Archive April 2019

Chinese firms ideal partners on Belt and Road Initiative

Firms from China and the UK are ideal partners in many countries along t

he Belt and Road Initiative, a China-Britain Business Council official said in Beijing.

“The UK has taken a very positive view on seizing these opportunit

ies for UK businesses, particularly our banks, our large consultancy firms and our infr

astructure companies,” said Jeff Astle, managing director of China operations at the council.

British expertise in areas of financial services, banking, legal services, consulting services around engineering pro

vides a broad range of opportunities for UK firms to collaborate with Chinese firms in other countries, Astle said.

“We benefit from many English legal jurisdictions in many

of these countries, the English language and our businesses have long history and experiences in these coun

tries. That means we are a great ideal partner for Chinese firms in many of these Belt and Road counties,” said Astle.

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Detailed information on the foundation and the laurea

Peng Yuxing, vice-governor of Southwest China’s Sichuan province, is under disciplinary and supe

rvisory investigation for suspected severe violations of disciplines and laws, an official statement said Sunday.

The investigation is being conducted by the Communist Party of China Central Co

mmission for Discipline Inspection and the National Supervisory Commission.

Peng, a Sichuan native, was born in 1962. He graduated from Sichuan University with a master’s degree in 1985 and in July 1992 r

eceived his science doctorate from Pierre and Marie Curie University in Paris, specializing in polymers and materials.

He pursued a postdoctoral degree at ExxonMobil Chemical France from July 1992 to December 1993.

Peng then served in leadership positions at the Chengdu Institute of Organic Chemistry under the Chinese Academy of Sciences from 1997 to 2009.

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Noting that China has the world’s biggest middle-incom

income population, Xi said that China would open up its market continuously and welcome quality products from around the world.

China does not pursue a trade surplus intentionally, and it would like to import more com

petitive farm products, finished products and services to promote the balance of trade, Xi said.

China will promote greater openness in modern services, manufacturin

g and agriculture, allow foreign capital to hold the controlling share in more areas and buil

d some new free trade pilot zones to further ease market access for foreign capital, he said.

China will speed up making relevant rules and regulat

ions and ensure the implementation of the Foreign Investment Law, Xi said, adding that the cou

ntry will push forward supply-side structural reform through fair competition and international cooperation.

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China welcomes financial institutions around the worl

 to participate in financing Belt and Road projects, Xi said, adding that multiple participants will bring common benefits.

Xi announced that China will support 5,000 people from innovative sectors in Belt and Road

countries in conducting exchanges, training programs and joint research in the next five years.

Xi called for joint efforts to facilitate trade and investment and oppose protectio

nism, saying that the flow of products, funds, technology and people can propel forces for economic growth.

According to Xi, more than 150 countries and internat

ional organizations have signed cooperation documents to jointly build the Belt and Road.

The BRI has opened new space for global economic growth and

built a new platform for international trade and investment, Xi said.

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Pledges at forum draw overseas experts’ praise

The international community has hailed President Xi Jinping’s call on Friday to ease market

access for foreign capital and increase imports so that opening-up reaches a higher level.

Xi said in his keynote speech at the opening ceremony of the S

econd Belt and Road Forum for International Cooperation in Beijing that the purpose of buil

ding the Belt and Road is to achieve win-win cooperation and common development.

China will increase its imports of goods and services and will further lower its tariff rates, Xi said.

Francis Chua, chairman emeritus of the Philippine Chamber of Commer

ce and Industry, noted Xi’s emphasis on quality imports and state-of-the-art products.

“China will keep its commitments,” said Chua, who was attending the forum as a member of the Philippine business delegation.

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Jon Taylor, a professor of political science at the Uni

versity of St. Thomas in Houston, Texas, in the United States, said Xi

wants to convey a specific message: that China sees the BRI as a method by which it can make

a substantial and permanent contribution to lasting peace, common security and global prosperity.

“While some Westerners may scoff at the impact they think the BRI m

ay have on these issues, Xi genuinely sees the BRI as a global development project and will cont

inue to wholeheartedly put China’s money, resources and energies into this project,” he said.

Chen Weihua in Brussels, Bo Leung in London, Zhao Huanxin in Washington, Edith Muteth

ya in Nairobi and Chen Yingqun in Beijing contributed to this story.The profits of China’s major indu

strial firms surged by 13.9 percent in March, a drastic rebound compared to the 14-percent decline in January-Febru

ary period, official data from the National Bureau of Statistics (NBS) showed Saturday.

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delivers keynote speech at second B&R forum

President Xi Jinping delivered a keynote speech at the opening ceremony of the Second Belt

and Road Forum for International Cooperation in Beijing on Friday. Here are the highlights.

Belt and Road opens up new space for global economic growth

Joint building of the Belt and Road has opened up new space for the world’s economic grow

th. It also created a new platform to boost international trade and investment, expanded new practices to optim

ize the global economic governance, and made new contributions to improving people’s well-being of all countries.

High-quality development of Belt and Road stressed

The principle of extensive consultation, joint contribution and shared benefits should be uphel

d. The open, green and clean approaches should be adhered to. The goals of high-standard, livelihood-impro

ving and sustainable development should be achieved.High-quality, sustainable infrastructure under BRI highlighted

Infrastructure is the cornerstone of connectivity

and a bottleneck of development confronting many countries. Bui

lding infrastructure with such standards can help countries give full play to their advantages in resources and b

etter integrate into the global supply, industry and value chains for interconnected development.

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Country’s 1st space station to be shared a full-size m

China’s plan to involve international communities in its space mis

sions to jointly conduct space research shows its determination to further enhance global coop

eration in space projects, according to the director of the United Nations Office for Outer Space Affairs. That incl

udes opening up its planned space station to other countries, especially developing countries.

China’s space station, which is expected to be completed and operating by 2022, will be the world’s first space station open

for cooperation with all UN member states in manned space flights and exploration. The station will be able to sup

port research on astronomy, space life sciences, biotechnology, microgravity fundamental physics and space materials science.

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Leveraging private funds prioritized in BRI projects

China’s financial minister and central bank governor vowed to strengthe

n debt management and leverage more private funds for infrastructure construction un

der the Belt and Road Initiative, suggesting a new framework to assess debt risks for partner countries on Thursday.

The Ministry of Finance published a debt-sustainability analysis framework for the BRI’s participating economies at the start of t

he Second Belt and Road Forum for International Cooperation, a three-day event in Beijing.

Financial institutions of China and other BRI economies are encouraged to use the “nonmandatory” policy t

ool for rating debt risk before making lending decisions. The analysis method is based on in

ternational standards provided by the International Monetary Fund and World Bank, according to the ministry.

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China looks to strike a balance between meeting finan

ancing needs, sustainable development and debt sustainability, according to Finance Minister Liu Kun.

“We will build a high-standard and high-quality financing system to s

upport long-term and sustainable BRI investment while preventing debt risks,” Liu said.

He suggested promoting financing cooperation for projects in

third-party countries, equity investment and attracting more private funding.

Enhancing debt and risk management is a key consideration for deepening BRI financi

ng cooperation, said Yi Gang, governor of the People’s Bank of China, the central bank.

“The debt issue in developing countries should be treated objective

ly. If debt growth is accompanied by infrastructure improvement, enhancement of people’s liveliho

ods and productivity and poverty reduction, it will be beneficial for the sustainability of long-term debt,” Yi said.

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