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Vanuatu ambassador hails China's earthquake relief efforts

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      Vanuatu ambassador hails China's earthquake relief efforts

      2025-01-03 18:59 Last Updated At:01-04 02:27

      Vanuatu's Ambassador to China Nguk Yang Dennis Nai has expressed his gratitude to the Chinese government for its timely humanitarian aid, which he said will play a crucial role in helping the Pacific Island nation rebuild and recover from the devastating earthquake that struck last month.

      On Dec 17 last year, Vanuatu was hit by a powerful 7.3-magnitude earthquake which killed 14, injured more than 200, and severely damaged the country's urban infrastructures.

      A Chinese cargo plane arrived in Vanuatu's capital Port Vila on Thursday, bringing much-needed relief supplies, including tents, folding beds, water purification systems, non-perishable instant food, and essential medical equipment.

      In an interview with the China Global Television Network (CGTN), ambassador Nai extended his thanks to China for its support.

      "We are very glad to have a friend like China. It was the first one to respond. On the very next day, they have donated to my country 10,000 U.S. dollars. Three days later, the Red Cross (Society of China) gave 100,000 U.S. dollars to our Red Cross. And also two days later, the Chinese government has helped us with another million dollars in USD. On top of that, there was a plane that arrived yesterday (Jan. 1) from Shenzhen. It comes with 35 tons of aid and very importantly, there are four engineers to help us evaluate the worthiness of the building. On top of that, we have medical supplies (from China), abundant medical supplies that in normal times is good for one year. So, this come in very needy times, it is a great help from the Chinese government and not only from government to government, even from people to people. There were lots of people that donated money to help us out through this disaster. Not only from companies, but even from the private sector too," he said.

      In addition to the current disaster relief, Nai also said Vanuatu looks forward to deepening cooperation with China in disaster prevention and mitigation, particularly against the backdrop of intensifying climate change.

      "Vanuatu is located in the South Pacific. Because of climate change, we have lots of challenges every year, earthquakes, typhoons, during the cyclone seasons, but whenever there are things like these, China is always there for us. This modern-day technology from China is very helpful to the people of the Pacific islands. It's not only helpful to Vanuatu, but the whole Pacific," he said.

      Vanuatu ambassador hails China's earthquake relief efforts

      Vanuatu ambassador hails China's earthquake relief efforts

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      China's local gov't bond issuance hits new high in Q1

      2025-05-15 21:26 Last Updated At:21:37

      China's local government bond issuance reached 2.84 trillion yuan (about 390.6 billion U.S. dollars) in the first quarter of this year, marking an over 80 percent year-on-year increase and setting a new record.

      The issuance and usage of local government bonds have become a key driver in boosting domestic demand.

      In terms of issuance structure, the largest portion is the 1.47 trillion yuan refinancing special bonds, which are to replace existing debts. They took up 52 percent of the total.

      Since this year, the scale of implicit local debts in several places has seen a decline. Especially in provinces like Jiangsu, Jilin, Qinghai, and Hunan, their implicit debts were fully cleared; Other regions completed their annual replacement quota.

      "Dissolving implicit debts follows last year's plan. So far, this year's debt issuance has proceeded over 50 percent, clearing some problems in China's economic cycle," said Luo Zhiheng, chief economist of Yuekai Securities.

      On the other hand, in the first three months of 2025, new special bond issuance for infrastructure came in at nearly 960.3 billion yuan (132.8 billion U.S. dollars), up 51 percent year on year.

      From the capital allocation perspective, the focus is on areas such as municipal and industrial parks, rail transit, and land reserves.

      The issuance of new local special bonds has been accelerated, facilitating the improvement of available funds and the advancement of projects.

      "In the first quarter, the Chinese economy was off to a good start, thanks to the accelerated issuance and use of local government bonds, which boosted the recovery of infrastructure investment. The usage structure and purpose of special bonds have become more diverse, conducive to China's demand expansion and supply structure optimization," Luo said.

      China's local gov't bond issuance hits new high in Q1

      China's local gov't bond issuance hits new high in Q1

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