Developing nations have become the main engine of growth: Xi
The Dollar Business Bureau China’s President Xi Jinping on Tuesday said that developing nations and emerging economies have become the engine of economic growth in the world and announced that China will give $500 million to support such countries. The announcement by the Chinese President was made at a meeting in which heads of BRICS, including Indian Prime Minister Narendra Modi, and leaders of Guinea, Egypt, Mexico, Thailand and Tajikistan participated. The meeting was organised on the sidelines of the ninth BRICS Summit under BRICS Plus initiative of China. “I wish to announce that China will provide $500 million for assistance fund for South-South Cooperation. The money will be used to help fellow developing countries to tackle famine, refugees, climate change, public ...
BRICS: Modi and Xi expected to meet on Sept 5; PM moots co-op between Contingent Reserve Arrangement and IMF
The Dollar Business Bureau With Prime Minister Narendra Modi’s visit to China for the BRICS Summit, media reports hint that there could be a bilateral meeting between PM Modi and China’s Premier Xi Jinping. The world media awaits with anticipation at this possible meeting between the two leaders, as it comes after the tense 73-day standoff at the Doklam region. The Summit which began today at the Chinese port city of Xiamen had the unveiling of the Xiamen Declaration signed by its member countries, Brazil, Russia, India, China and South Africa. The Declaration amongst other things calls for energizing the practical cooperation between the member countries. It states enhancing communication and coordination in improving global economic governance to foster a more just and ...
M&As by China in countries part of BRI soar, despite capital crack down
The Dollar Business Bureau Mergers and acquisitions (M&As) by Chinese firms in nations which are part of the Belt and Road Initiative (BRI) are rising, even as the Government cracks down on acquisitive conglomerates of China to limit capital outflows. The acquisitions by Chinese firms in 68 countries that are officially linked to the foreign policy of President Xi Jinping totaled around $33 billion till August 14, exceeding the $31 billion total count for the entire 2016, as per the data by Reuters. The BRI project, unveiled in 2013, is aimed at creating a modern-day ‘Silk Road’, which connect China by sea and land to Pakistan, Southeast Asia and Central Asia, and further to the Europe, Africa and Middle East. President Xi has ...
India to become full member of SCO; Modi departs to attend summit on June 8-9
The Dollar Business Bureau Prime Minister Narendra Modi left for Kazakhstan on Thursday to attend the two-day summit of Shanghai Cooperation Organisation (SCO). During the summit to be held on June 8-9 in Astana, the capital city of Kazakhstan, India is set to become a member of the SCO. The Prime Minister will also attend the inauguration of the Astana Expo 2017 on Friday which is based on the theme of ‘Future Energy’ this year. “At this meeting, on completion of the process, India will become a full Member of the SCO upon which SCO will represent over 40% of humanity and nearly 20% of global GDP,” the PM wrote. “We launched the process of full membership in Tashkent meeting of the SCO last year. I look forward to deepening India’s ...
India, Pakistan to become full members in the Shanghai Cooperation Organisation (SCO)
The Dollar Business Bureau India and Pakistan's admission as full members to the Shanghai Cooperation Organisation (SCO) will be formalised at the political and security grouping's summit in Kazakhstan next week, China announced today, while hoping that they would "strictly follow" its charter. Chinese Foreign Ministry spokesperson Hua Chunying hoped that the admission of India and Pakistan as full members would help improve their bilateral relations. "Hope India and Pakistan strictly follow the charter of the SCO and the idea of good neighbourliness, uphold the SCO spirit, improve their relations and inject new impetus to the development of the SCO," Hua told a media briefing here. She confirmed that the lengthy process of their admission into the group, which took years ...
India boycotts China's OBOR meet; outs diplomatic pressure on CPEC
PTI India boycotted China's high-profile Belt and Road Forum, taking its protest over a controversial economic corridor traversing through Pakistan- occupied Kashmir (PoK) to a new level despite Beijing's overtures to ensure New Delhi's participation. Following India's boycott, Pakistan Prime Minister Nawaz Sharif, taking a veiled swipe at New Delhi's move, said the multi-billion dollar China-Pakistan Economic Corridor (CPEC) was an economic project open to all the nations in the region and it "must not be politicised". No Indian official of any level was present at the elaborate opening ceremony attended by 29 heads of state and government along with top officials of the world bodies like the UN, the World Bank and the IMF. India skipped the ...
S Korea's Moon says willing to go to North at swearing-in
PTI South Korea's new President Moon Jae-In was sworn in Wednesday, just a day after a landslide election victory, and immediately declared his willingness to visit Pyongyang amid high tensions with the nuclear-armed North. Left-leaning Moon, a former human rights lawyer, backs engagement with Pyongyang in the quest for peace -- in contrast to the threatening rhetoric from the Trump administration in recent weeks. “If needed I will fly to Washington immediately,” Moon told lawmakers after taking the oath of office in Seoul's National Assembly building. "I will also go to Beijing and Tokyo and even Pyongyang in the right circumstances." Moon will have a difficult diplomatic path to tread in his approach to the North, which ...
Chinas exports, imports rise in April
The Dollar Business Bureau The exports and imports of China increased in the month of April, as foreign and domestic demand weakened and there was a decline in commodity prices. In April, China's exports surged 8% compared to the previous year, missing analysts' predictions, whereas imports expanded 11.9%, an official data revealed on Monday. This has left $38.05 billion of trade surplus for the country in the given month, China’s General Administration of Customs revealed. In March, the country’s exports grew 16.4% and imports rose 20.3%. China's trade surplus in the month of March stood at $23.93 billion. Last week, the Chinese Ministry of Commerce, in its quarterly report, said that the country’s exports and imports are likely to be stabilised and improved in near future. Foreign ...
