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
U.S.-China cooperation vital for faster global recovery: IMF chief
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U.S.-China cooperation vital for faster global recovery: IMF chief
9 Apr 2021
Cooperation between the United States and China, the world's two largest economies, would be vital for a faster global recovery from the COVID-19 pandemic, Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva said on Thursday. "What we see today is the U.S. and China being the two engines that are powering up the world economy. They are the first to be able to reach their pre-COVID levels among the large economies," Georgieva told Xinhua at a virtual press conference after a meeting of the International Monetary and Financial Committee (IMFC), the policy-setting body of the IMF. "Like the engines on a plane on which we are all passengers, it is important that they work in sync. Then we can fly faster, and we can get farther," she said. Georgieva noted that she was "very encouraged" to see a very consistent view expressed by the United States and China on prospects for the recovery and their recognition of the responsibility they have for positive spillover impacts, as well as to recognize their significant roles. "Other economies are also coming up, and that global cooperation, paying attention to who may be falling behind, is what has been at the center of our meetings," she said. The IMFC also pledged to work together to end the pandemic everywhere and "strengthen multilateral cooperation" to ensure an inclusive and resilient global economy. In its latest World Economic Outlook released Tuesday, the IMF projected that the global economy will grow by 6 percent in 2021, 0.5 percentage point above its January forecast. The U.S. economy is expected to grow by 6.4 percent this year after a 3.5-percent contraction in 2020, while the Chinese economy is projected to expand by 8.4 percent in 2021 following a growth rate of 2.3 percent last year, according to the IMF. Source: Xinhua
China Focus: China-Europe freight train service excels amid global logistics challenges
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China Focus: China-Europe freight train service excels amid global logistics challenges
6 Apr 2021
A fully-loaded freight train bound for Europe departed the city of Hanzhong in northwest China's Shaanxi Province on Wednesday, marking a new station on the route map of the China-Europe freight train service. The train carrying over 1,100 tonnes of precision instruments, daily necessities and other commodities first stopped at the provincial capital Xi'an before splitting into two routes -- the Netherlands' Rotterdam and Russia's Moscow, respectively. Located in the Qinba Mountains, Hanzhong is the hometown of Zhang Qian, a royal envoy of China's Han Dynasty (202 BC-220 AD). Zhang's diplomatic mission helped forge the prosperous trade route, which is known as the Silk Road today. The train, the first of its kind in Hanzhong, embodies the legacy of Zhang and aims to facilitate the opening up of the mountainous region, said a manager of the rail service. Since the first China-Europe freight train left southwest China's Chongqing Municipality in March 2011, China has launched the service in over 60 cities domestically connecting them with major European countries. When the COVID-19 pandemic impeded sea and air transport, the freight train service emerged as a reliable choice in global logistics thanks to its safety, stability and efficiency. The trains made 12,400 trips last year, up 50 percent year on year. The freight train service also helped with the global fight against COVID-19 by transporting a vast amount of medical supplies to many countries. The recent blockage of the Suez Canal, which disrupted global shipments for days, has further underscored the advantages of the freight train service, according to industry insiders. Though traffic has started to resume in the canal earlier this week, it would take weeks for the backlogged ships to pass through. This has prompted cancellations of shipping schedules by major global shipping lines, said Xie Yuanpeng, a manager of the international service at the Sinotrans Chongqing Logistics Co., Ltd. The cancellations have made many Chinese and European companies compete for space in China-Europe freight trains as they want to deliver goods on time, Xie said. "The number of inquiries involving China-Europe freight trains has almost doubled in our company since late March," said Qi Dan, general manager of the Yuxinou (Chongqing) Logistics, which operates the Yuxinou (Chongqing-Xinjiang-Europe) railway, the first China-Europe freight train route. "Whether the ships are waiting on site in the Suez Canal or taking a detour around the Horn of Africa that takes about 15 days longer, companies face huge costs in terms of time and capital with the possibility of price hikes in April and May," he said. Under such circumstances, the freight train service is much more speedy and convenient. "Take the Yuxinou train as an example. It only takes about 14 days to reach Germany's Duisburg from Chongqing, which is one-third of the time by the sea," Qi said, adding that the train has been running on a regular basis even during the pandemic. Last summer, Chinese automaker Changan Ford took advantage of the freight train service to avoid a potential breakdown of the supply chain. "It only took a month for the train to arrive in Chongqing from Spain, 50 days shorter than the sea shipping route we used to take as it was delayed during the pandemic," said Zhuang Changbo, the company's director of logistics. "With the China-Europe freight train service, we no longer worry about any disruption of maritime traffic," he added. Source: Xinhua
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.
High quality of BRI development requires a solution that can satisfy high standards and affordability: expert
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High quality of BRI development requires a solution that can satisfy high standards and affordability: expert
2 Apr 2021
Seeking high-quality development of the Belt and Road Initiative (BRI) does not mean blindly pursuing the highest standards, but finding the most suitable solutions that strike a balance between higher standards and affordability in countries along the BRI routes, said an expert. In the recently published outline of China's 14th Five-Year Plan (2021-2025), the statement concerning the BRI was changed from the previous "move forward with the BRI" in the 13th Five-Year Plan (2016-2020) to “promote high-quality development of the BRI”. "A high quality BRI project means one that has managed to satisfy the local people and the governments of both the host country and China, while also allowing the company to achieve its investment objectives through the project,” said Jiang Xiheng, vice-president of the Center for International Knowledge on Development (CIKD). Jiang Xiheng, vice-president of CIKDPhoto: Wu Guangzhong/Belt and Road Portal Since the BRI was proposed in 2013, the Chinese government has requested in its policy guidance that overseas BRI projects must meet the local standards of the host country and exceed them, Jiang told the Belt and Road Portal in a recent interview. "If Chinese standards are higher than local ones, or if the host country does not have applicable standards, that is when Chinese standards are adopted and international standards are encouraged, which is common in jointly financed projects. Actually, more engineering standards of Chinese companies are becoming the highest in many fields, and environmental and social standards are improving quickly," said Jiang. Having high standards is one of the crucial principles of high-quality development of the BRI, while the pursuit of high-quality development has never been easy, asChinese companies lack experience of investing in many of the countries along the BRI routes, according to Jiang. "Also, higher standards often come with higher costs, and when the cost is too high, many developing countries cannot afford it and this is why many international financial institutions could not find bankable projects," Jiang said. "Local governments may have many requirements while granting preferential policies, and the local people also have various demands," she said. "Companies need to meet local demands, and have to deal with frequent distorting voices from Western media. It poses a great challenge for a company to ensure its own financial sustainability and continue with the project under such pressure," Jiang noted. The Piraeus Port in Greece, invested by China's COSCO Shipping Group, is one of the projects that have overcome many difficulties and achieved satisfying results. “When the port was first leased to the Chinese company [in 2008], the original local employees were not happy. They even went on strike to reject COSCO from operating the port,” Jiang said. Jiang Xiheng, vice-president of CIKD, conducts field research at Piraeus Port, Greece, in November 2017. Photo: Courtesy of CIKD COSCO sent managers there to improve the port's operation, while fulfilling its promise of not laying off the original local workers, Jiang said, noting that the company also made great efforts to improve employee welfare, such as increasing salaries, providing free lunches and training opportunities. Through these efforts, COSCO won the trust and support of local employees. "Nowadays, an open position at the Piraeus Port can attract thousands or even tens of thousands of local applicants," Jiang noted. Projects like the Piraeus Port have achieved the investment and construction goals of the high-quality development of BRI, and also played a vital role in promoting people-to-people bonds between China and host countries, according to Jiang. "In the past, people in many countries along the BRI routes could only learn about China through the media, but on many occasions the information was limited or even twisted," Jiang said. The BRI projects, however, bring real Chinese elements to those countries, including Chinese companies, products and people, she said. “These most direct connections will influence local people's impressions of China, which is why overseas BRI projects must pay attention to improving local people's livelihoods." Source: Belt and Road Portal
Cooperation of Asia sought to boost BRI
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Cooperation of Asia sought to boost BRI
31 Mar 2021
The Boao Forum for Asia International Convention Center is seen in Boao, South China's Hainan province, on March 24, 2019. [Photo/IC] Boao Forum event in Hainan expected to discuss reshaping of global growth With COVID-19 controlled domestically, China is planning the largest on-site international forum of the year to date in mid-April. The forum is expected to call for cooperation among Asian countries and the reshaping of global growth in the post-pandemic era. The annual conference of the Boao Forum for Asia is set for April 18 to 21 in Boao, Hainan province. The theme of the conference is "A World in Change: Join Hands to Strengthen Global Governance and Advance Belt and Road Cooperation", organizers said at a news conference on Tuesday. This year also marks the 20th anniversary of the forum. April's event is expected to have around 2,000 participants, and will be held thanks to the effective prevention and control of the COVID-19 pandemic by the host country. According to Li Baodong, secretary-general of the BFA, two of China's State leaders will attend the conference, with one addressing the opening ceremony online. The other leader will participate on-site in a series of events, including a symposium for entrepreneurs from China and the United States. Many other state leaders from foreign countries, former politicians, heads of international organizations and a large number of guests from politics, business and academia, are expected to join the conference online or on-site. One of the key topics of the forum this year is to promote the consensus of Asian countries and the world on reviving and reshaping confidence in growth and jointly controlling the pandemic, Li said at the news conference. The world has been subject lately to increasing regional disputes and blocked flows of production factors. But cross-border cooperation under the Belt and Road Initiative has promoted economic recovery in Asia and adjacent regions, which has presented an "Asian perspective" on improving global governance, Li said. The conference will include a special section called "Explore China", which will focus on the country's development trends and its impact on recovery of the world economy. The timing is good because 2021 marks the opening of China's 14th Five-Year Plan (2021-25). Another session, "BRI Cooperation", will share the experience of the Belt and Road Initiative and look for opportunities to optimize global governance, Li said. Other discussion topics will include the dual-circulation development paradigm, financial opening-up, carbon neutrality, aging societies, COVID-19 vaccines and the digital economy. Forum organizers expect participants to jointly address the challenges of technological progress, industry transformation and societal management in the post-pandemic era. "Facing the complex international environment, only by practicing multilateralism with a developmental perspective and strengthening global governance can we effectively respond to global challenges and ensure that all countries share the fruits of development," Li added. Source:China Daily
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
U.S.-China cooperation vital for faster global recovery: IMF chief
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U.S.-China cooperation vital for faster global recovery: IMF chief
9 Apr 2021
Cooperation between the United States and China, the world's two largest economies, would be vital for a faster global recovery from the COVID-19 pandemic, Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva said on Thursday. "What we see today is the U.S. and China being the two engines that are powering up the world economy. They are the first to be able to reach their pre-COVID levels among the large economies," Georgieva told Xinhua at a virtual press conference after a meeting of the International Monetary and Financial Committee (IMFC), the policy-setting body of the IMF. "Like the engines on a plane on which we are all passengers, it is important that they work in sync. Then we can fly faster, and we can get farther," she said. Georgieva noted that she was "very encouraged" to see a very consistent view expressed by the United States and China on prospects for the recovery and their recognition of the responsibility they have for positive spillover impacts, as well as to recognize their significant roles. "Other economies are also coming up, and that global cooperation, paying attention to who may be falling behind, is what has been at the center of our meetings," she said. The IMFC also pledged to work together to end the pandemic everywhere and "strengthen multilateral cooperation" to ensure an inclusive and resilient global economy. In its latest World Economic Outlook released Tuesday, the IMF projected that the global economy will grow by 6 percent in 2021, 0.5 percentage point above its January forecast. The U.S. economy is expected to grow by 6.4 percent this year after a 3.5-percent contraction in 2020, while the Chinese economy is projected to expand by 8.4 percent in 2021 following a growth rate of 2.3 percent last year, according to the IMF. Source: Xinhua
China Focus: China-Europe freight train service excels amid global logistics challenges
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China Focus: China-Europe freight train service excels amid global logistics challenges
6 Apr 2021
A fully-loaded freight train bound for Europe departed the city of Hanzhong in northwest China's Shaanxi Province on Wednesday, marking a new station on the route map of the China-Europe freight train service. The train carrying over 1,100 tonnes of precision instruments, daily necessities and other commodities first stopped at the provincial capital Xi'an before splitting into two routes -- the Netherlands' Rotterdam and Russia's Moscow, respectively. Located in the Qinba Mountains, Hanzhong is the hometown of Zhang Qian, a royal envoy of China's Han Dynasty (202 BC-220 AD). Zhang's diplomatic mission helped forge the prosperous trade route, which is known as the Silk Road today. The train, the first of its kind in Hanzhong, embodies the legacy of Zhang and aims to facilitate the opening up of the mountainous region, said a manager of the rail service. Since the first China-Europe freight train left southwest China's Chongqing Municipality in March 2011, China has launched the service in over 60 cities domestically connecting them with major European countries. When the COVID-19 pandemic impeded sea and air transport, the freight train service emerged as a reliable choice in global logistics thanks to its safety, stability and efficiency. The trains made 12,400 trips last year, up 50 percent year on year. The freight train service also helped with the global fight against COVID-19 by transporting a vast amount of medical supplies to many countries. The recent blockage of the Suez Canal, which disrupted global shipments for days, has further underscored the advantages of the freight train service, according to industry insiders. Though traffic has started to resume in the canal earlier this week, it would take weeks for the backlogged ships to pass through. This has prompted cancellations of shipping schedules by major global shipping lines, said Xie Yuanpeng, a manager of the international service at the Sinotrans Chongqing Logistics Co., Ltd. The cancellations have made many Chinese and European companies compete for space in China-Europe freight trains as they want to deliver goods on time, Xie said. "The number of inquiries involving China-Europe freight trains has almost doubled in our company since late March," said Qi Dan, general manager of the Yuxinou (Chongqing) Logistics, which operates the Yuxinou (Chongqing-Xinjiang-Europe) railway, the first China-Europe freight train route. "Whether the ships are waiting on site in the Suez Canal or taking a detour around the Horn of Africa that takes about 15 days longer, companies face huge costs in terms of time and capital with the possibility of price hikes in April and May," he said. Under such circumstances, the freight train service is much more speedy and convenient. "Take the Yuxinou train as an example. It only takes about 14 days to reach Germany's Duisburg from Chongqing, which is one-third of the time by the sea," Qi said, adding that the train has been running on a regular basis even during the pandemic. Last summer, Chinese automaker Changan Ford took advantage of the freight train service to avoid a potential breakdown of the supply chain. "It only took a month for the train to arrive in Chongqing from Spain, 50 days shorter than the sea shipping route we used to take as it was delayed during the pandemic," said Zhuang Changbo, the company's director of logistics. "With the China-Europe freight train service, we no longer worry about any disruption of maritime traffic," he added. Source: Xinhua
High quality of BRI development requires a solution that can satisfy high standards and affordability: expert
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High quality of BRI development requires a solution that can satisfy high standards and affordability: expert
2 Apr 2021
Seeking high-quality development of the Belt and Road Initiative (BRI) does not mean blindly pursuing the highest standards, but finding the most suitable solutions that strike a balance between higher standards and affordability in countries along the BRI routes, said an expert. In the recently published outline of China's 14th Five-Year Plan (2021-2025), the statement concerning the BRI was changed from the previous "move forward with the BRI" in the 13th Five-Year Plan (2016-2020) to “promote high-quality development of the BRI”. "A high quality BRI project means one that has managed to satisfy the local people and the governments of both the host country and China, while also allowing the company to achieve its investment objectives through the project,” said Jiang Xiheng, vice-president of the Center for International Knowledge on Development (CIKD). Jiang Xiheng, vice-president of CIKDPhoto: Wu Guangzhong/Belt and Road Portal Since the BRI was proposed in 2013, the Chinese government has requested in its policy guidance that overseas BRI projects must meet the local standards of the host country and exceed them, Jiang told the Belt and Road Portal in a recent interview. "If Chinese standards are higher than local ones, or if the host country does not have applicable standards, that is when Chinese standards are adopted and international standards are encouraged, which is common in jointly financed projects. Actually, more engineering standards of Chinese companies are becoming the highest in many fields, and environmental and social standards are improving quickly," said Jiang. Having high standards is one of the crucial principles of high-quality development of the BRI, while the pursuit of high-quality development has never been easy, asChinese companies lack experience of investing in many of the countries along the BRI routes, according to Jiang. "Also, higher standards often come with higher costs, and when the cost is too high, many developing countries cannot afford it and this is why many international financial institutions could not find bankable projects," Jiang said. "Local governments may have many requirements while granting preferential policies, and the local people also have various demands," she said. "Companies need to meet local demands, and have to deal with frequent distorting voices from Western media. It poses a great challenge for a company to ensure its own financial sustainability and continue with the project under such pressure," Jiang noted. The Piraeus Port in Greece, invested by China's COSCO Shipping Group, is one of the projects that have overcome many difficulties and achieved satisfying results. “When the port was first leased to the Chinese company [in 2008], the original local employees were not happy. They even went on strike to reject COSCO from operating the port,” Jiang said. Jiang Xiheng, vice-president of CIKD, conducts field research at Piraeus Port, Greece, in November 2017. Photo: Courtesy of CIKD COSCO sent managers there to improve the port's operation, while fulfilling its promise of not laying off the original local workers, Jiang said, noting that the company also made great efforts to improve employee welfare, such as increasing salaries, providing free lunches and training opportunities. Through these efforts, COSCO won the trust and support of local employees. "Nowadays, an open position at the Piraeus Port can attract thousands or even tens of thousands of local applicants," Jiang noted. Projects like the Piraeus Port have achieved the investment and construction goals of the high-quality development of BRI, and also played a vital role in promoting people-to-people bonds between China and host countries, according to Jiang. "In the past, people in many countries along the BRI routes could only learn about China through the media, but on many occasions the information was limited or even twisted," Jiang said. The BRI projects, however, bring real Chinese elements to those countries, including Chinese companies, products and people, she said. “These most direct connections will influence local people's impressions of China, which is why overseas BRI projects must pay attention to improving local people's livelihoods." Source: Belt and Road Portal
Cooperation of Asia sought to boost BRI
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Cooperation of Asia sought to boost BRI
31 Mar 2021
The Boao Forum for Asia International Convention Center is seen in Boao, South China's Hainan province, on March 24, 2019. [Photo/IC] Boao Forum event in Hainan expected to discuss reshaping of global growth With COVID-19 controlled domestically, China is planning the largest on-site international forum of the year to date in mid-April. The forum is expected to call for cooperation among Asian countries and the reshaping of global growth in the post-pandemic era. The annual conference of the Boao Forum for Asia is set for April 18 to 21 in Boao, Hainan province. The theme of the conference is "A World in Change: Join Hands to Strengthen Global Governance and Advance Belt and Road Cooperation", organizers said at a news conference on Tuesday. This year also marks the 20th anniversary of the forum. April's event is expected to have around 2,000 participants, and will be held thanks to the effective prevention and control of the COVID-19 pandemic by the host country. According to Li Baodong, secretary-general of the BFA, two of China's State leaders will attend the conference, with one addressing the opening ceremony online. The other leader will participate on-site in a series of events, including a symposium for entrepreneurs from China and the United States. Many other state leaders from foreign countries, former politicians, heads of international organizations and a large number of guests from politics, business and academia, are expected to join the conference online or on-site. One of the key topics of the forum this year is to promote the consensus of Asian countries and the world on reviving and reshaping confidence in growth and jointly controlling the pandemic, Li said at the news conference. The world has been subject lately to increasing regional disputes and blocked flows of production factors. But cross-border cooperation under the Belt and Road Initiative has promoted economic recovery in Asia and adjacent regions, which has presented an "Asian perspective" on improving global governance, Li said. The conference will include a special section called "Explore China", which will focus on the country's development trends and its impact on recovery of the world economy. The timing is good because 2021 marks the opening of China's 14th Five-Year Plan (2021-25). Another session, "BRI Cooperation", will share the experience of the Belt and Road Initiative and look for opportunities to optimize global governance, Li said. Other discussion topics will include the dual-circulation development paradigm, financial opening-up, carbon neutrality, aging societies, COVID-19 vaccines and the digital economy. Forum organizers expect participants to jointly address the challenges of technological progress, industry transformation and societal management in the post-pandemic era. "Facing the complex international environment, only by practicing multilateralism with a developmental perspective and strengthening global governance can we effectively respond to global challenges and ensure that all countries share the fruits of development," Li added. Source:China Daily
Researcher: BRI 'debt-trap' accusations groundless
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Researcher: BRI 'debt-trap' accusations groundless
30 Mar 2021
By WANG MINGJIE in London A freight train leaving Zhengzhou, Central China's Henan province, for Europe runs through the Inner Mongolia prairie. [Photo provided to chinadaily.com.cn] The claim that the Belt and Road Initiative is a geopolitical strategy that ensnares developing countries in unsustainable debt, while allowing China to exert undue influence, is a misperception, a leading British researcher said. Lee Jones, an associate professor in international politics at Queen Mary University of London, said critics' accusations that China is pursuing a policy of "debt-trap diplomacy" are groundless. He said economic factors are the primary driver of current BRI projects, with the political and economic interests of recipient countries determining the nature of these projects on their own territory. Jones was co-author of a research report-"Debunking the Myth of 'Debt-Trap Diplomacy': How Recipient Countries Shape China's Belt and Road Initiative"-that was released in August by Chatham House, a London-based independent policy institute. "If 'debt-trap diplomacy' means that China is deliberately luring developing countries into unsustainable debt so that it can grab key loan-funded infrastructure like ports for geo-strategic purposes, then it is a total myth," he said. "There is simply no evidence that this has happened in any country." The report said: "In Sri Lanka and Malaysia, the two most widely cited 'victims' of China's 'debt-trap diplomacy', the most controversial BRI projects were initiated by the recipient governments, which pursued their own domestic agendas. Their debt problems arose mainly from the misconduct of local elites and Western-dominated financial markets. China has faced negative reactions and pushback in both countries, though to a lesser extent than is commonly believed, given the high-level interests at stake in the recipient countries." Jones said that Chinese companies and banks have sometimes operated inefficiently, approving projects with unclear commercial prospects or issuing debt recklessly, "which breeds suspicion that this must be happening to advance the geopolitical interests of the Chinese government". These corporate-level problems have "given those wary of China a lot of ammunition", he said. However, Chinese banks and other enterprises involved in the BRI said they have been strengthening their lending management to minimize operational risks as they lend to BRI projects. For example, Zhang Qingsong, former head of the Export-Import Bank of China, said at a forum in 2019 that while participating in the BRI, the bank strengthened the approval process for lending, improved its supervision mechanism and increased the transparency of lending procedures and rules to prevent corruption and to build a long-term, stable and controllable lending system. The BRI was proposed by President Xi Jinping in 2013 as a way to promote win-win cooperation, improve interconnectivity and enhance economic collaboration among countries along the ancient overland and maritime silk road routes. Jones said it is "unrealistic" that Westerners "see everything that Chinese actors do as being strategically planned and tightly controlled". In reality, many BRI projects are far more loosely steered than expected, allowing for some unforeseen results, he said. To improve the quality of BRI projects, Jones suggested that Chinese policymakers develop a coherent, integrated decision-making system with sufficient risk assessment capacities and strict, clear and enforceable rules. Partner countries are aware that without the debt needed to fund infrastructure projects, the projects can't go ahead, Jones said, adding that "many would-be partners are increasingly wary of contracting debt", in part because of the COVID-19 pandemic. "Recipients need to know that projects will actually generate the growth and revenue needed to repay the loans. They also want to extract more benefits for local people and businesses," he said. The BRI model should shift more toward partnerships in which Chinese developers acquire a long-term stake in the viability of BRI projects, Jones said. China's foreign exchange reserves hit nearly $4 trillion in 2014 and gradually fell to about $3.2 trillion at the end of last year. Jones suggested that Beijing work more closely with other public and private financiers to mobilize capital for investment. Such cooperation will also help to improve the environmental and social standards of Chinese projects, he said. Xin Zhimingcontributed to this story. Source:China Daily Global
China-Europe freight trains showcase global community with shared future
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China-Europe freight trains showcase global community with shared future
23 Mar 2021
The first China-Europe freight train route, the Yuxinou (Chongqing-Xinjiang-Europe) railway, celebrates its 10-year anniversary Friday. Over the past decade, the freight train service has borne solid testimony to the benefits of China's vision -- building a community with a shared future for mankind. The vision embodies the ideas of building an open, inclusive, clean and beautiful world that enjoys lasting peace, universal security and common prosperity. Incorporating Chinese wisdom, it answers the question of how the international community could build a community with a shared future for mankind. In the interests of a shared future, the freight trains became the "passage of life" for countries fighting the COVID-19 pandemic, when global anti-epidemic supplies were in shortage, international parcels piled up and the China-Europe trade was hampered due to supply chain disruptions. The freight train service was the main channel to deliver the anti-epidemic and life necessities in urgent need to European countries. In 2020, the China-Europe freight train service transported 9.39 million pieces of anti-epidemic supplies, weighing 76,000 tonnes, to countries including Italy, Germany, Spain, the Czech Republic and Poland. The achievement that came at such a critical time speaks volumes about the efficient, wide-coverage and all-weather advantages of China-Europe freight trains. A mere 17 trips were made in 2011, but trip numbers topped 10,000 in 2020. Now China has launched the China-Europe freight train service from over 60 domestic cities to major European countries. The trend-bucking expansion of the freight train service is an epitome of the irreversible trend of economic globalization and the intertwined interests between countries. It is a potent demonstration showing how economic globalization can power global growth, facilitate the movement of goods and capital and promote interactions among peoples, especially at a time when the international community is faced with changes rare in a century. As two major economies of the world, China and the European Union (EU) play important roles in protecting the stability of the global industrial and supply chains, as well as global development and prosperity in the post-epidemic era. Last year, China became the largest trading partner for the EU for the first time, demonstrating the resilience and vitality in China-EU economic and trade cooperation and injecting new impetus into regional cooperation. Such cooperation is not an expediency, but a strategic choice aimed at mutual benefit. History tells us that China and Europe share broad common interests. The two parties, as the example of China-Europe freight trains have shown, are partners, not systemic rivals. Win-win cooperation is the main thrust of their relationship. Longing for the vision of building a community with a shared future for mankind to come true, China will continue to safeguard multilateralism, contribute to an open world economy and facilitate the revival of China-Europe trade and world economy. Source: Xinhua
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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