Xi-Putin Summit - Journalists Must Cultivate 脚力, 眼力, 脑力, 笔力 - Support for MSMEs - 'Crossing the Yalu River' - China-EU Roundtable - Democracy - Pandemic Diplomacy
Hi folks, apologies for skipping yesterday’s edition. Personal work kept me away from the desk through the morning. Here are the stories and pieces that I found noteworthy from Thursday, December 16, 2021, edition of the People’s Daily.
Page 1: Let’s begin with a short story about Xi Jinping meeting with (English report) representatives attending a conference of the All-China Journalists Association and winners of this year’s China Journalism Award. The story has a comment by propaganda chief Huang Kunming. He basically calls on journalists to “study, propagate and implement the spirit of the 6th Plenum, take Xi Jinping Thought on socialism with Chinese characteristics for a new era as the guide, thoroughly publicize and explain the Party’s innovative theories, actively propagate the Party voice, constantly enhance their feet power, eye power, brain power & pen power (脚力, 眼力, 脑力, 笔力), follow the mass line of the new era, actively create a credible, lovely and respectable image of China, and effectively serve the overall situation of the party and the country. The All-China Journalists Association should strengthen ideological and political guidance…”
There was a book released discussing the four powers mentioned above. I also found this 2018 People’s Daily article about them. The piece calls them “political requirements.” Very briefly:
Feet power: “Feet are used to walk and stand. Should we go to the masses or to the homes of leaders? Should we stand in the position of being with the masses or in the position of being with small groups?” 脚是用来走路和站立的，是向人民群众中走还是往领导家中走，是站在人民大众立场上还是站在小团体立场上？
Eye power: Only when one has the Party in one’s eyes and the people in one’s eyes can one see clearly and really see the truth. 眼是用来观察的，眼见未必都是实，眼中看到的有真有假，眼中有党、眼中有民，才能亮堂，就会看清、看懂、看透真情实况。
Brain power: This is, as evident, about thought. It is the process of removing the coarse and selecting the essence, eliminating the false and preserving the true…in that sense, it is essentially political. 脑力是思考的能力，是个去粗取精、去伪存真的过程，这种由此及彼、由表及理的过程本身就是讲政治的过程。
Pen power: The pen is the gun in the hands of propaganda ideological cadres; who do you target and who do you shoot; the politics in the power of the pen is obvious. 笔，是宣传思想干部手中的枪，对准谁，射向谁，笔力中有政治，显而易见.
Next, Xi Jinping met with Vladimir Putin for another online chat. Xinhua reports that “they praised ‘model’ China-Russia relations and pledged to cooperate more on safeguarding the two countries' core interests and upholding international fairness and justice. The two leaders also agreed to have an in-person meeting in February in Beijing.”
This is the second such meeting between Xi and Putin this year, although they’ve met a number of times at different forums this year. And this is the 37th bilateral interaction between them since 2013.
Xinhua English’s report on this began by saying: Xi noted that on multiple occasions Putin has hailed Russia-China relations as a model of coordination between countries in the 21st century, firmly supported China in upholding core interests, and rejected attempts to sow discord between Russia and China. Xi expressed his deep appreciation and readiness to work with Putin to review the new progress made in bilateral relations this year, draw up new plans for cooperation across the board, and promote the sustained and high-quality development of bilateral ties.
PD reports that Xi said the world has entered a period of “turbulent change.” This is owing to the interwoven impact of the profound changes unseen in a century and the pandemic. Amid this, the “China-Russia relationship has withstood the test of various storms and shown new vitality.” In this context, he talked about the renewal of the Sino-Russian Treaty of Good-Neighbourliness, Friendship and Cooperation and support for each other’s core interests, along with working together to defend their national dignity and common interests. 习近平强调，当前，世界百年变局和世纪疫情交织影响，世界进入动荡变革期。中俄关系经受住各种风浪考验，展示出新的生机活力。我同总统先生通过多种方式就重大议题保持沟通和协调，共同为中俄关系把舵领航。双方正式宣布《中俄睦邻友好合作条约》延期并赋予其新的时代内涵，在涉及彼此核心利益问题上坚定相互支持，捍卫了各自国家尊严和两国共同利益.
Bilateral trade in the first three quarters of 2021 exceeded 100 billion U.S. dollars for the first time, and the year-round volume is expected to hit a new record, Xi said. Smooth progress is being made in synergising Belt and Road cooperation with the Eurasia Economic Union, he noted. The two countries have actively fulfilled their responsibilities as major countries, promoted a united, global response to COVID-19, communicated the true meaning of democracy and human rights, and acted as the bulwark of following true multilateralism and upholding fairness and justice in the world, Xi said.
After this, the report has Xi talking about Putin visiting China next year for the Beijing Olympics. He talks about “having in-depth exchanges on bilateral relations and major international and regional issues,” and “opening a new chapter in China-Russia relations in the post-pandemic era.” Xi said of Putin’s visit: “Through this concrete action, you show support to China in hosting the games.”
“Both China and Russia are major countries with global influence and have found development paths suited to their national conditions. China will, as always, firmly support Russia’s efforts to safeguard long-term national peace and stability. I would like to have frequent candid and in-depth exchanges with you on governance experience, so as to jointly guide the sustained and high-level development of China-Russia relations and the national rejuvenation of the two countries.” 中俄两国都是具有世界影响的大国，也都找到了符合本国国情的发展道路。中方将一如既往坚定支持俄方为维护国家长治久安所作的努力。我愿经常同你坦诚深入交流治国理政经验，共同引领中俄关系持续高水平发展，引领两国实现民族复兴.
Xi then said that ‘certain forces in the world’ are trying to meddle in the internal affairs of China and Russia under the pretext of ‘democracy’ and ‘human rights’ and grossly trampling on international law and universally recognised norms governing international relations. China and Russia should carry out more joint actions to safeguard the security interests of both sides more effectively. The two sides need to strengthen coordination and cooperation in international affairs, speak more loudly on issues of global governance, come up with practical solutions with regard to global issues such as the pandemic and climate change, firmly defend international fairness and justice in solving international and regional hotspot issues, and resolutely oppose hegemonic acts and Cold War mentality in the guise of ‘multilateralism’ and ‘rules’. 习近平指出，当前，国际上某些势力打着“民主”、“人权”的幌子对中俄两国内政横加干涉，粗暴践踏国际法和公认的国际关系准则。中俄双方要开展更多联合行动，更加有效维护双方的安全利益。双方要加强在国际事务中的协调和配合，在全球治理上发出更加响亮的声音，就抗疫、气候变化等全球性问题拿出切实可行的方案，在解决国际和地区热点问题中坚定捍卫国际公平正义，坚决反对披着“多边主义”和“规则”外衣的霸权行径和冷战思维.
In the next paragraph, Xi praises China-Russia pandemic cooperation before adding that efforts need to be made now to take “concrete measures to unblock the ‘blocking points’ while strictly preventing the spread of the pandemic across borders. We are also willing to strengthen cooperation and docking with the Russian side in virus detection, vaccine and drug development.” 双方要多想办法，相向而行，在严防疫情跨境传播前提下，落地更多疏通“堵点”的实际举措。我们也愿加强同俄方在病毒检测、疫苗和药物研发方面的合作对接.
The next paragraph talks about technology and energy cooperation. “The two sides need to build on their traditional energy cooperation, pursue more cooperation in new energy, advance the cooperation package in nuclear energy, and explore new cooperation areas such as renewable energy.” This is followed by a bit about the Global Development Initiative.
The next paragraph talks about the SCO. Xi said that “the two sides should support SCO member States in steadily advancing their important domestic political agenda, and never allow external forces to interfere in the internal affairs of regional countries under any pretext. We should firmly grasp the correct direction of the development of the Shanghai Cooperation Organization and take the road of unity and cooperation, shared safety and security, openness and accommodation, mutual learning and mutual learning, fairness and justice.” 双方要支持本组织各成员国平稳推进国内重要政治议程，决不允许外部势力以任何借口干涉地区国家内政。要牢牢把握上海合作组织发展正确方向，走团结合作、安危共担、开放融通、互学互鉴、公平正义之路。
Then it talks about BRICS, calling to “advocate and practice true multilateralism, support the multilateral trading system, and build an open world economy. We should strengthen practical cooperation at the BRICS level, deepen cooperation in public health, expand the ‘BRICS Plus’ model…” Xi then talks about closer cooperation at the UNSC. The priority areas he highlights are pandemic-related cooperation, managing peace and security and promoting economic recovery, and responding “to the general expectations of the international community.” The next paragraph talks about how they discussed “major-power relations and democracy.” Xi said that “democracy is a lofty aspiration and common value of all humanity and also a right enjoyed by people of all countries…Whether a country is democratic or not and how to better realise democracy can only be left to its own people to decide.” He added that “China will enhance communication and coordination with Russia to encourage the international community to take the right view on democracy and defend the legitimate democratic rights of all countries.”
The last paragraph has comments from Putin. He says that bilateral ties are “currently in the best period in history, demonstrating a high degree of strategic mutual trust and setting an example of mutual benefit and win-win relations based on mutual non-interference in internal affairs and mutual respect for each other’s interests.
“China-Russia strategic cooperation has become an important positive factor in effectively solving various international hot-spot issues and maintaining international peace, and has played an important role in consolidating the international order based on international law. I look forward to visiting China soon and attending the opening ceremony of Beijing Winter Olympics. Russia always opposes any attempt to politicise sports. I look forward to having an in-depth exchange of views with you on important issues of common interest and pushing forward the sustained and high-level development of Russia-China relations. Russia is willing to continue strengthening cooperation with China in such fields as trade, oil and gas, finance, and aerospace and aviation, as well as major strategic projects, and further synergise the Eurasian Economic Union with the Belt and Road Initiative. Strengthen anti-epidemic cooperation and oppose politicisation of the pandemic. Further strengthen cultural exchanges and do a good job in the next two years of sports exchanges. Russia will most firmly support the Chinese government’s just position on Taiwan-related issues, resolutely oppose any forces using the Taiwan question to undermine China's interests, and resolutely oppose the formation of any form of ‘small circle’ in the Asia-Pacific region. Any attempt to sow discord between Russia and China will not succeed. Russia is willing to continue to deepen close cooperation with China on multilateral forums, such as the Shanghai Cooperation Organization and the United Nations Security Council, support China’s presidency of BRICS next year, resolutely oppose attempts to interfere in the internal affairs of Russia and China and curb the legitimate development interests of the two countries, and safeguard international fairness and justice and international strategic security and stability. Russia is willing to strengthen communication with China on safeguarding the true democratic rights of all countries.” 普京表示，当前俄中关系正处于前所未有的历史最好时期，体现出高度的战略互信，树立了在互不干涉内政、相互尊重彼此利益基础上实现互利共赢的榜样，堪称21世纪国际关系的典范。今年是《俄中睦邻友好合作条约》签署20周年，俄中正式宣布条约延期。双方克服新冠肺炎疫情影响，保持密切交往，积极推动经贸、能源、科技等各领域务实合作稳步发展，就国际和地区问题开展沟通协调。俄中战略协作已经成为有效解决各种国际热点问题、维护国际和平的重要积极因素，为巩固以国际法为基础的国际秩序发挥了重要作用。我期待很快访华并出席北京冬奥会开幕式，俄方一贯反对将体育政治化的图谋。我期待届时同你就共同关心的重要问题深入交换意见，推动俄中关系持续高水平发展。俄方愿同中方继续加强经贸、油气、金融、航空航天等领域以及战略性大项目合作，推进欧亚经济联盟同“一带一路”倡议进一步对接。加强抗疫合作，反对将疫情政治化。进一步加强人文交流，搞好明后两年体育交流年。俄方将最坚定地支持中国政府在涉台问题上的正当立场，坚决反对任何势力借涉台问题损害中方利益，坚决反对在亚太地区组建任何形式的“小圈子”，任何挑拨离间俄中关系的图谋都不会得逞。俄方愿同中方继续深化在上海合作组织、联合国安理会等多边场合的密切协作，支持中方明年担任金砖国家主席国工作，坚决反对干涉俄中两国内政和遏制两国正当发展利益的企图，捍卫国际公平正义，维护国际战略安全与稳定。俄方愿同中方就维护各国真正民主权利问题加强沟通.
Here’s the Russian readout of Putin’s comments. This does not mention Taiwan at all. But he does say that:
“a new model of cooperation has developed between our countries, a model based, in part, on the principles of non-interference in each other’s affairs and mutual resolve to turn our common border into a belt of eternal peace and good-neighbourliness. We are strengthening our trade and economic ties: from January to November this year, our mutual trade has increased by 31 percent to US$123 billion. We have beaten the record of the pre-pandemic year, 2019. In the near term, as agreed, we will pass the US$200 billion mark. We are implementing a number of large-scale joint projects in energy, including nuclear generation, industry and high technology. From the very beginning of the pandemic, we have firmly joined forces in responding to the coronavirus infection. China has become an international centre for the production of the Russian vaccines Sputnik V and Sputnik Light. Contracts for more than 150 million doses have been signed with six Chinese manufacturers. The multifaceted dialogue mechanism between the two countries’ governments and relevant agencies is working smoothly, and parliamentary cooperation is strengthening. The foreign policy and defence departments maintain ongoing contact. Russia and China’s close coordination in the world arena, and their responsible joint approach to current global problems have become a significant factor of stability in international relations. We are active on platforms such as the UN Security Council, the Shanghai Cooperation Organisation, and the BRICS. We are both contributing to the formation of a just world order based on international law.”
Third, we have a report on the State Council’s weekly meeting, which talked about adopting “market-based measures to double down on financial support for micro, small, and medium enterprises, to support market players and cushion the new downward economic pressure.” Xinhua English has a detailed report.
“The meeting noted the importance to act on the guiding principles adopted at the Central Economic Work Conference, put economic development front and center, prioritize stable performance while pursuing progress, maintain stability on the six priority fronts and provide protections in the six key areas.” — the six stabilities and six guarantees.
Li Keqiang said: “The MSMEs and the self-employed are facing great difficulties. In the first half of next year, the impact of the commodity price rises will be felt by downstream enterprises and add to their pressure. We need to take multi-pronged measures to help the smaller businesses and the self-employed to get through this difficult period.” There are four broad steps announced for support for MSMEs.
First, replace the inclusive loan repayment extension support tool for micro and small enterprises (MSEs) with inclusive loans for them. From the beginning of next year till the end of June 2023, the People's Bank of China will provide funds to local banks who issue inclusive loans to MSEs and the self-employed equivalent to one percent of the increase in their loan balance, to encourage them to issue more such loans.
Second, from next year, inclusive credit loans to MSEs will be incorporated into the re-lending program for agriculture and small firms. The 400-billion-yuan (about 63 billion U.S. dollars) re-lending quota previously designated for MSE inclusive credit loans can be rolled over, and expanded if needed. Qualified local banks making inclusive credit loans to MSEs can apply to the People’s Bank of China for low-cost re-lending financial support.
Third, an integrated financing credit service platform network will be put in place at the national level, with a focus on financing service for MSMEs. On the premise of law compliance and data security, information regarding business registration, administrative penalties, court judgments and its enforcement, tax payments and social insurance contributions will be shared, to help banks raise their capacity for serving MSMEs.
Fourth, regulations will be improved concerning evaluation of financial institutions' performance on loan-issuing to MSMEs, and exemption of liability when due responsibilities are fulfilled. Financial institutions will be supported to issue special financial bonds for MSEs. The size of government financing guarantee targeting MSEs will be expanded and its cost lowered.
The next part of the report talks about support for the manufacturing sector. It says that priority should be given to manufacturing firms when implementing tax and fee cut policies, and the scale of medium and long-term loans and credit loans for the sector should be expanded.” In terms of fees and tax cuts, the report talks about increasing additional deductions for R&D expenses. It further adds that efforts should also be made to accelerate the digital transformation in the manufacturing sector, support foreign companies in increasing investment in medium and high-end manufacturing and research centers, and ensure the stability of industrial and supply chains. In addition, the report talks about “encouraging enterprises to take the lead in setting up innovation consortia and accelerate the key core technology research. Promote the deep integration of advanced manufacturing industry and modern service industry.”
A couple of other reports. Li Zhanshu met with (English report) President of the Spanish Congress of Deputies Meritxell Batet. Li talked about enhancing “political mutual trust and strengthen cooperation on connectivity, clean energy and e-commerce, drawing on each other's strengths and achieving win-win results.”
He added that “China and Spain should also uphold multilateralism, jointly safeguard the UN-centered international system, defend the international order based on international law, oppose unilateralism and protectionism, and jointly build a community with a shared future for mankind.”
Next, a report (English report) about Han Zheng visiting Olympic venues and talking about a “simple, safe and splendid” 2022 Olympic Games. Han is the head of a leading group overseeing the Beijing 2022 preparations. He visited the National Skating Oval, the Winter Olympic Village, the Main Media Center, the National Indoor Stadium and the National Aquatics Center.
Finally, Qiushi has published Xi’s speech at the central conference on talent-related work, which was held in September. Here’s my breakdown of the readout that was issued after that meeting.
Page 2: Two pieces based on Xi’s speech about literature and art, which was delivered at the 11th National Congress of the China Federation of Literary and Art Circles and the 10th National Congress of the Chinese Writers Association.
First, a commentary, which says that Xi’s speech was “strategic” and that it was “broad in vision, rich in connotation and profound in thought. It should play an important guiding role “developing socialist literature and art and building a strong socialist culture.” The piece adds that the “overall situation in China’s ideological field has undergone fundamental changes. The cultural confidence of the whole Party and people of all ethnic groups in China has significantly increased, and the cohesion and cohesiveness of the whole society has greatly increased. This has provided a strong ideological guarantee and a strong spiritual force for creating a new situation in the cause of the Party and the country in the new era.”
“Practice has fully proved that the Communist Party of China is a party with high cultural consciousness, an active leader and practitioner of China’s advanced culture, and a faithful inheritor and promoter of China’s excellent traditional culture. The leadership of the Party is the fundamental guarantee for the prosperity and development of Chinese literature and art. Originating from the people, serving the people and belonging to the people is the fundamental position of socialist literature and art, and it is also the driving force for the prosperity and development of socialist literature and art. The new era and the new journey are the historical orientation of contemporary Chinese literature and art. We should adhere to the development path of literature and art guided by Marxism, conforming to China’s national conditions and cultural traditions, and promoting the popularity of the people, serving the people and socialism, adhering to the policy of letting a hundred flowers bloom and a hundred schools of thought contend, adhering to creative transformation and innovative development…” 实践充分证明，中国共产党是具有高度文化自觉的党，既是中国先进文化的积极引领者和践行者，又是中华优秀传统文化的忠实传承者和弘扬者，党的领导是我国文艺繁荣发展的根本保证。源于人民、为了人民、属于人民，是社会主义文艺的根本立场，也是社会主义文艺繁荣发展的动力所在。新时代新征程是当代中国文艺的历史方位，我们要坚持走以马克思主义为指导、符合中国国情和文化传统、高扬人民性的文艺发展道路，坚持为人民服务、为社会主义服务方向，坚持百花齐放、百家争鸣方针，坚持创造性转化、创新性发展，聚焦举旗帜、聚民心、育新人、兴文化、展形象的使命任务，为实现第二个百年奋斗目标、实现中华民族伟大复兴的中国梦提供强大的价值引导力、文化凝聚力、精神推动力.
Second, a reaction story to Xi’s speech.
Page 3: First, a story talking about foreigners thanking China for vaccines. It says that “so far, China has provided more than 1.85 billion doses of vaccines to more than 120 countries and international organizations.” The aim is to hit 2 billion by the end of the year. Second, a report with foreign politicians talking positively about the development achievements of China’s democratic politics.
Third, a report (English report) about the 18th meeting of the China-EU Roundtable. This is a dialogue mechanism jointly launched by the China Economic and Social Council, a Chinese advisory body, and its counterpart, the European Economic and Social Committee, a consultative body of the European Union. Zhang Qingli, president of the CESC, spoke at the meeting. He said:
By last month, the value of goods traded between China and countries involved in the BRI had reached $10.4 trillion, and Chinese enterprises’ direct investment in the countries exceeded $130 billion, Zhang said. It has been 10 years since the China-Europe freight train service started, he said, with more than 1,000 trains running every month. “It has become a vital channel for countries involved to jointly fight the pandemic and promote recovery,” he said. As two major forces for stability and two major economies in the world, China and the EU shoulder common responsibilities in promoting world prosperity and stability, upholding multilateralism and an open world economy, and addressing global challenges, Zhang said. He called on both sides to uphold economic globalisation, better interpret China-EU development policies, and promote cooperation in key areas and the integration of industrial and supply chains. Faced with more complex global challenges in the post-pandemic era, Zhang said China and the EU need to step up cooperation to build a more just international governance system.
Page 4: Three pieces to note. First, a short report about the premiere of the war pic ‘Crossing the Yalu River’, which commemorates the 71st anniversary of “the War to Resist US Aggression and Aid Korea. The movie releases tomorrow. This English report informs that:
“The film pays tribute to the Chinese People’s Volunteer (CPV) army, who fought in the war, and shows their bravery, patriotism and devotion. It recounts the story from the perspective of CPV commander-in-chief Peng Dehuai and represents a number of fierce battles. ‘It's the first full-scale epic film to show the War to Resist U.S. Aggression and Aid Korea,’ said Xue Jijun, a member of the editorial committee of CMG. ‘It's also the first original feature film produced by CMG’.”
Second, a commentary following the CEWC. This one emphasises the need to “adhere to the centralised and unified leadership of the CPC Central Committee.” The commentary praises the Xi-led leadership’s economic policies. It says that “Practice has fully proved that the decision-making arrangements made by the CPC Central Committee with Comrade Xi Jinping as the core are completely correct. The CPC Central Committee is skilled in navigating complex situations and has great wisdom to steer the giant ship of the Chinese economy forward. This is the backbone of our efforts to overcome all risks and challenges.” 实践充分证明，以习近平同志为核心的党中央作出的决策部署是完全正确的，党中央具有驾驭复杂局面的娴熟能力，具有引领中国经济巨轮破浪前行的高超智慧，这是我们战胜一切风险挑战的主心骨. - So, the deeper the challenges get, “the more important it is to give full play to the central and unified leadership of the CPC Central Committee, strengthen the Party’s overall leadership over economic work, and ensure that the giant ship of China’s economy keeps moving in the right direction.”
Subsequently, the piece has advice (I guess I am being polite in calling it advice) for leading cadres in particular. It says that one must “respect the objective reality and the needs of the masses, have systematic thinking and scientific planning, and professional ability” in leading economic work. It is important to realise that economic and social development is a systematic project, and one must comprehensively consider many factors, such as politics and economy, reality and history, material and culture, development and people’s livelihood, resources and ecology, domestic and international, etc. In order to improve professional ability to lead economic work and strengthen the study of economic knowledge and scientific knowledge, leading cadres must also grasp historical knowledge, cultivate cultural knowledge and strengthen ecological understanding... 领导经济工作必须尊重客观实际和群众需求，必须有系统思维、科学谋划，领导经济工作的专业能力十分重要。要深刻认识到，经济社会发展是一个系统工程，必须综合考虑政治和经济、现实和历史、物质和文化、发展和民生、资源和生态、国内和国际等多方面因素。领导干部要提高领导经济工作的专业能力，加强经济学知识、科技知识学习，还必须学习历史知识、厚植文化底蕴、强化生态观念，特别是要悟透以人民为中心的发展思想，坚持正确政绩观，敬畏历史、敬畏文化、敬畏生态，慎重决策、慎重用权，不断改善对经济工作的领导.
The next paragraph informs that the major policies related to economic work for the next year have been set, and the key is to implement them. Leading cadres should improve their ability to implement and unify their thoughts and actions in the spirit of the Central Economic Work Conference.明年经济工作的大政方针已定，关键是抓落实。领导干部要提高抓落实能力，把思想和行动统一到中央经济工作会议精神上来.
Third, there’s a review of the work done with regard to “Peaceful/Safe China.” There are useful data points in the piece. If you are interested in the area, do check out my breakdown of the piece by Guo Shengkun on the subject earlier this month.
On the theory page, the lead piece is by Fu Hua, who I believe is currently the editor-in-chief of Xinhua. He begins by talking about the Century of Humiliation and the official narrative of the Party’s rise to power. He argues that the Party’s work over the past 100 years has today led to the “great achievements of socialism with Chinese characteristics in the new era, and provided a more perfect institutional guarantee, a more solid material foundation and a more active spiritual force for the great rejuvenation of the Chinese nation.” He then says that national rejuvenation has now become “an irreversible historical process.” The next paragraph praises Xi for having a “broad historical vision” and “profound strategic thinking, and firm feelings for the people,” based on which he has coordinated the two overall situations and drawn a “blueprint” for the future. He later also adds: “In the past nine years, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping as the core, China has witnessed a tremendous transformation with great momentum.”
On the international page we have the story about Hungary issuing panda bonds. Here’s from an English report: “Hungary became the first country to complete a yuan-denominated green sovereign Panda bond issue on December 14, Finance Minister Mihaly Varga announced on December 14. The issue was oversubscribed almost two times. Panda bonds are renminbi-denominated bonds from a non-Chinese issuer that are sold in China. The RMB1bn (€139mn) three-year bond issue helps Hungary diversify its debt issuance strategy, expand its presence on the Chinese financial market and broaden the investor base. Proceeds will be used for projects related to fighting climate change.”