There are signs that the central government will not cha

ange its resolution to control house prices, Zhang said, adding that in the future the real estate market will continue to crack down on speculation.

On May 11, Suzhou tightened housing policies further, China Daily ea

rlier reported. The down payment ratio for a family’s first home purchase has been rais

ed from 20 percent to 30 percent.China may grant official 5G licenses, instead of the interim licenses prev

iously planned, to telecom carriers this year and is likely to start commercial use of the superfast wireless technology nat

ionwide in the near future, possibly as soon as October, according to people familiar with the matter.

Newly built property in certain parts of the city cannot

be traded for a three-year period after purchase, and for five years in the case of pre-owned property.

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ed it from repaying investors’ principal and interest. La

September, 53 people in the company were transferred for examination and prosecution.u’an, a county in

China’s Hebei province, 50 kilometers away from Beijing’s Tiananmen Square, is looking to build an innovation-driven coun

Emerging fields including online lending, investment, pension services, consumer reb

ates, financial mutual aid and virtual currencies have become “disaster areas” for economic crimes, said Gao.

Since the collapse of P2P online lending platforms beginning last Jun

e, public security authorities have investigated and handled more than 400 illegal fun

draising platforms and arrested more than 60 fugitives from 16 countries and regions.

“To grab excessive profits, the criminals keep changing and upgrading their criminal

methods, which are usually strongly deceptive,” he said. “Investors should be very cautious.”

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That is something we need in the moment of the 21st century,”

Solana hailed the development of relations between China and the Europea

n Union, saying they could work together to uphold the existing international system.

“I think cooperation between China and the European Union is very impor

tant. And fortunately, that relationship now is in a good direction,” said Solana, who se

rved as the EU’s high representative for common foreign and security policy between 1999 and 2009.

He expected China to play a bigger role in the upcoming Group of 20 summit in Osa

ka, Japan, saying that leaders of major powers should sit down and have productive talks.

He hailed the Belt and Road Initiative, and said it is a good platform for international cooperation.

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China has to walk a fine balance between local govern

nment debt management and stable economic growth, especially at a time when trade te

nsions with the United States have imposed more downward pressure, said economists.

More financial resources and investors will be involved in the debt resolution process, said Qiao Baoyun, head of the Acad

emy of Public Finance and Public Policy at the Central University of Finance and Economics.

The last round of local government debt swaps started in 2015 and ended in August 2018, w

hich saw 14.34 trillion yuan ($2.08 trillion) of local government debt being swapped into bonds.

Local governments are set to face more debt burden in the next three ye

ars, as many of the previously issued bonds are set to expire, income from land sales has

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Chinese coffee startup Luckin Coffee will price its initial p

public offering at $17 per share on Nasdaq Stock Exchanges, CNBC reported on Friday.

This price is at the top of its expected range from $15 to $17 in a regulatory filing, indicating the value of the company at about $4.2 billion.

Luckin Coffee raised $150 million in the most recent Series B+ round of financing, lifting the B

eijing-based company’s valuation to about $2.9 billion, the company announced on April 18.

With the aid of new technology, Luckin Coffee provides customers convenient service with innovative business model.

“The old way is people looking for coffee. With us coffee finds the people,” Luckin Coffee’s Co-founder Eric Guo told CNBC.

As a representative of China’s new retail based on mobile app, Luckin Coffee, founded in 2017, has expanded at a rapid pace.

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Foreign Ministry spokesman Geng Shuang urged the US gover

 government on Tuesday to consider the costs it would bear through raising tariffs.

He reiterated that China will never capitulate under any external pressure and hopes the US meets China halfway.

The US has no need to “worry about” China’s affairs, Geng said at a daily news conference. The country has made progress i

improving its foreign investment environment and has become a popular investment destination, he sa

id, citing the expansion of US-based Exxon Mobil Corp and Tesla Inc in the market last year.

Geng stressed that China welcomes foreign companies to increase investment in the market and will co

ntinue to establish a more stable, fair, transparent and predictable investment and business environment.

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“Learning to work together in an orderly, high trust

level, and supported by diverse interest groups will prevent conflicts among stakeholders in the South China Sea,” Santarita said.

Scientists from China and other countries involved in the Belt and Road Initiative will work together to enhance scientifi

c and technological cooperation in disaster prevention and mitigation, according to a joint declaration.

He said Asia’s emphasis on “respect for authority, respect for the environment and the discipli

ne to control the use of resources” will also see Asian leaders pursuing a more eco-friendly dev

elopment path and honor their commitments to the Paris climate agreement.

“If there is harmony, discipline, stability and the primacy of family and com

munity over the individual, then any problem can be easily addressed,” Santarita said.

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a simple inspection at ports of entry. The administration

was disestablished in the latest government reshuffle and quara

ntine management functions were merged into the General Administration of Customs.

With a rising number of inbound foreign travelers and Chinese students returning home wit

h pets in tow, the administration issued the new rule in January to facilitate entry.

Shanghai Customs inspected 25 cats and 15 other pets at its ports of entry between May 1 and May 5. Twenty-seven of them were all

owed in after on-site inspections. Eleven were put under quarantine, and two were sent back to their original co

untry or region due to the lack of quarantine reports and rabies antibody test results.

Last year alone, 1,577 pets-822 dogs and 755 cats-entered Shanghai from overseas, customs data show.

Shanghai Customs has been publicizing information on the new regulations throu

gh various channels to passengers, including cooperating with more than 60 air carriers, it said.

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teps aimed at helping further develop countryside opt

hina will undertake key measures to further integrate the country’s rural and urban areas

and encourage the transfer and free flow of people and resources throughout the nation.

Measures include relaxing hukou (household registration) barri

ers, reforming zoning regulations for rural and residential land, marketing collective land

in rural areas for development purposes and increasing infrastructure spending in the countryside.

Experts said the new plan, announced by the Communist Party of China Ce

ntral Committee and the State Council late on Sunday, is aimed at helping realize steady progr

ess in rural revitalization, driving up the process of urbanization and further boosting the economy.

China has a three-step plan. First, it will initially build a framework an

d mechanism for integrated development of urban and rural areas, and gradually rem

ove limits on hukou registration in cities by 2022. Second, it will bring about an improved framewo

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Boosting rural areas will help solve dilemmas of ove

rcrowding and rampant construction plaguing cities, and the development of cities will also offer unique ways to bring about rural revitalization,” Chen said.

“As restrictions on hukou will gradually be removed, cities need to be well-prepared to offer

accommodation and employment opportunities, and allow children of migrant workers to have equal access to education,” Chen added.

China has made steady progress in urbanization, as the ranks of permanent urban r

esidents stood at 831 million at the end of 2018, up 17.9 million from the previous year, said the National Bureau of Statistics.

Last month, the National Development and Reform Commission said it

plans to increase the urbanization rate by at least 1 percentage point by the end of this year.

Shen Chi, vice-director of the China Center for Urban Development, said the government’s new

plan will help foster high-quality and sustainable economic development across the nation.

“Relaxing the hukou policy will be a key step in promoting the free flow of labor across

the nation,” Shen said. “A systematic consideration and arrangement of the integratio

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