09/04/2019
BRUSSELS (Reuters) – Chinese Premier Li Keqiang and EU institution leaders meet in Brussels on Tuesday for an annual EU-China summit set to be overshadowed by differences over trade and investment.
After years of offering free access to its markets, the European Union has said it is losing patience with Beijing over the pace of liberalising reforms. It also has growing concerns over state-led Chinese companies’ dominance of some EU markets and acquisitions of strategic industries.
Like the United States, many EU countries want to crack down on industrial subsidies and forced technology transfers, although prefer dialogue to the trade war Washington has triggered.
The European Commission set out a 10-point action plan last month, seeing scope for greater cooperation in fields such as climate change, but demanding greater reciprocity, such as access for EU firms to Chinese public tenders.
“The old narrative is absolutely obsolete,” Commission Vice President Jyrki Katainen told Reuters.
Beijing and Brussels have been wrestling for weeks over the text of a joint declaration to be presented as the fruit of Tuesday’s summit between Li and Commission President Jean-Claude Juncker and European Council chief Donald Tusk.
“China aims to have a feel-good summit, whereas we aim to have a meaningful summit, with a meaningful outcome,” Peter Berz, acting Asia director at the Commission’s trade section, told the European Parliament last week.
EU diplomats said on Monday negotiators had made some progress, but were still short of an agreed text. Talks would continue until the summit, due to start at 1 p.m. (1100 GMT).
China points to a new foreign investment law due to take effect at the start of 2020. It includes provisions to ban forced technology transfers and ensure foreign companies have access to public tenders.
EU officials say the law lacks detail and question how effective it will be in reality in protecting foreign firms.
Li wrote in a German newspaper on Monday that China wanted to work with the European Union on issues including trade and denied Beijing was trying to split the bloc by investing in eastern European states.
Source: Reuters
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08/04/2019
AMMAN, April 7 (Xinhua) — Li Chengwen, ambassador for China-Arab States Cooperation Forum Affairs of China’s Foreign Ministry, refuted on Sunday the criticism that China’s Belt and Road Initiative (BRI) will create so-called “debt trap” for some participating countries.
“China is trying to find mechanisms to avoid the ‘debt trap,'” Li said during a session on the second day of the World Economic Forum on the Middle East and North Africa 2019 held in the Dead Sea area of Jordan.
The Chinese envoy was responding to the criticism directed at the BRI by some people in the United States and Europe ahead of the second Belt and Road Forum for International Cooperation, due to be hosted by China later this month in Beijing.
The initiative, proposed by China in 2013, aims at building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes of the Silk Road to seek common development and prosperity.
As of July 2018, more than 100 countries and international organizations had signed Belt and Road cooperation documents with China, extending the initiative’s scope from the Eurasian continent to Africa, Latin America and the Caribbean, and the South Pacific region.
Li pointed out that no participating country has complained of falling into the so-called “trap” of Chinese loans.
“The Belt and Road Initiative aims to increase the economic prosperity of a country. It does not aim at expanding the political and geographical authority of China in the world,” he said.
Many participants at the forum in Jordan agreed with Li’s comments.
“If you keep your interest first, you will not find China an unfair partner,” said Shandana Gulzar Khan, Pakistan’s parliamentary secretary for commerce. “But it depends on how well you do your homework.”
In Pakistan, a major BRI participating country, the China-Pakistan Economic Corridor has created tens of thousands of jobs and revived the economy of an entire region, Khan noted.
Speaking at the session, He Wenping, a research fellow of the Institute of West-Asian and African Studies, Chinese Academy of Social Sciences, echoed Li’s remarks.
“The biggest worry on the ‘debt-trap diplomacy’ should come from China’s side, not from outside. It is tax payers’ money,” the Chinese professor said.
“China is not waving the ‘China First’ flag,” she said.
The upcoming Belt and Road forum to be held in Beijing later this month could be an opportunity to kickstart a “second phase” of the initiative, she added.
Source: Xinhua
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19/03/2019
BEIJING, March 18 (Xinhua) — China hopes the Democratic People’s Republic of Korea (DPRK) and the United States will cherish the hard-won momentum of dialogue and keep talking until a peaceful denuclearized Korean Peninsula is realized, a foreign ministry spokesperson said Monday.
Spokesperson Geng Shuang made the remarks at a daily press briefing in response to a question on DPRK Vice Foreign Minister Choe Son Hui’s comment on a briefing held in Pyongyang.
Choe Son Hui said on Friday that the recent summit between the top leader of the DPRK Kim Jong Un and U.S. President Donald Trump failed because the U.S. side lacked sincerity.
“After the Hanoi summit, the DPRK and the U.S. both expressed willingness to continue dialogues. We commend and encourage this,” Geng said.
China always believes that the Korean Peninsula issue can only be solved peacefully through political dialogues, he said.
He added that the key to keeping up and advancing dialogue is to accommodate all parties’ legitimate concerns in a balanced way, build up mutual trust and consensus, take phased and synchronized steps, and start with easier moves.
“As the nuclear issue has dragged on for decades and complicated factors are at play, one cannot expect it to be solved overnight. All parties need to have reasonable expectations. One shouldn’t set the bar too high at the outset or make unilateral, unrealistic demands,” Geng quoted Foreign Minister Wang Yi as saying.
He also said China hoped that the DPRK and the United States could cherish the hard-won momentum of dialogue, seize the opportunity, meet each other halfway, build up mutual trust and consensus, keep talking till something good comes out of the talks and a peaceful denuclearized Korean Peninsula is realized.
“The international community should encourage both sides to keep moving toward the goal of denuclearizing the Korean Peninsula and establishing a peace regime,” Geng said.
China will continue to play a constructive role along with other parties, the spokesperson stressed.
Source: Xinhua
Posted in China alert, Choe Son Hui, Democratic People's Republic of Korea (DPRK), DPRK, DPRK Vice Foreign Minister, Geng Shuang, Korean peninsula, Pyongyang, talks, Uncategorized, United States, US |
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10/03/2019
- Foreign lifestyle experiences are becoming more popular as citizens seek to escape pollution, food and medicine safety worries and authoritarian government controls
- Citizens encountering more barriers to their dreams of travelling abroad, with severe limits on moving money overseas and restrictions on visiting foreign countries
Thailand, including the likes of Chiang Mai, the United States, Australia, Canada, New Zealand are popular destinations for Chinese families. Photo: Shutteratock
Xu Zhangle and her husband and their two children are a typical middle-class couple from Shenzhen, and along with 60 other Chinese families, they are going on an extended holiday to Thailand in July, where they hope to enjoy an immigrant-like life experience.
The family have paid a travel agent around 50,000 yuan (US$7,473) for the stay in Chiang Mai in the mountainous north of the country, including transport, a three-week summer camp for their daughters at a local international school, rent for a serviced apartment and daily expenses.
Zhangle loves Chiang Mai’s relaxed lifestyle and easy atmosphere and wants to live as a local for a month or even longer, instead of having to rush through a short-term holiday.
“It would not be just [tourist] travelling but rather a life away from the mainland.” she said.
Recently, upper middle-class citizens have increased their efforts to safeguard their wealth and achieve more freedom by spending more time abroad.
They have invested considerable amounts of money in overseas properties and applied for long-stay visas, although many of their attempts have ended in failure.
Chinese citizens are encountering more barriers to their dreams of travelling abroad, with severe limits on moving money overseas and restrictions on visiting foreign countries.
Still, growing anxieties about air pollution, food and medicine safety and an increasingly authoritarian political climate are pushing middle class families to look for new ways to circumvent the obstacles so they can live outside China.
Among the options, there is growing demand for sojourns abroad of a month or more, to enjoy a foreign lifestyle for a brief period to make up for the fact that their emigration dreams may have stalled.
“I think this is becoming a trend. Chinese middle-class families are facing increasing difficulties to emigrate and own homes overseas. On the other hand, they still yearn for more freedom, for a better quality of life than what is found in first-tier cities in China.
They are eager to seek alternatives to give themselves and their children a global lifestyle,” said Cai Mingdong, founder of Zhejiang Newway, an online tour and education operator in Ningbo, south of Shanghai.
“First, the availability of multiple-entry tourist visas and the sharp drop in air ticket prices have made it convenient and practical to stay abroad for from a few weeks to up to three months each year.”
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Now, many well-to-do Chinese middle class families can get a tourist visa for five or even 10 years that allows them to stay in a number of countries — including the United States, Australia, Canada, New Zealand and other Asian countries — for up to six months at a time.
“In 2011, a round-trip air ticket from Shanghai to New Zealand cost 14,000 yuan (US$2,000), but now is about 4,000 (US$598),” added Cai.
This opens up the possibility for many middle-class families who are not eligible to emigrate, to live abroad for short periods of time.
Many wealthy Chinese middle class families can get a tourist visa for five or even 10 years that allows them to stay in several countries including the United States, Australia, Canada, New Zealand and other Asian countries, for up to six months at a time. Photo: AP
Chinese tourists made more than 140 million trips outside the country in 2018, a 13.5 per cent increase from the previous year, spending an estimated US$120 billion, according to the China Tourism Academy, an official research institute under the Ministry of Culture and Tourism.
“In [the Thai cities of] Bangkok and Chiang Mai, there are more and more Chinese who stay there to experience the local lifestyle, which is different from theirs in China. The life there is very different from that in China,” said Owen Zhu, who now lives in the Bangkok condo he bought last year.
“The freedom, culture and community are diversified. The quality of air, food and services are much higher than in first-tier cities in China, but the prices are more affordable.
“In Bangkok, in many international apartment complexes where foreigners live, the monthly rent for a one-bedroom [apartment] is about 2,000 (US$298) to 3,000 yuan.”
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A one-bedroom apartment in Shenzhen in southern China is twice as expensive, with rents continuing to rise rapidly.
There are global goods, and it is easy to socialise with different people from around the world,” Zhu added
“Many Chinese people around me, really, come to Thailand to live for a while and go back to China, but then come back again after a few months.”
Both Cai and Zhu said they discovered the new phenomenon among China’s middle class and decided it was a business opportunity.
Growing anxieties about air pollution, food and medicine safety and an increasingly authoritarian political climate are pushing middle class families to look for new ways to circumvent the obstacles so they can live outside China. Photo: AP
Zhu is in the process of registering a company in Bangkok and plans to build an online platform to service the needs of Chinese citizens living abroad who do not own property or have immigration status, especially members of the LGBT community.
Cai said dozens of Chinese families in the Yangtze River Delta had paid him to send their children to schools in New Zealand or Europe for around three or four weeks in the middle of the school year, while the parents rent villas in the area, with New Zealand and Toronto in Canada among the most popular destinations.
Last year, Zheng Feng, a single mother and freelance writer from Beijing, rented a small villa in Australia for a month for them, a friend and their children to escape Beijing’s pollution and experience life overseas.
“To be honest, I don’t have enough money to invest in a property or a green card in Australia. But it’s very affordable for me and my son to pay about 30,000 yuan (US$4,484) to live abroad for one or two months.” Zheng said.
China says 2018 growth was worth more than Australia’s whole GDP
Zheng will join the Xu family in Chiang Mai later this year and she is also planning a similar trip to England next year.
Zheng’s friend, Alice Yu, invested in an American EB-5 investor visa a few years ago, and plans to make one or two month-long trips abroad each year until her family is finally able to move to the United States.
Demand for the EB-5 investor visa in China seems to be waning given heightened uncertainty about the future of the programme and US immigration law in general under US President Donald Trump.
Approval for the visa can now take up to 10 years, resulting in a huge backlog that has further dampened interest and led to a significant dip in investment inflows into the US from foreign individuals.
A one-bedroom apartment in Bangkok can cost around bout 2,000 (US$298) to 3,000 yuan a month. Photo: AFP
“Maybe it will soon become standard for a real Chinese middle-class family to have the time and money to enjoy a long stay at a countryside villa overseas,” said Yu.
“Regardless of whether we can get a long-term visa for the United States, I want my children grow up in a global lifestyle and with more freedom than just growing up on the mainland. So do all wealthy and middle class Chinese families, I think.”
Karen Gao’s son started studying at an international school in Chiang Mai in June, at the cost of about 70,000 yuan (US$10,462) a year, after she quit her job as a public relations manager in Shenzhen and moved to Thailand on a tourist visa.
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“A few months each year for good air, good food and no censorship and internet control, but cheaper living costs compared to Beijing, it sounds like a really good deal to go,” said Gao, who has now been offered a guardian visa to accompany her son, who has already been given a student visa.
“In Shenzhen, I wasn’t able to get him into school because I had no [local] residence permit.
“It would be the best choice for us because we feel so uncertain and worried about investing and living in the mainland.”
Last year, Gao, like thousands of other private investors mostly middle class people living in first-tier cities, suffered significant losses when their investments in hotels and inns in Dali, Yunnan province, were demolished amid the local government’s campaign to curb pollution and improve the environment around Lake Erhai.
“We were robbed by the officials without proper compensation,” Gao said.
Source: SCMP
Posted in air pollution, air ticket prices, Alice Yu, Asian countries, Australia, authoritarian government, authoritarian political climate, Bangkok, barriers, Beijing, Blacklist labels, Cai Mingdong, canada, cheaper living costs, Chiang Mai, China alert, China Tourism Academy, chinese families, circumvent the obstacles, Citizens, compensation, condo, countryside villa overseas, daily expenses, Dali, daughters, destinations, easy atmosphere, emigrate overseas, experience life overseas, food and medicine safety, Foreign lifestyle experiences, founder, GDP, good air, good food, hotels and inns, husbands, immigrant-like life experience., international school, Karen Gao, LGBT community, local international school, long holidays abroad, long-stay visas, mainland, middle class familie, middle-class couple, Ministry of Culture and Tourism, mountainous north, moving money overseas, multiple-entry tourist visas, New Zealand, Ningbo, no censorship and internet control, official research institute, online tour and education operator, overseas properties, Owen Zhu, Pollution, relaxed lifestyle, residence permit, restrictions, serviced apartment, Shanghai, Shenzhen, short-term holiday, single mother and freelance writer, student visa, Thailand, Transport, travelling abroad, Uncategorized, United States, US immigration law, US President Donald Trump, wealthy families, Xu family, Xu Zhangle, yuan, Yunnan Province, Zhejiang Newway, Zheng Feng |
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10/03/2019
BEIJING (Reuters) – China’s central bank on Sunday pledged to further support the slowing economy by spurring loans and lowering borrowing costs, following data that showed a sharp drop in February’s bank lending due to seasonal factors.
The central bank is widely expected to ease monetary policy further this year to encourage lending especially to small and private firms vital for growth and job creation.
The central bank’s “prudent” monetary policy will emphasize on counter-cyclical adjustments, said People’s Bank of China (PBOC) Governor Yi Gang, using a phrase that implies the need to fight an economic slowdown.
“The global economy still faces some downward pressure and China faces many risks and challenges in its economy and financial sector,” Yi said at a press conference on the sidelines of the country’s annual meeting of parliament.
There is still some room for the PBOC to cut reserve requirement ratios (RRRs), although the amount of room is less compared with a few years ago, Yi said.
The PBOC has cut the amount of cash that commercial banks need to set aside as reserves five times in the past year to spur lending to small businesses in the private sector. The RRR for big banks is now at 13.5 percent and the ratio for small- to medium-size banks is at 11.5 percent.
Yi said lending rates for small firms are still relatively elevated due to higher risk premiums and the central bank will forge ahead with reforms to lower such risk premiums.
High risk premiums on loans to small firms reflect commercial banks’ traditional reluctance to extend credit to the sector because of concerns about their creditworthiness.
PBOC data on Sunday showed new bank loans in China fell sharply in February from a record the previous month, but the drop was likely due to seasonal factors, while policymakers continue to press lenders to help cash-strapped firms stay afloat.
A pull-back in February’s tally had been widely expected as Chinese banks tend to front-load loans at the beginning of the year to get higher-quality customers and win market share.
Chinese banks made 885.8 billion yuan ($131.81 billion) in net new yuan loans in February, down sharply from a record 3.23 trillion yuan in January, when several other key credit gauges also picked up modestly in response to the central bank’s policy easing.
Yi said combined January-February new loans and total social financing (TSF), a broad measure of credit and liquidity in the economy, could paint a more accurate picture as they showed a rise of 374.8 billion yuan and 1.05 trillion yuan from a year earlier, respectively.
DEBT DEFAULTS
Analysts say China needs to revive weak credit growth to help head off a sharper economic slowdown this year, but investors are worried about a further jump in corporate debt and the risk to banks as they relax their lending standards.
Corporate bond defaults hit a record last year, while banks’ non-performing loan ratio notched a 10-year high.
Pan Gongsheng, a vice governor at the PBOC, told the same briefing that China will control the amount of bond defaults in 2019, using both legal and market means.
Pan conceded that bond defaults increased last year, but the level of defaults was not high compared with China’s average bad loan ratio.
Premier Li Keqiang told parliament on Tuesday that monetary policy would be “neither too tight nor too loose”. Li also pledged to push for market-based reforms to lower real interest rates.
Chinese policymakers have repeatedly vowed not to open the credit floodgates in an economy already saddled with piles of debt – a legacy of massive stimulus during the global financial crisis in 2008-09 and subsequent downturns.
Sources have told Reuters the central bank is not ready to cut benchmark interest rates just yet, but is likely to cut market-based rates.
Yi said the downward trend in TSF has been initially curbed and broad M2 money supply growth will be more or less in line with nominal gross domestic product growth in 2019, Yi added.
Central bank data showed growth of outstanding TSF, a rough gauge of broad credit conditions, slowed to 10.1 percent in February from January’s 10.4 percent, versus a record low of 9.8 percent in December.
M2 money supply grew 8.0 percent in February from a year earlier, missing forecasts, the central bank data showed. Yi said China’s macro leverage ratio, or the amount of debt relative to GDP, was at 249.4 percent at the end of 2018, a fall of 1.5 percentage points from a year earlier, Yi said.
Analysts note there is a time lag before a jump in lending will translate into growth, suggesting business conditions may get worse before they get better.
Most economists expect a rocky first half before conditions begin to stabilize around mid-year as support measures begin to have a greater impact.
China’s economic growth is expected to cool to around 6.2 percent this year, a 29-year low, according to Reuters polls.
Growth slowed to 6.6 percent last year, with domestic demand curbed by higher borrowing rates and tighter credit conditions and exporters hit by the escalating trade war with the United States.
Source: Reuters
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09/03/2019
- Researchers say they spend so much time on grant applications that they get no time to do science
- Funding applications are said to be too onerous and inflexible
Chinese scientists say funding applications are too onerous and restrictive. Photo: Xinhua
Chinese scientists are appealing for a bigger say over research funding as they buckle under a rigid and bureaucratic application system.
The appeal from delegates to the country’s peak advisory body, the Chinese People’s Political Consultative Conference, comes as the central government prepares to launch a pilot project that will give research teams greater flexibility in the way funds are used.
Despite slowing economic growth, the central government also plans to increase the budget for science and technology by 13.4 per cent this year to 354.31 billion yuan (US$52.7 billion) as Beijing tries to challenge the United States in the race for high technology.
But researchers have been hampered by a funding structure that demands they clearly state the use of their research and submit a detailed plan with a deadline for delivery of results.
Application rules have become stricter in the last few years, partly a result of a crackdown on corruption, which has led to a dozen university presidents and top scientists being arrested for embezzling research and infrastructure funding.
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CPPCC delegate Yuan Zhiming, an agricultural scientist from the Chinese Academy of Sciences in Wuhan, said he spent so much time filling out funding applications that he did not have time to do any research.
“It’s not easy to complete the budget with detailed outcomes, because I don’t already know my research results,” Yuan said in an open panel discussion on the sidelines of the CPPCC.
Wang Liming, a CPPCC delegate from China National Nuclear Corporation, agreed, saying funding applications were too onerous and inflexible. “Money earmarked for buying soy sauce cannot be used to buy vinegar,” he joked.
People’s Daily, the Communist Party’s mouthpiece, reported in December 2016 that it took a scientist a month to finish an annual report for a regular research project and much longer for a major one.
The fears about more bureaucracy in research intensified last year when the National Natural Science Foundation – which manages science funding and promotes research – was downgraded and put under the Ministry of Science and Technology.
The authorities said the change was aimed at strengthening the government’s “research-driven development strategy” and “optimising the distribution of funding on science and technology”, while scientists said it meant funding approval would be more stringent.
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But senior Chinese officials said they understood the need to speed up research for China to transform itself into an innovation powerhouse.
Science and Technology Minister Wang Zhigang said on Friday that China would overhaul the way funding was managed to give researchers more incentives.
“The ministry [of science and technology] has done a series of things to ease the burden on researchers, so that they will not be bothered by forms, reimbursements, titles and prizes and have more time to do real research,” Wang said.
“The upcoming reforms will be centred on how to ignite researchers’ enthusiasm, initiative and creativity.”
Source: SCMP
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07/03/2019
ISLAMABAD (Reuters) – Pakistan intensified its crackdown against Islamist militants on Thursday, with the government announcing it had taken control of 182 religious schools and detained more than 100 people as part of its push against banned groups.
The move represents Pakistan’s biggest move against banned organisations in years and appears to be targeting Islamic welfare organisations that the United States says are a front for militant activities.
Pakistan is facing pressure from global powers to act against groups carrying out attacks in India, including Jaish-e-Mohammed (JeM), which claimed responsibility for the Feb. 14 attack that killed at least 40 Indian paramilitary police.
The escalating tension in the wake of the bombing led to a major confrontation between the nuclear-armed rivals, with both countries carrying out aerial bombing missions and even engaging in a brief dogfight that prompted fears of a war.
Pakistani officials say the crackdown is part of a long-planned drive and not a response to Indian anger over what New Delhi calls Islamabad’s failure to rein in militant groups operating on Pakistani soil.
Previous large-scale crackdowns against anti-India militants have broadly been cosmetic, with the proscribed groups able to survive and continue operations.
The interior ministry said law enforcement agencies had placed 121 people in “preventive detention” as part of the crackdown that began this week.
“Provincial governments have taken in their control management and administration of 182 seminaries (madaris)”, the ministry said in a statement, referring to religious schools.
What to do with madrasas is a thorny issue in Pakistan, a deeply conservative Muslim nation where religious schools are often blamed for radicalisation of youngsters but are the only education available to millions of poor children.
The interior ministry said other institutions from different groups had been taken over, including 34 schools or colleges, 163 dispensaries, 184 ambulances, five hospitals and eight offices of banned organisations.
Many banned groups such as JeM run seminaries, which counter-terrorism officials say are used as recruiting grounds for militant outfits
Jamaat-ud-Dawa (JuD), which operates hospitals and a fleet of ambulances, is estimated to run about 300 madrasas across the country. Pakistan’s government banned the group this week.
JuD calls itself a humanitarian charity but the U.S. State Department has designated it a “foreign terrorist organisation” and calls it a front for Lashkar-e-Taiba (LET), a Pakistan-based group accused of orchestrating attacks in India, including the 2008 Mumbai attack that killed 166 people.
An image casts doubt on India airstrike claims
JuD called the crackdown unfair and said it would seek to counter the government action in courts.
“The whole nation is asking that what message the government wants to send by sealing welfare organisations and kicking students out,” said JuD spokesman Yahya Mujahid.
Pakistan has long used Islamist groups to pursue its aims in the region, but it has denied New Delhi’s accusations it actively supports militants fighting Indian forces in India’s part of Muslim-majority Kashmir.
The South Asian neighbours have fought three wars since independence from Britain in 1947, two of them over Kashmir which they both claim in whole but rule in part.
Source: Reuters
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06/03/2019
BEIJING (Reuters) – China’s exports likely contracted in February after a surprise bounce in January, while imports fell for a third straight month, a Reuters poll showed, heightening anxiety over whether Washington and Beijing can resolve deep differences over trade.
China’s exports in February are expected to have fallen 4.8 percent from a year earlier, according to the median estimate of 32 economists in a Reuters poll, following a 9.1 percent rise in January.
Such a drop would be the biggest since December 2016, and suggest a further weakening in global demand.
Imports in February are expected to have fallen 1.4 percent from a year earlier, compared with the previous month’s 1.5 percent decline.Stronger-than-expected imports could prompt some China watchers to say the economy is showing signs of bottoming out in response to a string of stimulus measures in 2018.
But most analysts typically caution that China’s data early in the year can be highly distorted by the timing of the Lunar New Year holidays, when some business rush out shipments or scale back output before shutting for a extended break. As such, analysts’ estimates for February varied widely.
TRADE DEAL NOT A SILVER BULLET
In recent weeks, the United States and China appear to have moved closer to a trade deal that would roll back tit-for-tat tariffs on each others’ goods, with Beijing making pledges on structural economic changes, a source briefed on negotiations said on Sunday.
But President Donald Trump will reject any pact that is not perfect, Secretary of State Mike Pompeo said this week.
Even if concrete steps such as dismantling tariffs are agreed, it would not be a panacea for all of China’s economic woes. Its exporters would have to piece supply chains back together, win back market share and contend with slowing demand globally.
Factory surveys have suggested exports and imports will remain weak in coming months, with February’s official gauge showing export orders fell to their weakest level since the global financial crisis.
China’s overall trade surplus is seen to have shrunk sharply to $26.38 billion in February from $39.16 billion the previous month, according to the Reuters poll.
In response to growing domestic and global pressure, China’s government this week unveiled a 2019 economic growth target of 6.0-6.5 percent, down from an actual 6.6 percent in 2018, the slowest pace in nearly 30 years.
China to slash taxes, boost lending to prop up slowing economy
Premier Li Keqiang told parliament on Tuesday that China will shore up the economy through billions of dollars in additional tax cuts and infrastructure spending, and will lower real interest rates.
“A set of pro-growth measures are planned despite positive progress in U.S.-China trade talks, which makes us think that either China doesn’t have full confidence in a trade truce or that the damages from the trade conflict cannot easily be undone,” said Iris Pang, Greater China economist at ING.
Source: Reuters
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02/03/2019
MUZAFFARABAD, Pakistan/SRINAGAR, India (Reuters) – A flare up between arch-foes India and Pakistan appeared to be easing on Saturday after Islamabad handed back a captured Indian pilot, but tensions continued to simmer amid efforts by global powers to prevent a war between the nuclear-armed neighbours
Wing Commander Abhinandan Varthaman, who became the face and symbol of the biggest clash between India and Pakistan in many years, walked across the border just before 9 p.m. (1600 GMT) on Friday in a high-profile handover shown on live television.
Shelling across the Line of Control (LoC) that acts as a de facto border in the disputed Kashmir region, a frequent feature in recent weeks, continued on Saturday.
Pakistan’s military said on Saturday its air force and navy “continue to be alert and vigilant”, while two of its soldiers were killed after exchanging fire with Indian troops along the Line of Control. India’s military said on Saturday that Pakistan was firing mortar shells across the LoC.
Pakistan touted Abhinandan’s return as “as a goodwill gesture aimed at de-escalating rising tensions with India” after weeks of unease that threatened to spiral into war after both countries used jets for bombing missions this week.
Global powers, including China and the United States, have urged restraint to prevent another conflict between the neighbours who have fought three wars since independence from Britain in 1947.
Tensions escalated rapidly following a suicide car bombing on Feb. 14 that killed at least 40 Indian paramilitary police in Indian-controlled Kashmir.
India accused Pakistan of harbouring the Jaish-e Mohammad group behind the attack, which Islamabad denied, and Prime Minister Narendra Modi promised a strong response.
Indian warplanes carried out air strikes on Tuesday inside Pakistan on what New Delhi called militant camps. Islamabad denied any such camps existed, as did local villagers in the area, but Pakistan retaliated on Wednesday with its own aerial mission, that led to both sides claiming to have shot down jets.
The stand off came at a critical time for Modi, who faces a general election that must be held by May and who had been expected to benefit from nationalist pride unleashed by the standoff.
Pakistani leaders say the ball is now in India’s court to de-escalate the tensions, though the Pakistani army chief told top military leaders of the United States, Britain and Australia on Friday that his country would “surely respond to any aggression in self-defence”.
“COLLIDE HEAD-ON”
The Indian pilot’s ordeal since being shot down on Wednesday had made him the focal point of the crisis and he returned to his homeland to a hero’s welcome, with crowds thronging the Wagah border crossing and waving Indian flags.
Before his release, Pakistani television stations broadcast video of Abhinandan in which he thanked the Pakistani army for saving him from an angry crowd who chased him after seeing him parachute to safety.
Pakistan frees Indian pilot as crisis thaws
“The Pakistani army is a very professional service,” he said. “I have spent time with the Pakistan army. I am very impressed.”
On Friday, four Indian troops and one civilian were killed in a clash with militants in the Indian-administered Kashmir, where a further three people were killed and one wounded from Pakistani shelling.
Pakistan’s military said two civilians were killed and two wounded since Friday afternoon on Pakistan’s side of Kashmir from a barrage of Indian shelling.
In a sign of the unease, residents say they are afraid another conflagration is likely.
“The way situation is developing along the LoC makes me feel that both sides may collide head-on anytime now,” said Chaudhry Jahangir , a Pakistani resident of the Samahni sector in Kashmir.
Source: Reuters
Posted in 1947, air force and navy, Britain, Chaudhry Jahangir, China alert, global powers, independence, India alert, Islamabad, Jaish-e-Mohammad, Kashmir, Line of Control (LoC), New Delhi, nuclear-armed neighbours, Pakistan, Pakistani Army, paramilitary police, Prime Minister Narendra Modi, Samahni, suicide car bombing, Uncategorized, United States, Wagah, Wg Cdr Abhinandan Varthaman, Wing Commander Abhinandan Varthaman |
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01/03/2019
- Next month’s nautical spectacle will allow country to show off its most advanced warships to an international audience
- More than a dozen foreign navies are expected to join in, including the United States
Chinese warships pictured at the end of joint exercise with the Russian navy in 2016. Photo: Xinhua
China will hold a naval parade next month to mark the 70th anniversary of the founding of the People’s Liberation Army Navy and will invite more than a dozen of foreign navies to participate.
The parade will take place on April 23 in the Yellow Sea off the coast of Qingdao in Shandong province, Ren Zhiqiang, a spokesman for the Ministry of National Defence, said on Thursday.
Ren did not provide further details of the parade but military analysts said the exercise would give the navy the opportunity to display its rapidly growing strength and show how that has increased in the past 12 months.
‘No-go zone’ in Yellow Sea for Chinese aircraft carrier sea trials
In April last year a naval review in the South China Sea featured a total of 48 vessels and 76 planes, including China’s first aircraft carrier, the Liaoning, its Type 094A and 095 nuclear submarines, 052D guided missile destroyers and J-15 fighter jets.
The experts expect that next month’s event will provide a showcase for several new and more powerful vessels including its home-grown aircraft carrier Type 001A, the Type 055 – Asia’s most powerful destroyer – and several nuclear submarines.
“The fact that China is holding the naval parade just one year after the South China Sea review shows the great importance [the leadership] attaches to the development of China’s maritime interests, the navy and its expansion,” navy expert Li Jie said.
Chinese President Xi Jinping joined the crew on the deck of the cruiser Changsha following last year’s naval review. Photo: Xinhua
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China also held a major naval parade in 2009 to mark the navy’s 60th anniversary.
It was smaller in scale than the upcoming extravaganza with 25 PLA vessels and 31 fighter jets taking part.
Fourteen foreign navies sent ships to the 2009 parade, including the USS Fitzgerald from America and the guided-missile cruiser Varyag from Russia. France, Australia, South Korea, India and Pakistan also joined in the event.
More foreign countries are expected to join the party this year as the PLA has become more active internationally and China has sold more warships to foreign navies.
China’s new veterans’ law to be reviewed at National People’s Congress next week
“The parade is more like a birthday party for the PLA Navy and the participation of foreign navies is a matter of diplomatic courtesy with few military implications,” said Yue Gang, a former PLA colonel.
Yue said the US and its allies would attend despite the rising tensions between the two sides.
Since 2015 the US and Chinese navies have engaged in a series of confrontations in the South China Sea as China strengthens its military presence in the region and the US has sought to challenge Beijing’s claims to the waters by conducting what it describes as “freedom of navigation” operations.
“I don’t expect they will send any of the warships that have taken part in such operations [to the parade],” Yue said.
China has greatly expanded its naval capabilities in recent years. Photo: AP
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It has been reported that the Japanese Maritime Self-Defence Force has expressed an interest in joining the parade and the Philippines – which has a rival claim to the South China Sea – is planning to send a vessel to the event for the first time.
Li said militaries such as the US and Japan would not want to miss the chance to observe the PLA Navy closely.
“In addition, greater transparency [through the parade] will also help reassure smaller regional partners such as the Philippines that China is a friendly power despite its growing military strength,” he said.
China held its first naval parade in 1957 and April’s display will be the sixth such event.
Sailors also took part in the parade through Tiananmen Square to mark the foundation of the People’s Republic on October 1 1949.
Source: SCMP
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