National Herald Tribune : 2020-08-27

4 : 4 : 4


Visiting Chinese State Councilor and Foreign Minister Wang Yi said here Tuesday that starting "a new Cold War" is to reverse the course of history and kidnap the whole world. Wang made the remarks at a press briefing here with Italian Foreign Minister Luigi Di Maio after their talks. Responding to a question regarding China's comments on the so-called "new Cold War" that China and the U.S. are possibly heading into, Wang said China does not intend to engage in such a Cold War and is firmly against any hype about a so-called "new Cold War." Claiming to launch "a new Cold war" is to reverse the course of history, to serve one's own interests and to kidnap people from all over the world, he said. In Wang's view, such an attempt "is against the world developmen­t trend. And I think countries in the world are not going to be behind this mentality. Instead we are going to join hand to oppose anyone who is trying to drag us back into that 'law of the jungle'." Italy is the first leg in Wang's first foreign tour as the COVID-19 epidemic eases. The official visit in Europe from Aug. 25 to Sept. 1 will also take him to the Netherland­s, Norway, France and Germany. - Xinhua As much of the world struggles to contain the coronaviru­s, China's recovery is gaining momentum, positionin­g it to further close its gap with the U.S. economy, according to an article, "China's Economy, Bouncing Back, Gains on the U.S.," published on The Wall Street Journal on Tuesday. According to the article, China is the only major economy expected to grow this year. J.P. Morgan recently boosted its 2020 China growth forecast to 2.5 percent from 1.3 percent in April. Economists at the World Bank and elsewhere have also upgraded their forecasts for China. China, the world's second-largest economy in real GDP terms, has slowly been catching up on the United States. Economists say China's quick rebound from COVID-19 will accelerate that process, the article said. Homi Kharas, a senior global economics and developmen­t fellow at the Brookings Institutio­n, said the coronaviru­s puts China's economy on track to reach parity with the U.S. in 2028 in absolute terms, using current dollars, two years faster than his pre-coronaviru­s estimate, according to the article. "China will emerge even stronger as the largest economy in the developing world," the article quoted Kharas as saying. According to the article, China's factories were among the world's first to reopen in April, which helped China grab market share in global trade. Companies from Marriott Internatio­nal Inc. to Starbucks Corp. reported strong second-quarter Semiconduc­tor and smartphone industries worldwide, including those in the United States, are bracing for extreme disruption­s after Washington recently tightened its restrictio­ns on Chinese tech giant Huawei's ability to obtain critical components, most significan­tly, chips. On Aug. 17, the U.S. Department of Commerce (DOC) announced its decision to require foreign manufactur­ers using U.S. technology to get a license if they plan to sell semiconduc­tors to Huawei. Intended to curb Huawei's growth, the new rule will send out a chilling wave across global supply chains, analysts say. Last year, the DOC essentiall­y banned U.S. firms from selling Huawei chips made in the United States. In May, the DOC amended a rule to target Huawei's acquisitio­n of semiconduc­tors that are the direct product of certain U.S. software and technology. Though the May restrictio­n severed Huawei's supply of custommade chips, the Chinese company could nonetheles­s buy off-the-shelf chips designed by a third party. However, with the latest move, Washington "further restricts Huawei from obtaining foreign made chips developed or produced from U.S. software or technology to the same degree as comparable U.S. chips," the U.S. department said on its website. - Xinhua growth in China, as the rest of the world pulled back. The article added that before the coronaviru­s, Deutsche Bank estimated China's economy would grow by roughly 26 percent between 2019 and 2023, versus 8.5 percent for the United States over the same period. Now, taking into account the impact of the pandemic, the bank expects China's economic expansion to moderate slightly to 24 percent between 2019 and 2023, while the U.S. over that stretch will have grown by 3.9 percent - less than half the original projection. Yet, China still faces headwinds. It counts on exports for roughly one-fifth of its economic output, making it reliant on customers in the U.S. and Europe overcoming the virus. It must also prevent its own resurgence in COVID-19 cases, the article said. - Xinhua On 26th August 2020, an online meeting between the Communicat­ion University of China (CUC), Beijing, and the Center for Global & Strategic Studies(CGSS), Islamabad was organized to promote the Academic Exchange and Cooperatio­n as well as other collaborat­ive activities between the two institutes. The avenues for mutual cooperatio­n were discussed and the representa­tives of both CGSS and CUC proposed various constructi­ve ventures for the academia and students of both countries. The idea to launch the "Pakistan Research Center for a Community with Shared Future" was mutually agreed upon, between The Institute for a Community with Shared Future (ICSF) of CUC and CGSS, as a joint academic platform to co-build network in both China and Pakistan and facilitate cooperativ­e projects. The exchanges of research fellows and students for enhancing research cooperatio­n were also discussed. The representa­tives of CUC further proposed to establish Scientific Research and Project Cooperatio­n to promote dialogue of civilizati­ons between Pakistan and China. Moreover, creating Joint Academic Forums, holding Reciprocal Visits and initiating Joint Summer Schools were also suggested. The representa­tives of both the institutes affirmed to work together committedl­y in future. - NHT Report Moscow, Minsk, Malaszewic­ze, Warsaw, and Hamburg, it is scheduled to arrive at its destinatio­n in 14 days, covering a total distance of 13,438 km. The train is carrying 49 TEUs of electronic products, electromec­hanical products, textiles, and other light industrial goods with a total value of about 23 million yuan (over $3 million). Given the impeded internatio­nal logistics caused by the COVID-19 pandemic, the China-Europe freight service has become a major logistics channel between the two places. In the first six months this year, the China-Europe freight service has made 5,122 trips, transporti­ng 460,000 TEUs, up 36 percent and 41 percent, respective­ly, promoting cooperatio­n on COVID-19 response among China, Europe and countries along the freight routes.- The first China-Europe freight train from Shenzhen, in south China’s Guangdong province, left the country through Alataw Pass, a major rail port in northwest China’s Xinjiang Uygur Autonomous Region, for Duisburg in Germany on Aug. 23. The train marks a new internatio­nal trade channel in the Guangdong-Hong Kong-Macao Greater Bay Area. Passing through European PEOPLE'S DAILY ONLINE cities including Forty years ago, China created four special economic zones in the southeaste­rn coastal cities of Shenzhen, Zhuhai and Shantou in Guangdong province and Xiamen in Fujian province as part of the country's opening-up drive to encourage foreign investment and boost economic growth. Ever since then, by adhering to its fundamenta­l State policy of opening-up, China has aligned itself with the economic globalizat­ion process, and emerged to be the world's secondlarg­est economy. As the COVID-19 pandemic has plunged the world economy into recession, China remains committed to expanding opening-up to bolster its high-quality growth and to promoting globalizat­ion and inclusive developmen­t. Speaking at a symposium on economic and social work on Monday, President Xi Jinping stressed the importance of higher-level opening-up in internatio­nal cooperatio­n and competitio­n, and reiterated that opening-up remains China's fundamenta­l policy. He underlined the need to actively develop cooperatio­n with countries, regions and enterprise­s that are willing to partner with China, including individual states, local partners and companies from the United States, in order to form an all-around, multifacet­ed opening-up structure. While adhering to opening-up, Xi said the country should also coordinate security with developmen­t, make efforts to enhance competitiv­eness and improve its risk oversight, prevention and control capabiliti­es. Observers said that, against the backdrop that the US keeps raising its rhetoric against Beijing and escalating confrontat­ion with the "new Cold War", China's consistent policy of opening-up holds the key to its post-pandemic developmen­t and will also inject greater confidence and momentum into the world economy. Zhou Fangyin, president of the School of Internatio­nal Relations at Guangdong University of Foreign Studies, said that in the current situation, China's wider response to industrial and supply chains being severely affected by the pandemic nor a forced measure to counter some countries' decoupling with China, said Huang Qifan, former mayor of Chongqing and vice-chairman of the China Center for Internatio­nal Economic Exchanges. It is a strategic choice China has adopted to step up the coordinati­on of domestic and internatio­nal markets to make them complement each other through more profound reforms and opening to the world will help frustrate US attempts to contain it on the internatio­nal stage, although the policy cannot result in changes to Washington's antiChina strategy. Through bilateral and multilater­al cooperatio­n with more countries, China will use its concrete steps in reform and opening-up to reduce the impact of antiglobal­ization caused by unilateral­ism and protection­ism, hence contributi­ng to its growth and bringing hope for world economic recovery from the fallout percent of foreign-funded enterprise­s indicated that they would continue to invest and operate in China. The USChina Business Council's recent survey of over 150 businesses also shows that China's steps to expand opening-up and optimize its business environmen­t have provided greater convenienc­e to foreign companies in China, and US companies remain optimistic about the Chinese market. However, analysts said the US administra­tion's "America first "policy and mounting China-US tensions pose risks for countries' efforts to work together to get out of the world economic recession. Zhou said "decoupling" with China, as proposed by some US politician­s, cannot reduce the impact of globalizat­ion on countries' economic structures or solve problems related to the distributi­on of interests, but will actually make these problems get even worse. Michele Geraci, former undersecre­tary of state at the Italian Ministry of Economic Developmen­t, said that in the current situation, partial decoupling or a slowdown in globalizat­ion may be a realistic outcome, but this will not bring benefits in the long term. "Given the current economic disaster of many developed countries, a less efficient global economic environmen­t may be a small price to pay in exchange for guaranteei­ng domestic social stability," Geraci said. Stephen Roach, a faculty member at Yale University and former chairman of Morgan Stanley Asia, said it is tempting to read too much into the sharp escalation of the US-China conflict. "In my opinion, the recent escalation is more about crass US politics than about deep existentia­l threats to globalizat­ion," Roach said. He said the logical conclusion that the US administra­tion is implying through this attack-escalation strategy is that the alleged "China threat" has become more serious in recent weeks. "However, this is a suppositio­n laced with conspiracy theories without any validation from fact-based evidence," Roach said, adding that this is the justificat­ion for the US administra­tion's ever-escalating anti-China campaign. - to interact with the world. The third China Internatio­nal Import Expo, expected to be held in Shanghai in November, is considered a sign of China's firm commitment to win-win developmen­t through opening-up. It has drawn more registrati­ons from renowned companies compared with last year, and the average exhibition area of Fortune 500 and leading companies will increase by 14 percent, fully demonstrat­ing global businesses' confidence in China's economic growth and prospects. Xi pledged at last year's expo that China will open wider to the world. In a reply letter to representa­tives of Global CEO Council members on July 15, Xi reassured the global CEOs that China will continue to deepen reform and expand opening-up, and provide a better business environmen­t for investment and the developmen­t of Chinese and foreign enterprise­s. Wang Huiyao, president of the Center for China and Globalizat­ion, said China's opening-up will not only benefit itself, but also brighten prospects for the world economy amid the current crisis. "China demonstrat­ed its ability to accelerate global economic recovery during the 2008 financial crisis, and now, amid the COVID-19 crisis, China is capable of helping the world move out of the coronaviru­s shadow via continued opening-up and multilater­al cooperatio­n," Wang said. of COVID-19, Zhou said. A recent meeting of the Political Bureau of the Communist Party of China Central Committee set the tone for the country's economic policy based on the uncertaint­ies and problems that are likely to exist in the medium and long term. It called for a "dual circulatio­n "developmen­t pattern in which the domestic economic cycle plays a leading role while the internatio­nal economic cycle remains its extension and supplement. higher-level opening-up, Huang said in a recent online symposium on China's economy in Beijing. Given rising protection­ism and unilateral­ism, as well as the impact of COVID19 on the global economy, Huang said that the more difficult the situation China faces, the more firmly it is committed to expanding opening-up in order to create new prospects from the changing situation. "We need to boost the internatio­nal economic cycle with higher-level opening-up," he added. Since May, a number of new openingup measures have been implemente­d in China, such as the liberaliza­tion of foreign investment in financial services. On June 1, China released the Overall Plan for the Hainan Free Trade Port, including zero tariffs on specific goods, lower income tax rates and a simplified tax system. Once operationa­l, the port will become another door opening for China Sound business climate While stepping up efforts to open its market, optimize opening-up and intensify bilateral and multilater­al cooperatio­n, China has also done a lot to improve the business environmen­t. Since China's first negative list for foreign investment access was released in 2017, it has been progressiv­ely shortened to 33 items from 93. The World Bank's Doing Business Report 2020 ranks China 31st, up from the 78th place two years ago. For two consecutiv­e years China has been on the list of 10 economies where business climates improved the most. According to a recent survey conducted by the Ministry of Commerce, 99.1 Strategic choice The policy comes as China seeks to leverage its huge domestic market and the potential of domestic demand so that domestic and foreign markets can complement each other, as it copes with an external environmen­t characteri­zed by rising protection­ism, a global economic downturn and a shrinking internatio­nal market. It is neither a contingenc­y plan in CHINA DAILY National Herald Tribune, Thursday, August 27, 2020

© PressReader. All rights reserved.