous record by nine days.
Speaking on the speculation that Hou Sæter may one day play for the Chinese national side, h
is mother, Hou Yurong, said that it would be “both my wish and his own choice. I’m always his biggest fan.”
countries to join hands to develop space instead of choosing between China and the US, especially because after the end of the Cold War, international space cooperation has increased.
In fact, the International Space Station launched in 1998 has been operating thanks to the cooperat
ion between the US, Russia, Japan, some European countries, Canada and Brazil. The four maj
or satellite positioning systems — GPS (US), Beidou (China), GLONASS (Russia) and Galileo (Europe) — may also comple
ment each other to provide the most accurate positioning services. And once China and the US engage in a major sp
ace project, many other countries will join in and thus take space exploration to a new stage.
Sino-US space cooperation will stimulate the development of relevant industries and bring tangible benefits to the people. Space explora
tion will set in motion a series of space industries such as manufacturing, agriculture, resources, e
ergy and tourism. These may become new sources of growth for the world economy, promote industrial techn
ologies, and help address some global challenges such as climate change and energy depletion.
And the new products and services so generated will improve people’s lives and contribute to social progress.