Archive for ‘economic impact’

24/05/2020

China and US must find ways to get along and avoid new cold war, says Foreign Minister Wang Yi

  • Countries must respect each others’ systems and be wary of US political forces who want to ‘hijack relations’, Wang tells press conference at ‘two sessions’
  • Beijing is not looking for confrontation and wants to work with Washington to fight coronavirus, minister says
Foreign Minister Wang Yi said China did not want to replace or change the US. Photo: Xinhua
Foreign Minister Wang Yi said China did not want to replace or change the US. Photo: Xinhua

China and the US should try to avoid a new cold war and find new ways to cooperate despite their differences, China’s Foreign Minister Wang Yi said on Sunday.

“We need to be alert to efforts by some political forces in America to hijack China-US relations and who try to push the two countries towards a so-called ‘new cold war’.

“This is a dangerous attempt to turn back the course of history,” Wang told a press conference on the sidelines of the annual parliamentary meetings known as the ‘two sessions’.

Ties between the two countries have further worsened due to escalating tensions over the handling of the Covid-19 pandemic.

Voices calling for decoupling have been on the rise in the US, with some arguing that the two countries are edging towards a new cold war akin to that against the Soviet Union.

Wang called for the two countries to respect each other’s political systems and to find a way to get along despite their differences.

The two nations should step up cooperation on global pandemic control, and coordinate on macro policies to deal with the economic impact.

“China has no intention of changing the United States, much less replacing it. The US should give up the wishful thinking that it can change China.”

“For the benefit of the two peoples, as well as the future and well-being of humankind, China and the US should and must find a way to coexist peacefully despite the differences in system and cultures of the two societies.”

Wang said China will not seek confrontation with the United States, but China is determined to protect its sovereignty, territorial integrity and development.

Source: SCMP
20/04/2020

China resumes major water conservancy projects

BEIJING, April 20 (Xinhua) — China has resumed construction of major water conservancy projects amid its further containment of the novel coronavirus disease (COVID-19) epidemic.

Construction has resumed so far on 143 of the 172 major water conservancy projects, with the scale of investment under construction reaching over 1 trillion yuan (around 141 billion U.S. dollars), according to the Ministry of Water Resources.

The ministry said 30 conservancy projects have completed construction and produced benefits.

As the situation of epidemic control and prevention continues to improve, China is speeding up construction on major infrastructure projects to mitigate the economic impact of the novel coronavirus epidemic.

Construction has resumed on about 85 percent of the housing and urban infrastructure projects in China as of April 1, with about 158,700 housing and urban infrastructure projects across the country cranking up work, according to the Ministry of Housing and Urban-Rural Development.

Source: Xinhua

01/02/2020

Japan seeks to contain economic impact of virus, new measures come into effect

Tokyo (Reuters) – Japan on Saturday moved to contain the economic impact of a coronavirus outbreak originating in China as strict new measures aimed at limiting the spread of the virus, including targeting foreign visitors, came into effect.

Japan had 17 confirmed cases as of Friday, including some without symptoms. One of the most recent was a bus guide who worked on a bus tour for tourists from China – the same tour as a bus driver who also came down with the virus.

Prime Minister Shinzo Abe told a Saturday meeting of a government task force coordinating Japan’s response to the virus to come up with steps aimed at easing the impact of the outbreak on Japan’s economy.

Abe has made tourism a key part of his economic policy, with a large proportion of foreign visitors from China, and major Japanese companies have a number of factories in China.

“I ask ministers to compile measures to use reserves (in the state budget) and implement them as soon as possible,” Abe was quoted by Kyodo news agency as saying.

“The new coronavirus is having a major impact on tourism, the economy and our society as a whole. The government will do its utmost to address the impact.”

No further details were given, though Abe stressed ensuring that Japanese residents have access to medical checkups and masks, which have been selling out around the nation.

New measures to fight the disease took effect on Saturday, including banning the entry of Chinese holding passports issued by Hubei, where the disease is thought to have originated, as well as all foreigners who had visited the province within two weeks, whether they show symptoms or not.

The government also brought forward implementing measures including compulsory hospitalisation and the use of public funds for treatment by six days to Saturday.

Of the 2.6 million tourists who came to Japan in December 2019, nearly 600,000 were Chinese, outnumbered only by South Koreans, government data shows. Japan aims to have 40 million tourists visit the country in 2020, up from 31.8 million in 2019.

On Friday, the president of Japanese airline ANA Holdings (9202.T) said it was considering suspending flights to China after February reservations plunged, Jiji news agency reported.

JTB Corporation, Japan’s largest travel agency, said it was suspending tours to China throughout February, Kyodo news agency reported.

Source: Reuters

Law of Unintended Consequences

continuously updated blog about China & India

ChiaHou's Book Reviews

continuously updated blog about China & India

What's wrong with the world; and its economy

continuously updated blog about China & India