China

PM Lee says Singapore to contribute US$100,000 to COVID-19 ASEAN fund, hails RCEP signing as ‘major achievement’
16Nov By Desk TeamNo Comments
China, Singapore, World

PM Lee says Singapore to contribute US$100,000 to COVID-19 ASEAN fund, hails RCEP signing as ‘major achievement’

related media assets (image or videos) available. Click to see the gallery. 2 related media assets (image or videos) available. Click to see the gallery. SINGAPORE: Singapore will contribute US$100,000 to the COVID-19 ASEAN Response Fund as the region continues to work together to combat the pandemic, Prime Minister Lee Hsien Loong said on Thursday (Nov 12). Speaking at the ASEAN Summit, which is being held via video conference, Mr Lee also called the signing of the Regional Comprehensive Economic Partnership (RCEP) later in the week a “major achievement”. “The RCEP affirms ASEAN’s collective commitment to economic integration and to an inclusive, open and rules-based multilateral trading system,” Mr Lee said. The trade pact includes the 10-member ASEAN bloc, along with Chin...
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Pakistan to seek $2.7 billion loan from China for CPEC construction project
15Nov mmBy Joe RodriguezNo Comments
Asia, China, USA

Pakistan to seek $2.7 billion loan from China for CPEC construction project

At a time when financial institutions of China are reluctant in investing in the China-Pakistan economic corridor (CPEC), Pakistan has decided to seek USD 2.7 billion loan from China for the construction of package-I of the Mainline-1 project of CPEC.As per reports, the sixth meeting of the financing committee on ML-1 project, which includes dualisation and upgrading of the 1,872 km railway track from Peshawar to Karachi, decided that Pakistan would initially request China to sanction only USD 2.73 billion in loan out of the total estimated Chinese financing of about USD 6.1 billion.The Ministry of Economic Affairs has been directed to formally send the Letter of Intent to China next week as Beijing is expected to finalise its next year's financing plans by the end of the current month."In...
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China will import over $22 trillion worth of goods over the next decade: Xi Jinping
15Nov mmBy Joe RodriguezNo Comments
Asia, China

China will import over $22 trillion worth of goods over the next decade: Xi Jinping

China is now shifting its focus to expand its imports in order to balance out its inbound and outbound shipments, and internationalize its currency.According to a senior official from a state-affiliated think tank, “China will no longer aim at achieving trade surpluses and solely expanding exports, but will pivot to moderately expanding imports for a balance between inbound and outbound shipments”.“This will not only help China to take the initiative in the new round of economic and trade negotiations, but also help promote the internationalisation of yuan,” said Huang Qifan, vice chairman of the China Center for International Economic Exchanges, during a financial forum.Earlier this month, President Xi Jinping had said that China will import over $22 trillion worth of goods over the next ...
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Japan should brace for ‘leaderless era’ as U.S. turns inward, Suga adviser says
14Nov By Desk TeamNo Comments
Asia, China, USA, World

Japan should brace for ‘leaderless era’ as U.S. turns inward, Suga adviser says

A prominent economic adviser to the prime minister says Tokyo should prepare for a “leaderless era” as U.S. global leadership gradually withers, and expand other strategic ties while bolstering its security alliance with Washington. The prime minister, Yoshihide Suga, wasted little time in congratulating U.S. President-elect Joe Biden on last week’s election win over incumbent Donald Trump, despite the latter’s refusal to concede, saying he wanted to strengthen the alliance and ensure peace and prosperity in the Indo-Pacific region. But concerns about America’s inward turn have simmered in Japan for years, intensifying in the face of China’s growing military and economic assertiveness and persisting during the Trump presidency despite comparatively warm ties between the outgoing U.S. lea...
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Australia may open borders to Asia as it records third day without local COVID-19 case
14Nov By Desk TeamNo Comments
Asia, China, Singapore, World

Australia may open borders to Asia as it records third day without local COVID-19 case

SYDNEY: Australia is considering opening its borders to Asian countries, including parts of China, Prime Minister Scott Morrison said on Tuesday (Nov 10), as Canberra seeks to revive an economy ravaged by COVID-19. Australia in March shut its borders to all non-citizens and permanent residents, though in October, Canberra allowed New Zealand residents to enter. Internal travel is limited, although those restrictions are scheduled to be removed by the end of the year. Morrison ruled out entry from the United States or Europe, but said Australia may allow people from low-risk places such as Taiwan, Japan, Singapore and even provinces in China. "We ... are looking at what alternative arrangements could be had to channel visitors through appropriate quarantine arrangements for low-risk ...
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China holds meet with Pak, Sri Lanka, Nepal, Bangladesh to fight Covid-19
13Nov mmBy Mike TrudellNo Comments
China, World

China holds meet with Pak, Sri Lanka, Nepal, Bangladesh to fight Covid-19

With an aim to fight coronavirus and boost economy, China hosted a high-level virtual meeting with Pakistan, Bangladesh, Nepal and Sri Lanka to build up “political consensus” in all nations.Termed as the “five-parties” meeting by the Chinese foreign ministry in a late-night statement on Thursday; the meet was an expansion of a similar meeting held in July involving Pakistan, Nepal, and Afghanistan, and hosted by foreign minister, Wang Yi.“To jointly defeat Covid-19, protect people’s life, safety and health, and accelerate economic and social recovery and development, China, Bangladesh, Nepal, Pakistan and Sri Lanka convened a vice-ministerial-level video conference on Covid-19 response on November 10,” the Chinese foreign ministry said in a statement on Thursday.“The five parties had in-de...
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Irked by proposed US-Taiwan economic talks, China calls Washington to ‘stop exchange or contacts’ with Taipei
12Nov mmBy Mike TrudellNo Comments
China, World

Irked by proposed US-Taiwan economic talks, China calls Washington to ‘stop exchange or contacts’ with Taipei

China has urged the United States to “stop exchange or contacts” with Taiwan and stop elevating its relationship with Taiwan in any substantive way after Washington and Taipei announced they would hold economic talks this month.Chinese foreign ministry spokesperson Wang Webin while addressing a briefing, urged the US to adhere to the one-China principle.China considers Taiwan as its own territory with no right to form official ties with other countries and has watched with growing alarm as the US stepped up is support for the island.Taiwan is sending a delegation to the US for the inaugural meeting of the US-Taiwan Economic Prosperity Partnership Dialogue later this month. The US side will be led by Undersecretary Keith Krach, who visited Taiwan in September.“China consistently opposes off...
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China’s covert op Fox Hunt is targeting Canada’s Chinese community: Canadian Intelligence
12Nov mmBy Mike TrudellNo Comments
China, World

China’s covert op Fox Hunt is targeting Canada’s Chinese community: Canadian Intelligence

Canada’s Security Intelligence Service (CSIS) on Wednesday said that covert “anti-corruption” operation named Fox Hunt is attacking members of the Chinese community in Canada to curb dissent among its diaspora.“Certain foreign states routinely attempt to threaten and intimidate individuals around the world through various state entities and non-state proxies. These states, such as the People’s Republic of China, may use a combination of their intelligence and security services as well as trusted agents to assist them in conducting various forms of threat activities,” said (CSIS) spokesperson John Townsend.This announcement came in less than a month following the US Justice Department charged eight individuals who allegedly participated in the same covert Chinese operation in the United Sta...
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Pompeo, Esper driving US’s anti-China message in India visit
11Nov By Desk TeamNo Comments
China, USA, World

Pompeo, Esper driving US’s anti-China message in India visit

NEW DELHI: US Secretary of State Mike Pompeo and Defense Secretary Mark Esper are in India to drive the Trump administration’s anti-China message exactly a week ahead of America’s presidential election. With President Donald Trump in a tight race for a second term against former Vice President Joe Biden, Pompeo and Esper are seeking to play on Indian suspicions about China to shore up a regional front against increasing Chinese assertiveness in the Indo-Pacific region. In talks on Tuesday (Oct 27) with their Indian counterparts, Pompeo and Esper are to sign an agreement expanding military satellite information sharing and highlight strategic cooperation between Washington and New Delhi with an eye toward countering China. Just hours before the meetings began, the Trump administratio...
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Businesses should get ready for more volatility in the Chinese yuan, regulator says
11Nov By Desk TeamNo Comments
China, Market, World

Businesses should get ready for more volatility in the Chinese yuan, regulator says

Jason Lee | Reuters BEIJING — China's foreign exchange regulator told businesses Friday to prepare for more volatility in the yuan. The Chinese currency, also known as the renminbi, strengthened roughly 1% this week against the U.S. dollar to levels not seen since July 2018. Less than five months ago, the yuan was at its weakest against the greenback since early 2008. Although that is based on a midpoint set by the central bank, the People's Bank of China, Beijing has been allowing markets to play a greater role in the exchange rate. One-year implied volatility of the yuan has climbed to 5%, versus less than 2% for previous years, indicating a basis of "increased flexibility" in the exchange rate, State Administration of Foreign Exchange spokeswoman Wang Chunying told reporters on Friday....
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