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China sends twin satellites into space with a single carrier rocket， adding two more members to its domestic BeiDou Navigation Satellite System （BDS）， in Xichang， southwest China’s Sichuan Province， on March 30.
Named after the Chinese term for the Big Dipper， the BeiDou system started providing services over China in 2000 and will serve countries along the Belt and Road by the end of 2018.
Freedom of Religious Belief
China pledged to continue to respect and protect its citizens’freedom of religious belief in a white paper published on April 3 by the State Council Information Offi ce.
As a socialist country under the leadership of the Communist Party of China， it has adopted policies on freedom of religious belief based on national and religious conditions to protect its citizens’ rights； built active and healthy religious relationships； and maintained religious and social harmony， said the white paper titled China’s Policies and Practices on Protecting Freedom of Religious Belief.
“Religious believers and nonbelievers respect each other and live in harmony， committing themselves to reform， opening up and socialist modernization， and contributing to the realization of the Chinese dream of national rejuvenation，” the white paper said.
Protecting freedom of religious belief， properly handling religious relations， adapting them to the times， and curbing religious extremism are common tasks facing all countries around the world， the document continued.
China will uphold the principle that religions in China must be Chinese in orientation and will provide active guidance to religions so that they can adapt themselves to socialist society， it said.
Lawyers’ Protection
The system for protecting and supervising the work of Chinese lawyers has been improved， according to the All China Lawyers Association（ACLA）.
In 2017， lawyers fi led 502 petitions regarding infringements on their work at lawyers’ rights centers established the same year by ACLA’s provincial-level lawyers’ associations nationwide， ACLA said during a recent press conference.
Problems that impede lawyers’work include cases where lawyers are refused or delayed access to their clients； instances where evidence cannot be obtained or collected in full； or cases where lawyers or prosecutors face discrimination.
According to ACLA， a total of 279 of the 502 petitions in 2017 were resolved. Before lawyers’ rights centers were established， the lawyers’ associations nationwide resolved 84 petitions in 2016 and 54 petitions in 2015. Pornography， Gambling Cracked
Chinese police have handled over 130，000 pornography cases and over 280，000 gambling cases since the beginning of 2017， with the reported number of related cases dropping 13 percent year on year， the Ministry of Public Security announced on March 29.
Police solved 135 major crossborder cases involving pornography and online gambling during the same period. They broke up domestic organizational channels for casinos based in more than 10 countries and regions， detaining over 5，300 suspects and freezing over 6 billion yuan （$956 million） of involved capital， the ministry said.
It vowed to target the organizers， operators and profi teers involved in pornography and gambling and to severely punish those providing an“umbrella” for these illegal activities.
Preventing Autism
Chinese doctors called for more early detection and treatment for children on the autism spectrum in observance of World Autism Awareness Day on April 2.
“If parents detect the traits of autism in their children early and provide proper intervention， most children can see their quality of life improve，” said Wu Lijie， a professor at Harbin Medical University. “Some may even be able to live， study and work independently when they grow up.”
According to the Chinese Medical Association， children on the spectrum may be unable， or struggle， to take part in conversations. They also may have diffi culties in seeing or pointing to objects.
“These are all telling signs for parents，” said a doctor with the association.
Autism is a neurodevelopmental disorder characterized by varying degrees of impairment in communication skills and social interactions and by restricted， repetitive patterns of behavior. There is no effective cure for autism.
Caring for a child on the autism spectrum requires six to eight family members on average in China， the doctor said.
A key to early intervention is therapy centers where children on the spectrum， who often struggle to keep up with their classmates， can benefi t from the attention given to their specifi c needs.
Autism was largely unknown to many Chinese until a few years ago. Successful awareness campaigns have led to increased funding and academic research on the disorder.
Hit the Gym
People exercise in a shared gym in Chengdu， southwest China’s Sichuan Province， on April 2. The 24-hour shared gym is equipped with air purifi ers， air conditioners and water dispensers. People can exercise here by scanning a QR code.
Transfer of IP Rights
China’s State Council issued guidelines on reviewing the transfer of intellectual property rights to foreign investors on March 29.
A statement issued by the General Offi ce of the State Council said the government will review proposed IP transfers that include the layout design of integrated semiconductors， software and new plant varieties.
The review will mainly involve the infl uence of IP transfers on national security and the infl uence on innovation capacity in key technologies， the statement said.
After-Class Fun
Students take an art of tea class at a practice base in Taiyuan， capital of north China’s Shanxi Province， on March 29. The base， built by China Railway 17th Bureau Group Co. Ltd.， recently greeted the fi rst group of students.
Fishing Ban
The fi rst annual fi shing ban began on China’s Yellow River on April 1， in an effort to protect fi shery resources and biodiversity along the second longest river in the country.
The ban， which will be in effect until June 30， covers the Yellow River’s main stream， three major lakes and 13 tributaries， according to a previous statement from the Ministry of Agriculture.
In Binzhou in east China’s Shandong Province， the local fi shery regulator has taken measures to ensure that the ban is strictly enforced.
“There should be no fi shing boats or nets in the Yellow River or fi sh caught from the river on the market，” according to an order issue by the regulator.
In Qihe County， local authorities have advised fi shermen of the ban through various means of communication， including WeChat messages， posters and notices in local newspapers.
On the upper reaches of the Yellow River， fi shery regulators in Qinghai Province launched an awareness campaign in early April， informing fi shermen of the legal consequences of breaking the ban.
“We will step up our efforts to raise fi shermen’s awareness of protecting the fi shery resources and ecosystems in the Yellow River，” said He Xiaolin， Director of the provincial fi shing administration.
According to the Ministry of Agriculture， fi shing for scientifi c studies and taming and breeding purposes during the ban should be approved by provincial or higherlevel authorities.
Provinces and autonomous regions can extend the fi shing ban according to local needs， said the ministry. China has also imposed a fi shing ban along the Yangtze River， the longest river in the country. The annual ban， which runs from March 1 to June 30， covers the spawning season for most of the river’s aquatic life. It includes the entire river as well as key tributaries and lakes.
A similar fi shing ban was applied to the Huaihe River， which runs almost parallel between the Yangtze River and the Yellow River.
Tariff on U.S. Imports
China suspended tariff concessions on 128 items of U.S. products including pork and fruits starting on April 2， according to the Ministry of Finance.
The Customs Tariff Commission of the State Council has decided to impose a tariff of 15 percent on 120 items of products imported from the United States including fruits and related products； and a tariff of 25 percent on eight items of imports including pork and related products from the country， according to a statement posted on the ministry’s website.
The statement said it was a countermeasure in response to a previous U.S. move to slap tariffs on steel and aluminum imports.
Despite worldwide objections， the U.S. Government decided to impose a 25-percent tariff on steel imports and a 10-percent tariff on aluminum imports from countries including China.
Although in violation of WTO rules， the U.S. measure went into effect on March 23， severely undermining China’s interests， according to the statement.
China advocates and supports a multilateral trade system， the ministry said， noting that to suspend tariff concession on U.S. imports is a just move to safeguard China’s interests using WTO rules.
PMI Expansion The Chinese manufacturing sector expanded at a fast pace in March， offi cial data showed on March 31.
The country’s manufacturing purchasing managers’ index （PMI） came in at 51.5， the strongest level so far in 2018， according to the National Bureau of Statistics （NBS）.
A reading above 50 indicates expansion， while a reading below 50 refl ects contraction. In February， China’s manufacturing PMI stood at 50.3.
The pick-up in manufacturing expansion came as factories resumed production after the Spring Festival holiday， with sub-indices for production and new orders rising to 53.1 and 53.3， respectively， said NBS senior statistician Zhao Qinghe.
Small enterprises saw a particularly strong increase in manufacturing activities， as the PMI for small manufacturers jumped to 50.1 in March from 44.8 in February， NBS data showed. The non-manufacturing PMI rose to 54.6 compared to 54.4 in February.
The service sector， which accounts for more than half of the country’s GDP， reported steady expansion with the business activity index standing at 53.6， well above the boom-bust line of 50.
Construction business picked up in March due to warmer weather and further progress in infrastructure construction. Its business activity index rose to 60.7 from 57.5 in February.
Both service and construction fi rms remained optimistic in March as the business outlook index stayed above 60 for the 11th month in a row， NBS data showed.
All Aboard
The fi rst passenger fl ight arrives at the newly opened Ruoqiang Loulan Airport in Ruoqiang County， northwest China’s Xinjiang Uygur Autonomous Region， on March 29. The new airport is expected to handle 120，000 travelers and 480 tons of cargo annually by 2020. It is the fi rst airport in Ruoqiang and the 20th in Xinjiang.
Tax Cuts for Chipmakers
Chip producers will enjoy tax exem ptions and reductions as part of the government’s effort to stimulate the manufacturing of highperformance integrated circuits （ICs）， according to a statement from the Ministry of Finance on March 30.
Businesses established after January 1 to manufacture ICs with lines thinner than 130 nanometers（nm） will be exempt from paying income tax for the fi rst two years， the document said.
The tax rate will be 12.5 percent beginning in the third year， half of the current statutory level.
The exemption period will last fi ve years if the IC lines are thinner than 65 nm or the investment totaled more than 15 billion yuan（$2.39 billion）.
Businesses established before 2018 producing 0.25- and 0.8-micron chips can also enjoy similar favorable policies after they post profi ts， the statement added.
The IC sector has been dubbed an emerging sector of strategic importance in China. It maintained a 20-percent annual growth rate throughout the past fi ve years.
Miao Wei， Minister of Industry and Information Technology， said China will provide more opportunities for foreign companies to invest in IC and other manufacturing sectors.
Charming Handicraft
A Danish visitor looks at an embroidered product during the Silk Road International Tourism Expo that opened in Xi’an， northwest China’s Shaanxi Province， on March 30. Exhibitors from 35 countries and regions participated in the three-day event.
Innovation Support
The China Securities Regulatory Commission （CSRC） announced on March 30 a pilot program to support innovative companies’ domestic listing and issuance of China Depositary Receipts （CDRs）.
The pilot scheme will cover companies in hi-tech or strategic emerging industries such as Internet， big data， cloud computing， artifi cial intelligence and software and integrated circuit， as well as highend equipment manufacturing and biological medicine， according to a CSRC document.
The program will apply to overseas-listed fi rms that are registered overseas but operate on the Chinese mainland with a capitalization of no less than 200 billion yuan （$31.7 billion）， it said.
For innovative companies that have not listed overseas， they will be program candidates if they have posted a business income of at least 3 billion yuan （$476 million） for the past year and are valued at 20 billion yuan （$3.17 billion） or above.
Innovative companies that have not listed overseas and do not fulfi ll the business income and valuation requirements will be on the candidate list if their business income registers fast expansion and they have developed independent and advanced technologies.
A consultation committee will be set up under the CSRC to select the pilot companies.
Currency Swap
The central banks of China and Australia have decided to renew a currency swap agreement， the People’s Bank of China （PBOC） announced on March 30.
The agreement allows the PBOC and the Reserve Bank of Australia to swap 200 billion yuan （$31.7 billion） for 40 billion Australian dollars， according to a statement released by the PBOC.
The agreement will be valid for three years and could be extended with the consent of both parties.
The statement said the agreement aims to facilitate bilateral trade and investment and promote the growth of both economies.
The two banks inked a 200-billion-yuan currency swap deal for an initial three-year period in March 2012， which was extended for another three years in 2015.
A currency swap deal allows two institutions to exchange payments in one currency for equivalent amounts in the other， to facilitate bilateral trade settlements and provide liquidity support to fi nancial markets.
Green Taxation
A business woman in Quanzhou， southeast China’s Fujian Province， receives a receipt after paying an environment tax for her company on April 1. The Environmental Protection Tax Law， which took effect on January 1， requires taxpayers to fi le for taxation each quarter. The fi rst environment tax declaration period started on April 1.
Financing Guarantee
The Chinese Government will set up a fi nancing guarantee fund of no less than 60 billion yuan （$9.5 billion） to further bolster small businesses and the agricultural sector. The fund will be created by the Ministry of Finance （MOF） and other departments with the aim of clearing fi nancial hurdles for small and micro businesses in order to serve the real economy.
The move mirrors global precedents in countries such as France， the Republic of Korea and Japan where state funds play a key role while not seeking profi ts.
The fund is being created at a time when the country’s fi nancing guarantee sector remains small， dispersed and weak， burdened with high transaction costs， the MOF said in a statement on March 30.
It will work through reguarantees and equity investments to provide support for fi nancing guarantee projects backed by local governments.
The MOF estimated that the fund will help around 500，000 small and micro businesses in the next three years， adding about 500 billion yuan （$79.3 billion） of guarantee loans， or one quarter of the nation’s total fi nancing guarantee businesses.
Named after the Chinese term for the Big Dipper， the BeiDou system started providing services over China in 2000 and will serve countries along the Belt and Road by the end of 2018.
Freedom of Religious Belief
China pledged to continue to respect and protect its citizens’freedom of religious belief in a white paper published on April 3 by the State Council Information Offi ce.
As a socialist country under the leadership of the Communist Party of China， it has adopted policies on freedom of religious belief based on national and religious conditions to protect its citizens’ rights； built active and healthy religious relationships； and maintained religious and social harmony， said the white paper titled China’s Policies and Practices on Protecting Freedom of Religious Belief.
“Religious believers and nonbelievers respect each other and live in harmony， committing themselves to reform， opening up and socialist modernization， and contributing to the realization of the Chinese dream of national rejuvenation，” the white paper said.
Protecting freedom of religious belief， properly handling religious relations， adapting them to the times， and curbing religious extremism are common tasks facing all countries around the world， the document continued.
China will uphold the principle that religions in China must be Chinese in orientation and will provide active guidance to religions so that they can adapt themselves to socialist society， it said.
Lawyers’ Protection
The system for protecting and supervising the work of Chinese lawyers has been improved， according to the All China Lawyers Association（ACLA）.
In 2017， lawyers fi led 502 petitions regarding infringements on their work at lawyers’ rights centers established the same year by ACLA’s provincial-level lawyers’ associations nationwide， ACLA said during a recent press conference.
Problems that impede lawyers’work include cases where lawyers are refused or delayed access to their clients； instances where evidence cannot be obtained or collected in full； or cases where lawyers or prosecutors face discrimination.
According to ACLA， a total of 279 of the 502 petitions in 2017 were resolved. Before lawyers’ rights centers were established， the lawyers’ associations nationwide resolved 84 petitions in 2016 and 54 petitions in 2015. Pornography， Gambling Cracked
Chinese police have handled over 130，000 pornography cases and over 280，000 gambling cases since the beginning of 2017， with the reported number of related cases dropping 13 percent year on year， the Ministry of Public Security announced on March 29.
Police solved 135 major crossborder cases involving pornography and online gambling during the same period. They broke up domestic organizational channels for casinos based in more than 10 countries and regions， detaining over 5，300 suspects and freezing over 6 billion yuan （$956 million） of involved capital， the ministry said.
It vowed to target the organizers， operators and profi teers involved in pornography and gambling and to severely punish those providing an“umbrella” for these illegal activities.
Preventing Autism
Chinese doctors called for more early detection and treatment for children on the autism spectrum in observance of World Autism Awareness Day on April 2.
“If parents detect the traits of autism in their children early and provide proper intervention， most children can see their quality of life improve，” said Wu Lijie， a professor at Harbin Medical University. “Some may even be able to live， study and work independently when they grow up.”
According to the Chinese Medical Association， children on the spectrum may be unable， or struggle， to take part in conversations. They also may have diffi culties in seeing or pointing to objects.
“These are all telling signs for parents，” said a doctor with the association.
Autism is a neurodevelopmental disorder characterized by varying degrees of impairment in communication skills and social interactions and by restricted， repetitive patterns of behavior. There is no effective cure for autism.
Caring for a child on the autism spectrum requires six to eight family members on average in China， the doctor said.
A key to early intervention is therapy centers where children on the spectrum， who often struggle to keep up with their classmates， can benefi t from the attention given to their specifi c needs.
Autism was largely unknown to many Chinese until a few years ago. Successful awareness campaigns have led to increased funding and academic research on the disorder.
Hit the Gym
People exercise in a shared gym in Chengdu， southwest China’s Sichuan Province， on April 2. The 24-hour shared gym is equipped with air purifi ers， air conditioners and water dispensers. People can exercise here by scanning a QR code.
Transfer of IP Rights
China’s State Council issued guidelines on reviewing the transfer of intellectual property rights to foreign investors on March 29.
A statement issued by the General Offi ce of the State Council said the government will review proposed IP transfers that include the layout design of integrated semiconductors， software and new plant varieties.
The review will mainly involve the infl uence of IP transfers on national security and the infl uence on innovation capacity in key technologies， the statement said.
After-Class Fun
Students take an art of tea class at a practice base in Taiyuan， capital of north China’s Shanxi Province， on March 29. The base， built by China Railway 17th Bureau Group Co. Ltd.， recently greeted the fi rst group of students.
Fishing Ban
The fi rst annual fi shing ban began on China’s Yellow River on April 1， in an effort to protect fi shery resources and biodiversity along the second longest river in the country.
The ban， which will be in effect until June 30， covers the Yellow River’s main stream， three major lakes and 13 tributaries， according to a previous statement from the Ministry of Agriculture.
In Binzhou in east China’s Shandong Province， the local fi shery regulator has taken measures to ensure that the ban is strictly enforced.
“There should be no fi shing boats or nets in the Yellow River or fi sh caught from the river on the market，” according to an order issue by the regulator.
In Qihe County， local authorities have advised fi shermen of the ban through various means of communication， including WeChat messages， posters and notices in local newspapers.
On the upper reaches of the Yellow River， fi shery regulators in Qinghai Province launched an awareness campaign in early April， informing fi shermen of the legal consequences of breaking the ban.
“We will step up our efforts to raise fi shermen’s awareness of protecting the fi shery resources and ecosystems in the Yellow River，” said He Xiaolin， Director of the provincial fi shing administration.
According to the Ministry of Agriculture， fi shing for scientifi c studies and taming and breeding purposes during the ban should be approved by provincial or higherlevel authorities.
Provinces and autonomous regions can extend the fi shing ban according to local needs， said the ministry. China has also imposed a fi shing ban along the Yangtze River， the longest river in the country. The annual ban， which runs from March 1 to June 30， covers the spawning season for most of the river’s aquatic life. It includes the entire river as well as key tributaries and lakes.
A similar fi shing ban was applied to the Huaihe River， which runs almost parallel between the Yangtze River and the Yellow River.
Tariff on U.S. Imports
China suspended tariff concessions on 128 items of U.S. products including pork and fruits starting on April 2， according to the Ministry of Finance.
The Customs Tariff Commission of the State Council has decided to impose a tariff of 15 percent on 120 items of products imported from the United States including fruits and related products； and a tariff of 25 percent on eight items of imports including pork and related products from the country， according to a statement posted on the ministry’s website.
The statement said it was a countermeasure in response to a previous U.S. move to slap tariffs on steel and aluminum imports.
Despite worldwide objections， the U.S. Government decided to impose a 25-percent tariff on steel imports and a 10-percent tariff on aluminum imports from countries including China.
Although in violation of WTO rules， the U.S. measure went into effect on March 23， severely undermining China’s interests， according to the statement.
China advocates and supports a multilateral trade system， the ministry said， noting that to suspend tariff concession on U.S. imports is a just move to safeguard China’s interests using WTO rules.
PMI Expansion The Chinese manufacturing sector expanded at a fast pace in March， offi cial data showed on March 31.
The country’s manufacturing purchasing managers’ index （PMI） came in at 51.5， the strongest level so far in 2018， according to the National Bureau of Statistics （NBS）.
A reading above 50 indicates expansion， while a reading below 50 refl ects contraction. In February， China’s manufacturing PMI stood at 50.3.
The pick-up in manufacturing expansion came as factories resumed production after the Spring Festival holiday， with sub-indices for production and new orders rising to 53.1 and 53.3， respectively， said NBS senior statistician Zhao Qinghe.
Small enterprises saw a particularly strong increase in manufacturing activities， as the PMI for small manufacturers jumped to 50.1 in March from 44.8 in February， NBS data showed. The non-manufacturing PMI rose to 54.6 compared to 54.4 in February.
The service sector， which accounts for more than half of the country’s GDP， reported steady expansion with the business activity index standing at 53.6， well above the boom-bust line of 50.
Construction business picked up in March due to warmer weather and further progress in infrastructure construction. Its business activity index rose to 60.7 from 57.5 in February.
Both service and construction fi rms remained optimistic in March as the business outlook index stayed above 60 for the 11th month in a row， NBS data showed.
All Aboard
The fi rst passenger fl ight arrives at the newly opened Ruoqiang Loulan Airport in Ruoqiang County， northwest China’s Xinjiang Uygur Autonomous Region， on March 29. The new airport is expected to handle 120，000 travelers and 480 tons of cargo annually by 2020. It is the fi rst airport in Ruoqiang and the 20th in Xinjiang.
Tax Cuts for Chipmakers
Chip producers will enjoy tax exem ptions and reductions as part of the government’s effort to stimulate the manufacturing of highperformance integrated circuits （ICs）， according to a statement from the Ministry of Finance on March 30.
Businesses established after January 1 to manufacture ICs with lines thinner than 130 nanometers（nm） will be exempt from paying income tax for the fi rst two years， the document said.
The tax rate will be 12.5 percent beginning in the third year， half of the current statutory level.
The exemption period will last fi ve years if the IC lines are thinner than 65 nm or the investment totaled more than 15 billion yuan（$2.39 billion）.
Businesses established before 2018 producing 0.25- and 0.8-micron chips can also enjoy similar favorable policies after they post profi ts， the statement added.
The IC sector has been dubbed an emerging sector of strategic importance in China. It maintained a 20-percent annual growth rate throughout the past fi ve years.
Miao Wei， Minister of Industry and Information Technology， said China will provide more opportunities for foreign companies to invest in IC and other manufacturing sectors.
Charming Handicraft
A Danish visitor looks at an embroidered product during the Silk Road International Tourism Expo that opened in Xi’an， northwest China’s Shaanxi Province， on March 30. Exhibitors from 35 countries and regions participated in the three-day event.
Innovation Support
The China Securities Regulatory Commission （CSRC） announced on March 30 a pilot program to support innovative companies’ domestic listing and issuance of China Depositary Receipts （CDRs）.
The pilot scheme will cover companies in hi-tech or strategic emerging industries such as Internet， big data， cloud computing， artifi cial intelligence and software and integrated circuit， as well as highend equipment manufacturing and biological medicine， according to a CSRC document.
The program will apply to overseas-listed fi rms that are registered overseas but operate on the Chinese mainland with a capitalization of no less than 200 billion yuan （$31.7 billion）， it said.
For innovative companies that have not listed overseas， they will be program candidates if they have posted a business income of at least 3 billion yuan （$476 million） for the past year and are valued at 20 billion yuan （$3.17 billion） or above.
Innovative companies that have not listed overseas and do not fulfi ll the business income and valuation requirements will be on the candidate list if their business income registers fast expansion and they have developed independent and advanced technologies.
A consultation committee will be set up under the CSRC to select the pilot companies.
Currency Swap
The central banks of China and Australia have decided to renew a currency swap agreement， the People’s Bank of China （PBOC） announced on March 30.
The agreement allows the PBOC and the Reserve Bank of Australia to swap 200 billion yuan （$31.7 billion） for 40 billion Australian dollars， according to a statement released by the PBOC.
The agreement will be valid for three years and could be extended with the consent of both parties.
The statement said the agreement aims to facilitate bilateral trade and investment and promote the growth of both economies.
The two banks inked a 200-billion-yuan currency swap deal for an initial three-year period in March 2012， which was extended for another three years in 2015.
A currency swap deal allows two institutions to exchange payments in one currency for equivalent amounts in the other， to facilitate bilateral trade settlements and provide liquidity support to fi nancial markets.
Green Taxation
A business woman in Quanzhou， southeast China’s Fujian Province， receives a receipt after paying an environment tax for her company on April 1. The Environmental Protection Tax Law， which took effect on January 1， requires taxpayers to fi le for taxation each quarter. The fi rst environment tax declaration period started on April 1.
Financing Guarantee
The Chinese Government will set up a fi nancing guarantee fund of no less than 60 billion yuan （$9.5 billion） to further bolster small businesses and the agricultural sector. The fund will be created by the Ministry of Finance （MOF） and other departments with the aim of clearing fi nancial hurdles for small and micro businesses in order to serve the real economy.
The move mirrors global precedents in countries such as France， the Republic of Korea and Japan where state funds play a key role while not seeking profi ts.
The fund is being created at a time when the country’s fi nancing guarantee sector remains small， dispersed and weak， burdened with high transaction costs， the MOF said in a statement on March 30.
It will work through reguarantees and equity investments to provide support for fi nancing guarantee projects backed by local governments.
The MOF estimated that the fund will help around 500，000 small and micro businesses in the next three years， adding about 500 billion yuan （$79.3 billion） of guarantee loans， or one quarter of the nation’s total fi nancing guarantee businesses.