Page 206 - China

India's restrictive trade policy is working great, but for Vietnam

One way to think about this is that India is first damaging its competitiveness, and then compensating firms to set up factories in the country

China urges banks to boost loans to support recovery, cut debt risks

Major financial institutions, especially big state-owned banks, must increase loan disbursements and avoid big fluctuations in lending

Ladakhis concerned over grazing land 'taken over by China': Rahul

Congress leader Rahul Gandhi on Sunday claimed that Prime Minister Narendra Modi's assertion that not an inch of the land in Ladakh has been taken over by China is not true. The people of Ladakh are concerned about their grazing land "taken over by the Chinese Army," Gandhi, who is on a tour of Ladakh, said after paying tributes to his father and former prime minister Rajiv Gandhi on his birth anniversary. All the people (in Ladakh) say the Chinese Army has intruded and taken over our grazing land and they (people) cannot go there now. They are clearly saying this even as Prime Minister (Narendra Modi) says that not an inch of land was taken over which is not based on truth, Gandhi told reporters. The Congress leader said he was planning to visit Ladakh during his Bharat Jodo Yatra but had to abandon the plan due to some logistical reasons. So I thought let me come and do a detailed tour of Ladakh. I came to Pangong and am going to visit Nubra and Kargil. The idea is to listen to w

India, China set for bilateral talks on sidelines of Brics summit next week

"I am confident that as two nations, two countries, we will have direct talks, direct meetings," at the Aug. 22-24 summit, Chen Xiaodong, China's ambassador to South Africa said

China steps up efforts to stabilise stock markets as confidence slumps

The Hang Seng Index is down more than 8 per cent this year, ranking among the biggest global losers

China Evergrande Group files for bankruptcy in New York amid debt crisis

The move protects it from creditors in the US while it works on a restructuring deal elsewhere

Does Brics exist only because a good acronym cannot be allowed to die?

India says it wants clear criteria established for new Brics memberships. But do even the existing members qualify under any meaningful criteria, asks T N Ninan

Slowing economy, credit crunch: What's ailing China's real estate sector?

On Thursday, one of the biggest Chinese real estate groups, Evergrande, filed for bankruptcy protection under Chapter 15 in New York

Crypto wrap: Global macro uncertainties pull market deep in the red

The uncertainty around Chinese economy, where real estate crisis has touched a new high after Evergrande filed for bankruptcy protection in New York, has also contributed to sell-off in the markets

China confirms Xi will attend Brics in S Africa followed by state visit

Chinese President Xi Jinping will attend next week's summit of the BRICS nations in Johannesburg, to be followed by a state visit to South Africa, the Foreign Ministry said Friday. Foreign Ministry spokesperson Hua Chunying also said in a statement that during his August 21-24 visit to South Africa, Xi will co-chair the China-Africa Leaders' Dialogue with his South African counterpart, Cyril Ramaphosa. China is a core member of the BRICS nations, which also include Brazil, Russia and India. The grouping was predicated on linking the interests of the world's leading emerging economies but has sought to expand into other civil and governmental fields. Russian President Vladimir Putin has decided not to attend the summit because of an arrest warrant issued by the International Criminal Court for him, according to South African authorities. The development could be viewed as embarrassing for Putin, who is expected to be the only leader of a country in the bloc not to attend. Kremlin

Xi Jinping to attend BRICS summit in South Africa followed by state visit

Chinese President Xi Jinping will attend next week's summit of the BRICS nations in Johannesburg, to be followed by a state visit to South Africa, the Foreign Ministry said Friday. Foreign Ministry spokesperson Hua Chunying also said in a statement that during his Aug 21-24 visit to South Africa, Xi will co-chair the China-Africa Leaders' Dialogue with his South African counterpart, Cyril Ramaphosa. China is a core member of the BRICS nations, which also include Brazil, Russia and India. The grouping was predicated on linking the interests of the world's leading emerging economies but has sought to expand into other civil and governmental fields. Russian President Vladimir Putin has decided not to attend the summit because of an arrest warrant issued by the International Criminal Court for him, according to South African authorities. The development could be viewed as embarrassing for Putin, who is expected to be the only leader of a country in the bloc not to attend. Kremlin ...

Xi calls for measures to mitigate flooding amid economic slowdown

Chinese leader Xi Jinping has called for measures to mitigate the effects of this year's disastrous flooding which has left scores dead and inflicted massive damage on crops, homes and infrastructure, including in and around Beijing. At least 90 rivers have risen above warning levels and 24 have already overflowed their banks, according to state media, threatening a vast area in northeastern China with flooding, including the Songliao Basin north of the capital, which encompasses more than 1.2 million square kilometres (482,200 square miles) with a population of almost 100 million. As China is still in the main flood season, rainstorms, floods, typhoons and other disasters still occur frequently in many places across the country, the Xinhua News Agency said, summarising conclusions of Thursday's meeting of the party's all-powerful Politburo Standing Committee presided over by President Xi. Participants urged relevant localities and departments to always prioritise the safety of ...

Chinese banks challenged as economy wobbles, property market woes mount

Exposure to local government financing vehicles and a deflationary economy is compounding the pressure, Bloomberg Intelligence analyst Francis Chan said

Oil rises on strong travel demand, China's move to soothe economic woes

Brent crude futures rose $1.24, or 1.5% to $84.70 a barrel by 11:18 a.m. ET (1518 GMT). U.S. West Texas Intermediate crude (WTI) was up $1.48, or 1.8% at $80.86 a barrel

China invites South Asian countries to be part of economic growth

China has urged South Asian countries to get on board its "express train" and receive a share of the dividends of its economic growth. China's Foreign Minister Wang Yi said this on Wednesday while addressing the opening ceremony of the 7th China-South Asia Expo in Kunming, the capital of southwest China's Yunnan Province. Wang, Director of the Office of the Central Commission for Foreign Affairs noted that this year marks the 10th anniversary of the expo and also the 10th anniversary of the Belt and Road Initiative (BRI) and the neighbourhood diplomacy featuring amity, sincerity, mutual benefit and inclusiveness - both proposed by President Xi Jinping. In the past decade, China and South Asian countries have consolidated solidarity and cooperation, advanced Belt and Road cooperation, deepened friendly exchanges and created a new chapter of China-South Asia friendship for the new era, Wang, also a member of the Political Bureau of the ruling Communist Party of China Central Committee

China's property woes: Implications of the debt crisis at Country Garden

Since the sector's debt crisis unfolded in mid-2021, companies accounting for 40% of Chinese home sales have defaulted, most of them private property developers

China tries to defuse fears after real estate developer's debt struggle

China's government is trying to reassure jittery homebuyers after a major real estate developer missed a payment on its multibillion-dollar debt, reviving fears about the industry's shaky finances and their impact on the struggling Chinese economy. There is no indication Country Garden's problems might spread beyond China, which seals off its financial system from global capital flows, economists say. But they highlight the industry's struggle under pressure from the ruling Communist Party to reduce soaring debt that is seen as an economic threat. That has bankrupted hundreds of small developers and depressed China's economic growth. The Country Garden episode has echoes of Evergrande Group, which is trying to restructure more than USD 340 billion owed to banks and bondholders. Fears of a possible Evergrande default in 2021 rattled global markets, but they eased after the Chinese central bank said its problems were contained and Beijing would keep credit markets functioning. A centra

Xi calls for patience as Communist Party tries to reverse economic slump

Chinese leader Xi Jinping has called for patience in a speech released as the ruling Communist Party tries to reverse a deepening economic slump and said Western countries are increasingly in trouble because of their materialism and spiritual poverty. Xi's speech was published by Qiushi, the party's top theoretical journal, hours after data Tuesday showed consumer and factory activity weakened further in July despite official promises to support struggling entrepreneurs. The government skipped giving an update on a politically sensitive spike in unemployment among young people. Xi, the country's most powerful leader in decades, called for China to build a socialist ideology with strong cohesion and to focus on long-term goals of improving education, health care and food supplies for China's 1.4 billion people instead of only pursuing short-term material wealth. Since taking power in 2012, Xi has called for restoring the ruling party's role as an economic and social leader and has ..

Indian Coast Guard successfully evacuates Chinese national off Mumbai

The Indian Coast Guard on Thursday said it successfully conducted medical evacuation of a Chinese national from a Panama flagged vessel in the Arabian Sea. The rescue operation was carried out on the intervening night of August 16 and 17 amidst challenging weather conditions. "The Indian Coast Guard has successfully conducted medical evacuation of a Chinese national from a Panama flagged research vessel, MV Dong Fang Kan Tan No 2, around 200 km in Arabian sea off Mumbai on the intervening night of August 16-17," the Coast Guard said. The Maritime Rescue Coordination Centre in Mumbai received information that one of the crew, named Yin Weigyang, onboard the research vessel suffered a cardiac attack and required urgent medical attention. The communication was established immediately with the vessel which was en route from China to the United Arab Emirates and provided necessary telemedicine advice. "Considering best feasible options for speedy evacuation and subsequent medical ...

China assures SL of help in addressing debt challenges before IMF's review

Sri Lanka's largest bilateral creditor, China, has assured the island nation its help in effectively addressing the debt challenges as it has to finalise the external and domestic debt restructuring of a whopping USD 41 billion by September before the IMF's first review. The International Monetary Fund (IMF) is set to conduct its first review of the USD 2.9 billion bailout granted to Sri Lanka in March this year from September 11-19. A release from the Prime Minister's Office on Wednesday said Wang Yi, the Foreign Minister and Director of the Office of the Foreign Affairs Commission of the ruling Communist Party of China (CPC) Central Committee who met Sri Lanka Prime Minister Dinesh Gunawardena on the sidelines of the seventh China-South Asian Expo assured that it will help in effectively addressing the country's debt challenges. China is always Sri Lanka's reliable strategic partner and appreciates that Sri Lanka has always been friendly to China and has stood by China on issues .