China Vows to Continue Helping Myanmar Achieve Peace

(THIS ARTICLE IS COURTESY OF THE SAUDI NEWS AGENCY ASHARQ AL-AWSAT)

China Vows to Continue Helping Myanmar Achieve Peace

Xi

China’s President Xi Jinping voiced to Myanmar leader Aung San Suu Kyi on Tuesday his country’s commitment to help its neighbor achieve peace as fighting along their shared border forced thousands to seek refuge in China, state media said.

Fighting in March in Myanmar prompted Beijing to call for a ceasefire between ethnic militias and the security forces there and carry out military drills along the border.

Xi met Nobel laureate Suu Kyi – who serves as Myanmar’s foreign minister while also being de facto head of its civilian government – following China’s Belt and Road Forum on Sunday and Monday.

“China is willing to continue to provide necessary assistance for Myanmar’s internal peace process,” China’s official Xinhua news agency cited Xi as saying.

“The two sides must jointly work to safeguard China-Myanmar border security and stability,” Xi said.

The news agency did not elaborate on what assistance China would provide.

China has repeatedly expressed concern about fighting along the border that has occasionally spilled into its territory, for instance in 2015, when five people died in China.

Xi also said China would work to enhance cooperation with Myanmar on his Belt and Road development plan, which aims to bolster China’s global leadership by expanding infrastructure between Asia, Africa, Europe and beyond.

Suu Kyi told Xi that Myanmar was grateful for Chinese help and that it would work with China to safeguard stability in the border region, Xinhua said.

Beijing last month offered to mediate a diplomatic row over the flight of around 69,000 minority Rohingya Muslims to Bangladesh to escape violence in Buddhist-majority Myanmar, according to officials from Bangladesh.

Myanmar has been sharply criticized in the West over violence against the Rohingya.

Suu Kyi is barred from the presidency under Myanmar’s army-drafted constitution, but effectively leads the government through the specially created post of “state counsellor”.

Meanwhile, Philippine President Rodrigo Duterte said Tuesday that he and Xi resolved to strengthen their countries’ friendship during their meeting in Beijing, with China pledging to speed up infrastructure projects it is funding in the Philippines.

“We renewed our resolve to strengthen our friendship and mutually beneficial partnership on a broad range of areas,” Duterte said in southern Davao City on his return from Beijing. “We resolved to fully use the mechanisms we have established to dialogue openly, monitor progress and ensure implementation of projects.”

Duterte, who took office last June, has worked to repair relations with China that have been strained by territorial conflicts in the South China Sea and an international arbitration ruling on a case filed by his predecessor that invalidated Beijing’s claims to the disputed territory. Duterte met separately with Xi and Chinese Premier Li Keqiang after attending last weekend’s “Belt and Road” trade initiative.

Duterte said both he and Xi were looking forward to officials from both countries meeting later this week for inaugural bilateral talks on the South China Sea. Philippine officials have said the meeting will be held Friday in southwestern China.

Four agreements were signed during the visit, including a Chinese grant of 500 million yuan ($72.5 million) for feasibility studies of infrastructure projects in the Philippines and construction of a drug rehabilitation center.

Also signed were memorandums of understanding on cooperation in human resources development and personnel exchanges, energy cooperation, and enhancing government capabilities in communication and publishing.

Duterte thanked China for its generosity, including providing grants and loans, promising to build two bridges for free in metropolitan Manila and increasing imports of Philippine agricultural products.

Asharq Al-Awsat English

Asharq Al-Awsat English

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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China gets rare rebuke from North Korea for ‘betrayal’

(THIS ARTICLE IS COURTESY OF THE NORTH KOREAN NEWS AGENCY ‘KCNA’ AND ‘CNBC’)

China gets rare rebuke from North Korea for ‘betrayal’

  • Pyongyang charged China has regularly “infringed upon the strategic interests” of North Korea
  • North Korea reiterated Wednesday it has no plans to end its nuclear program

39 Mins Ago 

Statues of Kim Il Sung and Kim Jong Il in Pyongyang, North Korea.

Gavin Hellier | Getty Images
Statues of Kim Il Sung and Kim Jong Il in Pyongyang, North Korea.

North Korea’s official news agency leapt into overdrive Wednesday, accusing Chinese politicians and journalists of fomenting trouble and outright “betrayal.”

“China should no longer recklessly try to test the limitations of our patience,” said the commentary released by the rogue state’s Korean Central News Agency.

The KCNA agency added, “We have so devotedly helped the Chinese revolution and suffered enormous damage.” It said China has regularly “infringed upon the strategic interests” in becoming closer to the U.S. and thus committed a “betrayal” in the process.

The rare rebuke from Pyongyang’s official mouthpiece follows President Donald Trump’s warming ties to Chinese President Xi Jinping. The Trump administration is hoping the Chinese can convince the North Koreans to abandon a nuclear weapons program and end development of intercontinental ballistic missiles capable of reaching North America.

Still, the North’s official news agency reiterated Wednesday it has no plans to end its nuclear program.

“For us, nuclear is an absolute symbol of dignity and power, and it is the highest interest,” said KCNA. “If we give up nuclear weapons, we will not only intensify economic sanctions, but also military intervention.”

Beijing indicated Wednesday that Pyongyang was taking a dangerous course and should reconsider.

“It is reasonable for the DPRK to pursue its own security, but its nuclear and missile ambitions have put itself and the whole region into dire peril,” People’s Daily, China’s communist party’s official newspaper said in a commentary. “The DPRK must not be obsessed in a wrong path of repeated nuclear tests and missile launches that resulted in rounds of sanctions.”

DPRK is a reference to North Korea’s formal name, the Democratic People’s Repubic of Korea.

Meantime, the U.S. early Wednesday announced it launched an unarmed ICBM missile from Vandenberg AFB in California. It was the second such test in a week and comes as the Air Force works to improve the Minuteman III missile’s reliability and demonstrate to North Korea the U.S. nuclear deterrent capability.

At the same time, the U.S. is beefing up its military resources in the Asian region as a show of force with tensions still remaining high over the North Korean threat.

The U.S. Pacific Command said Tuesday it sent the Los Angeles-class attack submarine USS Cheyenne to the U.S. Navy base at Sasebo, Japan. The U.S. also activated its THAAD anti-missile defense system in South Korea this week at a former golf course.

Last week, a carrier strike group led by the USS Carl Vinson held drills off the Korean Peninsula and there’s also been recent training in the Asia-Pacific region involving F-35 stealth fighters and bomber aircraft. The U.S. military confirmed Wednesday two B-1B bombers left Guam’s Andersen AFB on May 1 to hold training missions with forces from Japan and South Korea.

President Trumps Stupidity/Ignorance About Korea/China Triggers Public Outrage In South Korea

(THIS ARTICLE IS COURTESY OF THE KOREA TIMES NEWS)

U.S. President Donald Trump, left, and Chinese President Xi Jinping walk together at Mar-a-Lago in Palm Beach, Fla. The U.S. is piling the pressure on Beijing to use its clout with North Korea to rein in its nuclear and missile programs. / AP-Yonhap


US president’s gaffe triggers public uproar here

By Yi Whan-woo

U.S. President Donald Trump has suffered a serious dent in his credibility among South Koreans after he “lied” about the whereabouts of a U.S. Navy strike group and quoting Chinese President Xi Jinping’s alleged false claim that “Korea actually used to be a part of China.”

South Koreans have been familiar with Trump’s credibility gap and flip-flops on many issues in the U.S. _ his use of incorrect information and data as well as unsubstantiated claims.

But they have been bewildered this time as his latest remarks poses a challenge to the security of the Korean Peninsula and South Korea’s national interests, according to analysts, Thursday.

Regarding the course of the U.S Navy strike group led by the nuclear-powered aircraft carrier USS Carl Vinson, Trump said last week that “We’re sending an armada” to waters off the peninsula.

His bravado added to concerns over a U.S. pre-emptive attack against North Korea, something his administration has repeatedly warned of in the wake of its missile strike on Syria.

It also stoked fears over a possible war here, fueling speculation that erratic North Korean leader Kim Jong-un may take Trump at his word and risk an attack on South Korea and the American troops stationed here in advance.

The U.S. flotilla, however, turned out to be sailing in the Indian Ocean, thousands of kilometers southwest of the peninsula.

“The public are obviously concerned about whether Seoul can rely on the Trump administration in deterring North Korea’s growing military aggression and preventing China from distorting history to control the peninsula,” said Yang Moo-jin, a professor at the University of North Korean Studies.

“I’d say Trump proved his incompetence as commander-chief if he really did not know the location of the U.S. strike group. He also deceived South Koreans if he actually knew where it was.”

The White House did not clarify whether it was a verbatim account of Chinese President Xi Jinping or Trump’s own description when the latter said “Korea actually used to be a part of China” during an April 12 Wall Street Journal interview.

But his comment still shocked South Koreans after Quartz, an online news website, published an article on Trump’s ignorance Tuesday that went viral.

The Wall Street Journal interview dealt with the summit between the two leaders at Trump’s resort in Florida from April 6 to 7.

Speaking of Xi’s lesson on Sino-Korean history, Trump said, “He then went into the history of China and Korea. Not North Korea, Korea. And you know, you’re talking about thousands of years…and many wars. And Korea actually used to be a part of China. And after listening for 10 minutes, I realized that it’s not so easy.”

Trump also angered the South Koreans as his words came amid deteriorating relations between Seoul and Beijing amid China’s economic retaliation for the deployment of a Terminal High Altitude Area Defense battery here.

Critics claimed Trump echoed the Chinese-centric version of regional history and also appeared to be siding with Beijing’s project suspected of distorting history to eventually assimilate North Korea.

“It hurts the South Korean people’s feelings while stirring up distrust toward the U.S. concerning its North Korea policies,” said Kim Yong-hyun, a professor of North Korean Studies at Dongguk University.

The Ministry of Foreign Affairs said it is using “various diplomatic channels” involving both the U.S. and China to verify the facts on Trump’s comment.

“We’ll take measures that are necessary as soon as we find out the related facts,” ministry spokesman Cho June-hyuck said Thursday.

On the same day, the Chinese foreign ministry refrained from answering queries about Xi’s alleged false claim. Instead, its spokesman Lu Kang told South Koreans “not to be worried” about the incident.

Meanwhile, political parties here lodged protests, asking both the U.S. and China to clearly explain the truth behind Trump’s remark.

“Republic of Korea nationals as well as people of intellectual sensibility are embarrassed and surprised by the incident,” Democratic Party of Korea chief spokesman Youn Kwan-suk said in a press briefing.

“Our country’s fate will not be in the hands of other countries. The Korean people will determine it. The party is making clear that we will take a leading role over issues on the prosperity of the peninsula and inter-Korean unification.”

The People’s Party called the remarks “a diplomatic gaffe.”

China Is Getting Fed Up With North Korea’s Little Fat Boy With The Bad Haircut

(THIS ARTICLE IS COURTESY OF CNN)

(CNN) China may be getting fed up with continued nuclear bluster from long-time ally North Korea and tilting toward the United States.

A day after North Korea’s Vice Foreign Minister said Pyongyang would test missiles weekly and use nuclear weapons if threatened, a Chinese Foreign Ministry spokesman said Beijing was “gravely concerned” about North Korea’s recent nuclear and missile activities.
In the same press conference, spokesman Lu Kang praised recent US statements on the North Korean issue.
“American officials did make some positive and constructive remarks… such as using whatever peaceful means possible to resolve the (Korean) Peninsula nuclear issue. This represents a general direction that we believe is correct and should be adhered to,” Lu said.

Watch: N. Korea performance shows US in flames

 Watch: N. Korea performance shows US in flames

That direction was not evident from North Korean leadership, as state-run TV highlighted a propaganda video showing missile strikes leaving the US in flames.
North Korean Vice Foreign Minister Han Song-ryol ratcheted up the rhetoric in an interview with the BBC.
“If the United States is reckless enough to use military means, it would mean from that very day an all-out war,” Han said.
Statements of that vein do not help the situation, according to the Chinese Foreign Ministry spokesman.

Trump: North Korea pushed off by past presidents

 Trump: North Korea pushed off by past presidents

“China firmly opposes any words or actions that would escalate rivalry and tension,” Lu said.
US President Donald Trump has been pressing China to rein in North Korea, suggesting that doing so could ease US-China relations over trade and other issues.
Experts point out that China also wants to prevent North Korea from becoming a full-fledged nuclear power — and certainly wants to prevent a war on its southern border that could send millions of refugees flooding into China and potentially risk bringing a US military presence to China’s borders.

World leaders for Silk Road talks

(THIS ARTICLE IS COURTESY OF THE SHANGHAI DAILY NEWS)

World leaders for Silk Road talks

The Belt and Road Forum for International Cooperation will be held from May 14 to 15 in Beijing and President Xi Jinping will attend the opening ceremony and host the round table summit of the leaders, Foreign Minister Wang Yi said yesterday.

Xi has championed the “One Belt, One Road” initiative to build a new Silk Road linking Asia, Africa and Europe, a landmark program to invest billions of dollars in infrastructure projects.

China has dedicated US$40 billion to a Silk Road Fund and the idea was the driving force behind the establishment of the US$50 billion Asian Infrastructure Investment Bank.

Among those attending will be Russian President Vladimir Putin, Pakistani Prime Minister Nawaz Sharif and Cambodian Prime Minister Hun Sen.

Myanmar’s Aung San Suu Kyi, Kazakh President Nursultan Nazarbayev, Malaysian Prime Minister Najib Razak and Indonesian President Joko Widodo will also be attending the forum.

British finance minister Philip Hammond will come as Prime Minister Theresa May’s representative, while Germany and France will send high-level representatives.

Wang confirmed Philippine President Rodrigo Duterte as one of the leaders coming, along with the Spanish, Greek, Hungarian, Serb and Polish prime ministers and Swiss and Czech presidents.

“This is an economic cooperation forum, an international cooperation platform that everyone is paying attention to, supports and hopes to participate in,” Wang said.

“One Belt, One Road is to date the most important public good China has given to the world, first proposed by China but for all countries to enjoy,” said.

“The culture and historical genes of One Belt, One Road come from the old Silk Road, so it takes Eurasia as its main region,” he said, adding that representatives of 110 countries would attend the forum.

A section of the New Silk Road is in Pakistan, where some projects run through the disputed Kashmir region.

Wang dismissed concerns, saying the Pakistan project had no direct connection to the dispute and India was welcome to participate in the New Silk Road.

“Indian friends have said to us that One Belt, One Road is a very good suggestion,” he said.

During the forum, China is expected to sign cooperative documents with nearly 20 countries and more than 20 international organizations, Wang told reporters.

China will work with countries along the route on action plans concerning infrastructure, energy and resources, production capacity, trade and investment, which will help to turn the grand blueprint into a clear roadmap, he said.

Another task of the forum will be to push forward delivery of cooperative projects, Wang said.

During the forum, parties will identify major cooperative projects, set up working groups and establish an investment cooperation center.

China will also work with all parties on a set of measures that will include improved financial cooperation, a cooperation platform for science, technology and environmental protection, and enhanced exchanges and training of talent.

Participants will sign financing agreements to support their cooperative projects, Wang said.

China will use the forum to build a more open and efficient international cooperation platform; a closer, stronger partnership network; and to push for a more just, reasonable and balanced international governance system, Wang said.

China Is The First Country To Offer Assistance To Nepal With Election Equipment

(THIS ARTICLE IS COURTESY OF THE HINDUSTAN TIMES)

As Nepal steps up efforts to hold polls to local government bodies on May 14 in the face of opposition from the Madhesi Morcha, China has become the first country to offer assistance for the elections.India, which has been pushing for all stakeholders to join the electoral process, is still silent on offering any kind of assistance despite several requests from the Nepalese side.

Besides monetary support of nine million Yuan announced during Prime Minister Pushpa Kamal Dahal’s recent visit to China, a tranche of election-related materials arrived in Kathmandu from Beijing on Monday.

Chinese ambassador Yu Hong handed over election-related materials, including pens, stamp pads, rubber stamps, calculators, scales, punching machines and table watches, during a function in Kathmandu.

Nepal has also purchased 30,000 ballot boxes from China that are set to arrive in Kathmandu in a day or two, the Election Commission of Nepal said.

Read more

The Election Commission said it requires 67 types of election-related materials to conduct the polls. It identified India, China and the UNDP as major sources for these items.

“Nepal had requested for around 1,000 vehicles of various types from India but we are not sure whether we are getting them or not,” said a senior Nepal government official who did not want to be named.

According to officials, the election commission had requested India to provide vehicles and the special ink used to mark the fingers of voters after they cast their ballots. It had sought 11 cars, 35 double cabin pick-up vans, a mini bus, a micro bus, 30 motorcycles and seven scooters.

Officials of the election commission and the home ministry said there had been no confirmation from India on whether it would provide the assistance sought by Nepal.

During the second Constituent Assembly elections in 2013, India had provided 750 vehicles and other election-related materials.

China’s President Xi Jinping, U.S. President Trump Discuss N. Korea’s Dictator By Phone

(THIS ARTICLE IS COURTESY OF CNN)

(CNN) China called for a “peaceful” resolution to tensions on the Korean Peninsula Wednesday, as a United States aircraft carrier strike group churned towards the contested region.

Chinese President Xi Jinping discussed the situation in North Korea and Syria with US President Donald Trump in a telephone call on Wednesday, China’s foreign ministry said, in what one analyst described as a “new phase” of China-US relations on North Korea.
“I think at this point the common interest between the US and China outweigh (North Korea saber-rattling),” Alexander Neill, a senior fellow at the International Institute for Strategic Studies in Singapore, told CNN.

Trump & Xi's North Korea problem

Trump & Xi’s North Korea problem
“China may be prepared to do some sort of trade off… They want to rein in (leader) Kim Jong Un.”
Trump has repeatedly called on China to do more to rein in its unruly neighbor, which has stepped up its missile development and nuclear program since 2016.
The US dispatched the aircraft carrier USS Carl Vinson after the latest missile test by North Korea last week, drawing a forceful warning from Pyongyang.
China’s Ministry of Foreign Affairs spokesman Lu Kang said Trump and Xi had pledged to stay in close contact after their first meeting earlier this month and the phone call didn’t indicate any change in China’s position.

North Korea ‘looking for trouble’: Trump

The unexpected phone call between the two came after Trump turned to Twitter to vent his frustrations over North Korea.
“I explained to the President of China that a trade deal with the U.S. will be far better for them if they solve the North Korean problem,” he tweeted.
“North Korea is looking for trouble. If China decides to help, that would be great. If not, we will solve the problem without them! U.S.A.,” he wrote in a second tweet.

President’s Trump And Xi: Had Very Frank, Candid, Positive Discussions At Summit

(THIS ARTICLE IS COURTESY OF CNN)

Palm Beach, Florida (CNN) President Donald Trump and Chinese President Xi Jinping established a new framework for high-level negotiations on a range of issues and pledged to make progress on trade negotiations within the next 100 days during meetings here Thursday and Friday, top US officials said.

Secretary of State Rex Tillerson touted the first summit between the leaders of the world’s two largest economies as a success and said Trump and Xi enjoyed “very frank, very candid” discussions that were “very positive.” The officials signaled that the trading relationship between the two countries and North Korea’s nuclear program were at the top of the agenda during the meetings, which took place here over 24 hours at Trump’s Mar-a-Lago estate.
The meetings, which were overshadowed by Trump’s launch of an airstrike against a Syrian government target during the summit, did not yield any concrete accomplishments beyond pledges of increased cooperation and new frameworks for dialogue.
Tillerson, who briefed reporters alongside Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross at the conclusion of the summit, also said Trump said China needs to make changes to its economy in order to “level the playing field for American workers, stressing repeatedly the need for reciprocal market access.”
“President Trump noted the challenges caused by Chinese government intervention in its economy and raised serious concerns,” Tillerson said.
Mnuchin said the discussions focused on creating a “more balanced economic relationship, specifically on trade.”
All three Cabinet secretaries, though, used diplomatic language to describe the trading imbalance between the two countries, avoiding the hard-nosed rhetoric Trump has used for years in railing against the multibillion dollar US trade deficit with China. Trump has accused China of “raping” the US and argued that it has engaged in trade abuses to gain an advantage over the US.
The two leaders also agreed on the “urgency of the threat of North Korea’s nuclear weapons program” and agreed to work together to resolve the issue “peacefully,” Tillerson said.
“The two sides noted the urgency of the threat of North Korea’s weapons program, reaffirmed their commitment to a denuclearized Korean Peninsula and committed to fully implement UN Security Council resolutions,” Tillerson said. “They agreed to increase cooperation and work with the international community to convince the [North Korea] to peacefully resolve the issue and abandon its illicit weapons programs.”
Discussions between Trump and Xi over North Korea came days after Trump warned that the US was prepared to act unilaterally to stop North Korea’s nuclear program from advancing further should China be unwilling to use its leverage over Pyongyang.
The discussions also came as Trump launched a strike against a Syrian government air base as retaliation for its recent chemical weapons attack against a rebel stronghold, which killed civilians, including children. Some experts interpreted the strike as a warning to North Korea that the US is prepared to act militarily to prevent the use of weapons of mass destruction.
Trump informed Xi of the strike as they finished eating dinner together on Friday, just as the US-launched cruise missiles struck their targets.
Tillerson said Xi told Trump that he “understood that such a response was necessary when people are killing children” and expressed “an appreciation” to Trump for informing him of the number of missiles that were launched and explaining the rationale behind the strike.

Xi Says Ready To Boost China-US Ties From New Starting Point With Trump

(THIS ARTICLE IS COURTESY OF THE SHANGHAI DAILY NEWS)

HOME » NATION

Xi says ready to boost China-US ties from new starting point with Trump

CHINESE President Xi Jinping said here Thursday that he is ready to work with his US counterpart, Donald Trump, to push forward China-US relations from a new starting point.

While meeting with Trump at the latter’s Florida resort of Mar-a-Lago, Xi said there are “a thousand reasons to make the China-US relationship work, and no reason to break it.”

Since the normalization of China-US relations 45 years ago, the bilateral relationship, even though experiencing ups and downs, has made historic progress and brought enormous and pragmatic benefits to the two peoples, Xi said.

The Chinese president said it takes political resolve and historical commitments from leaders of both countries to enhance the bilateral relations in the 45 years to come.

Xi also invited Trump to pay a state visit to China in 2017.

Xi said he has maintained frequent contacts with Trump through phones and letters for some time, and is glad to meet Trump here as his guest.

A sound bilateral relationship will benefit not only the two countries and peoples, but also the world at large, he stressed.

He added that cooperation is the only right choice for China and the United States, saying that the two countries are capable of becoming great cooperative partners.

The Chinese president also underlined the role of four newly-established high-level mechanisms for dialogue and cooperation between China and the United States in such areas as diplomacy and security, economy, law enforcement and cyber security, as well as social and people-to-people exchanges.

Xi urged the two countries to set up a cooperative priority list for early harvest, advance negotiations on the bilateral investment treaty, and explore the pragmatic cooperation in infrastructure construction and energy, among other areas.

He also said the two sides should properly handle sensitive issues, manage and control differences in a constructive manner, and strengthen communication and coordination in major international and regional affairs.

China and the United States should expand their cooperation in addressing global challenges, such as non-proliferation and the fight against cross-border crimes, Xi said.

Xi called on the two counties to strengthen communication and coordination in such multilateral mechanisms as the United Nations, the Group of 20 and APEC, so as to jointly safeguard world peace, stability and prosperity.

For his part, Trump accepted the invitation for a state visit to China with pleasure, and hoped to make the trip at an early date.

The United States and China bear heavy responsibilities as major countries in the world, he said, adding that he is full of expectations for the meeting and hopes to establish a sound working relationship with Xi for the greater development of bilateral relations.

The two heads of state also informed each other of their current priorities in domestic and diplomatic agenda, and exchanged views on regional hot-button issues.

Upon their arrival at Mar-a-Lago, Xi and his wife, Peng Liyuan, were greeted by Trump and US First Lady Melania.

Before the in-depth, friendly and long-time conversation between Xi and Trump, the two couples also enjoyed the singing of a traditional Chinese ballad and the recitation of Chinese ancient poems by Trump’s grandchildren.

Xi arrived in the southeastern US coastal town of Palm Beach earlier in the day for the first meeting with Trump, in a bid to chart the course of bilateral ties in a new era.

China Will Be The Straw That Will Stir The World’s Economic Drink?

(THIS ARTICLE IS COURTESY OF THE SHANGHAI DAILY NEWS)

HOME » BUSINESS » FINANCE

Forum hears pledge of more effort to revitalize China’s real economy

CHINA will remain committed to ensuring innovation drives development and will increase efforts to revitalize the real economy, Vice Premier Zhang Gaoli said yesterday.

“The real economy is the foundation of economic growth and we will optimize it,” Zhang said at the opening ceremony of the China Development Forum 2017 in Beijing.

China will improve its capabilities in scientific innovation and boost the development of strategic emerging sectors and modern manufacturing while transforming traditional industries with new technology and business models, he said.

The government will continue to promote entrepreneurship and the “Internet Plus” plan to meet the diverse needs of the market and Chinese companies will be encouraged to use craftsmanship to establish competitive brands that can stand the test of time.

China will further reduce costs for enterprises by streamlining administration and pushing forward tax reforms, and prevention and control of financial risks will be elevated to a higher position on the government’s agenda, Zhang said, adding that China will manage risks in bad loans, bond default, property bubbles and Internet finance to avoid systemic financial risks.

To stimulate growth and improve market vitality, China should increase supply-side structural reform, Zhang said.

Highlighting the basic tone of “seeking progress while maintaining stability,” he underscored the need for efforts to maintain growth, ensure employment and counteract risks from home and abroad.

China will forge ahead with its supply-side reform, cutting steel production capacity by around 50 million tons and coal capacity by over 150 million tons this year, he said.

The country will prioritize de-stocking unsold houses in third and fourth-tier cities as it fights speculation in the housing market, he added.

Zhang restated China’s commitment to better air, water and soil quality.

The government will speed up the reform of state-owned enterprises, make concrete mixed-ownership reforms in sectors such as power, petroleum, railways, civil aviation and telecommunications and open the market to more private investment, Zhang said.

On the close ties between China and the world economy, he stressed the need to advance globalization and fight protectionism.

“China is willing to join efforts with the international community to steer the world economy toward strong, sustainable, balanced and inclusive growth,” he said.

The country will continue to implement its opening-up strategy and advance the Belt and Road Initiative, he added.

China will host the Belt and Road Forum for International Cooperation in May. Taking part in this “new chapter in win-win cooperation” will be more than 20 heads of state and government, more than 50 leaders of international organizations, more than 100 ministerial-level officials, and more than 1,200 delegates.