Page 218 - China

China's manufacturing contracted in June as export orders decreased: Survey

China's factory activity contracted for another month in June as export orders decreased, an official survey showed Friday, adding to signs an economic rebound following the end of anti-virus controls is cooling. A monthly purchasing managers' index issued by the national statistics agency and an industry group edged up to 49 from May's 48.8 on a 100-point scale on which readings below 50 show activity contracting. The world's second-largest economy revived following the end in December of anti-virus controls on travel and business activity. But that faded faster than expected due to lackluster consumer spending at home and weak demand for exports following interest rate hikes in the United States and Europe to cool inflation. Despite that, China's No. 2 leader, Premier Li Qiang, said this week economic growth accelerated in the April-June period from the previous quarter's 4.5% rate. Li gave no details but expressed confidence China can hit the ruling Communist Party's annual growt

China has $3 trillion of 'hidden' currency reserves, says US economist

A lot of the country's foreign-exchange reserves don't show up in the official books of the People's Bank of China, the former US trade and Treasury official wrote in a report

China dispatches senior diplomat to Italy to persuade nation to stay in BRI

Beijing is trying to persuade Europe to take a less hawkish stance than the US, which has imposed a sweeping raft of export controls on China to curb its access to advanced technology

China growth momentum slows further amid calls for more policy support

Speculation about potential policy support has been mounting as the recovery for the world's second-largest economy loses traction

Xi Jinping to attend virtual SCO summit hosted by India: Chinese official

Chinese President Xi Jinping will attend next week's virtual summit of the Shanghai Cooperation Organisation (SCO) being hosted by India, an official announcement here said 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. The SCO is an influential economic and security bloc and has emerged as one of the largest transregional international organisations. The SCO was founded at a summit in Shanghai in 2001 by the presidents of Russia, China, the Kyrgyz Republic, Kazakhstan, Tajikistan and Uzbekistan. India and Pakistan became its permanent members in 2017. India holds the rotating Presidency of the organisation this year. Ahead

India, Philippines decide to commence negotiations on bilateral trade pact

India and the Philippines on Thursday agreed to commence negotiations on a bilateral preferential trade pact and vowed to step up defence cooperation, especially in the maritime security domain, amid China's increasing muscle-flexing in the South China Sea. In the extensive talks between Secretary for Foreign Affairs of the Philippines Enrique A Manalo and External Affairs Minister S Jaishankar, the two sides also underlined the need for implementing the South China Sea verdict that was pronounced by a UN arbitration court in 2016. The defence and security ties between India and the Philippines are on an upswing. In January last year, the Philippines concluded a USD 375 million deal with India for the procurement of three batteries of the BrahMos cruise missile. A joint statement said both sides underlined that India and the Philippines have a shared interest in a free and open Indo-Pacific and emphasised the need for peaceful settlement of disputes and for adherence to internationa

Uniqlo to expand its manufacturing bandwidth through 20 partners in India

Uniqlo has multiple production partners in India and is looking to expand this network through a large investment; CEO Tadashi Yanai says he wants Uniqlo to become the "best-selling retailer in India"

Govt to not allow SL to be used as base for any threats against India: Prez

Assuring that Sri Lanka will not be utilised as a base for any threats against India, Wickremesinghe emphasised that his nation is a neutral one

China's new obsession: Luring billionaires to catch US titans in AI race

Billionaire entrepreneurs, mid-level engineers and veterans of foreign firms alike now harbor a remarkably consistent ambition: to outdo China's geopolitical rival in a technology

Wouldn't allow to be used as base for threats against India: Sri Lanka

Sri Lanka would not be allowed to be used as a base for any threats against India, President Ranil Wickremesinghe has said, asserting that the island nation remains "neutral", having no military agreements with China. Wickremesinghe, who was on an official visit to the UK and France, made the comments during an interview with France's state media on Monday. In an interview with France24, Wickremesinghe said, "We are a neutral country, but we also emphasise the fact that we cannot allow Sri Lanka to be used as a base for any threats against India." Responding to a question about China's perceived military presence in Sri Lanka, the president said that the Chinese have been in the country for about "1500 years and, so far, there has been no military base". Wickremesinghe asserted that the island nation has no military agreement with China and said, "There won't be any military agreements. I don't think China will enter into one." The president said there were no issues of military u

New Delhi Hall at SCO Secretariat in Beijing depicts 'mini India': EAM

Ahead of next month's SCO summit to be held for the first time under India's Presidency, India on Tuesday inaugurated an exquisitely designed 'New Delhi Hall' here at the headquarters of the eight-member grouping, which External Affairs Minister S Jaishankar said depicted a mini-India. The Secretariat of the Shanghai Cooperation Organisation (SCO) comprising China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, India and Pakistan is located in the high-end diplomatic area in Beijing. While the six founding members China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan have their halls highlighting their cultures and unique features, India is the first to add its own 'New Delhi Hall' which is officially opened ahead of the July 4 SCO summit to be held in virtual format. Pakistan may have to await its turn to set up its hall. In his video address, Jaishankar said, I am delighted to inaugurate the New Delhi Hall at the SCO Secretariat today amidst the august presen

China's premier says economic growth accelerating, can hit its 5% target

China's No. 2 leader said Tuesday that economic growth accelerated in the latest quarter and expressed confidence it can hit the ruling Communist Party's official target of 5 per cent for the year. Premier Li Qiang, speaking at a conference in the eastern city of Tianjin, gave no figure for the three months ending in June but said it was faster than the previous quarter's 4.5 per cent. The world's second-largest economy rebounded from 2022's unusually weak 3 per cent growth following the end of anti-virus controls on travel and business activity. But that faded faster than expected. Consumer and factory activity weakened in May and record-setting youth unemployment spiked up. It is expected that the second quarter will be faster than the first quarter, Li said at the World Economic Forum. We expect to achieve the economic growth rate of about 5 per cent determined at the start of the year. Private sector forecasters expect China's economic output to grow by at least 5 per cent this

China bans negative finance writers from social media as stock market sinks

Wu Xiaobo and two other writers who weren't fully named 'attacked and undermined' Chinese policy and spread 'negative and harmful information,' according to a statement by Sina Corp.'s Weibo

Cooperation should not undermine regional peace: China on Indo-US deals

China on Monday said cooperation between countries should not undermine regional peace and stability and target any third party, as it reacted to a host of defence and commercial pacts recently signed between India and the US including joint production of jet engines in India to power military aircraft and a deal on armed drones. "It has been China's longstanding position that military cooperation between states should not undermine regional peace and stability, target any third party, or even harm the interests of any third party," Chinese Foreign Ministry spokesperson Mao Ning told media briefing here. She was responding to a question by a Russian state-run news agency seeking her reaction about a host of defence and commercial agreements during Prime Minister Narendra Modi's state visit to Washington last week. "We hope relevant countries will act in ways conducive to mutual trust between regional countries in the field of security and stability in the region," she said. General

Talks on with China to resolve border issues in peacefully: Rajnath Singh

Defence Minister Rajnath Singh on Monday said the government will never let the sanctity of India's borders be violated and talks are going on at military and diplomatic levels with China to resolve issues in a peaceful manner. Addressing a national security conclave here, Singh said there have been perceptional differences between India and China on the boundary issue for a long time. "I want to repeat that there have been some activities on the LAC since 2013, but I outrightly reject (claims) that there has been any significant change or encroachment on the LAC after our government was formed, Singh said. Paying glowing tributes to soldiers martyred in Galwan Valley in eastern Ladakh in 2020, the minister said the Chinese Army ignored the agreed protocols and unilaterally tried to make some changes on the Line of Actual Control (LAC). He lauded the valour and dedication of the Indian Army which foiled attempts by the Chinese PLA to change status quo and said the country will rema

New images show Chinese spy balloons also targeted Asia: British media

The British media on Monday reported new evidence of China's spy balloon programme, including flights over Japan and Taiwan, months after US-China relations were derailed when one such airship was shot down off the US coast. Working with Synthetaic, an artificial intelligence company which sifted through huge amounts of data captured by satellites, the BBC has found multiple images of balloons crossing East Asia. The company's founder, Corey Jaskolski, found evidence of one balloon crossing northern Japan in early September 2021. These images have not been published before, the BBC reported. Jaskolski also believes the evidence points to this balloon having been launched from deep inside China, south of Mongolia. US-China relations were thrown into turmoil in February this year, when a Chinese spy balloon, said to be the size of three buses, was shot down by American fighter jets over the Atlantic Ocean off the Eastern Seaboard of the United States. China has repeatedly claimed th

AIMIM prez Owaisi takes dig at PM Modi over Manipur violence, China

AIMIM president Asaduddin Owaisi on Monday took a jibe at Prime Minister Narendra Modi, saying he hoped his foreign trip would give him enough courage to "break his silence" on the Manipur crisis and Chinese incursions. In a tweet, he said, "Let's hope the foreign trip by Modiji will give him enough courage to mention China now by name instead of succumbing to its bullying. And also break his silence on Manipur which continues to burn for nearly eight weeks now." "More than 4000 weapons have been taken from state armories in Manipur and not one head has rolled. Let alone Kashmir, imagine a fraction of this happening in any opposition ruled state and the orchestrated outrage from our media. New India after all," he said. Targeting the NDA government, the AIMIM leader claimed that there are more ministers who are willing to attack a former US president than there are willing to name China. "Is anyone surprised that more ministers in @PMOIndia government are willing to attack a former

Sri Lanka to halt decision of exporting 100,000 endangered monkeys to China

Sri Lanka has decided to halt its decision to export 1,00,000 endangered Toque Macaque monkeys to China, the country's Attorney General on Monday told the Court of Appeal, amidst protests from environmental groups against the deal. A privately-owned Chinese company connected to Zoological Gardens which are animal breeders had made the request to the island nation's agricultural ministry a few months earlier. Sri Lanka, RARE Sri Lanka, Justice for Animals and others in the Court of Appeal pursuant to the statement made by Minister of Agriculture Mahinda Amaraweera said there were plans being made to export toque macaque monkeys from Sri Lanka to China. The petitioners sought the Court of Appeal's intervention to issue an order to prevent the proposed export of toque macaque monkeys from Sri Lanka to China. When the case was taken up today the Attorney General stated in open court that they had received instructions from the Department of Wildlife and Conservation that they will not

Fukushima nuclear plant to release treated wastewater into sea: Operator

All equipment needed for the release into the sea of treated radioactive wastewater from the wrecked Fukushima nuclear plant has been completed and will be ready for a safety inspection by Japanese regulators this week, the plant operator said Monday, as opposition to the plan continues in and outside Japan over safety concerns. Tokyo Electric Power Company Holdings said it installed the last piece of an undersea tunnel dug to release the water offshore, completing the construction of the necessary equipment that began last August. A mandatory safety inspection of the equipment will begin Wednesday, said Nuclear Regulation Authority Chairman Shinichi Yamanaka, who visited the Fukushima Daiichi plant last week. If everything goes well, TEPCO is expected to receive a safety permit for the release about a week after the inspection ends, officials said. Discharge of the treated water is expected to begin this summer, although the exact date has not been set. The plan has faced fierce .

China's economic recovery worsens with weak consumer spending data

Domestic travel spending during the recent holiday for the dragon-boat festival was lower than pre-pandemic levels, according to official data released this weekend