Tag: economy

China strategically captured entire supply chain of America: US-based advocacy group
28Dec mmBy Mike TrudellNo Comments
China, World

China strategically captured entire supply chain of America: US-based advocacy group

Over the past year, China has strategically captured the entire supply chain of United States, making dependent on Beijing, and hurting American workers on the job front, said Lucas Kunce, the national security director at the American Economic Liberties Project.In an interview, Kunce said that the business people who testified during the congressional hearings on tariffs revealed that the United States cannot produce essential products including certain weapons systems and US dollars "without some components or resources coming from China.""So, China has strategically captured our entire supply chain," he said. "And it makes us vulnerable, and it hurts American workers too because we are losing skills that we need to try to get back and we're losing good-paying jobs."Kunce noted that the ...
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Over 3.65 lakh J&K accounts benefited under business revival package
24Dec mmBy Joe RodriguezNo Comments
Asia

Over 3.65 lakh J&K accounts benefited under business revival package

Over 3.65 lakh accounts in the Indian union territory of Jammu and Kashmir (J&K) have benefited from the first tranche of relief released by the government under its ‘Business Revival Package’ for eligible businesses affected by the ongoing covid-19 pandemic and the restructured accounts of 2014-floods and 2016-disruption.In a statement, the J&K bank said, “As the leading bank, J&K Bank alone has received Rs 222 crores out of the Rs 250 crores released by the government in its first tranche so far out of Rs 950 crores sanctioned for the banking sector. The bank has already passed the amount of Rs 222 crores as relief to 2.61 lakh eligible beneficiary accounts. Meanwhile, other banks operating in the region have released over Rs 27 crore to 1.04 lakh beneficiary accounts.”The J&...
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China a ‘principal military, economic threat’ in Asia: US Commerce Secretary
9Dec mmBy Mike TrudellNo Comments
Asia, China, Market, Singapore, World

China a ‘principal military, economic threat’ in Asia: US Commerce Secretary

China continues to be both the largest potential market and the principal military and economic threat in the Asian region, US Secretary of Commerce Wilbur Ross said on Tuesday.Speaking at the Milken Institute Asia Summit, Ross said: “China accounts for 210 out of 539 anti-dumping and countervailing duty orders imposed by the U.S. In addition, China makes up a “good portion” of the U.S. entity list that restricts companies’ access to American suppliers for national security reasons, he said.Anti-dumping and countervailing duties are slapped on products suspected of being sold at an unfairly low price. Chinese firms that have been put on the entity list include telecommunications giant Huawei.Commenting on the recently signed between China and 14 other Asia-Pacific Countries, Ross said that...
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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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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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South link needs clarity
26Oct mmBy Brian ThompsonNo Comments
China, Market, USA

South link needs clarity

As plans for the southern land bridge project make the headlines, doubts are growing on whether the multi-billion-dollar project will ever materialize, despite its economic benefits.Recently, Thailand Prime Minister Prayut Chan-o-cha ordered a new feasibility study for a land bridge in the South, which would connect Chumphorn province on the western coast of the Gulf of Thailand and Ranong province on the southeastern shores of the Andaman Sea.According to him, as the Eastern Economic Corridor (EEC) alone won't be enough to boost the economy in the long run, the government had to look for another megaproject to invest in. Ultimately, it was decided that a land bridge would be a good choice.Two projects were considered -- in addition to the land bridge, the government also looked at buildin...
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India-Bangladesh relationship towards a healthy hike
22Oct mmBy Brian ThompsonNo Comments
Market

India-Bangladesh relationship towards a healthy hike

Despite being torn apart by geopolitical boundaries, Bangladesh shares a common socio-political heritage with its biggest neighbor India.The people of the two countries cherish more affinities than detachment, which is why India invested tremendous efforts for the cause of the liberation of Bangladesh in 1971, and Bangladesh has always been very thankful to India for that.There have been minimal disturbances and discrepancies in India-Bangladesh relationship since then, and a strong fraternal unity has kept the two countries tied in harmony for decades.Especially, after the advent of the Awami League Government led by the daughter of Bangabandhu, the Prime Minister Sheikh Hasina for the second time in 2008, the relationship between India and Bangladesh has become so strengthened that even ...
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J&K Bank starts special desks for youth, women entrepreneurs
12Oct mmBy Joe RodriguezNo Comments
Asia

J&K Bank starts special desks for youth, women entrepreneurs

A special desk for youth and women entrepreneurs was inaugurated by the Jammu and Kashmir (J&K) Bank Chairman and Managing Director (CMD) R.K Chhibber and Financial Commissioner (Finance Department), J&K Government, Dr Arun Kumar Mehta amid a round of applause at the bank’s corporate headquarters.The bank’s special desks have been created in line with the announcement made by J&K Lieutenant Governor Manoj Sinha while unveiling the economic package of Rs 1350 crore for the union territory of J&K.Complying with the government directions, the bank created special desks for youth and women entrepreneurs at all its zonal offices to counsel them, facilitate their commercial ventures and expedite the disposal of their credit-proposals at respective business units/offices.Speaking ...
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How floods and Covid-19 slowly distorting Xi Jinping-led China’s superpower dream
1Oct mmBy Joe RodriguezNo Comments
Asia, China

How floods and Covid-19 slowly distorting Xi Jinping-led China’s superpower dream

China is currently facing severe food shortage and is struggling to feed its people, say reports.If reports are to be believed, a number of factors have directly contributed to the food crisis. China's surging population, the growing industrial economy and an increase in consumerism have given rise to demand for agricultural products. Apart from that, floods have played a key part in disturbing China's food stability.According to Chinese local media, the recent floods have cost the country at least $29 billion, affecting 70 million Chinese citizens across 28 provinces.Li Kungang, an official of the Emergency Management Ministry, has warned of another flooding during autumn. "It is the first time that three major river basins experienced a regional or above-average flood since 1998," the of...
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