Archive for ‘Investment’

11/03/2020

China unveils new measures to keep foreign trade, investment stable

BEIJING, March 11 (Xinhua) — China will take new measures to keep the foreign trade and investment stable, and help the enterprises tide over difficulties to mitigate the impact of the coronavirus outbreak.

Further steps will be taken to smooth the industrial and capital chain, and promote work and production resumption in coordination, according to a State Council executive meeting chaired by Premier Li Keqiang Tuesday.

Li urged continued efforts to give better play to the role of reloan and rediscount to ensure supply of materials for epidemic prevention and control and support firms in difficulty.

Source: Xinhua

19/02/2020

Mike Pompeo takes aim at corruption and Chinese investment in Angola

  • US secretary of state is eager to promote US investment as an alternative to China, which holds the lion’s share of Angola’s foreign debt
  • Isabel dos Santos, the former president’s daughter, became Africa’s richest woman but now stands accused of massive fraud
US Secretary of State Mike Pompeo in Luanda, Angola. Photo: Reuters
US Secretary of State Mike Pompeo in Luanda, Angola. Photo: Reuters

US Secretary of State Mike Pompeo denounced corruption and touted American business on Monday during the second leg of an African tour in Angola, where the government is seeking to claw back billions of dollars looted from state coffers.

Pompeo is aiming to promote US investment as an alternative to Chinese loans while assuaging concerns over a planned US military withdrawal and the expansion of visa restrictions targeting four African countries.

In Angola’s capital Luanda, Pompeo met with President Joao Lourenco, who took office in 2017 promising wide-ranging economic reforms and a crackdown on the endemic corruption that marked his predecessor Jose Eduardo dos Santos’ four-decade rule.

“Here in Angola, damage from corruption is pretty clear,” he told a group of businessmen following that meeting. “This reform agenda that the president put in place has to stick.”

Here in Angola, damage from corruption is pretty clear Mike Pompeo
Portugal’s public prosecutor has ordered the seizure of bank accounts belonging to

Isabel dos Santos

, the former president’s billionaire daughter, who is a suspect in an Angolan fraud investigation. Reputedly the richest woman in Africa, she has repeatedly denied any wrongdoing.

Angola, with Sub-Saharan Africa’s third-largest economy and its second-largest oil producer is ranked as one of the world’s most corrupt nations, in 165th place on a list of 180 countries, according to anti-corruption group Transparency International.

US oil majors ExxonMobil and Chevron have significant stakes in Angolan oilfields.

Last year, Chevron signed onto a consortium to develop Angola’s natural gas assets alongside Italy’s Eni, France’s Total, BP and Angolan state oil company Sonangol.

Mike Pompeo and his wife Susan greet Angola Foreign Minister Manuel Domingos Augusto in Luanda on Monday. Pool photo: AFP
Mike Pompeo and his wife Susan greet Angola Foreign Minister Manuel Domingos Augusto in Luanda on Monday. Pool photo: AFP
“We’ve got a group of energy companies that have put more than US$2 billion in a natural gas project. That will rebound to the benefit of the American businesses for sure, but to the Angolan people for sure as well,” Pompeo said.

Despite US investments, the bulk of Angola’s oil production is destined for China, which holds the lion’s share of Angolan foreign debt.

The Trump administration has accused China of predatory lending in Africa, where Beijing has loaned governments billions of dollars for infrastructure projects in exchange for access to natural resources as part of its Belt and Road project. China rejects the criticism.

With a revamped International Development Finance Corporation and its new Prosper Africa trade and investment strategy, the administration is seeking to combat Chinese influence on the continent.

But the push comes as some governments are questioning US President Donald Trump’s commitment to Africa.

Do Africa’s emerging nations know the secret of China’s economic miracle?

13 Oct 2019

The White House last month tightened visa restrictions on nationals from Sudan, Tanzania, Eritrea and Nigeria.

West African governments are also worried about a proposed US troop withdrawal from the region just as Islamist groups with links to Islamic State and al-Qaeda are gaining ground.

During the first leg of his African trip in Senegal on Sunday, Pompeo sought to put some of those fears to rest.

“We have an obligation to get security right here, in the region. It’s what will permit economic growth, and we’re determined to do that,” he told reporters.

Source: SCMP

01/02/2020

India steps up farm support, offers tax cuts to revive faltering growth

NEW DELHI (Reuters) – India sought to boost growth in a federal budget on Saturday that raised spending on farms and expressways and offered cuts in personal taxes, but the measures fell short of market expectations and battered stocks.

Prime Minister Narendra Modi’s government is grappling with the country’s worst slowdown in a decade, with falling employment, consumption and investment ratcheting up the pressure to revive growth.

The government estimates growth this year to March 31 will slip to 5%, the weakest pace since the global financial crisis of 2008-09. It also warned an expected rebound the following year might entail a blow-out in fiscal deficit targets.

Finance Minister Nirmala Sitharaman, presenting the budget for the financial year beginning April 1, said 2.83 trillion rupees ($39.8 billion) will be allocated toward agriculture and allied activities, up 5.6 percent on the previous year.

The funds will be deployed to help farmers set up solar power generation units as well as establish a national cold storage system to transport perishables.

Sitharaman also vowed to spend $50.7 billion in coming years on a federal water scheme to address challenges facing one of the world’s most water-stressed nations.

Agriculture accounts for near 15% of India’s $2.8 trillion economy and is a source of livelihood for more than half of the country’s 1.3 billion population.

Sitharaman announced a new personal tax system including cuts for those ready to give up a myriad of tax breaks. She also abolished payment of dividend distribution tax by companies to spur investment.

“People have reposed faith in our economic policy,” Sitharaman said to the thumping of desks in parliament. “This is a budget to boost their income and enhance their purchasing power.”

Opposition parties slammed the budget, saying it had failed to address the slowdown in consumer demand and investment. “The government is in complete denial that the economy faces a grave macro economic challenge,” said former finance minister P. Chidambaram.

But higher government spending has put pressure on public finances, prompting caution from rating agencies. Sitharaman said the fiscal deficit for the current year would widen to 3.8% of GDP, up from 3.3% targeted for the current year.

Gene Fang, associate managing director, sovereign risk at Moody’s, said: “India’s 2020/21 budget highlights the challenges to fiscal consolidation from slower real and nominal growth, which may continue for longer than the government forecasts.”

GOVERNMENT SPENDING

For fiscal 2020/21 Sitharaman set the fiscal deficit at 3.5 percent. Moody’s said India’s government debt is already significantly higher than the average for Baa-rated sovereigns, a product of persistent fiscal deficits.

To help finance government spending, Sitharaman set a target for selling stakes in state firms at 2.1 trillion rupees for 2020/21, more than three times the amount expected this year.

She said the government will sell a part of its holding in state-run Life Insurance Corp, the country’s biggest insurance company.

But many experts said the measures did not go far enough to address the slowdown and structural flaws.

“In a normal scenario this budget would have been considered as good providing tax benefit to the common man, corporate and focus on farmers’ incomes, but the situation required more,” said Vinod Nair, head of research at Geojit Financial Services in Kochi.

Indian shares slid to a more than three-month low after a special trading session on Saturday, dented by what analysts said was a lack of sufficient stimulus measures. The NSE Nifty 50 index .NSEI closed 2.5% lower while the benchmark S&P BSE Sensex .BSESN fell 2.4%

“Markets had very high expectations from the budget … these expectations have not been met,” said Deepak Jasani of HDFC Securities.

The government also announced higher duties on a host of imports from walnuts to phone parts. Taxes on imports of pre-assembled printed circuit boards were raised to 20% from 10% and there were new taxes on mobile phones ringers and display panels in a bid to boost local manufacturing.

In its annual economic report released on Friday the government predicted growth would rebound to 6.0% to 6.5% in the fiscal year beginning April 1.

Some economists say global trade tensions and the outbreak of coronavirus in China pose a new risk to economic recovery by hitting cross-border commerce and supply chains.

Source: Reuters

14/12/2019

Xi holds talks with Micronesian president

CHINA-BEIJING-XI JINPING-FEDERATED STATES OF MICRONESIA-PRESIDENT-TALKS (CN)

 Chinese President Xi Jinping holds a welcome ceremony for President of the Federated States of Micronesia David W. Panuelo before their talks at the Great Hall of the People in Beijing, capital of China, Dec. 13, 2019. (Xinhua/Wang Ye)

BEIJING, Dec. 13 (Xinhua) — Chinese President Xi Jinping on Friday held talks with visiting President of the Federated States of Micronesia David W. Panuelo, calling for joint efforts to advance bilateral ties and better benefit the two peoples.

The two sides should maintain exchanges at all levels, expand communication and exchanges between governmental departments and legislatures, and enhance mutual political trust, Xi said.

Xi welcomed Panuelo’s visit to China as the two countries celebrate their 30th anniversary of the establishment of diplomatic ties, and spoke highly of Panuelo’s commitment to developing bilateral ties and firmly upholding the one-China principle.

China sticks to the path of peaceful development, maintains that all countries, no matter big or small, are always equal, firmly opposes unilateralism and hegemony, and advocates that all countries should work jointly to build a community with a shared future for humanity, he said.

For the past 30 years since the establishment of diplomatic ties, the two countries have respected, trusted and supported each other, and carried out pragmatic cooperation on the basis of equality and mutual benefit, advancing bilateral ties and bringing tangible benefits to the two peoples, Xi noted.

China respects the Micronesian side’s right to take the development path that best suits its national conditions and supports Micronesia’s efforts in maintaining national independence and boosting development, Xi said.

He called on the two sides to complement each others’ advantages and further expand cooperation in such fields as trade, investment, agriculture, fisheries, infrastructure construction and tourism under the framework of the Belt and Road Initiative.

He also welcomed Micronesia to export more products with competitive advantages like tuna to China, make full use of the policies and measures China has announced on cooperation with and support for island countries, and carry out more pragmatic cooperation projects benefiting people’s livelihoods.

“China is willing to offer economic and technical assistance to Micronesia within its own capacity,” he said.

The two sides should take the signing of the visa exemption deal for those holding diplomatic and service passports as well as passports for public affairs as an opportunity to enhance people-to-people exchanges, deepen traditional friendship, and achieve more practical results on local cooperation, Xi said.

He also called on the two sides to strengthen communication and continue to step up coordination on major issues including climate change and marine affairs.

Panuelo said the Micronesian side spoke highly of Xi’s proposal of building a community with a shared future for humanity, which would play an important role in promoting world peace and stability.

Micronesia, as a small country, is appreciative of the equal treatment and respect offered by China, he said, noting that China was the first country to provide support to Micronesia’s national independence and liberation movement as well as assistance to its national development.

He reiterated Micronesia’s stance on abiding by the one-China principle and maintained that Hong Kong, Xinjiang and Tibet affairs are China’s internal affairs and brook no outside interference.

“I have had a personal experience of China’s time-honored history and remarkable development achievement during my visit,” he said, expressing his delight over China’s achievements and confidence in China’s bright future.

Hailing the two countries’ cooperation for the past 30 years, Panuelo pledged to further expand cooperation in economy and trade, infrastructure construction, agriculture, education, and jointly build the Belt and Road.

The Micronesian side spoke highly of China’s important role in global issues like tackling climate change, Panuelo said, hoping to continue strengthening coordination and cooperation with China and playing an active role in promoting ties between China and Pacific island countries.

The two heads of state witnessed the signing of several bilateral cooperation deals after their talks.

Panuelo is on a state visit to China from Dec. 11 to 18.

Source: Xinhua

09/12/2019

China Focus: Xinjiang, an emerging investment hotspot

URUMQI, Dec. 8 (Xinhua) — Rich in resources but remote, Xinjiang in China’s far west has become a magnet for investors for its unique position on the Silk Road.

In a workshop of the Amer International Group in Urumqi, capital of Xinjiang Uygur Autonomous Region, workers are busy adjusting and packing laptops.

Recently, Amer sent the first batch of 2,000 laptops it produced for the German company TrekStor to the European market via China-Europe freight trains.

Headquartered in the southern Chinese city of Shenzhen, Amer invested 20 billion yuan (around 2.8 billion U.S. dollars) to build an industrial park in Xinjiang in 2018. So far, the industrial park has produced and exported around 1.5 million mobile phones, according to Wang Wenyin, the founder and chairman of Amer International Group.

“We saw Xinjiang’s geographical advantages, so we established the industrial park and cooperated with our counterparts in South and Central Asia in the fields of smartphones and IT high-end manufacturing,” Wang said.

Amer International Group is among a growing number of enterprises that have been attracted by Xinjiang in recent years, as trains and planes have made Xinjiang better connected than ever before.

As China’s key trade gateway to Central and West Asia, the remote region’s position as the heart of the Belt and Road Initiative is unmistakable. In 2013, China proposed the BRI, which opened up new space for the world economy, spurring trade and economic growth and stimulating investment and creating jobs worldwide.

Urumqi Customs saw the number of China-Europe freight trains skyrocket to 5,743 in the first 10 months this year, up 53.68 percent year on year, outnumbering the total of 2018.

To attract more investors, the local government has gone to great lengths creating a more friendly business environment, such as cutting the time required for starting a business and lowering the entry threshold for products.

Up to now, Xinjiang has had more than 1.8 million market entities including 359,000 enterprises, up 18 percent year on year.

Foreign and domestic business giants including German chemical giant BASF and China’s real estate conglomerates Wanda Group have also invested in the region.

Lai Naixiang, head of Kashgar Oumeisheng Energy Technology, a home appliance manufacturer, moved his business from Shenzhen to Kashgar in southern Xinjiang in 2017.

“We chose to settle in Kashgar because of the great market potential in adjacent Central Asian countries as well as Xinjiang’s lower electricity prices and preferential tax policy,” he said.

Last year, the company exported electric kettles worth more than 16 million yuan to Kyrgyzstan and Tajikistan.

Foreign trade in Xinjiang has seen booming growth. The region recorded around 131.5 billion yuan in imports and exports in the first 10 months of this year, up 28 percent year on year.

In the first 10 months, Kazakhstan topped the list of Xinjiang’s major trade partners, with trade volume between the two growing by 28.2 percent to 60.2 billion yuan.

Xinjiang’s trade with Kyrgyzstan, Australia, Pakistan, Britain, Argentina and Vietnam also showed fast growth, according to the local customs authorities.

“With further Belt and Road construction, Xinjiang will get more impetus in economic and social development. I see great potential in the region,” Wang said.

Source: Xnhua

12/11/2019

Feature: Xi spearheads closer China-LatAm cooperation for common prosperity

MEXICO CITY, Nov. 12 (Xinhua) — China and Latin America sit on the opposite sides of the globe, but the formidably vast Pacific Ocean that separates them did not stop them from sharing a long history of exchanges.

Today, the major developing country in the East is forging an increasingly close partnership with the dynamic region in the Western Hemisphere, especially since Chinese President Xi Jinping took office in 2013, and set into motion what is now known as Xiplomacy.

In the past six years, Xi has visited 11 Latin American and the Caribbean (LAC) countries. On Tuesday, he is setting foot on the region for the fifth time as president, as he arrives in Brazil for the upcoming 11th BRICS summit.

Thanks in no small part to Xi’s push, the time-honored, distance-defying China-Latin America relationship is flourishing with new vitality. China has become the second largest trading partner of Latin America, while the latter is one of the fastest growing sources of exports to China. Two-way trade rose 18.9 percent year on year to 307.4 billion U.S. dollars in 2018.

GRAND VISION

Every time Xi visited Latin America, he reaffirmed China’s commitment to cementing bilateral friendship and expanding win-win cooperation.

His first trip to the region as head of state, in 2013, took him to Trinidad and Tobago, Costa Rica and Mexico. The following year saw him travel to Brazil, Argentina, Venezuela and Cuba.

It was in Brazil that Xi met with leaders from 11 LAC countries, and for the first time laid out his grand vision for building a China-Latin American community with a shared future.

“Let us seize the opportunities presented to us and work together to blaze new trails in building a community of shared destiny for common progress and usher in a bright future for the relations between China and Latin America and the Caribbean,” Xi said in a keynote speech at the first ever China-Latin American and Carribean Countries Leaders’ Meeting in 2014.

He then proposed a “1+3+6” cooperation framework to “promote faster, broader and deeper cooperation between the two sides for real results.”

The “1” refers to “one plan,” the Chinese-Latin American and Caribbean Cooperation Plan (2015-2019), formulated to promote inclusive growth and sustainable development.

The “3” alludes to “three engines” for driving practical cooperation for comprehensive development, namely trade, investment and financial cooperation.

The “6” means the six priority cooperation fields of energy and resources, infrastructure building, agriculture, manufacturing, scientific and technological innovation, and information technologies.

In 2016, Xi visited Ecuador, Peru and Chile. Two years later, he traveled to Argentina for the Group of 20 summit as well as Panama, a Central American country which established diplomatic ties with China in June 2017.

In a landmark speech at the Peruvian Congress in Lima in 2016, Xi expounded the significance of strengthening China-Latin America cooperation.

“With one fifth of the world’s total area and nearly one third of the world’s population, China and Latin America and the Caribbean are crucial forces for world peace and stability,” he said.

China, he added, “will increase sharing of governance experience and improve planning and coordination of macro policies with Latin American and Caribbean states to better synergize our development plans and strategies.”

Besides top-level engagement, Xi also reaches out to local people from all walks of life, in order to keep cementing the China-Latin America friendship and the public support for bilateral cooperation.

While in Costa Rica, Xi visited a family-run coffee plantation and tried some local brew. “I think some more coffee can well be exported to China,” Xi told his hosts with a smile.

Today, Costa Rica exports coffee to the Asian market, along with pork, dairy, pineapples and other high-quality agricultural goods, especially after the inauguration of the China International Import Expo in 2018.

NEW OPPORTUNITIES

With international cooperation within the framework of the Belt and Road Initiative (BRI) gaining steam worldwide, the Xi-proposed vision is creating new opportunities for China-Latin America cooperation.

The BRI, designed to promote common development along and beyond the ancient Silk Road trade routes, comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road, and the latter is closely connected to Latin America.

For two and a half centuries, from the mid-1500s to the early 1800s, galleons laden with Chinese silk, spices, porcelain and other goods sailed across the ocean to today’s port city of Acapulco on the Mexican Pacific coast.

Latin America is the natural extension of the 21st Century Maritime Silk Road, Xi said in a meeting with visiting Argentine President Mauricio Macri in May 2017.

In a congratulatory message to the second Ministerial Meeting of the China-Community of Latin American and Caribbean States (CELAC) Forum held in Chile on Jan. 22, 2018, Xi stressed that China and LAC countries “need to draw a new blueprint for our joint effort under the Belt and Road Initiative and open a path of cooperation across the Pacific Ocean that will better connect the richly endowed lands of China and Latin America and usher in a new era of China-LAC relations.”

During Xi’s visits, the Chinese president is always dedicated to better aligning the BRI — an open platform for cooperation — with the development plans of LAC countries.

In his meeting with Macri, Xi called for dovetailing the BRI with Argentina’s development strategy, expanding cooperation in such sectors as infrastructure, energy, agriculture, mining and manufacturing, and implementing existing major cooperation projects in hydro-power, railway and other fields.

Similarly, during the state visit to Panama in December 2018, Xi said the National Logistics Strategy of Panama 2030 and the BRI are highly compatible, calling on the two sides to synergize their respective development strategies, boost cooperation and promote connectivity.

So far, 19 LAC countries have signed BRI cooperation agreements with China. China-Latin America cooperation in various areas has effectively promoted local economic and social development, bringing visible and tangible benefits to the Latin American people.

Just as Xi said in his speech at the Peruvian Congress in 2016, “China will share its development experience and opportunities with the rest of the world and welcome other countries to board the express train of its development, so that we can all develop together.”

SOurce: Xinhua

11/11/2019

Spotlight: China-Brazil trade set to reach new heights

SAO PAULO, Nov. 11 (Xinhua) — Though separated by oceans and continents, China and Brazil have fostered deepening bilateral cooperation over the years, especially in  investment, trade and finance.

With the upcoming 11th BRICS summit in Brazil’s capital Brasilia, expectations are high for the development of closer ties between the two countries.

STRENGTHENING INVESTMENT

China and Brazil have bolstered investment ties in recent years, and the Asian country has become Brazil’s largest source of foreign investment.

The two countries are not only deepening cooperation in the traditional areas of agriculture, electricity, mining and infrastructure, but also fostering growth in new areas such as technology innovation and the digital economy.

Last month, Brazilian telecommunications giant Oi put Chinese company Huawei’s 5G technology to the test during a local music festival — the largest trial of the 5G technology in Brazil.

Chinese Internet giant Alibaba’s website AliExpress has become one of Brazil’s most popular cross-border e-commerce platforms. Chinese Internet company Tencent and mobile ride-hailing platform DiDi have also invested in Brazilian companies.

Finally, the participation of Latin American countries — including Brazil — in jointly building the Belt and Road will provide a great opportunity for these countries to enhance investment cooperation with China, said Oliver Stuenkel, an expert of international relations at Brazil’s Getulio Vargas Foundation.

INCREASING TRADE

Although the global economy is facing downward pressure, bilateral trade between China and Brazil has continuously climbed, as both countries are committed to opening up their markets.

China has been Brazil’s largest trading partner and largest export market for a decade. In 2018, bilateral trade hit a record 100 billion U.S. dollars, official data showed.

Cheese bread, Brazil’s favorite breakfast and snack food, is now available at cafeterias in China, thanks to the first China International Import Expo (CIIE) in Shanghai last year.

In May, Brazil’s leading cheese bread maker Forno de Minas shipped its first container of 10 tons of cheese bread to China, supplying cafeterias in Shanghai. Two months later, the bakery shipped a second batch of 18 tons to China.

Brazil is also dedicated to opening up by optimizing its business environment. Li Tie, general manager of the Brazilian branch of BYD, a leading Chinese manufacturer of electric vehicles and batteries, said that the Brazilian government has actively promoted pension and labor law reforms and is planning to carry out tax reforms.

China and Brazil should further enhance their economic and trade relations, which have been fruitful and mutually beneficial, said Sergio Segovia, president of the Brazilian Trade and Investment Promotion Agency.

FINANCIAL COOPERATION

The two countries have enhanced cooperation in the financial sector.

In September, the Brazil government relaxed restrictions on the establishment of financial institutions. Bank XCMG, affiliated to China’s Xuzhou Construction Machinery Group, has become the first foreign bank that was approved by Brazil’s central bank after the release of the new regulation, and the bank’s foreign shareholding ratio is as high as 100 percent.

Wang Yansong, XCMG’s vice president, said that Bank XCMG will carry out financial leasing and other services in Brazil and help companies reduce exchange rate risks and financing costs.

As cross-border trade grows, fin-tech companies from both countries have carried out in-depth cooperation, such as that between Brazilian financial payment company Ebanx and AliExpress, in providing consumers with cross-border payment solutions.

In 2018, Ebanx handled 35 million cross-border transactions related to Chinese merchants, said its co-founder and CFO Wagner Ruiz. He expressed the hope that the company can help Chinese merchants sell more in Latin America in the future.

The BRICS leaders’ meeting is an excellent opportunity for Brazil to deepen business, investment and financial cooperation with China and other BRICS countries, said Marcos Trojan, special secretary for foreign trade and international affairs of Brazil’s Ministry of Economy.

Source: Xinhua

08/11/2019

Xi Focus: Xi’s trip to Greece, Brazil to advance bilateral ties, BRICS cooperation

BEIJING, Nov. 7 (Xinhua) — Chinese President Xi Jinping’s upcoming visit to Greece and Brazil is expected to intensify China’s relations with the two countries and enhance BRICS cooperation, officials said here Thursday.

At the invitation of Greek President Prokopis Pavlopoulos, Xi will pay a state visit to Greece from Nov. 10 to 12, said Vice Foreign Minister Qin Gang.

This will be the first visit to the European country by a Chinese president after an interval of 11 years, which will exert a historic influence of China-Greece ties and push forward China-Europe relations and Belt and Road cooperation, Qin said.

He noted that China and Greece, both with old civilizations, are trustworthy and helpful friends respecting and supporting each other on core interests and major concerns.

Greece is among the first European Union (EU) countries to sign an intergovernmental cooperation document with China to jointly construct the Belt and Road, Qin said, adding that Greek prime ministers attended the first and second Belt and Road Forum on International Cooperation in Beijing.

The two sides have conducted fruitful cooperation on the principle of mutual benefit and win-win cooperation and witnessed increased bilateral trade and investment, Qin said.

“The Piraeus Port project, a flagship project for the Belt and Road cooperation, has made important contributions to the local economic and social development of Greece and played an important role in advancing connectivity in various regions around the globe,” said the vice foreign minister.

Speaking of people-to-people and cultural exchanges, Qin said peoples of the two countries respect each other and advocate openness and inclusiveness in their close interactions.

“Both China and Greece hold that different civilizations should respect each other and facilitate experience sharing, mutual learning and conversation among civilizations,” he said.

China and Greece are new friends of the “17 +1” cooperation. In April this year, Greece became a full member of the China-Central and Eastern European Countries Cooperation Mechanism, adding new opportunities to the development of this mechanism, which is also conducive to developing China-EU relations and China-EU connectivity, Qin said.

Greek Prime Minister Kyriakos Mitsotakis led a delegation to the ongoing second China International Import Expo (CIIE). Xi met with him, and the two leaders visited the Greek pavilion, Qin said.

According to Qin, in Greece, Xi is scheduled to hold talks respectively with Pavlopoulos and Mitsotakis, in a bid to consolidate political mutual trust and traditional friendship between the two countries, intensify pragmatic cooperation in trade, investment, infrastructure and other fields, uphold multilateralism and free trade and build an open world economy.

Besides, Qin noted that the Chinese and Greek leaders will conduct cultural exchanges and advocate dialogues among civilizations.

The two sides will issue a joint statement on strengthening the comprehensive strategic partnership, draw up a blueprint for the development of bilateral ties, sign intergovernmental cooperation documents on investment and education, and ink commercial agreements in such fields as ports, finance, and energy.

Greece, in the West, and China, in the East, are heirs of ancient civilizations. Noting that both China and Greece are faced with the mission of rejuvenation and prosperity, Qin said the two countries can enlighten the world to deal with various problems and challenges.

Xi’s upcoming visit to Greece shows respect and appreciation of the ancient Chinese civilization to the ancient Greek civilization, as well as the expectation of jointly building a community with a shared future for humanity, Qin said.

It is believed the visit will elevate the level of bilateral cooperation in an all-round way and inject new impetus to the development of China-EU relations with fruitful results, Qin stressed.

According to Vice Foreign Minister Ma Zhaoxu, at the invitation of Brazilian President Jair Messias Bolsonaro, Xi will attend the 11th BRICS summit in Brasilia, the capital of Brazil, from Nov. 13 to 14.

BRICS is the acronym for an emerging-market bloc that groups Brazil, Russia, India, China and South Africa.

Xi is scheduled to attend the closing ceremony of the BRICS business forum, closed and public meetings of the BRICS leaders’ meeting and the BRICS leaders’ dialogue with the BRICS Business Council and the New Development Bank. The leaders’ declaration is expected to be released, Ma said.

Xi will hold talks with Bolsonaro, sign cooperation documents in various fields, and hold bilateral meetings with leaders of other participating countries to exchange views on ties and BRICS cooperation, Ma said.

As the world is undergoing changes rarely seen in a century and confronted with unprecedented opportunities and challenges, BRICS countries have drawn ever-growing attention worldwide, Ma said, stressing that China appreciates the efforts made by Brazil in its preparation and stands ready to jointly prompt the meeting to achieve fruitful results.

He voiced expectations of the Chinese side.

“The Chinese side hopes that BRICS countries will further enhance political mutual trust, boost mutually beneficial cooperation and forge a more comprehensive, closer and broader partnership,” Ma said.

As for safeguarding multilateralism and strengthening global governance, Ma voiced China’s determination to make joint efforts with other BRICS countries to safeguard the rules-based multilateral trade system, the international order based on international law, and the international system with the UN at the core.

This aims to promote a more equitable, open, transparent and inclusive global governance system and safeguard common interests and development space of emerging markets and developing countries, Ma said.

“China believes the five BRICS countries should follow the trend of the new industrial revolution and facilitate economic transformation and upgrading,” Ma noted.

As an important outcome of last year’s Johannesburg meeting, the BRICS partnership for a new industrial revolution has progressed well in the past year, he said, adding that China is willing to work with concerned parties to accelerate the development of the partnership and tap more potential for cooperation projects, so as to propel high-quality development of the five countries.

“China looks forward to more cooperation on economy, trade, finance, political security and people-to-people exchanges, with projects meeting the development needs of the five countries and serving the interests of their peoples,” he said.

The Chinese side believes that with concerted efforts of all parties and under the political guidance of the five countries’ leaders, the 11th BRICS Summit will be a full success, Ma said, stressing that the BRICS countries will continue to contribute to world peace and development and the building of a community with a shared future for humanity.

Source: Xinhua

10/09/2019

China’s border region to promote AI cooperation with ASEAN

NANNING, Sept. 9 (Xinhua) — South China’s Guangxi Zhuang Autonomous Region on Monday pledged to enhance cooperation with the Association of Southeast Asian Nations (ASEAN) on artificial intelligence (AI).

Chen Wu, chairman of the regional government, said at the First China-ASEAN AI Summit that Guangxi will actively promote technical cooperation, trade, investment and industrial exchange in the AI sector with the ASEAN countries.

Toward this end, the region will speed up the construction of platforms for infrastructure, information sharing and technical cooperation, among others, Chen said.

Guangxi, which boasts both sea and overland links with ASEAN, is building the China-ASEAN Information Harbour to boost digital cooperation with Southeast Asia.

“The summit has sounded the clarion call for the development of AI and big data industry in Guangxi,” said Wang Jingjing, Guangxi regional director of the Chinese AI firm iFlytek.

Hailing the region’s policy and geographical advantages on ASEAN cooperation, Wang said iFlytek hopes to set up an institute on ASEAN languages in Guangxi to facilitate communication between China and ASEAN countries

Source: Xinhua

03/09/2019

China, Peru vow to advance cooperation

 

CHINA-BEIJING-WANG QISHAN-PERU-MEETING (CN)

Chinese Vice President Wang Qishan meets with Peruvian Vice President Mercedes Araoz in Beijing, capital of China, Sept. 2, 2019. (Xinhua/Zhang Ling)

BEIJING, Sept. 2 (Xinhua) — Chinese Vice President Wang Qishan met here Monday with Peruvian Vice President Mercedes Araoz, who is in Beijing to attend relevant activities of the Beijing Horticultural Expo.

Wang spoke highly of the current bilateral relationship, saying that China is willing to further advance mutual understanding and trust and deepen cooperation to push the relationship to a higher level.

Araoz congratulated China on the 70th anniversary of the founding of the People’s Republic of China, and said her country is ready to deepen cooperation with China in such areas as trade and economy, investment, agriculture, poverty relief, science,  technology and culture.

Source: Xinhua

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What's wrong with the world; and its economy

continuously updated blog about China & India