Germany’s BASF starts building $10-billion petrochemical project in China
Chinese top political advisor inspects construction of China-Laos railway
VIENTIANE, Nov. 18 (Xinhua) — Chinese top political advisor Wang Yang on Monday inspected the construction of the China-Laos Railway at ancient Lao capital Luang Prabang, some 220 km north of Vientiane.
Wang, chairman of the National Committee of the Chinese People’s Political Consultative Conference, inspected the construction of a major bridge crossing the Mekong River, which is an important node of the 414.3-km railway.
He was also briefed on the construction of the China-Laos Railway, met with representatives from the company that constructs the railway and delivered a speech.
On behalf of the Central Committee of the Communist Party of China (CPC) and the Chinese people, Wang expressed warm greetings to the staff participating in the construction of the China-Laos Railway and sent his heartfelt thanks to those who cared and supported the construction of the railway.
Wang said the railway is a major project of the China-Laos Economic Corridor and an important platform and carrier of the implementation on building a community with a shared future for China and Laos.
Hailing the railway’s important significance in improving Laos’ infrastructure and boosting local economic and social development, Wang said top leaders of the two countries have attached great importance to the railway and have made explicit requirements of the construction on different occasions.
Wang called on builders of the railway to note the importance of the railway from the overall and strategic height, uphold the principle of quality and safety first, enhance project management, fulfill social responsibilities and work on to build a model, competitive and clean project, so as to contribute to the China-Laos friendship.
The China-Laos Railway is a strategic docking project between the China-proposed Belt and Road Initiative and Laos’ strategy to convert from a landlocked country to a land-linked hub.
The railway, with 198-km tunnels and 62-km bridges, will run from Boten border gate in northern Laos, bordering China, to Vientiane with an operating speed of 160 km per hour.
The project started in December 2016 and is scheduled to be completed and opened to traffic in December 2021.
Source: Xinhua
Tata Steel to cut 3,000 jobs in ‘severe’ market
Image copyright GETTY IMAGESTata Steel plans to cut as many as 3,000 jobs across its European business in another bid to come to terms with a “severe” international steel market.
The company wants to focus on higher-value products, it said, adding there would be no plant closures.
About two thirds of the job cuts will be office-based, it added.
The announcement comes after a merger with German rival Thyssenkrupp was blocked during the summer. Bosses had hoped the deal could reduce costs.
“Today we are highlighting important proposals towards building a financially strong and sustainable European business,” said Henrik Adam, chief executive of Tata Steel in Europe.
“We plan to change how we work together to enable better cooperation and faster decision-making. This will help us become self-sustaining and cash positive in the face of unprecedented severe market conditions, enabling us to lead the way towards a carbon-neutral future.”
The business employs about 20,000 people and is owned by India’s Tata.
Port Talbot steelworks employs just under half of Tata’s 8,385-strong workforce in the UK.
Wales’ economy minister Ken Skates said: “I am seeking an urgent conversation with Tata to establish what this means for workers in Wales and how we can support those affected by this announcement.”
Last week, Chinese firm Jingye agreed to invest £1.2bn in British Steel as it signed a deal to rescue the UK steelmaker.
It also said it would seek to “preserve thousands of jobs in a key foundation industry for the UK” but did not put a number on how many would be saved.
British Steel employs about 4,000 people in Scunthorpe and Teesside.
It has been kept running by the government via the Official Receiver since May when the company went into liquidation.
Source: The BBC
Hong Kong in first recession for a decade amid protests
Image copyright REUTERSHong Kong has confirmed it has entered its first recession for a decade as it continues to be gripped by protests.
Its economy shrank 3.2% in the July-to-September period compared with the prior quarter, figures showed, confirming earlier preliminary data.
It means the economy has contracted for two quarters in a row, which is the usual definition of a recession.
Tourists are staying away and shops are suffering amid battles between anti-government protesters and police.
“Domestic demand worsened significantly in the third quarter, as the local social incidents took a heavy toll on consumption-related activities and subdued economic prospects weighed on consumption and investment sentiment,” the government said in a statement.
It now expects the economy to shrink 1.3% for the full year.

“Ending violence and restoring calm are pivotal to the recovery of the economy. The government will continue to closely monitor the situation and introduce measures as necessary to support enterprises and safeguard,” the government added.
- Man dies after being hit during HK protests
- Hong Kong protests hit Burberry and Cathay Pacific
- The Hong Kong protests explained
Why are there protests in Hong Kong?
Hong Kong – a British colony until 1997 – is part of China under a model known as “one country, two systems”.
Under this model, Hong Kong has a high degree of autonomy and people have freedoms unseen in mainland China.
The protests started in June after the government planned to pass a bill that would allow suspects to be extradited to mainland China.
Many feared this bill would undermine the city’s freedoms and judicial independence.
Image copyrightGETTY IMAGESThe bill was eventually withdrawn but the protests continued, having evolved into a broader revolt against the police, and the way Hong Kong is administered by Beijing.
Protests have taken place every weekend over the past few months, causing widespread disruption and a number of deaths.
On Thursday, a 70-year-old cleaner died after he was hit in the head during a protest in the Hong Kong border town of Sheung Shui.
Video purported to be of the incident shows two groups throwing bricks at each other before the man falls to the ground after being struck on the head.
Image copyright GETTY IMAGESDramatic scenes such as these have kept tourists away. In August, arrivals to the city – a popular travel destination and transit hub – hit their worst level since the SARS crisis of 2003.
Some hotels have slashed prices as they struggle to fill their rooms.
On Thursday, two companies with major operations in Hong Kong revealed the financial impact of the protests.
Luxury fashion house Burberry said its sales in Hong Kong had fallen by more than 10% and would “remain under pressure”.
Airline Cathay Pacific cut its profit guidance and said the civil unrest had “been exceptionally challenging, severely impacting demand and operations of the business”.
Why the spike in anger?
This week has seen a marked escalation in violence with intense street battles, violent clashes at universities and lunchtime protests in the financial heart of Hong Kong.
It is the first time in weeks that protests have taken place during weekdays.
Monday’s protests followed a weekend of vigils and demonstrations after a 22-year-old student protester died last week.
Alex Chow had been in hospital since he fell from the ledge of a car park during a police operation a week ago.
Later on Monday, violence escalated further when a police officer shot an activist in the torso with a live bullet and a pro-government supporter was set on fire by protesters.
In London, Hong Kong’s Justice Secretary Teresa Cheng was hurt after being jostled by anti-government protesters, the Chinese embassy said.
Ms Cheng is seen as having played a key role in promoting the unpopular extradition bill that triggered the protests. China strongly condemned the incident and called for a thorough investigation.
Source: The BBC
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
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









