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Six senior officials with special committees of the National People’s Congress （NPC）， China’s top legislature， and commissions of the NPC Standing Committee pledged allegiance to the Constitution under the supervision of NPC Standing Committee Chairman Zhang Dejiang at the Great Hall of the People in Beijing on February 26.
It is the first oath-taking ceremony held by the NPC for new officials.
Newly appointed officials at all levels should take a public oath of allegiance to the Constitution while assuming office， according to a resolution of the NPC Standing Committee that took effect on January 1.
Poverty Reduction
China was successful in reducing rural poverty last year with the number of rural poor people falling by 14.42 million to 55.75 million， official data showed on February 29， though the urban-rural gap is still prominent across the country.
Over 17 million urban residents and 49 million rural people received minimum living allowances as of the end of 2015， the National Bureau of Statistics （NBS） said in a statement posted on its website.
“Disparities between urban and rural areas continued to narrow last year，” said Xu Xianchun， Deputy Director of the NBS. “Urban incomes were 2.73 times higher than rural incomes， down 2 percentage points from one year earlier.”
Deducting price factors， the percapita disposable income of urban residents rose 6.6 percent year on year in 2015， while that of rural residents increased 7.5 percent. The percapita net income of rural residents stood at 10，772 yuan （$1，657） last year， according to the statement.
Space Lab
China will launch its second space lab Tiangong-2 later this year， which will dock with a cargo ship scheduled to be launched next year， sources from the manned space program said on February 28.
The country also plans to launch the Shenzhou-11 spacecraft， which will carry two astronauts， in the fourth quarter to dock with Tiangong-2， according to the program’s spokesperson.
After its first test flight at the Wenchang Satellite Launch Center in south China’s Hainan Province， a next-generation Long March-7 rocket will put the country’s first cargo ship Tianzhou-1， which literally means Heavenly Vessel， into space in the first half of 2017 to dock with Tiangong-2 and conduct experiments.
China plans to conduct experiments on key technologies， including cargo transportation， inorbit propellant resupply， astronauts’medium-term stay， as well as space science and application experiments on a relatively large scale， the spokesperson said. Preparation for the space lab program is steadily progressing， they added. The astronauts chosen for Shenzhou-11 are receiving training， while the Tiangong-2， Shenzhou-11， two Long March-2F carrier rockets to be used to lift them into space， the Long March-7 rocket， and the Tianzhou-1 are either being assembled or undergoing assembly examination.
China’s multi-billion-dollar space program aims to put a perma- nent manned space station in space by 2022， with construction on the station to be completed by 2020， the spokesperson added.
Juvenile Protection
The Ministry of Civil Affairs has inaugurated a new office devoted to protecting minors， especially China’s tens of millions of children “left behind” by their parents working away from home in cities.
The office， under the ministry’s Department of Social Affairs， plans to assess and improve the management of databases for left-behind children in rural areas， according to a ministry statement.
The new office will be responsible for establishing an interministerial joint conference system to coordinate efforts of different government branches.
More than 60 million children are considered “left behind” in China， and a lack of proper arrangements for many has led to a number of heartbreaking situations， such as the suicide last year of four children in southwest China’s Guizhou Province.
Antarctica Trip
Chinese icebreaker Xue Long， or Snow Dragon， rounded off its second tour around Antarctica on February 27.
The 75-day trip of over 18，000 nautical miles was also the research vessel’s first counterclockwise voyage around the ice-covered continent.
During the tour， Xue Long， which is on its 32nd expedition mission， made a stopover at the Great Wall Station on the King George Island， China’s first Antarctic station on the continent， and revisited Chile’s Port of Punta Arenas after 16 years.
On February 6， the icebreaker arrived at the southernmost point of the tour—also the southernmost point ever reached by a Chinese vessel—at 77.47 degrees south latitude and 166.16 degrees east longitude in the Ross Sea， where scientists examined the area in search of possible locations for China’s fifth Antarctic research station.
On February 21， Xue Long docked at Australia’s Casey Station， bringing it 392 tons of supplies the Australian side had requested the Chinese vessel to help transport under the Antarctic research cooperation framework between the two countries.
After completing more research work in the sea area west of the Prydz Bay， Xue Long will conclude its mission and set sail for home on March 10. TCM Promotion
The nation will develop traditional Chinese medicine （TCM） into a pillar industry， according to a blueprint released by the State Council， China’s Cabinet， on February 26. The plan proposes universal access to TCM care by 2020. By 2030， TCM should make a notably greater contribution to social and economic development， it said.
The plan， calling for equal attention to TCM and Western medicine， set out tasks including “Internet Plus TCM，” integrating TCM with elder care and tourism， protecting the inheritance of knowledge and technology， developing new drugs—particularly those used in treating major communicable disease and severe illnesses—and boosting industrialized production of drugs.
The plan also calls for changes to the law and standardization， along with teaching TCM basics to primary and middle school students.
Longer Living
Life expectancy in Beijing rose slightly from 2014 to reach 81.95 years in 2015， according to an annual report by the Beijing Municipal Commission of Health and Family Planning.
The life expectancy rose by 0.14 years from the figure in 2014， the commission said. The infant mortality rate was 0.21 percent.
The top three fatal diseases were cancer， heart diseases and cerebral vascular diseases， according to the report.
Yangtze Clean-Up
China’s top economic planning agency vowed on February 26 to improve the water quality of the Yangtze River as part of wider measures to balance economic activities and environmental protection along the world’s third longest river.
In the years leading up to 2020， China will work to ensure that over 75 percent of water in the Yangtze economic belt at least meets the Grade III standard， according to the National Development and Reform Commission （NDRC）.
China classifies water quality into six levels， from level I， which is suitable for drinking after minimal treatment， to level VI， which is severely contaminated.
The NDRC said that China aims to make over 97 percent of the water from sources along the Yangtze belt Grade III before 2020.
Open Class
Students paste their written wishes on Chinese dreams to a wall during a patriotic education activity in Zhuhai， Guangdong Province， on March 1.
More than 600 teenagers from Guangdong as well as Hong Kong and Macao special administrative regions took part in the activity.
Facilitating Tourism Chinese and American officials launch the China-U.S. Tourism Year at a ceremony in Beijing on February 29.
The program was announced by Chinese President Xi Jinping and his U.S. counterpart Barack Obama last September.
It aims to increase travel and tourism between the two countries through a variety of methods， including enhancing travel experiences， promoting cultural understanding， and expanding appreciation of natural wonders.
In 2015， two-way tourist visits between the two countries surpassed 4.75 million.
Robotic Exoskeleton
A China-developed robotic exoskeleton， which can help disabled people to walk again， will be put into production this year， its developer announced on February 26.
The Center for Robotics at University of Electronic Science and Technology of China， based in Chengdu， Sichuan Province， has been developing robotic exoskeleton since 2010， which is a wearable robot that can be clasped on one’s waist and legs to help with walking and movement.
It can assist those who suffer from hemiplegia and limb paralysis with walking， according to Cheng Hong， Executive Director of the center.
“From mechanical and electric design to software research， all were independently developed by the center，” Cheng said. “We hope to see our robotic exoskeleton used as part of medical rehabilitation.”
Liquidity Easing
On March 1， China’s central bank lowered its reserve requirement ratio（RRR） for commercial banks by 0.5 percentage points， the latest effort to bolster growth.
The move， the first such cut this year， aims to “ensure reasonably ample liquidity in the financial system， guide a stable and appropriate growth in credit， and create a favorable financial environment for supply-side structural reform，” the People’s Bank of China （PBOC） said in a statement on its website.
The decision surprised the market as the PBOC has conducted open market operations and lending facilities more frequently to pump cash into the market in recent months for fear of further slips by the Chinese currency yuan.
PBOC Governor Zhou Xiaochuan disclosed the fine-tuning of China’s policy stance， shifting from a “prudent” monetary policy to one that is“prudent with a slight easing bias” in Shanghai on February 27.
To boost economic growth， which in 2015 slowed to its lowest level in a quarter of a century， the central bank lowered the RRR five times last year. Green Wealth
Two women from the Tujia ethnic group show off locally grown tea leaves to visitors in Yanhe Tujia Autonomous County， Guizhou Province， on March 1.
The local government has hired experts to help farmers grow high-quality tea， which generates a revenue of more than 12 million yuan （$1.83 million） every year.
Recovery Boost
On February 27， G20 nations pledged to use all their policy tools， including monetary， fiscal and structural ones， to strengthen a global recovery.
“The global recovery continues， but it remains uneven and falls short of our ambition for a strong， sustainable and balanced growth，” noted a communiqué issued after the twoday G20 Finance Ministers and Central Bank Governors Meeting in Shanghai.
The participants cited volatile capital flows， slumping commodity prices， escalated geopolitical tensions， a potential UK exit from the EU and increasing refugees as major vulnerabilities affecting the global economy.
To foster confidence， monetary policies will continue to support economic activity and ensure price stability， but monetary tools alone cannot lead to balanced growth， said the communiqué. “We will use fiscal policy flexibly to strengthen growth， job creation and confidence，” it added.
The nations reaffirmed their previous exchange rate commitments， including refraining from competi- tive devaluations and not targeting exchange rates for competitive purposes.
“We will carefully calibrate and clearly communicate our macroeconomic and structural policy actions to reduce uncertainty， minimize negative spillovers and promote transparency，” the communiquépledged.
Relaxed Limits
China’s new rules that will further relax quota allocation and foreign exchange control are credit positive for foreign asset managers， Moody’s said in a report on February 27.
Earlier this February， the State Administration of Foreign Exchange of China announced that it will give licensed foreign institutional investors—those participating in the Qualified Foreign Institutional Investors （QFII） program—more flexibility to invest in onshore investment products.
Following the change， the quota allocation process， which determines how much any given foreign investor can invest directly in Chinese assets， is simpler and more transparent， and the quota limits have been relaxed. This regulatory liberalization is credit positive for QFII-licensed foreign asset managers， such as BlackRock Asset Management and UBS Global Asset Management， as they will enjoy more flexibility in the way they manage their cross-border investments， Moody’s said.
This additional flexibility will， over time， favor asset inflows from foreign institutional investors， whose current investment in Chinese capital markets remain marginal， Moody’s said.
The rule changes have removed some of the barriers to redemption and repatriation of funds， which in turn will lead to higher liquidity， Moody’s added.
Since December 2002， when the QFII program was launched with a total quota of $4 billion， China has simplified and relaxed access to the QFII scheme， allowing more foreign institutions to invest in a growing amount of assets.
Slipping PMI
China’s manufacturing activity contracted for the seventh straight month in February， signaling persistent weakness， official data showed on March 1.
The purchasing managers’index （PMI） fell to its lowest level since August 2012 at 49， down from January’s 49.4， according to the National Bureau of Statistics （NBS） and the China Federation of Logistics and Purchasing. A reading above 50 indicates expansion， while a reading below 50 reflects contraction.
NBS statistician Zhao Qinghe attributed the retreat to slowing factory activity during the Chinese Lunar New Year holidays in early February， as well as the trimming of industrial overcapacity.
The breakdown showed that the sub-index measuring production stood at 50.2， down 1.2 points from a month earlier， and that for new or- ders settled at 48.6， down 0.9 points.
The PMI for the non-manufacturing sector came in at 52.7 in February， down from 53.5 in January.
The service sector sub-index stood at 52.2 in February， down 0.5 points from January.
Businesses related to retail， travel， post and catering services expanded in February， thanks to the Lunar New Year holidays， Zhao said.
The sub-index for new orders settled at 48.7， down 0.9 points from the previous month， showing dwindling demand in the nonmanufacturing sector.
Job Commitments
China will make stable employment a priority as structural reform affects the job market， said Vice Premier Ma Kai on March 1.
The government should focus on stable employment along with economic expansion， said Ma at a State Council meeting. Local authorities should support mass entrepreneurship and innova- tion since they can create jobs. In addition， migrant workers should be encouraged to start up their own businesses back in their hometown.
Workers that are made redundant as industrial overcapacity is addressed should be relocated and offered training.
Policymakers have made cutting overcapacity a top priority in supplyside structural reform， which will help the world’s second-largest economy achieve sustainable growth.
In the process of overcapacity cuts， around 1.3 million people in the coal and steel sectors are expected to lose their jobs， according to Minister of Human Resources and Social Security Yin Weimin.
China has successfully met its employment targets for the past five years with 64 million jobs added and a low registered urban unemployment rate of 4.1 percent， a bright spot in China’s economic and social development， Ma said.
Maiden Flight Expected
The cabin of a China-made C919 large passenger aircraft at its research base in Shanghai， east China.
C919 is the first civil aircraft produced domestically in accordance with the latest international airworthiness standards. Its first flight is scheduled for later this year.
Spring Ploughing
Farmers select rotary cultivators in an agricultural machinery factory in Julu County， Hebei Province， on March 1.
Bank Preparations
China and the BRICS New Development Bank signed documents in Shanghai on February 27， marking the completion of the legal procedures before the operation of the bank.
The documents govern the establishment of the headquarters of the bank in Shanghai and make provision for the requisite immunities， privileges and other facilities to be accorded to the bank.
The multilateral development institution operated by the BRICS members （Brazil， Russia， India， China and South Africa） was launched last July as an alternative to the existing multilateral development bodies such as the World Bank and the International Monetary Fund.
With an initial subscribed capital of $50 billion to finance， it will “start appraisal of the potential projects in April，” said Chinese Foreign Minister Wang Yi. He added that China hopes the bank will support the development and connectivity of BRICS countries and developing economies at large.
Commenting on the downward pressure faced by BRICS economies， Wang said that economic growth slowdown is not unique to the BRICS members， but a problem worldwide.
“The BRICS countries are poised for growth and an increasing role in international political and economic affairs，” Wang said.
It is the first oath-taking ceremony held by the NPC for new officials.
Newly appointed officials at all levels should take a public oath of allegiance to the Constitution while assuming office， according to a resolution of the NPC Standing Committee that took effect on January 1.
Poverty Reduction
China was successful in reducing rural poverty last year with the number of rural poor people falling by 14.42 million to 55.75 million， official data showed on February 29， though the urban-rural gap is still prominent across the country.
Over 17 million urban residents and 49 million rural people received minimum living allowances as of the end of 2015， the National Bureau of Statistics （NBS） said in a statement posted on its website.
“Disparities between urban and rural areas continued to narrow last year，” said Xu Xianchun， Deputy Director of the NBS. “Urban incomes were 2.73 times higher than rural incomes， down 2 percentage points from one year earlier.”
Deducting price factors， the percapita disposable income of urban residents rose 6.6 percent year on year in 2015， while that of rural residents increased 7.5 percent. The percapita net income of rural residents stood at 10，772 yuan （$1，657） last year， according to the statement.
Space Lab
China will launch its second space lab Tiangong-2 later this year， which will dock with a cargo ship scheduled to be launched next year， sources from the manned space program said on February 28.
The country also plans to launch the Shenzhou-11 spacecraft， which will carry two astronauts， in the fourth quarter to dock with Tiangong-2， according to the program’s spokesperson.
After its first test flight at the Wenchang Satellite Launch Center in south China’s Hainan Province， a next-generation Long March-7 rocket will put the country’s first cargo ship Tianzhou-1， which literally means Heavenly Vessel， into space in the first half of 2017 to dock with Tiangong-2 and conduct experiments.
China plans to conduct experiments on key technologies， including cargo transportation， inorbit propellant resupply， astronauts’medium-term stay， as well as space science and application experiments on a relatively large scale， the spokesperson said. Preparation for the space lab program is steadily progressing， they added. The astronauts chosen for Shenzhou-11 are receiving training， while the Tiangong-2， Shenzhou-11， two Long March-2F carrier rockets to be used to lift them into space， the Long March-7 rocket， and the Tianzhou-1 are either being assembled or undergoing assembly examination.
China’s multi-billion-dollar space program aims to put a perma- nent manned space station in space by 2022， with construction on the station to be completed by 2020， the spokesperson added.
Juvenile Protection
The Ministry of Civil Affairs has inaugurated a new office devoted to protecting minors， especially China’s tens of millions of children “left behind” by their parents working away from home in cities.
The office， under the ministry’s Department of Social Affairs， plans to assess and improve the management of databases for left-behind children in rural areas， according to a ministry statement.
The new office will be responsible for establishing an interministerial joint conference system to coordinate efforts of different government branches.
More than 60 million children are considered “left behind” in China， and a lack of proper arrangements for many has led to a number of heartbreaking situations， such as the suicide last year of four children in southwest China’s Guizhou Province.
Antarctica Trip
Chinese icebreaker Xue Long， or Snow Dragon， rounded off its second tour around Antarctica on February 27.
The 75-day trip of over 18，000 nautical miles was also the research vessel’s first counterclockwise voyage around the ice-covered continent.
During the tour， Xue Long， which is on its 32nd expedition mission， made a stopover at the Great Wall Station on the King George Island， China’s first Antarctic station on the continent， and revisited Chile’s Port of Punta Arenas after 16 years.
On February 6， the icebreaker arrived at the southernmost point of the tour—also the southernmost point ever reached by a Chinese vessel—at 77.47 degrees south latitude and 166.16 degrees east longitude in the Ross Sea， where scientists examined the area in search of possible locations for China’s fifth Antarctic research station.
On February 21， Xue Long docked at Australia’s Casey Station， bringing it 392 tons of supplies the Australian side had requested the Chinese vessel to help transport under the Antarctic research cooperation framework between the two countries.
After completing more research work in the sea area west of the Prydz Bay， Xue Long will conclude its mission and set sail for home on March 10. TCM Promotion
The nation will develop traditional Chinese medicine （TCM） into a pillar industry， according to a blueprint released by the State Council， China’s Cabinet， on February 26. The plan proposes universal access to TCM care by 2020. By 2030， TCM should make a notably greater contribution to social and economic development， it said.
The plan， calling for equal attention to TCM and Western medicine， set out tasks including “Internet Plus TCM，” integrating TCM with elder care and tourism， protecting the inheritance of knowledge and technology， developing new drugs—particularly those used in treating major communicable disease and severe illnesses—and boosting industrialized production of drugs.
The plan also calls for changes to the law and standardization， along with teaching TCM basics to primary and middle school students.
Longer Living
Life expectancy in Beijing rose slightly from 2014 to reach 81.95 years in 2015， according to an annual report by the Beijing Municipal Commission of Health and Family Planning.
The life expectancy rose by 0.14 years from the figure in 2014， the commission said. The infant mortality rate was 0.21 percent.
The top three fatal diseases were cancer， heart diseases and cerebral vascular diseases， according to the report.
Yangtze Clean-Up
China’s top economic planning agency vowed on February 26 to improve the water quality of the Yangtze River as part of wider measures to balance economic activities and environmental protection along the world’s third longest river.
In the years leading up to 2020， China will work to ensure that over 75 percent of water in the Yangtze economic belt at least meets the Grade III standard， according to the National Development and Reform Commission （NDRC）.
China classifies water quality into six levels， from level I， which is suitable for drinking after minimal treatment， to level VI， which is severely contaminated.
The NDRC said that China aims to make over 97 percent of the water from sources along the Yangtze belt Grade III before 2020.
Open Class
Students paste their written wishes on Chinese dreams to a wall during a patriotic education activity in Zhuhai， Guangdong Province， on March 1.
More than 600 teenagers from Guangdong as well as Hong Kong and Macao special administrative regions took part in the activity.
Facilitating Tourism Chinese and American officials launch the China-U.S. Tourism Year at a ceremony in Beijing on February 29.
The program was announced by Chinese President Xi Jinping and his U.S. counterpart Barack Obama last September.
It aims to increase travel and tourism between the two countries through a variety of methods， including enhancing travel experiences， promoting cultural understanding， and expanding appreciation of natural wonders.
In 2015， two-way tourist visits between the two countries surpassed 4.75 million.
Robotic Exoskeleton
A China-developed robotic exoskeleton， which can help disabled people to walk again， will be put into production this year， its developer announced on February 26.
The Center for Robotics at University of Electronic Science and Technology of China， based in Chengdu， Sichuan Province， has been developing robotic exoskeleton since 2010， which is a wearable robot that can be clasped on one’s waist and legs to help with walking and movement.
It can assist those who suffer from hemiplegia and limb paralysis with walking， according to Cheng Hong， Executive Director of the center.
“From mechanical and electric design to software research， all were independently developed by the center，” Cheng said. “We hope to see our robotic exoskeleton used as part of medical rehabilitation.”
Liquidity Easing
On March 1， China’s central bank lowered its reserve requirement ratio（RRR） for commercial banks by 0.5 percentage points， the latest effort to bolster growth.
The move， the first such cut this year， aims to “ensure reasonably ample liquidity in the financial system， guide a stable and appropriate growth in credit， and create a favorable financial environment for supply-side structural reform，” the People’s Bank of China （PBOC） said in a statement on its website.
The decision surprised the market as the PBOC has conducted open market operations and lending facilities more frequently to pump cash into the market in recent months for fear of further slips by the Chinese currency yuan.
PBOC Governor Zhou Xiaochuan disclosed the fine-tuning of China’s policy stance， shifting from a “prudent” monetary policy to one that is“prudent with a slight easing bias” in Shanghai on February 27.
To boost economic growth， which in 2015 slowed to its lowest level in a quarter of a century， the central bank lowered the RRR five times last year. Green Wealth
Two women from the Tujia ethnic group show off locally grown tea leaves to visitors in Yanhe Tujia Autonomous County， Guizhou Province， on March 1.
The local government has hired experts to help farmers grow high-quality tea， which generates a revenue of more than 12 million yuan （$1.83 million） every year.
Recovery Boost
On February 27， G20 nations pledged to use all their policy tools， including monetary， fiscal and structural ones， to strengthen a global recovery.
“The global recovery continues， but it remains uneven and falls short of our ambition for a strong， sustainable and balanced growth，” noted a communiqué issued after the twoday G20 Finance Ministers and Central Bank Governors Meeting in Shanghai.
The participants cited volatile capital flows， slumping commodity prices， escalated geopolitical tensions， a potential UK exit from the EU and increasing refugees as major vulnerabilities affecting the global economy.
To foster confidence， monetary policies will continue to support economic activity and ensure price stability， but monetary tools alone cannot lead to balanced growth， said the communiqué. “We will use fiscal policy flexibly to strengthen growth， job creation and confidence，” it added.
The nations reaffirmed their previous exchange rate commitments， including refraining from competi- tive devaluations and not targeting exchange rates for competitive purposes.
“We will carefully calibrate and clearly communicate our macroeconomic and structural policy actions to reduce uncertainty， minimize negative spillovers and promote transparency，” the communiquépledged.
Relaxed Limits
China’s new rules that will further relax quota allocation and foreign exchange control are credit positive for foreign asset managers， Moody’s said in a report on February 27.
Earlier this February， the State Administration of Foreign Exchange of China announced that it will give licensed foreign institutional investors—those participating in the Qualified Foreign Institutional Investors （QFII） program—more flexibility to invest in onshore investment products.
Following the change， the quota allocation process， which determines how much any given foreign investor can invest directly in Chinese assets， is simpler and more transparent， and the quota limits have been relaxed. This regulatory liberalization is credit positive for QFII-licensed foreign asset managers， such as BlackRock Asset Management and UBS Global Asset Management， as they will enjoy more flexibility in the way they manage their cross-border investments， Moody’s said.
This additional flexibility will， over time， favor asset inflows from foreign institutional investors， whose current investment in Chinese capital markets remain marginal， Moody’s said.
The rule changes have removed some of the barriers to redemption and repatriation of funds， which in turn will lead to higher liquidity， Moody’s added.
Since December 2002， when the QFII program was launched with a total quota of $4 billion， China has simplified and relaxed access to the QFII scheme， allowing more foreign institutions to invest in a growing amount of assets.
Slipping PMI
China’s manufacturing activity contracted for the seventh straight month in February， signaling persistent weakness， official data showed on March 1.
The purchasing managers’index （PMI） fell to its lowest level since August 2012 at 49， down from January’s 49.4， according to the National Bureau of Statistics （NBS） and the China Federation of Logistics and Purchasing. A reading above 50 indicates expansion， while a reading below 50 reflects contraction.
NBS statistician Zhao Qinghe attributed the retreat to slowing factory activity during the Chinese Lunar New Year holidays in early February， as well as the trimming of industrial overcapacity.
The breakdown showed that the sub-index measuring production stood at 50.2， down 1.2 points from a month earlier， and that for new or- ders settled at 48.6， down 0.9 points.
The PMI for the non-manufacturing sector came in at 52.7 in February， down from 53.5 in January.
The service sector sub-index stood at 52.2 in February， down 0.5 points from January.
Businesses related to retail， travel， post and catering services expanded in February， thanks to the Lunar New Year holidays， Zhao said.
The sub-index for new orders settled at 48.7， down 0.9 points from the previous month， showing dwindling demand in the nonmanufacturing sector.
Job Commitments
China will make stable employment a priority as structural reform affects the job market， said Vice Premier Ma Kai on March 1.
The government should focus on stable employment along with economic expansion， said Ma at a State Council meeting. Local authorities should support mass entrepreneurship and innova- tion since they can create jobs. In addition， migrant workers should be encouraged to start up their own businesses back in their hometown.
Workers that are made redundant as industrial overcapacity is addressed should be relocated and offered training.
Policymakers have made cutting overcapacity a top priority in supplyside structural reform， which will help the world’s second-largest economy achieve sustainable growth.
In the process of overcapacity cuts， around 1.3 million people in the coal and steel sectors are expected to lose their jobs， according to Minister of Human Resources and Social Security Yin Weimin.
China has successfully met its employment targets for the past five years with 64 million jobs added and a low registered urban unemployment rate of 4.1 percent， a bright spot in China’s economic and social development， Ma said.
Maiden Flight Expected
The cabin of a China-made C919 large passenger aircraft at its research base in Shanghai， east China.
C919 is the first civil aircraft produced domestically in accordance with the latest international airworthiness standards. Its first flight is scheduled for later this year.
Spring Ploughing
Farmers select rotary cultivators in an agricultural machinery factory in Julu County， Hebei Province， on March 1.
Bank Preparations
China and the BRICS New Development Bank signed documents in Shanghai on February 27， marking the completion of the legal procedures before the operation of the bank.
The documents govern the establishment of the headquarters of the bank in Shanghai and make provision for the requisite immunities， privileges and other facilities to be accorded to the bank.
The multilateral development institution operated by the BRICS members （Brazil， Russia， India， China and South Africa） was launched last July as an alternative to the existing multilateral development bodies such as the World Bank and the International Monetary Fund.
With an initial subscribed capital of $50 billion to finance， it will “start appraisal of the potential projects in April，” said Chinese Foreign Minister Wang Yi. He added that China hopes the bank will support the development and connectivity of BRICS countries and developing economies at large.
Commenting on the downward pressure faced by BRICS economies， Wang said that economic growth slowdown is not unique to the BRICS members， but a problem worldwide.
“The BRICS countries are poised for growth and an increasing role in international political and economic affairs，” Wang said.