Chindia Alert: You’ll be Living in their World Very Soon
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Dips in tourism, consumer spending could reduce first-quarter growth by three or four percentage points, according to Zhu Min, a former deputy managing director of the International Monetary Fund
Massive effort now needed to help country rebound, economist says
The coronavirus outbreak in China sparked a huge dip in consumer spending. Photo: EPA-EFE
The deadly coronavirus outbreak may have cost China more than 1.3 trillion yuan (US$185 billion) in the first two months of the year because of huge dips in consumer spending and tourism, according to a former senior executive with the
Zhu Min, who was deputy managing director of the IMF from 2011 to 2016, said during an online presentation on Saturday that the Covid-19 epidemic was likely to have cost the tourism industry about 900 billion yuan in January and February compared with last year, while consumer spending on food and drink was likely to have fallen by about 420 billion yuan.
While online spending – particularly on education and entertainment services – would offset some of the losses, the total drain on the economy over the period could be as much as 1.38 trillion yuan, said Zhu, who is currently head of the National Financial Research Institute at Tsinghua University in Beijing, which organised the presentation.
Based on figures from China’s National Bureau of Statistics, that would represent about 3.3 per cent of the country’s total retail sales in 2019.
Zhu Min says the Covid-19 epidemic cost China’s tourism industry about 900 billion yuan in January and February. Photo: AFP
“The falling consumption in the first quarter could knock down growth by three or four percentage points,” Zhu said. “We need a strong rebound, and that needs 10 times as much effort.”
Consumer spending is a cornerstone of the Chinese economy, accounting for almost 60 per cent of its growth last year. But with the coronavirus still far from contained, many local governments are reluctant to allow public facilities like cinemas and restaurants to reopen.
Despite the grim estimates provided by Zhu, his figures did not include car sales, which fell by 20.5 per cent year on year in January, their largest monthly dip in 15 years, according to figures from the China Passenger Car Association.
Sales in the first two weeks of February fell 92 per cent from the same period of 2019, mainly due to showroom closures. Over the whole of 2020, the coronavirus epidemic could cost China 1 million car sales, or about 5 per cent of its annual total, the industry group said.
In an effort to minimise that impact, Beijing has told local governments to introduce stimulus measures to boost car sales, including raising licence quotas in areas where numbers had previously been restricted to help fight air pollution.
Commerce ministry official Wang Bin said on Friday that the central government expected consumer spending to bottom out in March before rebounding in the second half of the year.
As for the economy as a whole, Chen Wenling, chief economist at the China Centre for International Economic Exchanges, a Beijing-based think tank, said this week that even if national production returned to 80 per cent by the end of February, first-quarter growth would still be less than 4.5 per cent. By comparison, China’s economy grew by 6.4 per cent in the first three months of 2019.
Economists from French bank Natixis forecast China’s gross domestic product to grow by between 2.5 and 4 per cent in the first quarter, depending on how quickly the situation was stabilised and the effectiveness of the government’s stimulus measures.
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.
(Reuters) – India and Brazil have signed 15 accords aimed at forging closer ties between the two emerging market giants across a range of sectors, especially defence, both countries’ leaders tweeted on Saturday.
Indian Prime Minister Narendra Modi and Brazilian President Jair Bolsonaro took to social media to hail the closer cooperation and agreements struck during Bolsonaro’s official visit to India.
“Several agreements signed in infrastructure, justice, science and technology, agriculture, oil exploration, mining, health, culture and tourism,” Bolsonaro tweeted, adding: “The world’s confidence in Brazil is back!”
For his part, Modi tweeted: “India and Brazil are focussing on expanding cooperation in the defence sector,” adding that the two countries share “immense synergies” on several key issues such as the environment and fighting terrorism.
Separately, Brazil’s foreign minister Ernesto Araujo tweeted that the 15 accords signed by the two countries represent a move “against the structures of globalist thought”.
“Brazil is rising to be a great among the greats,” he tweeted.
As public health concerns rise over a new virus, the impact is being felt by China’s travel and tourism sector.
More than 400m Chinese were expected to travel over the Lunar New Year which starts today, normally one of the busiest periods for airlines, hotels and tourist attractions.
Instead, flights and hotels are being cancelled as people face travel restrictions or choose to stay home.
The virus has already taken 25 lives, with more than 800 cases globally.
Many airlines have agreed to refund fares or let passengers rebook free of charge if affected, while major hotel chains are now following suit as more travel restrictions are announced.
After the Civil Aviation Administration of China announced that airlines should give refunds for cancelled flights, the country’s three major airlines, China Southern Airlines, China Eastern Airlines and China Air all saw their share prices take a dive. China Eastern Airlines has seen its value fall about 13% this week.
Hong Kong’s national carrier Cathay Pacific was among the first airlines to allow passengers scheduled to fly to or from Wuhan to reschedule for free while, at the same time, allowing cabin crew to wear surgical masks on flights.
Wuhan is where the first cases in the outbreak were reported. The flu-like virus has since spread to several our parts of China and internationally with cases being confirmed in Singapore, Thailand and the US among others countries.
China’s biggest online travel agency, Trip.com, is also waiving cancellation fees on all hotels, car rentals and tickets for tourist attractions to Wuhan and is ”actively monitoring the situation to ensure the safety of all travellers”.
Hotels and casinos hit
Hotel groups are also paying out refunds to tourists who want to cancel trips to Wuhan and other parts of China.
Both InterContinental Hotels Group (IHG) and Hyatt will allow guests to change or cancel stays at the majority of their Chinese hotels over the Lunar New Year holiday. IHG has 443 hotels in China, Hong Kong, Macau and Taiwan under different brands, with four in Wuhan.
Casino operators have also seen shares fall, particularly those with businesses in Macau. The city is home to casinos owned by Las Vegas Sands and Wynn Resorts.
The release of seven movies over the Lunar New Year has also been postponed.
Blow to economy
Tourism has become an increasingly important part of the Chinese economy and is estimated to contribute about 11% of China’s economic growth and employ about 28 million people.
In 2018, 62.9 million tourists visited China, ranking it the fourth most popular tourist destination behind France, Spain and the US, according to the UN’s World Tourism Rankings.
Outside of China, luxury goods brands are also likely to take a battering as Chinese tourists stay at home rather than travel overseas for shopping sprees. LVMH, which owns the Burberry, Louis Vuitton and Hermes brands, saw its value slide this week.
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.
BEIJING, Nov. 15 (Xinhua) — China has signed 197 Belt and Road (B&R) cooperation documents with 137 countries and 30 international organizations by the end of October, the country’s top economic planner said Friday.
Apart from developing and developed economies, a number of companies and financial institutions from developed countries have collaborated with China to expand the third-party market as well, Meng Wei, a spokesperson for the National Development and Reform Commission (NDRC), told a news conference.
The construction of the China-Laos railway, China-Thailand railway, Jakarta-Bandung High-Speed Railway and Hungary-Serbia railway are making solid headway while projects including the Gwadar Port, Hambantota Port, Piraeus Port and Khalifa Port have gone smoothly, the NDRC said.
Meanwhile, the building of the China-Belarus industrial park, China-UAE Industrial Capacity Cooperation Demonstration Zone and China-Egypt Suez Economic and Trade Cooperation Zone is also forging ahead.
From January to September, China’s trade with B&R countries totaled about 950 billion U.S. dollars, and its non-financial direct investment in these countries topped 10 billion dollars, Meng said.
She noted that China has made bilateral currency swap arrangements with 20 B&R countries and established RMB clearing arrangements with seven countries.
In addition, the country has also made achievements with B&R countries in other sectors including technology exchange, education cooperation, culture and tourism, green development and foreign aid.
Chinese Premier Li Keqiang addresses the 22nd China-ASEAN (10+1) leaders’ meeting in Bangkok, Thailand, Nov. 3, 2019. (Xinhua/Zhai Jianlan)
BANGKOK, Nov. 3 (Xinhua) — Chinese Premier Li Keqiang on Sunday called on China and ASEAN to uphold multilateralism and free trade, resist risks and realize common development at the 22nd China-ASEAN (10+1) leaders’ meeting in Bangkok.
Since China and ASEAN established dialogue relations, they have brought benefits to each other and the wider region, Li said, adding that China always supports ASEAN’s central role in East Asian cooperation.
Noting that the mounting downward pressure on the global economy brings new severe challenges, Li said China and ASEAN countries should jointly uphold multilateralism and free trade, withstand risks and realize common development.
The premier said China and ASEAN countries should stick to the principle of shared benefits and win-win outcomes, and speed up the work to upgrade economic and trade cooperation.
He called for an early conclusion of the negotiations on the Regional Comprehensive Economic Partnership (RCEP) so as to lay the foundation for East Asia’s economic integration, and the implementation of the China-ASEAN Free Trade Area Upgrade Protocol to promote trade and investment liberalization and facilitation.
Li said China and ASEAN countries should enhance strategic mutual trust and safeguard peace and stability in the region.
The Code of Conduct (COC) in the South China Sea is an upgraded version of the Declaration on the Conduct of Parties in the South China Sea (DOC). Last year, China proposed that all parties should try to finish the COC talks in three years. The first reading of the single draft negotiating text of the COC in the South China Sea has been completed ahead of schedule, and the second reading has been launched.
Li said he hopes all sides will actively carry forward the consultations according to the previously agreed timetable, meet each other halfway, and safeguard peace and stability in the South China Sea.
The premier also said China and ASEAN countries need to carry forward their friendship from generation to generation, and stay ready to enhance people-to-people and cultural exchanges in such areas as media, health, education and tourism.
China is willing to train 1,000 administrative health staff and technical professionals in the following three years for ASEAN and will support projects such as the China-ASEAN Young Leaders Scholarship, said the premier.
Stressing that China will unswervingly pursue the path of peaceful development and an opening-up strategy of mutual benefit, Li said China is willing to synergize the Belt and Road Initiative with the development strategies of ASEAN as a whole and its members as well.
He urged to accelerate the construction of the existing economic corridors, promote infrastructure connectivity cooperation, as well as support the building of the Brunei Darussalam Indonesia Malaysia Philippines East ASEAN Growth Area.
Li encouraged innovation cooperation in the areas including digital economy, artificial intelligence, big data and cyber security, and the establishment of a China-ASEAN partnership on blue economy to enhance maritime exchanges and cooperation.
Thailand’s Prime Minister, also the rotating chair of ASEAN, Prayut Chan-o-cha, Philippine President Rodrigo Duterte, Brunei’s Sultan Haji Hassanal Bolkiah, Indonesian President Joko Widodo, Malaysian Prime Minister Mahathir Mohamad, Vietnamese Prime Minister Nguyen Xuan Phuc, Myanmar’s State Counselor Aung San Suu Kyi, Singaporean Prime Minister Lee Hsien Loong, Lao Prime Minister Thongloun Sisoulith and Cambodian Prime Minister Samdech Techo Hun Sen attended the meeting. Li and Prayut co-chaired the meeting.
At the meeting, ASEAN leaders expressed congratulations on the 70th anniversary of the founding of the People’s Republic of China, saying that the ASEAN-China partnership is the most dynamic one in all the partnerships ASEAN has forged.
Speaking highly of the new cooperation progress over the past year, the leaders said their countries would like to take an active role in building the Belt and Road, expand cooperation in areas of inter-connectivity, science and technology innovation, e-commerce, smart cities and blue economy, and increase two-way investment.
They also expressed the hope that the ASEAN-China trade volume can exceed 1 trillion U.S. dollars at an early date.
The leaders also applauded the new progress made in the COC negotiation, saying that their countries would like to maintain the momentum and advance the process.
During the meeting, China and ASEAN agreed to make an action plan to implement The Joint Declaration on China-ASEAN Strategic Partnership for Peace and Prosperity (2021-2025), issued statements on the Belt and Road Initiative, smart cities and media exchanges, and announced that the year 2020 will be the year of China-ASEAN digital economy cooperation.
Li arrived in Bangkok late on Saturday for an official visit to Thailand and a series of events including the 22nd China-ASEAN (10+1) leaders’ meeting, the 22nd ASEAN-China, Japan and South Korea (10+3) leaders’ meeting, and the 14th East Asia Summit.
Vice-Premier Hu Chunhua will lead delegation at two-day summit that is expected to be attended by 400 officials and 200 businesspeople
Observers say it is Beijing’s latest effort to regain momentum in the region and will be closely watched in the US
Samoan capital Apia will host the third China-Pacific Island Countries Economic Development Cooperation Forum, which begins on Sunday. Photo: Alamy
China will seek to expand its economic and diplomatic influence in the South Pacific at a forum this weekend, amid growing concern from the US and its allies over Beijing’s push in the strategically important region.
Vice-Premier Hu Chunhua will lead the Chinese delegation at the third China-Pacific Island Countries Economic Development Cooperation Forum in the Samoan capital Apia, which begins on Sunday. It is expected to be attended by 400 officials and more than 200 businesspeople.
Hu, the former Communist Party chief of China’s manufacturing powerhouse Guangdong who now overseas commercial and agricultural affairs, is expected to deliver a keynote speech at the opening ceremony.
Beijing sees the two-day forum as “timely” and “a good opportunity to deepen mutually beneficial cooperation between China and the Pacific”, a commerce ministry spokesperson told the official Economic Daily newspaper.
Trade, agriculture and fisheries, as well as tourism, infrastructure and climate change were at the top of the agenda for the forum, the spokesperson said.
Leaders of all the Pacific nations – except the four that do not have formal diplomatic ties with Beijing – are expected to attend the forum. Australia, which has “observer status” at the summit, will send Ewen McDonald, deputy secretary of the Department of Foreign Affairs and Trade and the head of its Pacific office.
Vice-Premier Hu Chunhua will lead the Chinese delegation at the forum. Photo: EPA-EFE
The forum comes after China hailed a “new breakthrough” in the region following the decision last month by the Solomon Islands and then Kiribati – despite warnings from the US – to cut diplomatic ties with Taipei and switch to Beijing.
They are the latest of Taipei’s allies to be poached by Beijing as it ramps up pressure on the self-ruled island that it sees as a renegade province to be reunited with the mainland, by force if necessary.
Observers said this weekend’s forum was Beijing’s latest effort to regain momentum in the Pacific.
“Having one of China’s top 25 officials visit the region so soon after [Chinese President] Xi Jinping spent close to three days in Papua New Guinea last November is certainly significant,” said Jonathan Pryke, director of the Pacific Islands programme at the Lowy Institute in Sydney, referring to Hu’s position in the 25-member Politburo.
“It shows clearly China’s attempt to recapture momentum after the West, and in particular Australia, have redoubled their efforts in maintaining and building relationships in the Pacific,” he said.
Papua New Guinea’s Prime Minister Peter O’Neill (second from left) and Chinese President Xi Jinping (second from right) pose for a photo during Xi’s visit in November. Photo: AFP
First held in Fiji in 2006, the forum is part of China’s efforts to expand its reach in the resource-rich region.
Back then, premier Wen Jiabao announced 3 billion yuan of concessional loans to Pacific nations and promised to facilitate more trade, medical aid and tourism with the countries. Chinese capital has been pouring into the region – particularly from the mining and fisheries sectors – ever since.
Of note was a 440 million yuan investment, supported by loans from the Export-Import Bank of China, to build a central business centre at Nuku’alofa, the capital of Tonga.
US and allies sideline China in PNG’s Bougainville by helping fund independence vote
As China’s influence grows, the South Pacific – a region traditionally under US hegemony, and on Australia’s doorstep – has “increasingly become a major power that cannot be neglected” and “an important part of China’s greater strategic landscape”, according to Shi Chunlin, an associate professor at Dalian Maritime University.
Trade has increased between China and the eight Pacific nations that have diplomatic ties with Beijing, rising to a combined US$4.32 billion last year – up 25 per cent from 2017.
China has also become the largest trading partner of new ally the Solomons, the second-largest to Papua New Guinea and Fiji, and the third-largest to Samoa.
China’s direct investment in the region has also jumped, reaching US$4.53 billion last year, a more than fourfold increase from the US$900 million of 2013.
Pryke said Beijing was expected to offer new support and loans to the Pacific nations.
“But the Pacific are much more picky about how they want to engage with all partners than they were a decade ago,” he added.
Returning from a trip to China earlier this month, Solomon Islands Prime Minister Manasseh Sogavare confirmed Beijing would provide a US$74 million grant to build a new stadium for the 2023 Pacific Games in the capital Honiara – something its former ally Taipei had committed to fund.
China Sam Group also reportedly signed an agreement on September 22 to lease the island of Tulagi in the Solomons, the site of a former Japanese naval base. The agreement mentioned the development of a refinery on the island, but critics said it could also potentially be used as a military base.
China is now the second-largest donor in the region, only after Australia, which has viewed Beijing’s financial largesse with suspicion.
Last year, in an apparent effort to counter China’s rising influence in the region, Australian Prime Minister Scott Morrison announced that Pacific countries would be offered up to US$2.18 billion in grants and cheap loans to build infrastructure.
Australian Prime Minister Scott Morrison last year announced up to US$2.18 billion in grants and cheap loans for infrastructure in Pacific nations. Photo: EPA-EFE
The US, meanwhile, has also been wary of China’s push in the Pacific, amid an escalating geopolitical competition between the world’s two largest economies across many fronts – from trade to tech supremacy and security. The US has long maintained exclusive defence access in the region through its Guam military base and security pacts with the Federated States of Micronesia, the Marshall Islands and Palau.
Derek Grossman, a senior defence analyst with the US-based Rand Corporation, said this year’s forum in Samoa was likely to be higher profile than previous years after Beijing lured away two more diplomatic allies from Taipei.
He said it would be “closely watched in the US for how Beijing continues to leverage sweet economic deals via its Belt and Road Initiative to potentially entice others to switch”.
“The US, along with close friends Australia, Japan and New Zealand, are becoming increasingly concerned over the prospects for China to one day curry enough influence in these small island states to gain port access that could be used for new naval bases,” he said.
The most important issue at the forum, he said, would be “whether the West assesses that China is making further inroads with these states”.
“The likely answer will be that it is, suggesting that the US and its partners will have to compete with China in this region to ensure that it remains ‘free and open’, per the US Indo-Pacific strategy,” he said.
BEIJING, Oct. 17 (Xinhua) — China and Mauritius signed a free trade agreement (FTA) here Thursday, the first FTA between China and an African country, according to the Ministry of Commerce (MOC).
The China-Mauritius FTA is the 17th FTA signed by China.
The agreement covers trade in goods and services and investment and economic cooperation.
The FTA will not only provide a more powerful institutional guarantee to deepen bilateral economic and trade relations, but also boost China-Africa economic and trade cooperation, according to the MOC.
Negotiations on the China-Mauritius FTA were officially launched in December 2017. The two sides formally concluded the negotiations on Sept. 2, 2018, after four rounds of intensive negotiations.
In the area of trade in goods, China and Mauritius will eventually achieve zero tariffs on 96.3 percent and 94.2 percent of product tariff items, respectively, involving 92.8 percent of import volume for both countries from each other.
For the remaining tariff items of Mauritius, the tariffs will also be greatly cut, and the maximum tariffs for most of the involved products will not exceed 15 percent.
China’s main exports to Mauritius, such as iron and steel products, textiles and other light industrial products, will benefit from it.
Special sugar produced in Mauritius will also enter the Chinese market gradually.
The two sides also agreed on rules of origin, trade remedies, technical barriers to trade and sanitary and phytosanitary issues.
In the area of trade in services, China and Mauritius both promised to open up more than 100 sub-sectors.
Mauritius will open up more than 130 sub-sectors in important service fields such as communications, education, finance, tourism, culture, transportation and traditional Chinese medicine to China.
This is the highest level of opening up in the field of services in Mauritius so far.
In the field of investment, the agreement has been greatly upgraded from the 1996 China-Mauritius bilateral investment protection agreement in terms of protection scope, protection level and dispute settlement mechanism.
This is the first time that China has upgraded the previous investment protection agreement with an African country, which will not only provide stronger protection for Chinese enterprises to go to Mauritius, but also help them further boost investment cooperation in Africa through the platform of Mauritius, according to the MOC.
Meanwhile, the two sides also agreed to further deepen economic and technical cooperation in agriculture, finance, medical care, tourism and other fields.
The two sides will undergo respective domestic procedures for the agreement to take effect.
Visitors tour the desert on camels at Shapotou Scenic Area in Zhongwei, northwest China’s Ningxia Hui Autonomous Region, Oct. 3, 2019. Since the start of the National Day holiday, Shapotou Scenic Area has entered its peak season for tourism. (Photo by Yang Zhisen/Xinhua)
CHINDIA ALERT: You'll be living in their world, very soon 