Archive for ‘Finance’

17/04/2020

Coronavirus: China oil titan warns of gathering ‘black swan’ risks for Beijing after pandemic

  • Fu Chengyu, the former chairman of China National Offshore Oil Corporation (CNOOC), says hostility towards Beijing will increase after the coronavirus
  • US will try to ‘thwart China’s rise’ and economic fallout from Covid-19 will be worse than the global financial crisis, says Fu
Former Sinopec chairman Fu Chengyu says China will face a more hostile world post coronavirus. Photo: EPA
Former Sinopec chairman Fu Chengyu says China will face a more hostile world post coronavirus. Photo: EPA

The world is set to become more hostile for China after the coronavirus as the risk of “black swan” events gathers for Beijing, a heavyweight in China’s state oil industry has warned, reflecting growing wariness about the geopolitical environment among political and business elites.

Fu Chengyu, the former chairman of both China National Offshore Oil Corporation (CNOOC) and Sinopec Group, painted an ominous picture of increasing antagonism from the United States and damaging unforeseen events, known as black swans, like Covid-19

 at an online symposium organised by business magazine Caijing.
The US would “mercilessly” suppress China in the fields of economics, trade, finance and technology, and Washington was set on taking advantage of the coronavirus pandemic to “forge a less favourable international environment for” the nation, Fu said this week.

“We’ve smelled the odours and new plots against China are in formation,” he said.

After the epidemic, the external environment for our survival will be more severe – Fu Chengyu
“After the epidemic, the external environment for our survival will be more severe … we must prepare for the worst and do our best to achieve the best possible results.”
While Fu has retired from his posts at state companies, he is an influential voice in

China’s oil industry

with decades of experience and contacts in the US petroleum sector.

Fu was a counterpart of Rex Tillerson, who was chairman of ExxonMobil from 2006 to 2017, and served as US State Secretary under President Donald Trump until March 2018.

While at the helm of CNOOC in the early 2000s, he felt political heat from Washington over a US$18.5 billion takeover bid for the American oil company Unocal in 2005, which the company was subsequently forced to withdraw.

China says no evidence to suggest coronavirus virus came from Wuhan’s lab
Speaking at the event in Beijing, Fu said that the coronavirus, which has heightened tensions between Beijing and Washington, will have impacts on global value chains and the world trade landscape for years to come.

“The crisis stemming from the coronavirus pandemic won’t be over in just one or two years … the impact will last longer than the 2008 global financial crisis,” he said.

He added that China would face numerous “black swan” risks in the future.

President Xi Jinping warned in 2019 that China must be on guard for black swan risks as well as “grey rhino” events, referring to an obvious threat that is often neglected.

Geopolitics is getting worse and worse, and we need to be very careful. The US will try various ways to thwart China’s rise, and energy is an important area

To respond to the economic fallout from the coronavirus, China must do more to create a self-sustaining domestic economy, Fu said, and in particular reduce input prices for gas and electricity and boost public services such as health care and education.

“Geopolitics is getting worse and worse, and we need to be very careful,” Fu said. “The US will try various ways to thwart China’s rise, and energy is an important area.”

The US could potentially form a new oil export alliance with Saudi Arabia and Russia to make it possible to cut oil supplies to China, he said.

“China must be prepared for such a scenario, and even when supplies are cut off, we can have some basic self-protection.”

Source: SCMP

29/03/2020

China-initiated int’l energy organization promotes green power alternatives

BEIJING, March 28 (Xinhua) — Clean energy is becoming the mainstream of global energy supply and interconnection is the mainstream of energy allocation, according to the Global Energy Interconnection Development and Cooperation Organization (GEIDCO).

Over the years, China is active in clean energy development and power grid interconnection with neighboring countries, and has achieved significant breakthroughs in UHV grids, smart grids, and clean energy, GEIDCO spokesperson told a press conference via live stream on Friday.

GEIDCO remains committed to promoting the energy interconnection to meet global power demand with clean and green alternatives, making idea dissemination, planning and research, international cooperation and project promotion the focus of its work, said the spokesperson.

The 2020 Global Energy Interconnection & China-Asia Energy and Power Conference is expected to be held in Beijing in November to discuss and strengthen cooperation on sustainable development in the energy industry.

Founded in March 2016, GEIDCO so far had 860 members from 115 countries, covering fields including energy, electricity, information, finance, consultation, science and technology, and environmental protection.

The global energy interconnection is a platform that connects grids around the world to facilitate development, deployment and utilization of clean energy, with ultra-high voltage transmission as the backbone.

Source: Xinhua

10/03/2020

China launches new BeiDou navigation satellite

(EyesonSci)CHINA-XICHANG-SATELLITE-LAUNCH (CN)

China launches a new satellite of the BeiDou Navigation Satellite System (BDS) from the Xichang Satellite Launch Center in southwest China’s Sichuan Province, March 9, 2020, only one step away from completing the whole global system. The satellite, the 54th of the BeiDou family, was sent into a geostationary orbit as planned by a Long March-3B carrier rocket. The newly launched satellite is the second geostationary earth orbit satellite of the BDS-3 system, and the last one is expected to be launched in May. (Photo by Guo Wenbin/Xinhua)

XICHANG, March 9 (Xinhua) — China launched a new satellite of the BeiDou Navigation Satellite System (BDS) from the Xichang Satellite Launch Center in southwest China’s Sichuan Province at 7:55 p.m. Monday (Beijing Time), only one step away from completing the whole global system.

The satellite, the 54th of the BeiDou family, was sent into a geostationary orbit as planned by a Long March-3B carrier rocket.

China began to construct its navigation system, named after the Chinese term for the Big Dipper constellation, in the 1990s and started serving the Asia-Pacific Region in 2012. At present, all the first generation BDS-1 satellites have ended operations, and a total of 54 BDS-2 and BDS-3 satellites have been sent into space.

Compared with other navigation systems in the world, the design of the BDS constellation is unique, including medium earth orbit, inclined geosynchronous earth orbit and geostationary earth orbit satellites.

The BDS-3 system will consist of a total of 30 satellites, including 24 medium earth orbit satellites, three geostationary earth orbit satellites and three inclined geosynchronous earth orbit satellites.

The newly launched satellite is the second geostationary earth orbit satellite of the BDS-3 system, and the last one is expected to be launched in May.

The satellite and the carrier rocket were developed by the China Academy of Space Technology (CAST) and the China Academy of Launch Vehicle Technology, respectively.

Space engineers have overcome difficulties during the novel coronavirus epidemic to ensure the success of the mission.

Monday’s launch was the 327th mission of the Long March rocket series.

The new satellite has the most functions and signals, the largest size and the longest designed life span among all the BDS-3 satellites, said Chen Zhonggui, chief designer of BDS-3 satellites from CAST.

The satellite is based on the Dongfanghong-3B platform, currently one of the largest satellite platforms being used in China, and can carry more fuels to ensure its long life, said Chen.

The satellite has integrated the functions of navigation and communication. The accuracy of dynamic positioning can reach the decimeter level, according to Liu Tianxiong, deputy chief designer of BDS-3 satellites.

It can provide services for the driverless vehicles, accurate berthing of ships, as well as takeoff and landing of airplanes. It will be widely used in the fields of communication, electric power, finance, mapping, transportation, fishery, agriculture and forestry.

The ability of short message communication has been improved 10 times on this satellite. Users can send a message of over 1,000 Chinese characters at one time as well as pictures via the satellite, quite useful in emergencies.

The satellite’s ability to receive signals has also been greatly improved, which could help miniaturize users’ terminals, said Pan Yuqian, one of the satellite’s designers.

China aims to complete the construction of the BDS constellation in May and provide high-precision, reliable positioning, navigation and timing services anywhere in the world.

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

04/11/2019

China, Kazakhstan to expand cooperation in multiple areas, boost ties

CHINA-BEIJING-HAN ZHENG-KAZAKHSTAN-FIRST DEPUTY PM-MEETING (CN)

Chinese Vice Premier Han Zheng, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, meets with Kazakhstan’s First Deputy Prime Minister Alikhan Smailov, who also co-chaired the 9th meeting of the China-Kazakhstan Cooperation Committee, in Beijing, capital of China, Nov. 4, 2019. (Xinhua/Yan Yan)

BEIJING, Nov. 4 (Xinhua) — Chinese Vice Premier Han Zheng met with Kazakhstan’s First Deputy Prime Minister Alikhan Smailov Monday in Beijing, who also co-chaired the 9th meeting of the China-Kazakhstan Cooperation Committee.

Han, also a Standing Committee member of the Political Bureau of the Communist Party of China Central Committee, said the development of bilateral ties had been healthy and steady to become a model of relations between neighboring countries.

Earlier this year, China and Kazakhstan upgraded their relations to a permanent comprehensive strategic partnership, which Han said marked a new phase of bilateral relations.

The China-Kazakhstan Cooperation Committee, as an intergovernmental mechanism, makes overall planning for, coordinates and guides bilateral cooperation.

Han said since the last meeting of the committee, the two countries had deepened the synergy of their development strategies, accelerated trade, investment and industrial cooperation, strengthened financial cooperation, and continuously enhanced cooperation in security, environmental protection, energy, technology and mining.

Noting the solid foundation, huge potential and broad prospects of bilateral cooperation, Han said the two countries should promote cooperation in industrial capacity, transportation, agriculture and energy.

He called on the two sides to jointly implement the synergy between the Silk Road Economic Belt and Kazakhstan’s “Bright Road” new economic policy, strengthen innovation-driven cooperation and carry out digital industry, blockchain and biotechnology cooperation to create new growth points.

He said the two sides should carry out more facilitation measures to constantly optimize the business environment and guarantee the rights and interests of enterprises from both countries.

Smailov said Kazakhstan is ready to work with China to promote cooperation in trade, finance, energy, agriculture, transportation, logistics and infrastructure to benefit the two peoples.

Source: Xinhua

18/10/2019

China, Mauritius sign free trade agreement

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.

Source: Xinhua

29/09/2019

China expands access to public services for travellers from Hong Kong and Macau

  • New system to enable businesses and government agencies to verify mainland-issued travel permits
The new system is expected to expand access to the public transport system on the mainland. Photo: Roy Issa
The new system is expected to expand access to the public transport system on the mainland. Photo: Roy Issa

Hong Kong and Macau residents and “overseas Chinese” may soon be able to have full access to public services on the mainland using their China-issued travel documents, state news agency Xinhua reported.

Xinhua reported on Wednesday that the National Immigration Administration was putting a platform in place to enable government agencies and businesses to verify mainland-issued travel permits for Hong Kong and Macau residents.

“As soon as the platform becomes operational, these overseas travellers can, from October, have access to 35 public services, ranging from transport, to finance, education, communications, medical care and accommodation,” the report said.

According to the report, “overseas travellers” cover Hong Kong and Macau residents and ethnic Chinese living overseas.

But it did not say why the new measures did not apply to people from Taiwan.

The administration did not respond to requests for comment on Thursday.

Will Hong Kong anti-government protests ruin city’s role in Beijing’s Greater Bay Area plan? Depends on whom you ask

The new measure appears to be part of a long-term strategy by Beijing to foster closer ties between the mainland and Hong Kong and Macau.

In the last few years, the central government has launched a host of incentives for Hong Kong and Macau residents and businesses, including opportunities in the Greater Bay Area development plan in southern China.

Ivan Zhai, executive director of the Hong Kong Chamber of Commerce in China-Guangdong, welcomed the new measure.

“If such an arrangement can be fully implemented, Hong Kong businesspeople who operate on the mainland will be thrilled,” Zhai said.

The Hong Kong business community has long lobbied for relaxation over areas such as train ticketing and hotel registration.

Zhai said that although Hong Kong and Macau residents could now book high-speed train tickets with their mainland-issued travel permits, there were few ticket machines that could automatically read the permits, complicating the process.

“There are also hotels on the mainland that can only entertain guests with Chinese identity cards and currently Hong Kong travellers can only go to hotels that are authorised to accept the mainland-issued travel permits,” he said.

China’s regulator relaxes currency conversion rules throughout Shenzhen, sharpening city’s edge in Greater Bay Area

According to the report, there will be stiff penalties for departments or businesses misusing information collected through the platform.

Zhai said Hong Kong businesspeople who travelled to the mainland often were more likely to be concerned about convenience than the risk of invasion of privacy.

“If you are a frequent traveller in China, you would have expected that the relevant departments of the Chinese government already have information about you anyway,” he said.

Source: SCMP

26/09/2019

Spotlight: China, Kazakhstan reaffirm commitment to strengthening ties

KAZAKHSTAN-CHINA-LI ZHANSHU-VISIT

Li Zhanshu, chairman of the Standing Committee of the National People’s Congress of China, meets with First President of Kazakhstan Nursultan Nazarbayev in Kazakhstan, Sept. 23, 2019. Li paid an official goodwill visit to Kazakhstan from Sept. 21 to 25 at the invitation of Dariga Nazarbayeva, speaker of the Kazakh Parliament’s Upper House, Nurlan Nigmatulin, speaker of the Kazakh Parliament’s Lower House. (Xinhua/Zhai Jianlan)

NUR-SULTAN, Sept. 25 (Xinhua) — Li Zhanshu, chairman of the Standing Committee of the National People’s Congress (NPC) of China, and Kazakh leaders have agreed here to boost mutually beneficial cooperation in various areas.

During an official goodwill visit from Saturday to Wednesday, Li met with First President of Kazakhstan Nursultan Nazarbayev and conveyed Chinese President Xi Jinping’s cordial greetings to him.

Li told Nazarbayev that China and Kazakhstan are good neighbors and the most reliable friends and partners.

Li said China and Kazakhstan have decided to develop a permanent comprehensive strategic partnership and build a community with a shared future, and their ties have become a model of interstate relations following 27 years of development since the establishment of their diplomatic relationship.

Both sides need to strengthen political mutual trust and mutually beneficial cooperation in various fields, Li said, adding that China has full confidence in the future of Kazakhstan and will continue to support the Central Asian country in pursuing its development path that suits its national conditions.

Nazarbayev told Li that China is a good friend of his country and China’s development is vital to Kazakhstan.

He said strengthening Kazakhstan-China cooperation is in line with the two countries’ interests, and Kazakhstan always prioritizes in its foreign policy cementing and developing ties with China.

At a meeting with Kazakh President Kassym-Jomart Tokayev, Li conveyed Xi’s good wishes to him.

Li said the construction of a Silk Road Economic Belt was first proposed in Kazakhstan, and both countries as permanent comprehensive strategic partners should respect, trust and support each other no matter how the global and regional situations develop.

China and Kazakhstan should improve the alignment of their development strategies and boost cooperation in production capacities, energy, agriculture, inter-connectivity, finance, cross-border e-commerce, high-technology, education, sports, culture and tourism, Li said.

Tokayev said that Kazakhstan, located in the center of the Eurasian continent, will always be a friendly neighbor of China. He praised China’s key role in maintaining global security and stability.

The Belt and Road Initiative is significant to Kazakhstan, which is ready to strengthen cooperation with China, implement bilateral agreements and achieve more outcomes.

At talks with Dariga Nazarbayeva, speaker of the Kazakh parliament’s upper house, and Nurlan Nigmatulin, speaker of the lower house, Li said the two legislatures should implement the important consensuses reached by the heads of state and facilitate bilateral cooperation with legislation and favorable policy.

Li said the two legislatures should push for the signing of an updated version of the China-Kazakhstan investment protection pact, streamline procedures for customs clearance and work permits, and create a sound investment environment.

Nazarbayeva said that strengthening Kazakhstan-China cooperation has particular significance as the world is fraught with risks and challenges, and that she expects better quality in such cooperation.

Nigmatulin said the Kazakh parliament is willing to compare notes on legislation and supervision with the NPC of China.

During his visit, Li and Kazakh Prime Minister Askar Mamin attended the opening ceremony of the China Construction Bank’s Astana office.

Li listened to a report about the Astana International Financial Center and encouraged financial institutions in the center to participate in the Belt and Road Initiative.

The Chinese top legislator also visited the site of the 2017 Astana Expo and the national museum.

Source: Xinhua

22/09/2019

World Manufacturing Convention highlighting 5G applications

HEFEI, Sept. 21 (Xinhua) — Chinese top telecom operators have shown their latest achievements in 5G applications at the World Manufacturing Convention 2019 in Hefei, capital of eastern China’s Anhui Province, according to the organizer.

The operators, including China Unicom and China Mobile, showcased 5G applications in education, health and other fields.

“China Unicom has focused on 5G applications in finance. We will also provide 5G communication services for the 2022 Beijing Olympic Winter Games,” said Tao Xian, industry director of China Unicom Anhui branch.

The World Manufacturing Convention 2019 opened Friday in Hefei, setting a platform for industry insiders to showcase cutting-edge technologies and develop business contacts.

The four-day event brings together more than 4,000 representatives from over 60 countries and regions, including senior managers from Global Fortune 500 companies, said the organizing committee.

Source: Xinhua

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