MNI China Press Digest, June 22: Treasury Bonds, Virus, HK

     BEIJING (MNI) - The following lists highlights from Chinese press reports

on Monday:

     China is requiring local governments to use CNY700 billion of the CNY1

trillion in special Treasury bonds to fund infrastructure projects, while using

the balance of CNY300 billion for spending to counter the epidemic, the China

Business News reported. Citing an unnamed source, the report said the

requirements also stipulate that the return rate of investment for projects

should be no lower than 60%, and should cover the construction of public health

facilities, epidemic prevention systems, food and energy security, as well as

emergency material supplies. Projects receiving funding should be able to use up

the funds before the end of the year, the source added. 

     The resurgence of Covid-19 cases in Beijing should not be considered the

second wave of the coronavirus epidemic as yet, but a sudden small-scale

outbreak which is controllable, the Science and Technology Daily reported citing

Chinese infectious disease expert Zhang Wenhong. Zhang previously predicted the

second wave of the pandemic would start in autumn or winter, and emphasized that

the so-called second wave would see a significant new peak in cases before

declining. The number of new local cases in Beijing city decelerated to nine on

Sunday after more than 200 cases were found in the past over 10 days. 

     China's draft law on safeguarding national security in Hong Kong, which

debuted on the weekend, is not depriving the city of its high degree of autonomy

and the Chinese central government's direct jurisdiction over related cases in

the city will be very limited, the Global Times said in an editorial on Sunday.

Most Hong Kong people should feel reassured by this, because radical forces in

Hong Kong and their main supporter the U.S. may continue to stir up trouble.

These forces are fighting with no chance of victory under the law, the newspaper

said. 

--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com

--MNI Sydney Bureau; +61 405322399; email: lachlan.colquhoun.ext@marketnews.com

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