China-ASEAN ties to open new chapter of common prosperity: scholar
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China-ASEAN ties to open new chapter of common prosperity: scholar
10 Jun 2021
The China-ASEAN relations will open a new chapter of common prosperity if the two sides continue to boost cooperation in wide areas, said Yang Baoyun, a professor specializing in ASEAN studies at Thailand's Thammasat University. This year marks the 30th anniversary of the establishment of dialogue relations between China and ASEAN. Thirty years on, bilateral relations have forged ahead on the basis of mutual respect, mutual trust and mutual benefit, with bilateral cooperation continuing to deepen and the scope further expanding, Yang said in a recent interview with Xinhua. Yang spoke highly of the fruitful cooperation progress that China and ASEAN have achieved in sectors such as political security, economy and trade as well as people-to-people and cultural exchanges. Calling the two sides' anti-pandemic cooperation "a paradigm," Yang said China and ASEAN have supported each other in time of difficulty and fought against the pandemic in concerted efforts. ASEAN countries donated medical supplies to support China at the height of its fight against COVID-19, and China returned the favor by offering medical supplies, dispatching medical teams, sharing prevention and treatment experiences and donating or providing vaccines to assist ASEAN member countries' anti-pandemic work. While the pandemic hammered trade around the world, China and ASEAN have managed to buck the downward trend with an annual 7-percent trade growth in 2020. ASEAN for the first time became China's largest trading partner last year and has secured the position into this year, Yang said. The China-ASEAN relations, though weighed by some uncertainties, have remained stable. "They will sure open a new chapter of common prosperity if the two sides continue to boost cooperation in wide areas, with cooperation in the field of political security as the foundation, economic cooperation as the impetus while people-to-people and cultural exchanges as the bridge," he said. Source: Xinhua
World Bank upgrades China's growth forecast to 8.5 pct in 2021
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World Bank upgrades China's growth forecast to 8.5 pct in 2021
9 Jun 2021
The Chinese economy is on track to grow by 8.5 percent in 2021, up 0.6 percentage point from a previous projection, the World Bank Group said in its latest Global Economic Prospects released on Tuesday. China's ability to contain the pandemic pretty quickly, its significant policy support, as well as the recent pickup in global trade, help support China's strong recovery, World Bank Prospects Group Director Ayhan Kose told reporters at a press call Tuesday morning. According to the semiannual report, the global economy is expected to expand 5.6 percent in 2021, up 1.5 percentage points from a previous projection, largely due to strong rebounds from a few major economies. Despite the recovery, global output will be about 2 percent below pre-pandemic projections by the end of this year, the report showed. Per capita income losses will not be unwound by 2022 for about two-thirds of emerging markets and developing economies. "While there are welcome signs of global recovery, the pandemic continues to inflict poverty and inequality on people in developing countries around the world," said World Bank Group President David Malpass. "Globally coordinated efforts are essential to accelerate vaccine distribution and debt relief, particularly for low-income countries," he said. The World Bank chief also urged policymakers to address the pandemic's lasting effects as the health crisis eases and take steps to spur "green, resilient, and inclusive growth" while safeguarding macroeconomic stability. Among major economies, U.S. growth is projected to reach 6.8 percent this year, reflecting large-scale fiscal support and the easing of pandemic restrictions, according to the report. Growth in other advanced economies is also firming, but to a lesser extent. Emerging market and developing economies as a group are forecast to expand 6 percent this year, supported by higher demand and elevated commodity prices, the report showed, while noting that recovery in many countries is being held back by a resurgence of COVID-19 cases and lagging vaccination progress, as well as the withdrawal of policy support in some instances. Excluding China, the rebound in emerging market and developing economies is anticipated to be a more modest 4.4 percent this year, followed by 4.7 percent growth in 2022. Even so, gains in this group of economies are not sufficient to recoup losses experienced during the 2020 pandemic-induced recession, and output in 2022 is expected to be 4.1 percent below pre-pandemic projections, the report noted. While the global economy will see the fastest post-recession expansion pace in 80 years, growth in low-income economies this year is anticipated to be the slowest in the past 20 years other than 2020, partly reflecting the very slow pace of vaccination, according to the report. Low-income economies are forecast to expand by 2.9 percent in 2021 before picking up to 4.7 percent in 2022. The group's output level in 2022 is projected to be 4.9 percent lower than pre-pandemic projections. Indermit Gill, World Bank Group vice president for Equitable Growth and Financial Institutions, said in a statement that linkages through trade and global value chains have been a vital engine of economic advancement for developing economies and lifted many people out of poverty, but at current trends global trade growth is "set to slow down over the next decade." "As developing economies recover from the COVID-19 pandemic, cutting trade costs can create an environment conducive to re-engaging in global supply chains and reigniting trade growth," Gill said. The report also argued that while global inflation is likely to continue to rise over the remainder of this year, inflation is expected to remain within target ranges in most inflation targeting countries. "Higher global inflation may complicate the policy choices of emerging market and developing economies in coming months as some of these economies still rely on expansionary support measures to ensure a durable recovery," Kose said. "Unless risks from record-high debt are addressed, these economies remain vulnerable to financial market stress should investor risk sentiment deteriorate as a result of inflation pressures in advanced economies," he added. Source: Xinhua
BRI signals new era in multilateral cooperation, says Cyprus House president
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BRI signals new era in multilateral cooperation, says Cyprus House president
9 Jun 2021
Adamos Adamou, president of Cyprus' House of Representatives, hailed on Tuesday the China-proposed Belt and Road Initiative (BRI), saying it signals a new era in multilateral cooperation. Addressing an online forum held here commemorating the 50th anniversary of China-Cyprus diplomatic ties, Adamou said the BRI is by definition a global project, turning China into a "protagonist of economic cooperation, trade and globalization." The initiative aims to promote international connectivity, global growth and development and increase mutual understanding, respect, trust and friendly relations between peoples and countries, "thus signaling a new era in multilateral cooperation." It reflects the vision of enhanced multilateralism, through building bridges between continents, nations and citizens, he added. "Not only political, economic and financial bridges, but also synergies, which further promote our diverse and rich history, heritage, knowledge and culture," said the House president. China proposed the BRI in 2013, aiming to build a trade and infrastructure network connecting Asia with Europe and Africa along ancient Silk Road trade routes. Adamou said the current health crisis underlines the interdependence and interrelatedness of the world, "stipulating for effective multilateralism, not only to recover from this emergency, but also to change for the better." "The need to uphold multilateralism is therefore all the more relevant and urgent." He said Cyprus believes that a comprehensive strategic partnership between Europe and Asia, based on common adherence to market rules and international norms and standards, will be mutually beneficial and will further reinforce economic, trade and investment relations between the two continents. Titled "Governance Experience Sharing for a Common Future: Commemorating the 50th Anniversary of China-Cyprus Diplomatic Relations," the online forum was co-organized by the Chinese Embassy in Cyprus and the European University Cyprus, bringing together scholars, politicians, business people as well as key policy and decision makers from Cyprus, China, Greece and Britain. Addressing the forum, Chinese Ambassador to Cyprus Liu Yantao said this year marks the 100th anniversary of the founding of the Communist Party of China and the 50th anniversary of China-Cyprus diplomatic ties. "It is very important for us to discuss governance at this right moment," he said, noting China always believes that there is no one-size-fits-all governance model. "Whether a model is good or not should be based on specific national conditions, whether the fundamental interests of most people in the country are effectively protected, whether the common wishes are met to the greatest extent, and whether the country contributes to world peace, development, cooperation, win-win result, harmony, and progress," said the ambassador. Source: Xinhua
Over 80% of planned exhibition area booked at 4th CIIE
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Over 80% of planned exhibition area booked at 4th CIIE
3 Jun 2021
Over 80 percent of the planned exhibition area at the fourth China International Import Expo (CIIE) has already been booked and meanwhile, a number of well-known cultural and creative IPs such as the British Museum will make their debut at the expo. After three years of development, CIIE played more greater role in international procurement, investment promotion, cultural exchanges, and open cooperation, said Liu Fuxue, deputy director of the CIIE Bureau, adding that through both online and offline promotion, global companies have actively signed up for the expo since the beginning of this year. It is learned that the fourth CIIE will focus on displaying forward-looking innovative service solutions in various fields, and creating a large platform featuring financial consulting, business logistics, testing and certification, cultural tourism and other services. The CIIE is the first dedicated import exhibition in the world and has seen fruitful outcomes in the past three expos. The fourth CIIE will take place in Shanghai from Nov. 5 to 10. Source: Xinhua Silkroad
Forum held to deepen China-ASEAN media cooperation
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Forum held to deepen China-ASEAN media cooperation
3 Jun 2021
Media workers, officials and researchers from China and the Association of Southeast Asian Nations (ASEAN) have called for greater efforts on the media front to promote cooperation between the two sides. The call was made at the 2021 ASEAN-China Media Cooperation Forum, which was held both online and offline on Wednesday and was sponsored by the China International Publishing Group (CIPG) and the ASEAN-China Centre. Noting that media exchanges and cooperation between the two sides have great potential, Du Zhanyuan, president of the CIPG, expressed the hope that such cooperation could be further deepened and expanded to contribute more to the development of bilateral relations and the building of a China-ASEAN community with a shared future. Lauding the people-to-people exchanges and media cooperation between China and the ASEAN over the past 30 years, Tang Heng, deputy secretary general of the Publicity Department of the Communist Party of China Central Committee, said that media outlets from the two sides have played an important role in enhancing mutual understanding and promoting friendship. Kung Phoak, deputy secretary-general of the ASEAN, said the COVID-19 pandemic has led to a surge in internet traffic, bringing more opportunities for media cooperation, especially in the area of new media. Strengthening media cooperation will help the two sides make new and greater progress in the future, he said. Subjects such as regional economic and trade cooperation and new media trends were also discussed during the forum. Source: Xinhua
BRI conducive to green recovery in post-pandemic era, report
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BRI conducive to green recovery in post-pandemic era, report
2 Jun 2021
The Belt and Road Initiative (BRI) is helpful for the green recovery in the post-COVID-19 pandemic era, according to a report released on May 30 during the International Financial Forum (IFF) 2021 Spring Meetings held in Beijing. According to the report, in the fourth annual survey of the central banks of the Belt and Road countries, 87 percent of the banks surveyed believe that Belt and Road projects are helpful for post-pandemic economic recovery, and 75 percent of the banks surveyed believe these projects are conducive to green recovery and sustainable development. The report focuses on the comprehensive sustainable development in the post-pandemic era, BRI, green finance, global capital markets and financial technology. It says that though measures like lockdown and social distancing have temporarily affected the progress of some major Belt and Road projects, China has not reduced its support for these projects, and most of the central banks surveyed expect that the BRI can boost their countries' GDP growth in the next five years. It also shows that there is broad scope for cooperation on environmental standards, green energy and transportation. In terms of promoting the green recovery under the BRI, 90 percent of the central banks surveyed believe that investing in green energy and transportation is the most important approach, while 80 percent of the central banks surveyed believe that cooperating to formulate Belt and Road project standards is the most important approach. The report points out that while fighting the pandemic, countries around the world must speed up their actions to fulfill commitments to the global environment, and investing in low-carbon societies and healthy natural systems is the only way to ensure the long-term profitability of the financial industry. The report also believes that there is huge room for cooperation in all the above areas, and only global cooperation can recover the global economy from the pandemic quickly and sustainably. At the press conference for the release of the report, IFF and the Central Asia Regional Economic Cooperation Institute signed a strategic cooperation agreement to accelerate the infrastructure construction in energy conservation, low-carbon development, environmental protection and other fields, jointly explore opportunities for green cooperation, and improve the level of regional economic and interconnection cooperation. Initiated and founded in October 2013 by representatives from more than 20 countries, regions and relevant international organizations, including China, the United States and the European Union, IFF is a high-level permanent dialogue, exchange and research institution in the global financial field. Source: Xinhua Silkroad
Sino-Greece Session: 2021 International Youth Friendly Art Exchange Competition
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Sino-Greece Session: 2021 International Youth Friendly Art Exchange Competition
6 Apr 2021
Aiming at the promotion of mutual understanding and friendship as well as of cooperation in the fields of culture, art, tourism and sports amongst countries through art exchanges of young people, the Sino-Greece Session of the International Youth Friendly Art Exchange Competition will be held, under the auspices of the Consulate General of Greece in Shanghai. The main themes of the painting competition are: “Friendship between Greece and China”, “Children see Greece”, “Go to Greece with a Sketchpad”, “Greek mythology”, “Aegean scenery” and “Mediterranean food”. Participants will be divided in three groups: 3-6 years old, 6-9 years old, 9-16 years old. The deadline for the submission of paintings is April 20, 2021. For further information, please contact info@bwfer.com.
SRCIC Attends Education, Economic and Trade Cooperation Meeting between Shaanxi and Mogilev
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SRCIC Attends Education, Economic and Trade Cooperation Meeting between Shaanxi and Mogilev
7 Dec 2020
2 December 2020, the online exchange meeting concerning education and economic and trade cooperation was held between Shaanxi, China and Mogilev, Belarus. Speeches were delivered respectively by Yao Hongjuan, Member of the Shaanxi Provincial Party Committee and Director of the Provincial Foreign Affairs Office, Tang Yugang, Deputy Director of the Department of Commerce, Marinenko Pavel Leonidovich, Vice Chairman of the Executive Committee and Economic Committee of Mogilev, Ivanistov Aleksandr Nikolaevich, Director of the Scientific Research Department of the Belarusian Academy of Agricultural Sciences, Yartsev Andrey Viktorovich, Director of Free Economic Zone of Mogilev, and Luo Jun, Vice President of Northwest Agricultural and Forestry University. In addition, representatives of 12 enterprises in food industry, meat import and export, dairy products and other fields promoted their products at the meeting. Diane Bian, Secretary General of the SRCIC, was also invited to the online meeting. SG Bian introduced the major conferences and international activities held by the SRCIC since its establishment, and also elaborated how the SRCIC actively use its member network and cooperative platform to boost economic and trade cooperation, and cultural exchanges between China and Belarus. SG Bian said that the SRCIC is committed to mobilizing its member resources to strengthen the collaboration between the Sino-Belarusian business communities and enabling the enterprises of Shaanxi and Mogilev to participate in the Belt and Road construction, so as to share the development dividend of the B&R initiative. Finally, SG Bian gave an introduction to the Silk Road Urban Alliance (SRUA) initiated by SRCIC in 2018. She warmly welcomed Mogilev to join in the SRUA for the potential collaboration and win-win development.
SRCIC Holds its 6th Presidium Meeting on Line
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SRCIC Holds its 6th Presidium Meeting on Line
23 Nov 2020
On November 16, 2020, SRCIC held its 6th Presidium meeting on line. The meeting was attended by SRCIC Chairman Lu Jianzhong, Honorary Chairmen Jemal Inaishvili, Liu Changle (represented by He Daguang, Vice Executive Chairman of the Phoenix TV), Wang Shi, Executive Chairman Jean-Guy Carrier, Executive Vice Chairman Wu Yunguo, Vice Chairman Li Zhonghang, and Secretary General Diane Bian. During the meeting, Chairman Lu gave a report on the work of SRCIC in 2020 and SRCIC’s plan for the next stage. The attendees also had a discussion on the proposal for the Silk Road Business Summit to be held in Haikou, Hainan in 2021. Chairman Lu praised SRCIC members’ efforts to tackle the global challenge of COVID-19 and to promote the Belt and Road international cooperation, demonstrating the sense of responsibility of the organization. He then briefed on SRCIC’s plan to build an international culture museum park and an artwork trading center in the backdrop of the construction of the Hainan Free Trade Port and signing of the Regional Comprehensive Economic Partnership. He subsequently sought SRCIC chairmen and members’ attention and participation in those projects. All Chairmen expressed their support for SRCIC's work plan in 2021 and their acknowledgement for the excellent performance of SRCIC Secretariat in the past months, especially during the COVID-19 outbreak. Chairman Jemal stated his appreciation to Chairman Lu and other Chairmen for their effort in responding to our common challenge of the pandemic. He also suggested a webinar should be held at the end of the year to strengthen the exchange among SRCIC members. Chairman Carrier thanked Chairman Lu for his endeavors in pioneering SRCIC's development and suggested SRCIC maintain close contacts with international organizations such as the International Chamber of Commerce. SRCIC Deputy Secretaries-General Mr. Li Qiang, Mr. Wang Yan, Mrs. Tian Xiaohong and Mr. Huang Zhe were also present at the meeting.
SRCIC participating in the China-Belarus Online Business Forum
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SRCIC participating in the China-Belarus Online Business Forum
11 Nov 2020
10 November 2020, the China-Belarus Online Business Forum, one of the supporting activities of the 3rd China International Import Expo (CIIE), was held via videoconferencing. SRCIC was invited to attend the Forum. Mr. Vladimir Ulakhovich, Chairman of Belarusian Chamber of Commerce and Industry (SRCIC member), addressed the opening ceremony. Focusing on the topics of Sino-Belarusian trading tie, cooperative prospects and investment potential, the participants including H.E. Rudy Kiryl, Ambassador Extraordinary and Plenipotentiary of Belarus in China, Ms. Zhao Qiuyan, Counsellor of the Economy and Commerce of the Embassy of China in Belarus, Bogdanov Alexey Igorevich, Head of the Main Directorate of Foreign Economic Activity of the Ministry of Agriculture and Food of Belarus, Mr. Aliaksandr Yarashenka, Head of Great Stone China-Belarus Industrial Park Administration, and Ms. Diane Bian, Secretary General of SRCIC stated their points from different aspects respectively. On behalf of SRCIC Chairman Lu Jianzhong, SG Bian extended congratulations on the opening of the Forum. She said that for a long time to come, the Digital Silk Road would be an important part and direction of the Belt and Road international cooperation, and would drive high-quality construction of the Belt and Road Initiative in joint effort. SG Bian briefed on SRCIC's initiative to build the Silk Road International Artwork Trading Center in China's Hainan Province. Ms. Bian has invited business communities of all countries, especially those from Belarus, to embrace opportunities and benefits brought by the Digital Silk Road and the Hainan Free Trade Port. She also introduced the Hainan International Culture Week 2021 to be held in Hainan by SRCIC next year, which includes the Silk Road Business Summit, the China International Artwork Trading Exhibition, and the China Private Culture and Tourism Enterprise Development Conference.
Colombia's Ambassador to China H.E. Luis Diego Monsalve Visits SRCIC Secretariat
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Colombia's Ambassador to China H.E. Luis Diego Monsalve Visits SRCIC Secretariat
20 Oct 2020
SRCIC Secretary General Diane Bian and Ambassador Luis Diego Monsalve On October 19 of 2020, Colombian Ambassador to China H.E. Luis Monsalve paid a visit to the Tang West Market. Diane Bian, Secretary General of the Silk Road Chamber of International Commerce (SRCIC) held a meeting with Ambassador Louis Monsalve at SRCIC's “Belt and Road” Cultural Exhibition Center. Ambassador Monsalve gave an introduction to Colombia's national conditions, business environment and Chinese enterprises' investment in Colombia. He highly recognized the efforts and contributions made by the Tang West Market in promoting cultural exchanges and cooperation between China and other "Belt and Road" countries, as well as the role of SRCIC in building a platform and mechanism for pragmatic economic and trade cooperation. He expects that SRCIC platform would connect more Chinese and Colombian enterprises to further deepen cooperation between the business communities of the two countries. SG Bian extended her welcome to Ambassador Monsalve and expressed her gratitude to His Excellency for his support for the development of the SRCIC. She said that SRCIC has always been committed to promoting and building a platform for exchanges and cooperation among businesses of various countries. To this end, it has held a series of activities including the Silk Road Business Summits. She hopes that with the support of His Excellency, the two sides can work together to promote cooperation among business associations and entrepreneurs from China, Colombia, and other Silk Road countries. SG Bian also noted the 5th Silk Road Business Summit and the 2nd annual meeting of the Silk Road Urban Alliance to be held in 2021. She invited the Ambassador and Colombian entrepreneurs to attend the above gatherings to promote high-quality projects and seek cooperation opportunities. At last, the two sides exchanged views on Colombian cities’ joining the Silk Road Urban Alliance.
ICC world council elects new chair
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ICC world council elects new chair
25 Jun 2020
The International Chamber of Commerce (ICC), the institutional representative of 45 million companies in over 100 countries, has elected MasterCard CEO Ajay Banga as chair. Banga, who has served as ICC's first vice-chair since June 2018, becomes ICC Chair with immediate effect, succeeding Paul Polman who becomes ICC honorary chair, having served as chair for the past two years. Yassin Al Suroor, founder and the executive chairman of A'amal Group, was re-elected as vice chair. The election took place during the annual ICC World Council Meeting held through a virtual platform on June 23, the global business organisation based in Paris said in a statement. The chamber also elected Maria Fernanda Garza, CEO of Orestia and current board member, as ICC's first vice-chair, making her the first woman to hold this position. "I am delighted to step into the role of ICC chair, taking over from my friend Paul Polman," Banga said. "In this challenging time, I intend to build on the work underway at ICC and to ensure that the organisation, on behalf of business globally, continues to lead in promoting greater prosperity and opportunity for all, which includes being a crucial voice in the re-building of a sustainable and inclusive global economy." Source: The Daily Star
China-ASEAN ties to open new chapter of common prosperity: scholar
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China-ASEAN ties to open new chapter of common prosperity: scholar
10 Jun 2021
The China-ASEAN relations will open a new chapter of common prosperity if the two sides continue to boost cooperation in wide areas, said Yang Baoyun, a professor specializing in ASEAN studies at Thailand's Thammasat University. This year marks the 30th anniversary of the establishment of dialogue relations between China and ASEAN. Thirty years on, bilateral relations have forged ahead on the basis of mutual respect, mutual trust and mutual benefit, with bilateral cooperation continuing to deepen and the scope further expanding, Yang said in a recent interview with Xinhua. Yang spoke highly of the fruitful cooperation progress that China and ASEAN have achieved in sectors such as political security, economy and trade as well as people-to-people and cultural exchanges. Calling the two sides' anti-pandemic cooperation "a paradigm," Yang said China and ASEAN have supported each other in time of difficulty and fought against the pandemic in concerted efforts. ASEAN countries donated medical supplies to support China at the height of its fight against COVID-19, and China returned the favor by offering medical supplies, dispatching medical teams, sharing prevention and treatment experiences and donating or providing vaccines to assist ASEAN member countries' anti-pandemic work. While the pandemic hammered trade around the world, China and ASEAN have managed to buck the downward trend with an annual 7-percent trade growth in 2020. ASEAN for the first time became China's largest trading partner last year and has secured the position into this year, Yang said. The China-ASEAN relations, though weighed by some uncertainties, have remained stable. "They will sure open a new chapter of common prosperity if the two sides continue to boost cooperation in wide areas, with cooperation in the field of political security as the foundation, economic cooperation as the impetus while people-to-people and cultural exchanges as the bridge," he said. Source: Xinhua
World Bank upgrades China's growth forecast to 8.5 pct in 2021
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World Bank upgrades China's growth forecast to 8.5 pct in 2021
9 Jun 2021
The Chinese economy is on track to grow by 8.5 percent in 2021, up 0.6 percentage point from a previous projection, the World Bank Group said in its latest Global Economic Prospects released on Tuesday. China's ability to contain the pandemic pretty quickly, its significant policy support, as well as the recent pickup in global trade, help support China's strong recovery, World Bank Prospects Group Director Ayhan Kose told reporters at a press call Tuesday morning. According to the semiannual report, the global economy is expected to expand 5.6 percent in 2021, up 1.5 percentage points from a previous projection, largely due to strong rebounds from a few major economies. Despite the recovery, global output will be about 2 percent below pre-pandemic projections by the end of this year, the report showed. Per capita income losses will not be unwound by 2022 for about two-thirds of emerging markets and developing economies. "While there are welcome signs of global recovery, the pandemic continues to inflict poverty and inequality on people in developing countries around the world," said World Bank Group President David Malpass. "Globally coordinated efforts are essential to accelerate vaccine distribution and debt relief, particularly for low-income countries," he said. The World Bank chief also urged policymakers to address the pandemic's lasting effects as the health crisis eases and take steps to spur "green, resilient, and inclusive growth" while safeguarding macroeconomic stability. Among major economies, U.S. growth is projected to reach 6.8 percent this year, reflecting large-scale fiscal support and the easing of pandemic restrictions, according to the report. Growth in other advanced economies is also firming, but to a lesser extent. Emerging market and developing economies as a group are forecast to expand 6 percent this year, supported by higher demand and elevated commodity prices, the report showed, while noting that recovery in many countries is being held back by a resurgence of COVID-19 cases and lagging vaccination progress, as well as the withdrawal of policy support in some instances. Excluding China, the rebound in emerging market and developing economies is anticipated to be a more modest 4.4 percent this year, followed by 4.7 percent growth in 2022. Even so, gains in this group of economies are not sufficient to recoup losses experienced during the 2020 pandemic-induced recession, and output in 2022 is expected to be 4.1 percent below pre-pandemic projections, the report noted. While the global economy will see the fastest post-recession expansion pace in 80 years, growth in low-income economies this year is anticipated to be the slowest in the past 20 years other than 2020, partly reflecting the very slow pace of vaccination, according to the report. Low-income economies are forecast to expand by 2.9 percent in 2021 before picking up to 4.7 percent in 2022. The group's output level in 2022 is projected to be 4.9 percent lower than pre-pandemic projections. Indermit Gill, World Bank Group vice president for Equitable Growth and Financial Institutions, said in a statement that linkages through trade and global value chains have been a vital engine of economic advancement for developing economies and lifted many people out of poverty, but at current trends global trade growth is "set to slow down over the next decade." "As developing economies recover from the COVID-19 pandemic, cutting trade costs can create an environment conducive to re-engaging in global supply chains and reigniting trade growth," Gill said. The report also argued that while global inflation is likely to continue to rise over the remainder of this year, inflation is expected to remain within target ranges in most inflation targeting countries. "Higher global inflation may complicate the policy choices of emerging market and developing economies in coming months as some of these economies still rely on expansionary support measures to ensure a durable recovery," Kose said. "Unless risks from record-high debt are addressed, these economies remain vulnerable to financial market stress should investor risk sentiment deteriorate as a result of inflation pressures in advanced economies," he added. Source: Xinhua
BRI signals new era in multilateral cooperation, says Cyprus House president
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BRI signals new era in multilateral cooperation, says Cyprus House president
9 Jun 2021
Adamos Adamou, president of Cyprus' House of Representatives, hailed on Tuesday the China-proposed Belt and Road Initiative (BRI), saying it signals a new era in multilateral cooperation. Addressing an online forum held here commemorating the 50th anniversary of China-Cyprus diplomatic ties, Adamou said the BRI is by definition a global project, turning China into a "protagonist of economic cooperation, trade and globalization." The initiative aims to promote international connectivity, global growth and development and increase mutual understanding, respect, trust and friendly relations between peoples and countries, "thus signaling a new era in multilateral cooperation." It reflects the vision of enhanced multilateralism, through building bridges between continents, nations and citizens, he added. "Not only political, economic and financial bridges, but also synergies, which further promote our diverse and rich history, heritage, knowledge and culture," said the House president. China proposed the BRI in 2013, aiming to build a trade and infrastructure network connecting Asia with Europe and Africa along ancient Silk Road trade routes. Adamou said the current health crisis underlines the interdependence and interrelatedness of the world, "stipulating for effective multilateralism, not only to recover from this emergency, but also to change for the better." "The need to uphold multilateralism is therefore all the more relevant and urgent." He said Cyprus believes that a comprehensive strategic partnership between Europe and Asia, based on common adherence to market rules and international norms and standards, will be mutually beneficial and will further reinforce economic, trade and investment relations between the two continents. Titled "Governance Experience Sharing for a Common Future: Commemorating the 50th Anniversary of China-Cyprus Diplomatic Relations," the online forum was co-organized by the Chinese Embassy in Cyprus and the European University Cyprus, bringing together scholars, politicians, business people as well as key policy and decision makers from Cyprus, China, Greece and Britain. Addressing the forum, Chinese Ambassador to Cyprus Liu Yantao said this year marks the 100th anniversary of the founding of the Communist Party of China and the 50th anniversary of China-Cyprus diplomatic ties. "It is very important for us to discuss governance at this right moment," he said, noting China always believes that there is no one-size-fits-all governance model. "Whether a model is good or not should be based on specific national conditions, whether the fundamental interests of most people in the country are effectively protected, whether the common wishes are met to the greatest extent, and whether the country contributes to world peace, development, cooperation, win-win result, harmony, and progress," said the ambassador. Source: Xinhua
Over 80% of planned exhibition area booked at 4th CIIE
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Over 80% of planned exhibition area booked at 4th CIIE
3 Jun 2021
Over 80 percent of the planned exhibition area at the fourth China International Import Expo (CIIE) has already been booked and meanwhile, a number of well-known cultural and creative IPs such as the British Museum will make their debut at the expo. After three years of development, CIIE played more greater role in international procurement, investment promotion, cultural exchanges, and open cooperation, said Liu Fuxue, deputy director of the CIIE Bureau, adding that through both online and offline promotion, global companies have actively signed up for the expo since the beginning of this year. It is learned that the fourth CIIE will focus on displaying forward-looking innovative service solutions in various fields, and creating a large platform featuring financial consulting, business logistics, testing and certification, cultural tourism and other services. The CIIE is the first dedicated import exhibition in the world and has seen fruitful outcomes in the past three expos. The fourth CIIE will take place in Shanghai from Nov. 5 to 10. Source: Xinhua Silkroad
Forum held to deepen China-ASEAN media cooperation
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Forum held to deepen China-ASEAN media cooperation
3 Jun 2021
Media workers, officials and researchers from China and the Association of Southeast Asian Nations (ASEAN) have called for greater efforts on the media front to promote cooperation between the two sides. The call was made at the 2021 ASEAN-China Media Cooperation Forum, which was held both online and offline on Wednesday and was sponsored by the China International Publishing Group (CIPG) and the ASEAN-China Centre. Noting that media exchanges and cooperation between the two sides have great potential, Du Zhanyuan, president of the CIPG, expressed the hope that such cooperation could be further deepened and expanded to contribute more to the development of bilateral relations and the building of a China-ASEAN community with a shared future. Lauding the people-to-people exchanges and media cooperation between China and the ASEAN over the past 30 years, Tang Heng, deputy secretary general of the Publicity Department of the Communist Party of China Central Committee, said that media outlets from the two sides have played an important role in enhancing mutual understanding and promoting friendship. Kung Phoak, deputy secretary-general of the ASEAN, said the COVID-19 pandemic has led to a surge in internet traffic, bringing more opportunities for media cooperation, especially in the area of new media. Strengthening media cooperation will help the two sides make new and greater progress in the future, he said. Subjects such as regional economic and trade cooperation and new media trends were also discussed during the forum. Source: Xinhua
BRI conducive to green recovery in post-pandemic era, report
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BRI conducive to green recovery in post-pandemic era, report
2 Jun 2021
The Belt and Road Initiative (BRI) is helpful for the green recovery in the post-COVID-19 pandemic era, according to a report released on May 30 during the International Financial Forum (IFF) 2021 Spring Meetings held in Beijing. According to the report, in the fourth annual survey of the central banks of the Belt and Road countries, 87 percent of the banks surveyed believe that Belt and Road projects are helpful for post-pandemic economic recovery, and 75 percent of the banks surveyed believe these projects are conducive to green recovery and sustainable development. The report focuses on the comprehensive sustainable development in the post-pandemic era, BRI, green finance, global capital markets and financial technology. It says that though measures like lockdown and social distancing have temporarily affected the progress of some major Belt and Road projects, China has not reduced its support for these projects, and most of the central banks surveyed expect that the BRI can boost their countries' GDP growth in the next five years. It also shows that there is broad scope for cooperation on environmental standards, green energy and transportation. In terms of promoting the green recovery under the BRI, 90 percent of the central banks surveyed believe that investing in green energy and transportation is the most important approach, while 80 percent of the central banks surveyed believe that cooperating to formulate Belt and Road project standards is the most important approach. The report points out that while fighting the pandemic, countries around the world must speed up their actions to fulfill commitments to the global environment, and investing in low-carbon societies and healthy natural systems is the only way to ensure the long-term profitability of the financial industry. The report also believes that there is huge room for cooperation in all the above areas, and only global cooperation can recover the global economy from the pandemic quickly and sustainably. At the press conference for the release of the report, IFF and the Central Asia Regional Economic Cooperation Institute signed a strategic cooperation agreement to accelerate the infrastructure construction in energy conservation, low-carbon development, environmental protection and other fields, jointly explore opportunities for green cooperation, and improve the level of regional economic and interconnection cooperation. Initiated and founded in October 2013 by representatives from more than 20 countries, regions and relevant international organizations, including China, the United States and the European Union, IFF is a high-level permanent dialogue, exchange and research institution in the global financial field. Source: Xinhua Silkroad
Forthcoming book: China for SMEs Essential Elements of Success
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Forthcoming book: China for SMEs Essential Elements of Success
12 Apr 2021
Mr. Daryl Guppy, SRCIC member and Chairman of Australia China Business Council (ACBC), will release his new book China for SMEs Essential Elements of Success. He is also the founder and CEO of Guppytraders.com, an international financial market education and training organisation with offices in Darwin, Singapore and Beijing. As China grows in importance to companies around the world, it is vital for companies to understand the Chinese business culture. This book is an essential read for anyone serious about successful business in modern China.Mr. Daryl Guppy outlines the crucial ingredients for success, culled from more than 20 years of experience in China business, official meetings and government advisory. Reviews "If you want to do business in China, this book is an absolute must. Nobody I know understands China and the Chinese people as well as Daryl Guppy. His knowledge and insights are built on his decades of business experience, his wide networks and friendships. I strongly recommend this book for anyone currently doing business, studying business or wanting to do business with China." John Brumby Former Premier of Victoria, Australia and National President of the Australia China Business Council 2014–2019 "Guppy's great skill is to eschew the usual cliches and urban myths about doing business in China. Instead, he emphasises the background work required to know your customer, know your market, know the diversity of China, even within a single city, know yourself, and know your offer, be it in products or services. Guppy's analysis will help many to get to success for years to come." Geoff Raby Former Australian Ambassador to China Independent ASX company director, Chairman, Geoff Raby and Associates "Daryl Guppy's book is a rich repository of behavioural observations, nuances and understandings which are fundamental to building the all-important relationships and trust that drive successful engagement with the Chinese. Anyone looking to engage successfully with the Chinese would benefit greatly from exploring the insights which shape the 'deep seated' perceptions of the Chinese people." Hon. Andrew Robb AO Former Minister for Trade and Investment and architect of the China Australia Free Trade Agreement For the further information , please download from https://worldscientific.com/worldscibooks/10.1142/12167
COVID-19 passport success relies on coordination: Daryl Guppy
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COVID-19 passport success relies on coordination: Daryl Guppy
15 Mar 2021
An International Certificate of Vaccination or Prophylax is shown in front of the Berlaymont, the EU Commission headquarter in Brussels, Belgium, March 13, 2021. /Getty Editor's note:Daryl Guppy is an international financial technical analysis expert. He has provided weekly Shanghai Index analysis for Chinese mainland media for more than a decade. Guppy appears regularly on CNBC Asia and is known as "The Chart Man." He is a national board member of the Australia China Business Council. The article reflects the author's views and not necessarily those of CGTN. Responses to COVID-19 in 2020 exposed significant cracks in the implementation of public health policy. Unfortunately that same dysfunction threatens the resumption of international travel and commerce because of lack of agreement about the form of a COVID-19 passport. In China, the public health response to COVID-19 was disciplined, coordinated and effective; in the United States, the response was disjointed with inconsistent standards applied by different states and by the political leadership; in the United Kingdom, the response was an abject failure of planning and implementation. Some countries – like Australia and New Zealand – effectively kept COVID-19 contained and managed by the simple expedient of closing their island borders. Celebration of the low infection rate in Australia disguised the failure to develop any nationally recognized track and trace system, with each State setting their own standards for quarantine, tracking and border closures. People have every reason to expect that the management of the post-COVID-19 recovery will draw on the lessons learned during the COVID-19 crisis. Unfortunately this does not appear to be the case as some countries are developing their own COVID-19 passport solutions without reference to others. Some other countries are simply not actively considering the issue at this time. At one level, developing a secure COVID-19 passport is simply a matter of applying the appropriate technology. It should be a straightforward solution using blockchain security features. The inability to develop COVID-19 track and trace systems in some countries suggests the problem of an acceptable COVID-19 passport may be more difficult to resolve. The passport must rest of unquestionable proof of vaccination. Currently, several groups are developing COVID-19 passports. China has just launched its digital version of a health certificate for international travelers. It uses an encrypted QR code based on blockchain security. Singapore has a government-led process. GovTech (Singapore) developed digital COVID-19 test credentials for travellers pre-departure validation. These are fully compliant with Singapore's SafeTravel program. Considerable work with blockchain based passports has been undertaken by the International Air Transport Association and the EU. They are well advanced in developing and adopting a standard. This initiative is led by business; so the challenge is to persuade governments to recognize the solutions. Elsewhere business organizations are taking the lead. The Australia China Business Council is urging the Australian government to support the development of a COVID-19 vaccine passport using blockchain technology to help open international travel. President David Olsson said "We see an opportunity for the Australian government to work with China and other nations in our region to develop the recommended standards for security, authentication, privacy and data exchange." Michelle Reeves and Marc Reeves and their family's passports to Australia seen on the counterspace, July 27, 2020. /Getty These varied approaches means questions remain around the compatibility and cross border acceptance of these COVID-19 passports. Mutual recognition of these different approaches is the first barrier to overcome before international travel can truly resume. However, immunization in itself poses a problem. People who have been vaccinated will show lingering historical evidence of a low level COVID-19 infection. These viral remnants may be picked up by the nucleic and serum IgM antibody tests regimes and deliver a COVID-19 positive result. This may prevent a green tick on the COVID-19 passport. The suggested solution is for proof of vaccination to be given absolute priority over any lingering COVID-19 positive result. At a deeper level, and more alarmingly, are the problems associated with the architectural foundations of a COVID-19 passport. It's an issue that is concerning many business organizations because it goes to the heart of the efficacy of a COVID-19 passport. This issue rests on the recognition of a range of vaccines that will provide the platform for a major boost for international tourism and for a resumption of international business and student travel. The COVID-19 passport is not genuinely useful unless it includes and recognizes "approved" vaccination sources which will enable quarantine free international travel. The architecture of the COVID-19 passport is the key issue because it rests on the mutual recognition of vaccines as suitable for permitting quarantine free travel. A COVID-19 passport requires much more than a green tick. Business groups have an important role to play in ensuring that the operational details of a COVID-19 passport, including mutual vaccine recognition, really make international business and tourist travel accessible and possible. Source: CGTN
Main Fairs and Exhibitions in Cuba 2021
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Main Fairs and Exhibitions in Cuba 2021
15 Mar 2021
【About the Chamber of Commerce of the Republic of Cuba】 The Chamber of Commerce of the Republic of Cuba was created on February 1, 1963. The Chamber was seen as an effective instrument to contribute to the search for new markets, support the great reorganization of foreign trade, and to enable business relationships with other countries. 【Fairs & Exhibitions】 Nowadays, fairs and exhibitions have become an essential component of Cuba’s commercial and business scene. Below are some of the fairs and exhibitions to be held in Cuba in 2021. February International Book Fair March International Agricultural Fair March INFORMATICA 2021 - 18th International IT Convention & Fair April International Hotel Trade Fair May International Tourism Fair May International Fair Renewable energy June Cubaindustria 2021 June EXPOMATANZAS June EXPOCARIBE September International Fair Transport & Logistic November Havana International Trade Fair, FIHAV December International Crafts Fair 【Trade & Investment】 Cuba, as an important gateway to South America, enjoys political stability and crucial strategic position. The country is rich in agriculture, fishery and tourism resources, bringing great potential for development. On the website of Procuba www.procuba.cu you can find the portfolio of investment opportunities and the Cuban exportable offer. 【Mariel Special Development Zone (MSDZ)】 MSDZ is situated 45km west of Havana and has an area of 465.4km². Since its establishment more than seven years ago, MSDZ has become an important platform for Cuba to attract foreign investment. Activities and sectors prioritized in the MSDZ: Biotechnology, development and production of drugs Containers and Packaging Industry Renewable energy Agriculture Food industry Industry Telecommunications and Informatics Tourism and Real Estate Investments in Infrastructure For more information, please visit www.zedmariel.com/en or download Business with Cuba.
Development funding is not debt trap diplomacy: Daryl Guppy
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Development funding is not debt trap diplomacy: Daryl Guppy
5 Jan 2021
Passenger trains on the Mombasa-Nairobi Standard Gauge Railway (SGR) line stand at platforms at the Nairobi StandardGauge Railway(SGR) Terminus in Nairobi, on Tuesday, Aug. 18, 2020. /Getty Images The shanty town between Manila's airport and the city captures Asia's infrastructure deficit problem, estimated by the World Bank to be a shortfall in the order of $459 billion per year. That's the annual shortfall amount required to meet current infrastructure needs for bridges, roads, railways, ports, housing, sewerage works and civic utilities. There are several international funding sources available which help bridge this infrastructure deficit. They include the World Bank, the Asian Development Bank (ADB), ironically headquartered in Manila, the Asia Infrastructure Investment Bank (AIIB) and a number of programs falling under China's Belt and Road Initiative (BRI). Work by the AIIB and the BRI programs has been criticized by the United States and some of its allies as a program of"debt trap diplomacy."According to them, the idea is that China uses the BRI and the AIIB(which is in fact not even owned by China, but a multilateral financial institution)to extend credit facilities to vulnerable nations and then, when the nations cannot repay, the asset is taken over by China. It's a story that has been repeated frequently by some Western media and political leaders. It's been repeated so often that it is now accepted by many as a matter of fact but closer examination suggests these allegations are exaggerated. Countries with significant infrastructure needs make use of multiple sources of funding. They borrow from Western donors and aid agencies, from the World Bank, and the ADB, from multilateral banks, and private bond holders. The Asian financial crisis of 1997 highlighted the problem of heavy reliance on just a few sources of funding denominated in a single currency. Asia survived the subsequent market crises, including the global financial crisis by moving to more diversified sources of finance. China is but one of the sources of finance and closer examination suggests there is no reason to think that countries have become particularly dependent on China. There are multiple funders available and developing countries have choices. Many prefer to use Chinese financing for big projects in transport and power. Private funding is usually too expensive and it's usually short-term with five year lending periods. The Western sources of funding have shifted their focus away from infrastructure. In its earlydays, 70percentof World Bank financing went to economic infrastructure but now, it is around 30percent. Undertaking big infrastructure projects with the Western donors is very bureaucratic and time-consuming. Poor countries which often have poorly developed administrative capacity, have to follow increasingly complex first-world regulations which include a whole range of added compliance factors which, whilst relevant to Western economies, are often an unfair burden on developing countries. Now these traditional donors have abandoned hard infrastructure funding almost completely. However, the infrastructure deficit has not gone away so it makes rational sense to access China funding in this area. Filling this gap is not"debt trap diplomacy"although the ultimate impact of providing upgraded access roads is also a diplomatic coup. But so too is Western funding of better social services and administrative capacity. The traditional funding sources prefer to finance projects including social services, and administration. Increasingly they also prefer some element promoting Western democratic values. Developing countries make rational decisions in their search for developmental funding. They look to China to do transport and power and to Western donors to do social sectors. They turn to private bondholders to provide general and short-term budget finance. It's these big ticket infrastructure items that are most frequently cited as examples of debt diplomacy. In response, the U.S. has launched a new development finance institution to compete with China. This is designed to counter BRI infrastructure projects but, as usual, all borrowers are beholden to their lenders and debt-for-equity swaps are a common solution for all parties. China's share of African debt is around one-third of total African debt obligations. China finance is important, but with two-thirds of debt owed to other official creditors and the private sector, it means they are collectively even more important.Rather than taking control of assets China has joined the other G20 countries in offering poor countries a moratorium on debt servicing during 2020.Allegations of coercive "debt trap diplomacy"are more a figment of imagination and political posturing than a reflection of reality. Resolving these debt issues will involve restructuring or write downs and this is normally organized through the Paris Club, of which China is not a member.Rather than castigating China with a false "debt trap diplomacy"narrative, it would be more useful for these critics to bring China into the Paris Club and cooperate on debt relief. The infrastructure deficit is huge and any attempt to reduce this should be welcomed. Call it what you will, but when done correctly, lending is always good for diplomatic relations. Source: CGTN
China's opening-up continues: Daryl Guppy
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China's opening-up continues: Daryl Guppy
28 Dec 2020
Editor's note:Daryl Guppy is an international financial technical analyst. He has provided weekly Shanghai Index analysis for Chinese mainland media for more than a decade. Guppy appears regularly on CNBC Asia and is known as "The Chart Man." He is a national board member of the Australia China Business Council. The article reflects the author's opinions and not necessarily the views of CGTN. For the first time in 44 years, moon rock samples came back to earth with the Chang'e-5 lunar mission. In a clear example of China's continued engagement with the world, these were immediately made available for international study. This is at a time when the U.S. and others have done their best to isolate China during 2020. Some justify this isolation with the claim that China is looking more inwardly following the pandemic and the decoupling initiated by the U.S. The elimination of absolute poverty, often cited as China's shining achievement, is built on the back of the country's opening up and engagement with the world for over more than 40 years. The path to a moderately prosperous society rests firmly on more opening up and China's policy developments in 2020 reflect this commitment. There are three important aspects. The first is the opening up of capital market which is designed to integrate China into the global financial economy. The second aspect is support for the global institutions that define international relations. The third aspect is support for new global trade agreements which improve the existing structure of global trade, underpin economic prosperity and progress towards a moderately prosperous society. In 2020, capital market reform gave foreign investors access to China's $15 trillion bond market. Global pension funds have access to safe government debt that pays more than three percent and that is a challenge to the European and American bond markets. Some describe this as just as important as China's admission to the WTO in 2001. As foreshadowed in the 14th Five-Year Plan, Chinese investors may soon find it a lot easier to invest in foreign companies. Competition for global capital will be stronger if Washington expands on moves to reduce Chinese borrowers' access to American capital. This opening-up is a competitive threat to other global markets. The growth of China's capital market has in many ways been accelerated by moves to exclude some Chinese companies from listing in U.S. capital markets. Despite the challenges of 2020 the Shanghai and Shenzhen Stock Exchanges saw a 82-percent increase in terms of funds raised compared with 2019. The STAR Market contributed 47 percent of the funds raised in the A-share market during the year, establishing the Shanghai Stock Exchange as one of the top three exchanges in terms of total funds raised. A simulated illustration of Chang'e-5 probe's orbiter-returner's separation from the ascender on the moon orbit, December 6, 2020. /CNSA As one of the largest commodity consumers in the global economy, China has long been at the mercy of price set by foreign commodity exchanges. In previous years China expanded the Shanghai and Dalian Futures Exchanges with commodity contracts covering oil, rubber, cotton and iron ore. In 2020 a copper futures contract was added. The areas covered by commodity futures will expand and provide an alternative price mechanism to that dominated by foreign exchanges. More active pricing is an essential part of China's engagement with the global financial markets. The development of China's sovereign digital currency – the digital yuan – is a further example of China's opening up as it will provide easier international access to cross border trade settlement.The expansion of capital market engagement belies the idea that China is looking more inwardly in 2020. Rather than withdraw from global participation, China stepped up engagement, including participation in the COVAC alliance vaccine rollout. The anti-Chinese media sees this as a threat, but it's an engagement welcomed by much of the world. Under President Donald Trump, the United States withdrew from many global organizations doing its best to destroy the WTO and undermining UN agencies like the WHO. China's approach was the exact opposite. When President Trump crippled the WTO appellate system by refusing to confirm the appointment of new judges, China, along with other countries, established an alternative dispute settlement mechanism to ensure the settlement of trade disputes would continue. China has not only defended global institutions like the WTO and WHO, it has been actively involved in creating new institutions designed to encourage global engagement and expand trade facilities. The signing of the multilateral RCEP trade agreement underlines China's engagement with the global economy. Participation in these new global agreements is consistent with a desire to open up and provides further evidence that China is not looking inwards and withdrawing from the world. 2020 has seen concerted attempts by some to isolate China from the world but the result has been the exact opposite. Although China has been rebuffed by some Western countries closely allied to the U.S., it has not withdrawn from global engagement and has not resiled from the path of opening up. China will neither be forced to open up as Western powers attempted to make it do in the 19th century, nor will it allow itself to be prevented from opening-up. Source: CGTN
Interview: BRI cooperation to deepen Ukraine-China relations -- expert
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Interview: BRI cooperation to deepen Ukraine-China relations -- expert
28 Dec 2020
Cooperation to jointly construct the Belt and Road Initiative (BRI) will create new opportunities for the development of relations between Ukraine and China, said a Ukrainian expert on Thursday. Ukraine and China signed on Wednesday an agreement on the joint construction of the BRI, which Irina Nikorak, executive director and founder of Ukrainian Silk Road Association Silk Link, deems as "an important event in the context of the development of relations between Ukraine and the China." "China is our strategic partner, which means that we are ready to deepen cooperation in all areas. Despite the challenges that our countries face now, we were able to agree on a plan for further cooperation," said Nikorak in an interview with Xinhua. Kiev and Beijing are discussing the issue of mutual trade liberalization, which will benefit both sides. Over the next five years, two-way trade between Ukraine and China may grow by more than 50 percent to 20 billion U.S. dollars, Nikorak said. At the same time, she pointed out, within the framework of cooperation, the Ukrainian side is ready to offer a number of joint projects, including the processing of agricultural products, the creation of industrial parks and high-tech development zones. In addition, China could help modernize Ukraine's transport infrastructure, with which the country could become a major logistics hub connecting Europe and Asia. Nikorak voiced confidence that the law on state support for projects with significant investments, which was adopted by the Verkhovna Rada, or parliament, on Dec. 17, will become an important incentive to strengthen cooperation between Ukraine and China in infrastructure and other areas. The modernization and development of Ukraine, she said, is facilitated not only by practical cooperation with China, but also by learning from the Chinese experience. China is "an example of creating the miracle of rapid economic growth. China is now firmly committed to the further development of economic globalization, the protection of free trade, active participation and improvement of global governance, and is making efforts to build an open global economy," said Nikorak. The plan of cooperation on the joint construction of the BRI was signed at the fourth meeting of the China-Ukraine Inter-government Cooperation Committee, co-chaired via video link by Chinese Vice Premier Liu He and Ukrainian Deputy Prime Minister Olga Stefanishina. Stefanishina said Ukraine is willing to work with China to overcome the adverse impact of the COVID-19 pandemic to expand mutually beneficial cooperation in various areas and promote the sustainable development of bilateral relations. After the meeting, the two sides witnessed the signing of multiple cooperation documents. Source: Xinhua
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