IN BRIEF (Page 2)

Countries sign historic AIIB agreement

The China-initiated Asian Infrastructure Investment Bank took a historic step forward on June 29 with the signing of a framework for the 57-member institution.

"The signing of the document reveals the commitment of the parties involved in the founding of the AIIB, ... and China will work with the other members to ensure the AIIB adheres to the highest standards in professionalism, efficiency and transparency," President Xi Jinping told representatives of the founding countries who gathered in Beijing to sign the agreement.

The AIIB, proposed by Xi in October 2013, is the first major multilateral lender with developing countries holding the majority of the shares and votes. The bank will have authorized capital of $100 billion. China has a 30.34 percent stake and 26.06 percent of the votes, according to the agreement. India and Russia are the second and third-largest shareholders.

Yuan can boost stability in Eurasia

A top Chinese banker has expressed deep concern about the worsening debt crisis in Greece and the unstable exchange rate of the euro, as China quickens its pace of cooperation with European partners.

"Recently, the Greek debt crisis and the unstable exchange rate of the euro have raised concerns again," Tian Guoli, chairman of Bank of China, said ahead of Premier Li Keqiang's European visit. "We sincerely hope the euro, as well as the financial markets in Europe, can be stabilized."

Tian said the renminbi and euro can play a stabilizing role and help foster a safe and reliable finance environment.

Chinese becoming taller, heavier

Chinese people are eating more thanks to their deeper pockets, making them slightly taller, but also a lot fatter, according to a National Health and Family Planning Commission report on June 30.

In the decade since 2002, when China first released a national report on citizens' nutrition and health, the proportion of overweight adults has increased by 32 percent and obese adults by 67 percent.

The statistics for children aged 6 to 17 are even more alarming, with the number of overweight kids doubling and obese children tripling.

At a news conference about the report, Zhao Wenhua, deputy director of the Nutrition and Health Institution of the Chinese Center for Disease Control and Prevention, said the increase was larger than that in the industrial world in general. But the rates in China are still lower than in Western countries such as the US, she said.

Tourists to get tax refunds on shopping

Beijing and Shanghai will offer tax refunds on purchases made by overseas visitors starting on July 1, kicking off a program to bolster tourism and sales of items popular with foreign visitors, such as souvenirs, silk, porcelain and traditional Chinese medicine.

The rebate program is meant to significantly stimulate the development of Beijing's tourism, which has seen slow growth in spending and a decrease in visitors, said Wang Yue, deputy director of the Beijing Municipal Commission of Tourism Development.

"The tax refund policy is a new step in building Beijing as an internationalized tourism destination," Wang said.

Tourists from overseas, as well as those from Hong Kong, Macao and Taiwan who have stayed in the Chinese mainland for no more than 183 days, will be eligible for an 11 percent rebate on consumer goods bought at designated stores.

(China Daily European Weekly 07/03/2015 page2)