Chinas Belt and Road Initiative a big boost to its trade, Shanghai Academy of Social Sciences
The Dollar Business Bureau Countries that are involved in China’s Belt and Road Initiative have played an important role in China’s trade in the past two decades a recent report published by the Shanghai Academy of Social Sciences said. China is now the second largest trading partner to 25 countries and second or the third largest partner for 19 of them. Though India is yet to officially recognise this initiative by Beijing, the report publishes that last year trade between China and five Asian countries Vietnam, Singapore, Malaysia, Thailand and India exceeded $70 billion. 27% of China’s foreign trade came from countries that are involved in the Belt and Road Initiative. From 1995 to 2016 the total value of imports and exports ...
Chinese envoy proposes action plan to resolve Sino-India differences
The Dollar Business Bureau Extending an olive branch to India, Chinese envoy Luo Zhaohui proposed a four-pronged plan to resolve disputes, and further a friendly Sino-Indian bilateral cooperation. “Firstly, start negotiation on a China-India Treaty of Good Neighbourliness and Friendly Cooperation. Secondly, restart negotiation of China-India Free Trade Agreement. Thirdly, strive for an early harvest on the border issue. Fourthly, actively explore the feasibility of aligning China’s ‘One Belt One Road Initiative, and India's 'Act East Policy',” Luo said, in his address to the United Service Institution on May 5, 2017. While many sensitive issues, including China’s opposition to India’s Nuclear Suppliers Group (NSG) membership, have put daylight between the two nations, this move showcases China’s willingness to meet India half-way through. Speaking ...
Australia to potentially benefit from China's OBOR initiative
The Dollar Business Bureau Chinese Premier Li Keqiang's upcoming visit to Australia is likely to see the already flourishing economic cooperation between the two countries make further progress. Officials anticipate new opportunities for strengthening of bilateral cooperation in China's pet modern Silk Road project, comprising of the 21st Century Maritime Silk Road and the Silk Road Economic Belt. China, as is the case with most countries, is also the largest trading partner of Australia. In 2015-16, China accounted for 26.5% of Australia's total merchandise trade. While exports to China made up 30% of its total exports, imports from China stood at 22.6% of total imports, a share greater than any other country. Last year, their bilateral trade reached $108 billion. China-Australia Free Trade Agreement (ChAFTA), a landmark trade facilitation agreement between the ...
China dismisses Pak industries' concerns over cheap imports
PTI China on Friday dismissed as "unnecessary" the concerns of Pakistani businesses over the possibility of local markets getting flooded with cheap Chinese goods due to tax exemption under the CPEC project, marginalising local industries. "As for the specifics, I am not aware of them, but I think your concerns are unnecessary," Chinese foreign ministry spokesperson Hua Chunying said. Pakistani companies have expressed concerns over Chinese suppliers, who will get heavy tax exemptions, may flood local markets with cheap Chinese goods when the trade route under the USD 46 billion China-Pakistan Economic Corridor opens. Playing down such concerns, Hua said the CPEC, part of Beijing's Silk Road project, is a new cooperation framework set by China and Pakistan ...
Lanka to use China's Maritime Silk Road for infra development
Source: PTI China and Sri Lanka will use the Maritime Silk Road, proposed by Chinese President Xi Jinping, to further infrastructure development in the island-nation, despite India's concerns about Beijing gaining strategic advantage in the Indian Ocean region through the initiative. "Sri Lanka reiterated its active participation in the Belt and Road Initiative put forward by China. The two sides will use the development of a 21st-Century Maritime Silk Road (MSR) as an opportunity to further advance infrastructure development," said a joint statement at the end of Lankan Prime Minister Ranil Wickramasinghe's four-day visit to Beijing. The MSR was part of the Belt and Road Initiative, proposed by President Xi Jinping in 2013 with a stated aim of reviving ancient trade routes. But many ...
China dismisses India's apprehensions on Silk Road projects
Source: PTI China on Tuesday dismissed any apprehensions in India on its ambitious multi-billion dollar Silk Road projects stretching across continents to build infrastructure and improve connectivity with the avowed aim of expansion of trade and development. It also sought to assure India that there are benefits for countries joining the projects envisaged under the One Belt and One Road (OBOR) unveiled by President Xi Jinping two years ago. “There are some media which say China is in an expansion mode and damaging the world. The key objective of OBOR is to share benefits with all countries involved with China, the second largest economy in the world,” Liu Yunshan, the fifth ranking member of the powerful Standing Committee of the ruling Communist ...
