A team of Chinese medical experts arrives in Lesotho's capital Maseru to begin sharing their expertise on fighting COVID-19 on September 27, 2020. [Photo/Xinhua] The humanitarian medical assistance provided by China across the globe to fight the COVID-19 pandemic has become the bedrock of multilateral cooperation and globalization. The General Administration of Customs of China has announced the country exported 224.2 billion masks between March and December 2020 to assist the international community. Of these exported masks, a total of 65 billion were for medical use. The country also exported 773 million medical protective suits and 2.92 billion pairs of surgical gloves during the same period, to protect disease control personnel in the global fight against COVID-19. And in 2020, China also exported 1.08 billion nucleic acid testing kits to provide support for COVID-19 test work worldwide, as well as 271,000 ventilators for patient treatment. Humanitarian assistance at such a large scale shows the health care system of the country has developed smoothly with the pace of the times under the leadership of the Communist Party of China. China's decision to share its medical achievements with the world is a clear indicator Chinese medical equipment is a global public good and the country will go to any extent to safeguard global public health. Chinese volunteers and medical teams were even dispatched to the least-developed countries around the globe to help save millions of precious lives and assist in the recovery of critical COVID-19 patients. These least-developed countries and regions were the major beneficiaries of Chinese assistance, as major Western countries were themselves in a very vulnerable situation. By meeting the demands of medical assistance for those in need, China's healthcare system has passed a difficult test and proved its ability to tackle the worst challenge in the history of mankind. The pandemic brought agony and sorrow for many, but with these challenges, it also opened the doors for the international governance system to join hands in defeating the disease and provide high-quality, secure medical treatment. China's humanitarian assistance to developing countries in challenging times was the best prescription. This prescription did not attach any kind of conditions to undermine the integrity of the countries in need, showing the responsible behavior of the Chinese leadership. Recognition and appreciation of this by the international community shows the outreach of Chinese diplomacy is on the rise, and it is not posing any danger to other nations. Rather, it is contributing to the safety of global health systems and the well-being of humanity. Chinese medical aid showed the era of the “zero-sum game” that has destroyed the fate of millions is over, and the world is heading toward a win-win future based on mutual consultations and bilateral cooperation derived from mutually beneficial mechanisms. The dedication and commitment of China is a message for the anti-globalization and pro-unilateralism elements that no one can restrain the second-largest economy of the world from playing a significant role in the international arena for the goodwill of masses looking for the cultivation of Chinese achievements gained in the last seven decades. The active role played by Beijing in fighting COVID-19 under the leadership of President Xi Jinping sends a message that the success and advancement of China in the medical field will always be shared with the countries and regions willing to work together on various platforms of cooperation. The performance of the Chinese health care system in fighting COVID-19 around the globe has also enhanced the confidence of the international community in the Chinese spirit of a shared future of mankind. Amid the pandemic, China's response to the call for help from affected countries has attracted the attention of others, who are seeking solutions and also looking toward Beijing, as China's assistance is accessible, affordable and without any conditions. The world is also witnessing how China's domestically developed vaccine has been provided to various countries, which have started the process of immunization. This is a ray of hope in a dark winter of sorrows. Persistent efforts by China under the guidance of President Xi and the CPC in helping the global community fight COVID-19 has proved beyond a doubt the world will witness a dream of a shared future of humanity in all respective fields. The author is a journalist with Independent News Pakistan, a leading news agency in Pakistan and a media fellow of China South Asia and South East Asia Press Centre. Source: China Daily

Premier Li Keqiang heard a report on the domestic efforts for the Regional Comprehensive Economic Partnership (RCEP) to take effect and get implemented when chairing the State Council executive meeting on Wednesday, and called for deepening reform and opening-up to promote industrial upgrading. Competent departments have accelerated domestic work for its implementation. To date, legal review of the provisions, and formulation of the conversion plan for the tariff concession commitment schedule on trade in goods, have been completed. Substantive progress has been achieved in the technical preparations for implementing the cumulation provisions of the rules of origin. As much as 85 percent of the 701 binding obligations stipulated in the agreement are ready to be enforced. "The RCEP agreement, signed among 15 participating countries, is beneficial to all," Li said. "Promoting its implementation is an important step to expand opening-up and advance reform. To keep major economic indicators within a reasonable range and consolidate recovery and growth, reform and opening-up should remain a key driving force." The meeting highlighted the need to speedily push forward the reform of relevant domestic management mechanisms, step up the formulation of domestic management regulations on origin and implementation guidelines, refine work procedures and make targeted technical preparations to ensure that the agreement can be executed on the ground as soon as it takes effect. In light of the new circumstances of a more open environment and greater competition following the implementation of the agreement, the meeting reaffirmed the need to sort out and refine the country's manufacturing quality standards and rules in line with the advanced international industrial standards. To further open up the service sector, preparations shall be made in raising standards and improving rules. Inter-agency coordination shall be enhanced. Relevant domestic regulations and policies shall be sorted out and refined expeditiously in accordance with the agreement, and sector-specific plans drafted in selected key areas for RCEP implementation. Efforts shall be made for early consultations among participating countries on the conversion for tariff commitment schedules and for product-specific rules of origin, and on the guidelines for implementing the rules of origin, as institutional safeguards for the implementation of the agreement. "The RCEP agreement is not merely about reducing or exempting tariffs. It specifies the cumulation provisions of rules of origin. Fully understanding and implementing the cumulative rules of origin will help lower the threshold for enjoying tariff concessions, promote intra-regional trade cooperation, and stabilize and strengthen the regional industrial and supply chains," Li said. The meeting also required more training regarding RCEP implementation, to familiarize enterprises, especially micro and small firms, with the provisions and the tariff concession by participating countries, and with the application procedures and documentation required for the certificate of origin. Guidance will be provided to businesses to shape a stronger sense of urgency for transformation and upgrading and a firm commitment to professional expertise, pursuit of excellence and greater management, to better participate in international cooperation and competition. "The RCEP agreement is both an opportunity and a challenge. Intensive training programs should be organized to help businesses become well-informed about the agreement. Implementation of the agreement can be an opportunity to enable the manufacturing industry to move towards medium and high-end, upgrade product quality, and raise market competitiveness," Li said. Source: Xinhua

It's a common aspiration of the world that countries, especially major countries, shall uphold the spirit of partnership and work together to recover the global economy. The World Economic Forum (WEF) Virtual Event of the Davos Agenda was recently held online with the theme "A Crucial Year to Rebuild Trust," where global political and business leaders, as well as heads of social organizations gathered to find remedies to the COVID-19 pandemic and downbeat economic data. An uneven economic rebound can exacerbate the inequities in many countries, said the Global Risks Report 2021 recently issued by the WEF. The report believes that leadership and international cooperation are more important than ever in today's world. In the era of economic globalization, countries' development is interwoven. No country is able to isolate itself from the rest of the world, and coordination and cooperation remain an inevitable choice. After the outbreak of the international financial crisis in 2008, the Group of 20 (G20), working together with the spirit of solidarity, steered the world economy away from a free fall and towards stability and recovery. It was viewed as a pioneering endeavor in the age of globalization where united efforts for win-win outcomes prevailed over division caused by selfish interest. Taking responsible measures, China played an important role in facilitating global recovery. Then U.S. President Barack Obama noted that America needed China's support and cooperation to tide over the recession. Then U.S. Treasury Secretary Henry Paulson also believed that cooperation was the only way to make a success in developing relations with China. Since the pandemic broke out, China has effectively coordinated epidemic prevention and control and economic and social development. It was the first country to pick up economic growth, becoming an important engine driving global recovery. It was amid open cooperation that the country stood as the only major economy that secured positive economic growth. Last year, China's foreign trade of goods expanded 1.9 percent from a year ago, and its paid-in foreign direct investment also rose 6.2 percent. Bilateral trade between China and the U.S. was up 8.8 percent in 2020. Most of the U.S. companies are more optimistic about the Chinese market and are expanding investment in China, hoping to be a part of China's economic growth. These facts prove that the two countries share broad common interests and enjoy huge space for cooperation. The true value of China-U.S. cooperation is more prominent amid the current economic downturn. Last year, around 3,500 U.S. firms filed lawsuits in the U.S. Court of International Trade against the U.S. government over its tariffs on China. The voice for cooperation with China in the American society surpassed that for decoupling. According to a recent report by U.S.-China Business Council (USCBC) and Oxford Economics, a significant decoupling of the world’s two largest economies could shrink U.S. GDP by $1.6 trillion over the next five years and result in 732,000 fewer U.S. jobs in 2022. USCBC President Craig Allen said trading with China is conducive to U.S. economy and employment and helps improve America's global competitiveness. U.S. business experts and economic scholars are also calling for rebuilding U.S.-China relations and prevent further decoupling of the two largest economies. Chinese President Xi Jinping recently said that China's embarking upon the new journey of fully building a modern socialist country will provide broader space for enterprises from across the world, including Starbucks and other American companies, to develop in China. This important statement triggered high attention from the U.S. society, which indicates that cooperation is a common aspiration of the two countries. Opening-up is a fundamental national policy of China. By accelerating to build a new development paradigm, China aims to better connect the domestic and international markets and expand opening-up on a higher level, in broader fields and on a wider scope. It is foreseeable that as China continues improving the quality of its economic growth and opens wider to the outside world, global enterprises, including the ones from the U.S., will definitely enjoy more cooperation opportunities. Major country responsibility is vital for promoting global recovery. China-U.S. relationship is way beyond being bilateral. A sound relationship between the two countries will make the world more peaceful, stable and prosperous. At a critical moment when global economy is facing a severe situation with unstable and imbalanced recovery, the world is expecting China and the U.S. to join hands to power the global economy. American media outlets noted that to enhance cooperation with China is beneficial to U.S. and even world economy. An editorial by Japanese news agency Mainichi Shimbun also pointed out that the recovery of cooperation between the two countries is of vital importance for the world when COVID-19 is further dividing the global community. New opportunities for China-U.S. economic cooperation do exist, and what's more important is whether they can be found and grasped. It is noteworthy that as long as the two countries once again make economic cooperation a stabilizer and ballast stone for their relations, eye on the bigger picture and long-term interests, and maintain healthy development of their economic ties, they can enhance the common wellbeing of their people and even the people in the rest of the world. Source: People's Daily

China's economy is expected to see a faster recovery and mild transitions in macro-policies in 2021, a year of multiple challenges at home and abroad, an expert has said. "Facing many risks, challenges and uncertainties, the general trend of China's sustained economic growth will remain unchanged," said Zhang Yuxian, an expert with the State Information Center. Zhang cited uncertainties in the global COVID-19 spread, the world economy, the international financial market, and the game between major powers. A rising strain in employment for key groups, difficulties in forestalling and defusing risks, and local governments' debt issues will be among the major domestic challenges, Zhang added. Still, China has a high-quality supply in terms of its workforce, capital, technology and other production factors, and it has a complete industrial system and the world's most developed infrastructure network, as well as broad development space and room for maneuver in both urban and rural areas, the expert said. With active efforts to coordinate COVID-19 control with economic and social development in 2021, China will see a faster economic recovery that features a stronger rebound in the first and second quarters, Zhang said. The country has vowed to avoid a "policy cliff" in 2021 as it aims to keep its macro policies consistent, stable and sustainable to support a steady economic recovery. "This means policy will moderately return to normality, without taking any sharp turns," Zhang said, adding that some temporary and extraordinary policies should be phased out, with the sentiments of micro-entities taken into full consideration. Source: Xinhua

When asked to describe China's economic growth in 2020 in three words, Gaspar said that he would characterize it as "great so far," as the country has controlled the COVID-19, and has recovered "strongly" after experiencing economic loss at the beginning of the year. China responded "forcefully" to COVID-19 with fiscal policy, which contributed significantly to its growth in 2020, an International Monetary Fund (IMF) official has said, calling for continued fiscal action to help rebalance the Chinese economy. "There was quite a substantial emphasis on public investment, but also on support to households and firms. There were some measures of tax relief in the process," Vitor Gaspar, director of the IMF's fiscal affairs department, told Xinhua in a remote video interview earlier this week, commenting on China's fiscal policy amid the pandemic. Looking ahead, in the government's plans, support will continue, Gaspar said, noting that there will be a "gradual reduction" in China's overall deficit over time, with a slowdown in the increase of public debt. "This situation of a very persistent fiscal support by the Chinese government seems to be completely appropriate given the nature of the shock," Gaspar said. The IMF official said fiscal policy can also help rebalancing the Chinese economy, noting that one concern around the performance of the Chinese economy in 2020 is the weakness of private consumption. "Going forward, it would be important that private consumption would pick up. And so the dynamics of the Chinese economy would be based on the dynamism of internal Chinese demand," he said. Noting that China has been upgrading its public finance framework over time "in quite a successful way," Gaspar said "that path should continue," urging the country to extend social safety nets and adjust tax policy to better support domestic consumption. In the area of the allocation of resources, looking for "competitive neutrality" across the economy is extremely important, the IMF official said, adding that China should continue its decades-long reform on corporate tax and state-owned enterprises. When asked to describe China's economic growth in 2020 in three key words, Gaspar told Xinhua that he would characterize it as "great so far," as the country has controlled the COVID-19, and has recovered "strongly" after experiencing economic loss at the beginning of the year. China's National Bureau of Statistics recently reported that the country's gross domestic product (GDP) registered a year-on-year growth rate of 2.3 percent in 2020, becoming the only major economy with positive growth in the pandemic-ravaged year. According to the latest update to its World Economic Outlook (WEO), the IMF projected that China's economy will grow by 8.1 percent in 2021, amid a partial and uneven global recovery. "Going forward, there are still many challenges having to do with China's own domestic growth," Gaspar said. "Also some challenges that play out at the global level and where China's contribution is very important." Noting that China has a role to play in forging global consensus, the IMF official said the world's second largest economy could contribute to global growth by boosting green investment, and facilitating the digitalization process, among others. According to the IMF's Fiscal Monitor update released Thursday, global fiscal support reached nearly 14 trillion U.S. dollars as of end-December 2020, up by about 2.2 trillion dollars since October 2020. "COVID-19 was an enormous disturbance to all countries around the world. Tax revenues have shrunk quite substantially," Gaspar said, calling such fast and strong fiscal actions "absolutely necessary" to help contain the pandemic and to avoid a financial crisis. Together with economic contraction, such support has led to a rise in public debt and deficits, according to the Fiscal Monitor update. Average public debt worldwide approached 98 percent of GDP at the end of 2020, compared with 84 percent projected pre-pandemic for the same date. When asked whether policymakers should be concerned about the ballooning public debt, the IMF official told Xinhua that one has always to be concerned about proper management of public finance risks, and to bear in mind public debt sustainability, but at this point in time, "the very first priority is to defeat the pandemic." Gaspar said "clearly there is a general recognition that poor countries do need support," noting that the vaccination process is lagging behind for low income countries at this point in time. "But of course COVID-19 will not be under control anywhere before it is under control everywhere. And investing in the vaccination process is probably the most profitable investment that one can carry out now in the world economy," he said. The IMF official also urged policymakers to strike a "balance" between providing more short-term support to ensure a solid recovery and keeping debt at a manageable level over the longer term. "The priority is to provide relief support, to provide lifelines, to make sure that support is there when it is needed," said the IMF official. "But in order for that to work well, it's very important that people have trust that the situation over the long run is under control." "One should always think about economic activity and employment in the short run from the viewpoint of long run development, having a long run view helps a lot," Gaspar added. According to the IMF's Fiscal Monitor update, fiscal policy should enable a green, digital, and inclusive transformation of the economy in the post-COVID-19 environment, with the priorities including investing in health systems, education, and infrastructure, helping people go back to work and move between jobs, as well as strengthening social protection systems. In addition, policymakers should rethink tax systems to promote greater fairness and provide incentives to protect the environment, and cut wasteful spending, strengthen the transparency of spending initiatives, and improve governance practices to reap the full benefits of fiscal support. "Governments need to win the vaccination race, respond flexibly to the changing economic conditions, and set the stage for a greener, fairer, and more durable recovery," Gaspar said. Source: Xinhua

Global foreign direct investment (FDI) plunged by 42 percent in 2020, a new report by the United Nations Conference on Trade and Development (UNCTAD) showed on Sunday, while China bucked the trend becoming the world's top recipient of investment flows. In its latest Investment Trends Monitor, the Geneva-based UN trade and development body said that FDI fell sharply to an estimated 859 billion U.S. dollars last year, from 1.5 trillion U.S. dollars in 2019, and warned of further weakness this year, putting a sustainable recovery from COVID-19 pandemic at risk. "FDI finished 2020 more than 30 percent below the trough after the global financial crisis in 2009 and back at a level last seen in the 1990s," the report wrote. The data showed that the decline was concentrated in developed countries, where FDI flows fell by 69 percent to an estimated 229 billion U.S. dollars, the lowest level in 25 years. Flows to Europe dried up completely, tumbling by two-thirds to minus 4 billion U.S. dollars, it noted. In Britain, FDI fell to zero, and declines were recorded in other major European recipients. A sharp decrease of 49 percent to 134 billion U.S. dollars was also recorded in the United States. CHINA A BRIGHT SPOT The decline in developing economies was relatively measured at 12 percent to an estimated 616 billion U.S. dollars, the report showed, while China topped the ranking of the largest FDI recipients. FDI flows to China rose by 4 percent to 163 billion U.S. dollars, making the country the world's largest recipient in 2020, followed by the United States. China's high-tech industries saw an increase of 11 percent in 2020, and cross-border mergers and acquisitions (M&As) rose by 54 percent, mostly in information and communications technology (ICT) and pharmaceutical industries, the report said. "A return to positive gross domestic product (GDP) growth and the government's targeted investment facilitation program helped stabilize investment after the early (coronavirus) lockdown," James Zhan, UNCTAD's director of investment and enterprise, said in a virtual press conference. "The global dependence on the supply chains of multinational enterprises in China during the pandemic also sustained the FDI growth in China," he added. The country saw its GDP increase 2.3 percent year on year last year and is expected to be the only major economy to post growth in the pandemic-ravaged year, according to the National Bureau of Statistics (NBS). UNCERTAIN OUTLOOK Looking ahead, UNCTAD warned that the global FDI trend is expected to remain weak this year. "Risks related to the latest wave of the pandemic, the pace of the roll-out of vaccination programs and economic support packages, fragile macroeconomic situations in major emerging markets, and uncertainty about the global policy environment for investment will all continue to affect FDI in 2021," it wrote. While sharply lower greenfield project announcements suggest that a turnaround in industrial sectors is not yet in sight, UNCTAD however stressed that strong deal activity in technology and pharmaceutical industries could push M&A-driven FDI flows higher. "Overall, the global FDI is likely to follow a U-shape recovery, unlike the global trade and GDP which have been predicted to be a V-shape recovery starting already 2021. International investment projects tend to have a long gestation period and react to crises with a delay, both on the downward slope and in the recovery," Zhan estimated. Earlier this month, UNCTAD announced that Secretary-General Mukhisa Kituyi will step down from his post on Feb. 15. The selection process for his successor will start after a vacancy is posted at the beginning of February. Source: Xinhua

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.

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.

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.

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.

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

Dear friends and colleagues, We have all been living through an extraordinary time, for our families and friends, our businesses and partnerships. All of us have grieved for someone, family or friend and we have all been affected in many ways. The only consolation we have is that sometimes a crisis is needed to bring us together, to show us that though we live in different parts of the world we are really all the same. A virus such as the one unleashed over the past few months crosses all borders, affects all lives. We are at last beginning to see on the horizon signs that the ravages of this disease are coming to an end. We are starting to re-build again, our relationships, our businesses and most of all our hopes for the future. For the Silk Road Chamber of International Commerce, this worldwide crisis has been a heavy blow. The purpose of our existence has been challenged by closed borders, travel bans and other restrictions to trade, investment and business relationships. I am writing to assure you that our SRCIC is well and prepared to resume its job of bringing together the business communities along the Silk Roads. I am grateful for your support through these difficult times. The years ahead will be marked by this crisis. It will be more important than ever that business leaders use their talents, ambitions and their resources to support the development of a world where everyone can be a winner. The SRCIC will make every effort to assist our members to achieve that goal, and to make each one of you proud to be part of an international business community which remains committed to rebuilding a world economy which is based on multilateralism, open trade and investment, and addressing the challenges of a changing climate. I wish for everyone the best in the coming year, and I pledge myself and the SRCIC to walk with you on the difficult path of recovery and renewal. Chairman Lu Jianzhong

A team of Chinese medical experts arrives in Lesotho's capital Maseru to begin sharing their expertise on fighting COVID-19 on September 27, 2020. [Photo/Xinhua] The humanitarian medical assistance provided by China across the globe to fight the COVID-19 pandemic has become the bedrock of multilateral cooperation and globalization. The General Administration of Customs of China has announced the country exported 224.2 billion masks between March and December 2020 to assist the international community. Of these exported masks, a total of 65 billion were for medical use. The country also exported 773 million medical protective suits and 2.92 billion pairs of surgical gloves during the same period, to protect disease control personnel in the global fight against COVID-19. And in 2020, China also exported 1.08 billion nucleic acid testing kits to provide support for COVID-19 test work worldwide, as well as 271,000 ventilators for patient treatment. Humanitarian assistance at such a large scale shows the health care system of the country has developed smoothly with the pace of the times under the leadership of the Communist Party of China. China's decision to share its medical achievements with the world is a clear indicator Chinese medical equipment is a global public good and the country will go to any extent to safeguard global public health. Chinese volunteers and medical teams were even dispatched to the least-developed countries around the globe to help save millions of precious lives and assist in the recovery of critical COVID-19 patients. These least-developed countries and regions were the major beneficiaries of Chinese assistance, as major Western countries were themselves in a very vulnerable situation. By meeting the demands of medical assistance for those in need, China's healthcare system has passed a difficult test and proved its ability to tackle the worst challenge in the history of mankind. The pandemic brought agony and sorrow for many, but with these challenges, it also opened the doors for the international governance system to join hands in defeating the disease and provide high-quality, secure medical treatment. China's humanitarian assistance to developing countries in challenging times was the best prescription. This prescription did not attach any kind of conditions to undermine the integrity of the countries in need, showing the responsible behavior of the Chinese leadership. Recognition and appreciation of this by the international community shows the outreach of Chinese diplomacy is on the rise, and it is not posing any danger to other nations. Rather, it is contributing to the safety of global health systems and the well-being of humanity. Chinese medical aid showed the era of the “zero-sum game” that has destroyed the fate of millions is over, and the world is heading toward a win-win future based on mutual consultations and bilateral cooperation derived from mutually beneficial mechanisms. The dedication and commitment of China is a message for the anti-globalization and pro-unilateralism elements that no one can restrain the second-largest economy of the world from playing a significant role in the international arena for the goodwill of masses looking for the cultivation of Chinese achievements gained in the last seven decades. The active role played by Beijing in fighting COVID-19 under the leadership of President Xi Jinping sends a message that the success and advancement of China in the medical field will always be shared with the countries and regions willing to work together on various platforms of cooperation. The performance of the Chinese health care system in fighting COVID-19 around the globe has also enhanced the confidence of the international community in the Chinese spirit of a shared future of mankind. Amid the pandemic, China's response to the call for help from affected countries has attracted the attention of others, who are seeking solutions and also looking toward Beijing, as China's assistance is accessible, affordable and without any conditions. The world is also witnessing how China's domestically developed vaccine has been provided to various countries, which have started the process of immunization. This is a ray of hope in a dark winter of sorrows. Persistent efforts by China under the guidance of President Xi and the CPC in helping the global community fight COVID-19 has proved beyond a doubt the world will witness a dream of a shared future of humanity in all respective fields. The author is a journalist with Independent News Pakistan, a leading news agency in Pakistan and a media fellow of China South Asia and South East Asia Press Centre. Source: China Daily

Premier Li Keqiang heard a report on the domestic efforts for the Regional Comprehensive Economic Partnership (RCEP) to take effect and get implemented when chairing the State Council executive meeting on Wednesday, and called for deepening reform and opening-up to promote industrial upgrading. Competent departments have accelerated domestic work for its implementation. To date, legal review of the provisions, and formulation of the conversion plan for the tariff concession commitment schedule on trade in goods, have been completed. Substantive progress has been achieved in the technical preparations for implementing the cumulation provisions of the rules of origin. As much as 85 percent of the 701 binding obligations stipulated in the agreement are ready to be enforced. "The RCEP agreement, signed among 15 participating countries, is beneficial to all," Li said. "Promoting its implementation is an important step to expand opening-up and advance reform. To keep major economic indicators within a reasonable range and consolidate recovery and growth, reform and opening-up should remain a key driving force." The meeting highlighted the need to speedily push forward the reform of relevant domestic management mechanisms, step up the formulation of domestic management regulations on origin and implementation guidelines, refine work procedures and make targeted technical preparations to ensure that the agreement can be executed on the ground as soon as it takes effect. In light of the new circumstances of a more open environment and greater competition following the implementation of the agreement, the meeting reaffirmed the need to sort out and refine the country's manufacturing quality standards and rules in line with the advanced international industrial standards. To further open up the service sector, preparations shall be made in raising standards and improving rules. Inter-agency coordination shall be enhanced. Relevant domestic regulations and policies shall be sorted out and refined expeditiously in accordance with the agreement, and sector-specific plans drafted in selected key areas for RCEP implementation. Efforts shall be made for early consultations among participating countries on the conversion for tariff commitment schedules and for product-specific rules of origin, and on the guidelines for implementing the rules of origin, as institutional safeguards for the implementation of the agreement. "The RCEP agreement is not merely about reducing or exempting tariffs. It specifies the cumulation provisions of rules of origin. Fully understanding and implementing the cumulative rules of origin will help lower the threshold for enjoying tariff concessions, promote intra-regional trade cooperation, and stabilize and strengthen the regional industrial and supply chains," Li said. The meeting also required more training regarding RCEP implementation, to familiarize enterprises, especially micro and small firms, with the provisions and the tariff concession by participating countries, and with the application procedures and documentation required for the certificate of origin. Guidance will be provided to businesses to shape a stronger sense of urgency for transformation and upgrading and a firm commitment to professional expertise, pursuit of excellence and greater management, to better participate in international cooperation and competition. "The RCEP agreement is both an opportunity and a challenge. Intensive training programs should be organized to help businesses become well-informed about the agreement. Implementation of the agreement can be an opportunity to enable the manufacturing industry to move towards medium and high-end, upgrade product quality, and raise market competitiveness," Li said. Source: Xinhua

It's a common aspiration of the world that countries, especially major countries, shall uphold the spirit of partnership and work together to recover the global economy. The World Economic Forum (WEF) Virtual Event of the Davos Agenda was recently held online with the theme "A Crucial Year to Rebuild Trust," where global political and business leaders, as well as heads of social organizations gathered to find remedies to the COVID-19 pandemic and downbeat economic data. An uneven economic rebound can exacerbate the inequities in many countries, said the Global Risks Report 2021 recently issued by the WEF. The report believes that leadership and international cooperation are more important than ever in today's world. In the era of economic globalization, countries' development is interwoven. No country is able to isolate itself from the rest of the world, and coordination and cooperation remain an inevitable choice. After the outbreak of the international financial crisis in 2008, the Group of 20 (G20), working together with the spirit of solidarity, steered the world economy away from a free fall and towards stability and recovery. It was viewed as a pioneering endeavor in the age of globalization where united efforts for win-win outcomes prevailed over division caused by selfish interest. Taking responsible measures, China played an important role in facilitating global recovery. Then U.S. President Barack Obama noted that America needed China's support and cooperation to tide over the recession. Then U.S. Treasury Secretary Henry Paulson also believed that cooperation was the only way to make a success in developing relations with China. Since the pandemic broke out, China has effectively coordinated epidemic prevention and control and economic and social development. It was the first country to pick up economic growth, becoming an important engine driving global recovery. It was amid open cooperation that the country stood as the only major economy that secured positive economic growth. Last year, China's foreign trade of goods expanded 1.9 percent from a year ago, and its paid-in foreign direct investment also rose 6.2 percent. Bilateral trade between China and the U.S. was up 8.8 percent in 2020. Most of the U.S. companies are more optimistic about the Chinese market and are expanding investment in China, hoping to be a part of China's economic growth. These facts prove that the two countries share broad common interests and enjoy huge space for cooperation. The true value of China-U.S. cooperation is more prominent amid the current economic downturn. Last year, around 3,500 U.S. firms filed lawsuits in the U.S. Court of International Trade against the U.S. government over its tariffs on China. The voice for cooperation with China in the American society surpassed that for decoupling. According to a recent report by U.S.-China Business Council (USCBC) and Oxford Economics, a significant decoupling of the world’s two largest economies could shrink U.S. GDP by $1.6 trillion over the next five years and result in 732,000 fewer U.S. jobs in 2022. USCBC President Craig Allen said trading with China is conducive to U.S. economy and employment and helps improve America's global competitiveness. U.S. business experts and economic scholars are also calling for rebuilding U.S.-China relations and prevent further decoupling of the two largest economies. Chinese President Xi Jinping recently said that China's embarking upon the new journey of fully building a modern socialist country will provide broader space for enterprises from across the world, including Starbucks and other American companies, to develop in China. This important statement triggered high attention from the U.S. society, which indicates that cooperation is a common aspiration of the two countries. Opening-up is a fundamental national policy of China. By accelerating to build a new development paradigm, China aims to better connect the domestic and international markets and expand opening-up on a higher level, in broader fields and on a wider scope. It is foreseeable that as China continues improving the quality of its economic growth and opens wider to the outside world, global enterprises, including the ones from the U.S., will definitely enjoy more cooperation opportunities. Major country responsibility is vital for promoting global recovery. China-U.S. relationship is way beyond being bilateral. A sound relationship between the two countries will make the world more peaceful, stable and prosperous. At a critical moment when global economy is facing a severe situation with unstable and imbalanced recovery, the world is expecting China and the U.S. to join hands to power the global economy. American media outlets noted that to enhance cooperation with China is beneficial to U.S. and even world economy. An editorial by Japanese news agency Mainichi Shimbun also pointed out that the recovery of cooperation between the two countries is of vital importance for the world when COVID-19 is further dividing the global community. New opportunities for China-U.S. economic cooperation do exist, and what's more important is whether they can be found and grasped. It is noteworthy that as long as the two countries once again make economic cooperation a stabilizer and ballast stone for their relations, eye on the bigger picture and long-term interests, and maintain healthy development of their economic ties, they can enhance the common wellbeing of their people and even the people in the rest of the world. Source: People's Daily

China's economy is expected to see a faster recovery and mild transitions in macro-policies in 2021, a year of multiple challenges at home and abroad, an expert has said. "Facing many risks, challenges and uncertainties, the general trend of China's sustained economic growth will remain unchanged," said Zhang Yuxian, an expert with the State Information Center. Zhang cited uncertainties in the global COVID-19 spread, the world economy, the international financial market, and the game between major powers. A rising strain in employment for key groups, difficulties in forestalling and defusing risks, and local governments' debt issues will be among the major domestic challenges, Zhang added. Still, China has a high-quality supply in terms of its workforce, capital, technology and other production factors, and it has a complete industrial system and the world's most developed infrastructure network, as well as broad development space and room for maneuver in both urban and rural areas, the expert said. With active efforts to coordinate COVID-19 control with economic and social development in 2021, China will see a faster economic recovery that features a stronger rebound in the first and second quarters, Zhang said. The country has vowed to avoid a "policy cliff" in 2021 as it aims to keep its macro policies consistent, stable and sustainable to support a steady economic recovery. "This means policy will moderately return to normality, without taking any sharp turns," Zhang said, adding that some temporary and extraordinary policies should be phased out, with the sentiments of micro-entities taken into full consideration. Source: Xinhua

When asked to describe China's economic growth in 2020 in three words, Gaspar said that he would characterize it as "great so far," as the country has controlled the COVID-19, and has recovered "strongly" after experiencing economic loss at the beginning of the year. China responded "forcefully" to COVID-19 with fiscal policy, which contributed significantly to its growth in 2020, an International Monetary Fund (IMF) official has said, calling for continued fiscal action to help rebalance the Chinese economy. "There was quite a substantial emphasis on public investment, but also on support to households and firms. There were some measures of tax relief in the process," Vitor Gaspar, director of the IMF's fiscal affairs department, told Xinhua in a remote video interview earlier this week, commenting on China's fiscal policy amid the pandemic. Looking ahead, in the government's plans, support will continue, Gaspar said, noting that there will be a "gradual reduction" in China's overall deficit over time, with a slowdown in the increase of public debt. "This situation of a very persistent fiscal support by the Chinese government seems to be completely appropriate given the nature of the shock," Gaspar said. The IMF official said fiscal policy can also help rebalancing the Chinese economy, noting that one concern around the performance of the Chinese economy in 2020 is the weakness of private consumption. "Going forward, it would be important that private consumption would pick up. And so the dynamics of the Chinese economy would be based on the dynamism of internal Chinese demand," he said. Noting that China has been upgrading its public finance framework over time "in quite a successful way," Gaspar said "that path should continue," urging the country to extend social safety nets and adjust tax policy to better support domestic consumption. In the area of the allocation of resources, looking for "competitive neutrality" across the economy is extremely important, the IMF official said, adding that China should continue its decades-long reform on corporate tax and state-owned enterprises. When asked to describe China's economic growth in 2020 in three key words, Gaspar told Xinhua that he would characterize it as "great so far," as the country has controlled the COVID-19, and has recovered "strongly" after experiencing economic loss at the beginning of the year. China's National Bureau of Statistics recently reported that the country's gross domestic product (GDP) registered a year-on-year growth rate of 2.3 percent in 2020, becoming the only major economy with positive growth in the pandemic-ravaged year. According to the latest update to its World Economic Outlook (WEO), the IMF projected that China's economy will grow by 8.1 percent in 2021, amid a partial and uneven global recovery. "Going forward, there are still many challenges having to do with China's own domestic growth," Gaspar said. "Also some challenges that play out at the global level and where China's contribution is very important." Noting that China has a role to play in forging global consensus, the IMF official said the world's second largest economy could contribute to global growth by boosting green investment, and facilitating the digitalization process, among others. According to the IMF's Fiscal Monitor update released Thursday, global fiscal support reached nearly 14 trillion U.S. dollars as of end-December 2020, up by about 2.2 trillion dollars since October 2020. "COVID-19 was an enormous disturbance to all countries around the world. Tax revenues have shrunk quite substantially," Gaspar said, calling such fast and strong fiscal actions "absolutely necessary" to help contain the pandemic and to avoid a financial crisis. Together with economic contraction, such support has led to a rise in public debt and deficits, according to the Fiscal Monitor update. Average public debt worldwide approached 98 percent of GDP at the end of 2020, compared with 84 percent projected pre-pandemic for the same date. When asked whether policymakers should be concerned about the ballooning public debt, the IMF official told Xinhua that one has always to be concerned about proper management of public finance risks, and to bear in mind public debt sustainability, but at this point in time, "the very first priority is to defeat the pandemic." Gaspar said "clearly there is a general recognition that poor countries do need support," noting that the vaccination process is lagging behind for low income countries at this point in time. "But of course COVID-19 will not be under control anywhere before it is under control everywhere. And investing in the vaccination process is probably the most profitable investment that one can carry out now in the world economy," he said. The IMF official also urged policymakers to strike a "balance" between providing more short-term support to ensure a solid recovery and keeping debt at a manageable level over the longer term. "The priority is to provide relief support, to provide lifelines, to make sure that support is there when it is needed," said the IMF official. "But in order for that to work well, it's very important that people have trust that the situation over the long run is under control." "One should always think about economic activity and employment in the short run from the viewpoint of long run development, having a long run view helps a lot," Gaspar added. According to the IMF's Fiscal Monitor update, fiscal policy should enable a green, digital, and inclusive transformation of the economy in the post-COVID-19 environment, with the priorities including investing in health systems, education, and infrastructure, helping people go back to work and move between jobs, as well as strengthening social protection systems. In addition, policymakers should rethink tax systems to promote greater fairness and provide incentives to protect the environment, and cut wasteful spending, strengthen the transparency of spending initiatives, and improve governance practices to reap the full benefits of fiscal support. "Governments need to win the vaccination race, respond flexibly to the changing economic conditions, and set the stage for a greener, fairer, and more durable recovery," Gaspar said. Source: Xinhua

Global foreign direct investment (FDI) plunged by 42 percent in 2020, a new report by the United Nations Conference on Trade and Development (UNCTAD) showed on Sunday, while China bucked the trend becoming the world's top recipient of investment flows. In its latest Investment Trends Monitor, the Geneva-based UN trade and development body said that FDI fell sharply to an estimated 859 billion U.S. dollars last year, from 1.5 trillion U.S. dollars in 2019, and warned of further weakness this year, putting a sustainable recovery from COVID-19 pandemic at risk. "FDI finished 2020 more than 30 percent below the trough after the global financial crisis in 2009 and back at a level last seen in the 1990s," the report wrote. The data showed that the decline was concentrated in developed countries, where FDI flows fell by 69 percent to an estimated 229 billion U.S. dollars, the lowest level in 25 years. Flows to Europe dried up completely, tumbling by two-thirds to minus 4 billion U.S. dollars, it noted. In Britain, FDI fell to zero, and declines were recorded in other major European recipients. A sharp decrease of 49 percent to 134 billion U.S. dollars was also recorded in the United States. CHINA A BRIGHT SPOT The decline in developing economies was relatively measured at 12 percent to an estimated 616 billion U.S. dollars, the report showed, while China topped the ranking of the largest FDI recipients. FDI flows to China rose by 4 percent to 163 billion U.S. dollars, making the country the world's largest recipient in 2020, followed by the United States. China's high-tech industries saw an increase of 11 percent in 2020, and cross-border mergers and acquisitions (M&As) rose by 54 percent, mostly in information and communications technology (ICT) and pharmaceutical industries, the report said. "A return to positive gross domestic product (GDP) growth and the government's targeted investment facilitation program helped stabilize investment after the early (coronavirus) lockdown," James Zhan, UNCTAD's director of investment and enterprise, said in a virtual press conference. "The global dependence on the supply chains of multinational enterprises in China during the pandemic also sustained the FDI growth in China," he added. The country saw its GDP increase 2.3 percent year on year last year and is expected to be the only major economy to post growth in the pandemic-ravaged year, according to the National Bureau of Statistics (NBS). UNCERTAIN OUTLOOK Looking ahead, UNCTAD warned that the global FDI trend is expected to remain weak this year. "Risks related to the latest wave of the pandemic, the pace of the roll-out of vaccination programs and economic support packages, fragile macroeconomic situations in major emerging markets, and uncertainty about the global policy environment for investment will all continue to affect FDI in 2021," it wrote. While sharply lower greenfield project announcements suggest that a turnaround in industrial sectors is not yet in sight, UNCTAD however stressed that strong deal activity in technology and pharmaceutical industries could push M&A-driven FDI flows higher. "Overall, the global FDI is likely to follow a U-shape recovery, unlike the global trade and GDP which have been predicted to be a V-shape recovery starting already 2021. International investment projects tend to have a long gestation period and react to crises with a delay, both on the downward slope and in the recovery," Zhan estimated. Earlier this month, UNCTAD announced that Secretary-General Mukhisa Kituyi will step down from his post on Feb. 15. The selection process for his successor will start after a vacancy is posted at the beginning of February. Source: Xinhua

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

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

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

The picture showsMr. Francis Chuamaking an opening speech for the forum, as well as the opening ceremony and site of the forum. The 2020 "Belt and Road" International Cooperation Forumwas held in Shenzhen on December 20. At the opening ceremony, Executive vice Chairman Xu Lejiang of All-China Federation of Industry and Commerce, President Gao Yan of CcPIT, Vice Governor Wang Xi of Guangdong Provincial People's Government, and President Song Zhiping of China Listed Companies Association delivered speeches respectively. Mr. Francis Chua, Founding Chairman of PSRICC as well as SRCIC's Vice Chairman, was the introductory speaker and delivered a video address at the first Forum on "Leveraging our strengths to Help Global cooperation against COVID-19". The Forum wasconvened under the theme of "work together to meet challenges to promote win-win cooperation", covering topics including "global disease resistant cooperation, promote the construction of human destiny community" and "promote the development of digital economy, to build digital silk road", "enhance the level of international cooperation and build a new development pattern", "to strengthen the international industry collaboration, Hong Kong and Macao to help big bay area construction" . At the critical juncture of the global spread of COVID-19, Chinese listed companies have given full play to their industry advantages and actively participated in the international cooperation against COVID-19.Listed companies actively shared China's experience in fighting the epidemic, and discussed opening up the "lifeline" of global anti-epidemic materials, earnestly fulfilling corporate social responsibilities, promoting the resumption of overseas projects, and maintaining the stability of the global industrial chain. Wang Yiwei, professor and doctoral supervisor of the School of International Relations and Director of the Institute of International Affairs of Renmin University of China, was another guest speaker at the first forum on "Leveraging our Own strengths to Boost Global cooperation against COVID-19". Senior leaders from SINOtrans, Dalian Port Group, Robust Medical Supplies, Shenzhen Mindray Bio-medical Electronics, Sinomart International Engineering co., LTD., as well as the Ambassador of Pakistan and the Ambassador of Laos respectively made speeches and participated in the discussion. Mr. Francis Chuasaid in thestatement: "The world today is undergoing greatchanges unseen in a century.The ongoing serious epidemic has claimed millions of lives and has had a disastrous impact on the economic and social development of mankind.At present, the COVID-19 is still spreading globally and some countries are facing the second wave of threats.There is still a long way to go to stabilize our economy and protect our livelihood in the fight against the virus. Novel Coronavirus is our common enemy. We should firmly grasp the premise and key of economic and social recovery,which is strengthen cooperation in epidemic prevention. Therefore, we need to strengthen regional cooperation to promote post-epidemic recovery, promote the "One Belt And One Road" construction, and jointly create a better future for mankind. We are very pleased to see that after the outbreak, the Chinese government has taken strong measures to contain the spread of the epidemic, unreservedly shared their experience in prevention, control and treatment, and provided assistance to other countries and international organizations.China's victory in the fight against the epidemic has given the world great confidence. Since the outbreak of COVID-19 in the Philippines, the Chinese government has provided several rounds of anti-epidemic assistance to the Philippines, and Chinese local governments and enterprises have also provided active anti-epidemic assistance to the Philippines.In addition, Chinese embassies and consulates in the Philippines, through local governments and Non-Governmental organizations, have provided "friendship packages" to those in need affected by the epidemic. In the face of the challenge of the epidemic, the governments and peoples of the two countries have supervised and helped each other, worked together to build closer partnership and set an example for international cooperation against the epidemic.In the face of the post-epidemic "new normal" of the economy and society, the Philippines will work more closely with China and take advantage of market opening and innovation opportunities for common development. First, there are huge market opportunities in China. It is estimated that China will import more than $22 trillion of foreign goods in the next 10 years. At the third China Import Expo, which ended last month, more than 40 Philippine companies signed hundreds of millions of dollars worth of export orders with Chinese importers, including tropical fruits, seafood and health food.China is the Philippines' largest trading partner and its largest export destination.The business communities of the two countries can make further use of such platforms as the China International Import Expo, the Canton Fair and the China-Asean Expo to expand bilateral economic and trade cooperation, jointly promote economic recovery and development of the two countries and better benefit their people. Second, win-win opportunities for opening-up. In the face of economic recovery after the epidemic, China and the Philippines have worked together to plan for future development, and steadily promoted the "One Belt And One Road" initiative and the "Build, Build, Build" to create new growth points for the Philippines' economic recovery.China-Philippines intergovernmental cooperation projects have been progressing smoothly on the whole, bringing hope for the Philippines' economic recovery. To date, the two countries have completed 11 inter-governmental cooperation projects covering drug control, counter-terrorism, food security, radio and television services and other fields.Six projects are being implemented and 18 are being planned, relating to infrastructure such as roads and railways, flood control and irrigation, and other livelihood projects. With the transformation and upgrading of China's economy, more and more Chinese companies are going overseas.The Philippines is a neighbor of China and an important member of the China-Asean Free Trade Area and the Regional Comprehensive Economic Cooperation Agreement.It could definitely be a hot spot for Chinese companies to invest.In recent years, according to reports from the Chinese Embassy in the Philippines, many Chinese companies have invested in the Philippines. China Telecom will invest at least $5 billion in Dito Telecom.Hebei Iron and Steel Group of China invested us $4.4 billion to build a large steel enterprise and supporting port in Cajayan de Oro on Mindanao island.Panghua group, another steelmaker, plans to invest $3.5 billion to build an integrated steel mill in General Santos in The city of General Santos in Mindanao.These two projects alone will create tens of thousands of jobs in the Philippines, effectively contributing to the country's economic recovery and helping the Philippines enter the ranks of middle - and high-income economies early. Third, innovation opportunities that complement each other's strengths. The epidemic has spawned new business models, including 5G Internet applications, remote online education and artificial intelligence, which have changed the way people live and produce.China and the Philippines share common advantages in the above areas and can actively promote cooperation. The Philippines has a large young population and high social media penetration.Digital economy, such as e-commerce and financial technology, has entered the stage of rapid development and has good prospects for development.Indeed, in recent years, large Chinese Internet companies such as Alibaba, Tencent, Baidu and Toutiao have begun to deploy in the Philippine market.China's 51Talk 51Talk English online education company has made full use of human resources in the Philippines, employing more than 20,000 Filipino English teachers to teach Chinese students online, and will recruit another 30,000 Filipino English teachers in the future. China has drawn up a blueprint for the next 15 to 30 years, and the Philippines has put forward a "2040 vision".The Philippines and China are seizing the opportunity, following the trend, consolidating and developing bilateral relations and jointly creating a better future for our two countries and Asia. Ladies and gentlemen, the PhilippineChamber of Commerce and Industry, the International Chamber of Commerce of the PhilippineSilk Road International Chamber of Commerce will do their best to bridge the gap and assist Chinese companies to invest and set up factories in the Philippines.We will also provide relevant advice and assistance to Chinese companies." Later in the forum, the China-Africa Development Fund, Pakistan's ambassador to Guangzhou Consulate, Tsinghua University, Renmin University of China, Sun Yat-sen University and other colleges and universities and research institutions, sinotrans, the Shanghai stock exchange, Shenzhen stock exchange, Guosen securities, CICAgroup, Standard Chartered Bank, head of the listed company at the conference speechandcommunicate, about the practice participatedin the construction of"B&R", for the epidemic prevention and control,give theirvaluable advicefor "B&R"goes deep and solid under the post-epidemic. The forum was hosted by China Council for the Promotion of International Trade, All-China Federation of Industry and Commerce, Guangdong Provincial People's Government and World Trade Centers, and hosted by Shenzhen Municipal People's Government, Shenzhen Stock Exchange, Guangdong Council for the Promotion of International Trade and Guangdong Province Federation of Industry and Commerce. More than 400 representatives from government departments, business communities, professional institutions and enterprises from countries and regions along the "One Belt And One Road" participated in the offline forum, and more than 100 guests participated in the online forum. Editor/Linguister: Stephanie Tan Source: PSRICC

Representatives of the China Southeast European Business Association (CSEBA), President Mario Rendulić, CSEBA Chongqing / China Presidency Member Matej Balen and CSEBA Asia & Pacific Coordinator Zhenwei Li attended a CHINA-CEE Countries Business Dialogue video conference organized by the International Department of Communist Party of China (IDCPC). Thanks to the CPC Central Committee, the China Economic Cooperation Center wants to boost the economic recovery of Eastern European countries despite the current health crisis, establish even stronger relations and support infrastructure development, investment in new projects, and strengthen e-commerce and telemedicine. This conference aims not only to raise the awareness of business people in Eastern Europe but also to emphasize to potential Chinese companies that regardless of the pandemic, the economy cannot stop, and neither can international cooperation, Chinese companies invest in countries affected by the current crisis. In his speech, Mario Rendulić pointed out that the current health crisis in our countries should not be seen as an obstacle to progress, but rather as an opportunity to deepen mutual cooperation and trust. The safest and fastest ways of economic recovery go through the development of "green lines" in order to facilitate the free flow of people and goods and maintain a stable supply chain. There are new areas that are evolving rapidly: smart cities, 5G, artificial intelligence, e-commerce, big data, blockchain and telemedicine - all of which need to be developed while mutually strengthening data security, communication and policy coordination. Looking at the current global, regional and national health crisis in most European countries, it is clear that our response was not as swift or decisive as in China. However, it is important to look to the future, focus on policies that will deepen mutual cooperation and strengthen trust. All this must be developed with mutual strengthening of data security, policy communication and mutual coordination, said Rendulić. The fastest development of the coronavirus vaccine can only happen through international cooperation, and not through mutual competition in development that some companies (and countries) are trying to lead, concluded Rendulić. This conference sends an important message of cooperation, not only to business communities in Europe, but also to Chinese companies to continue with their investments into CEE countries. Despite the current pandemic, international cooperation and development of global economy cannot stop. Over the past decade, Chinese economic growth brought China into a position to globally challenge the American economy. The USA and the European Union now suggest the anti-Chinese coalition, to limit the growth of Chinese economy, at any price. This reaction from the “West”, previously the engine of the global economy, is now trying to limit international trade and cooperation, something that is now widely criticized by economic experts all around the World. “Requests” from the West for limitations in cooperation between CEE countries and China only decreases economic perspectives for countries of Central and Eastern Europe. This current trend is, once again, bringing us back to the time before the World War Two, when closed economies, unemployment and poverty were common, end weaker countries were only being exploited by the “powerful West”. Today, when we have already witnessed the successes of the globalised economy, global society and international cooperation, especially in the developing countries, PR China is giving hope for the continuation of economic growth and improvement in living condition. PR China is not any kind of threat, but rather a voice of reason that is trying to strengthen us all. The same as in 2008, Chinese growth can once again help our countries, Rendulić said. This is the first video conference organized by IDCPC to aim for business dialogue between CEE countries since the start of the Covid-19 global pandemic to establish a new format of cooperation between China and Eastern European countries that should encourage development and increase GDP in the CEEC region. As China helped the world economy overcome the crisis and begin development not only in Western countries but also in Eastern Europe, Africa and South America in 2008, now again in times of global crisis caused by the Covid-19 pandemic, China is openly taking the initiative to help establish new frameworks and ways of cooperating in international trade with the aim of recovering the economies of countries in crisis based on their own experience of GDP growth during the pandemic. Among the world's major economies, China will remain the only one to achieve positive economic growth. The OECD predicted in early December that the world economy would grow by 4.2 percent in 2021, and the Chinese economy would grow by eight percent. The OECD report points out that China's economic growth in 2021 will contribute to the growth of the world economy by more than one third. Source: CSEBA

25 ноября 2020 года газета «Дайджест-Press» опубликовала интервью с Шарифом Саидом, являющимся членом Международной торговой палаты Шелкового пути, бывшим Председателем Торгово-промышленной палаты Таджикистана и Председателем Международного экономического союза «Шелковый путь Таджикистана». Ниже приводится отрывок из интервью: Если брать период моей деятельности с 2003 по 2018 годы – это целых 15 лет. Весь этот период велась кропотливая работа, встречи с руководителями международных торгово-промышленных палат, дипломатическим корпусом, предпринимателями и зарубежными компаниями. Если их всех суммировать, то в общем получится свыше 2094 встреч. Было проведено 295 круглых столов. Если говорить о международных форумах, включая инвестиционные форумы с участием зарубежных предпринимателей, было проведено 271 форум. За 15 лет было проведено более 320 конференций и семинаров по актуальным вопросам. В рамках подготовки кадров 2357 предпринимателей и бизнесменов получили международный сертификат. За период моей работы в ТПП РТ подписано 1744 соглашений и меморандумов с зарубежными торговыми палатами и с ведущими организациями и компаниями. Мои обращения, как председателя ТПП РТ получили более 180 государств и регионов мира, с палатами, организациями и с зарубежными компаниями в количестве -25720. Количество членов палат достигло около 700. Проведено свыше 400 международных выставок в стране и за рубежом. Вся деятельность ТПП РТ направлена на улучшение благосостояния республики. Налог в бюджет республики за счет проводимых работ и услуг за период 2003-2018 годов увеличился в 16 раз. В межторговом обороте за 15 лет Республика Таджикистан достигла с Россией с 230 млн долларов до 1,5 млрд долларов, КНР с 32 млн долларов стало 1,5-2 млрд долларов... Доля частного сектора в ВВП страны достиг 70%. Пандемия Covid-19 вносит свои коррективы. Но благодаря интернету и мобильной связи мы продолжаем работать. Экономический союз «Шелковый путь Таджикистана» стремится знакомить друг с другом людей, налаживая мосты дружбы и сотрудничества. Наша страна имеет большое и светлое будущее. Мы располагаем огромными ресурсами и возможностями. Уверен, что под руководством созидательной и дальновидной политики Лидера нации, Президента Республики Таджикистан уважаемого Эмомали Рахмона, правительства и трудолюбивого народа мы достигнем высоких результатов.