Page 217 - China

India increases credit lending to Africa, in race to counter China

Forty two African nations received about $12 billion or 38% of all credit extended by India in the last decade

Yellen's China visit seeks to usher in more discussions amid tensions

It will be the first major test of a policy she outlined in April that's geared toward defending and securing US national security without trying to hold China back economically

Moderna to invest $1 billion in China to manufacture mRNA vaccines: Report

The company's chief executive officer Stephane Bancel is in China and the deal is expected to be signed on Wednesday

India's April-May finished steel imports from China at six-year high

In April and May, China emerged as the second-biggest steel exporter to India, selling 0.2 million metric tons of the alloy, up 62% from the same period a year earlier

15 killed by floods in China as seasonal torrents hit mountain areas

At least 15 people have been killed by floods in southwestern China as seasonal torrents hit mountain areas, authorities said on Wednesday. Another four people were reported missing by mid-morning in Chongqing, a vast mountainous region of 31 million, almost all of which has now been designated as having flood risk, according to the local government website. The Chongqing floods appear to be China's deadliest amid deluges in other parts of the country. Tens of thousands of people have been evacuated. In just one southwestern province, Sichuan, more than 85,000 people have been evacuated due to flooding, the official Xinhua News Agency reported. Chongqing's flood warning has been upgraded from level four to level three, reflecting the growing seriousness of the crisis. Rescue teams in inflatable boats were ferrying villagers to safety and workers were clearing roads blocked by landslides, according to photos posted on the government website. Seasonal flooding hits large parts of C

China accuses US of turning Taiwan into a powder keg with its latest sales

China's Defence Ministry accused the United States of turning Taiwan into a powder keg Wednesday with its latest sales of military equipment to the self-governing island democracy worth a total of USD 440.2 million. The US State Department approved of the sale of 30 mm ammunition and related equipment, along with spare parts for Taiwan's vehicles, small arms, combat weapon systems, and logistical support items. Defence Ministry spokesperson Col Tan Kefei responded that the US ignores China's core concerns, crudely interferes in China's internal affairs, and deliberately escalates tensions across the Taiwan Strait." China claims Taiwan as its own territory to be conquered by force if necessary and Tan said "stern representations had been lodged with the US. This is tantamount to accelerating the transformation of Taiwan into a 'powder keg' and pushing the Taiwanese people into the abyss of disaster, he said in a statement carried on the ministry's website. Using force to seek ...

Troubled power plant leaves Jordan in debt to China, raises concerns

Jordan's Attarat power plant was envisioned as a landmark project promising to provide the desert kingdom with a major source of energy while solidifying its relations with China. But weeks after its official opening, the site, a sea of black, crumbly rock in the barren desert south of Jordan's capital, is instead a source of heated controversy. Deals surrounding the plant put Jordan on the hook for billions of dollars in debt to China all for a plant that is no longer needed for its energy, because of other agreements made since the project's conception. The result is fueling tensions between China and Jordan and causing grief for the Jordanian government as it tries to contest the deal in an international legal battle. As Chinese influence grows in the Middle East and America withdraws, the $2.1 billion shale oil station has come to characterize China's wider model that has burdened many Asian and African states with crippling debt and served as a cautionary tale for the ...

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Xi Jinping urges open supply chains after curbing exports of key metals

The world's No. 2 economy wants to work with nations to reject the moves of setting up barriers, decoupling and severing supply chains," Xi said in a virtual speech

Xi calls for efforts by SCO countries to safeguard regional peace

Chinese President Xi Jinping on Tuesday called on the SCO member countries to safeguard regional peace and ensure common security besides focussing on pragmatic cooperation to speed up economic recovery. Addressing the 23rd meeting of the Shanghai Cooperation Organisation (SCO) Council of Heads of State (CHS) presided by Prime Minister Narendra Modi in a virtual format, President Xi underscored efforts to uphold multilateralism and improve global governance. In a veiled criticism of the United States, Xi called for opposing hegemonism and power politics and making the system of global governance fairer and more equitable. He also made a pitch for the SCO members to synergise high-quality cooperation under his pet multi-billion dollar project the Belt and Road Initiative (BRI) with various countries' development strategies and regional cooperation initiatives. The BRI is a multi-billion-dollar initiative launched by President Xi when he came to power in 2013. It aims to link Southea

China move to curb chipmaking material exports escalates supply worries

China has hit the American trade restrictions where it hurts, said Peter Arkell, chairman of the Global Mining Association of China

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Flooding displaces 10,000 in China as Beijing amid major heatvave

Heavy flooding has displaced thousands of people around China as the capital had a brief respite from sweltering heat. Beijing reported 9.8 straight days when the temperature exceeded 35 C (95 F), the National Climate Center said Monday. Such a streak was last recorded in 1961 decades before most Beijing residents had air conditioning or even fans. A lack of rainfall may be contributing to the heat, with the notoriously dry capital receiving even less than usual this year. While temperatures have since moderated Monday's temperature at midday was 33 C (91 F) they are expected to rise again this week to as high as 39.6 Celsius (103 Fahrenheit) in Beijing and other parts of the country, authorities said. Meanwhile, more than 10,000 people were urgently moved to safety due to flooding in the central province of Hunan, the Xiang'xi Emergency Management Bureau on Sunday. Around 70 houses collapsed, 2,283 were damaged and farm fields were flooded. Losses so far have been estimated at

Treasury Secy Janet Yellen is making a long-awaited trip to China this week

Treasury Secretary Janet Yellen will travel to Beijing Thursday as part of an ongoing Biden administration effort to thaw U.S.-China relations, a senior Treasury official said Sunday. Yellen, who has called the notion of an economic decoupling from China disastrous, has frequently said in the past year that she would like to visit China. She says the two nations "can and need to find a way to live together in spite of their strained relations over geopolitics and economic development. Yellen will meet this week with Chinese officials, U.S. companies doing business in China and with Chinese people and will stay through July 9, said the official, who spoke on condition of anonymity to discuss details of the trip. The goal of her visit is to deepen and increase the frequency of communication between U.S. and China, the official said. While there are clear areas of common interest where Yellen can make progress, the official said, there are also significant disagreements that will not b

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China goes on natural gas buying spree like there's still an energy crisis

The government continues to back efforts by state-owned buyers to sign long-term contracts and even invest in export facilities, in order to bolster energy security through the middle of the century

Foreign companies in tough situation due to China's new anti-espionage law

Foreign companies are in a difficult situation as China's new anti-espionage law came into effect on Saturday, Nikkei Asia reported

China's PBOC asks foreign banks about dollar deposit rates amid weak yuan

Total FX deposits in China stood at $851.8 billion at end-May, data shows.

Jinping will attend virtual SCO summit hosted by India: Chinese FM

Chinese President Xi Jinping will attend next week's virtual summit of the Shanghai Cooperation Organisation (SCO) being hosted by India, it was announced here on Friday. At the invitation of Prime Minister Narendra Modi, President Xi will attend via video conference in Beijing, the 23rd meeting of the Council of Heads meeting of the SCO on July 4 and deliver important remarks, Chinese Foreign Ministry spokesperson Hua Chunying said in a brief press release. This is the first official announcement about Xi's participation in the SCO summit being hosted by India. Later answering a question at a media briefing on Xi's participation, another Chinese Foreign Ministry spokesperson, Mao Ning said besides delivering important remarks, the Chinese President together with other participating leaders, chart the course for the future growth of the organisation. "With the concerted efforts of all sides, the SCO will achieve greater progress and boost development and prosperity in regional ...

UK calls for UN reform with permanent Security Council seat for India

The UK government has reiterated its call for reform of the United Nations as one of its top transnational priorities and supported India's bid for permanent membership of the powerful Security Council. India has been at the forefront of the years-long efforts to reform the UN Security Council (UNSC), saying it rightly deserved a place as a permanent member of the United Nations. Currently, the UNSC has five permanent members - China, France, Russia, the UK and the US. Only a permanent member has the power to veto any substantive resolution. In a speech at a conference at the Chatham House think tank in London on Thursday, UK Foreign Secretary James Cleverly called for a reinvigorated multilateral system that is more reflective of the times. He pointed out that the world's economic centre of gravity is shifting away from the Euro-Atlantic and towards the Indo-Pacific but the multilateral institutions are yet to catch up. I have five transnational priorities. First, reform of the .