China flags readiness to work with US 'at all levels' ahead of APEC summit
South China Morning Post
Wed, November 8, 2023
China is ready to strengthen dialogue with the United States "at all levels" to mend their relations and work together on global challenges, Chinese Vice-President Han Zheng said on Wednesday.
Han was speaking just a few days before the Asia-Pacific Economic Cooperation leaders' forum in San Francisco, where US President Joe Biden and his Chinese counterpart Xi Jinping are expected to meet for the first time since Bali a year ago.
Beijing has not yet confirmed Xi's attendance at Apec, but recent months have seen an increase in reciprocal high-level visits between Washington and Beijing - widely seen as laying the groundwork for a bilateral summit.
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Addressing the Bloomberg New Economy Forum in Singapore, Han said the recent official interactions had sent out "positive signals" and raised the world's expectations of an "improvement" in China-US relations.
"A stable and sound China-US relationship is the common expectation of people from all sectors in other countries and the international community as a whole," he said.
"We're ready to strengthen communication and dialogue with the United States at all levels to promote mutually beneficial cooperation, properly manage differences and jointly address global challenges."
China's Vice-President Han Zheng addresses the Bloomberg New Economy Forum in Singapore on Wednesday.
Han added that Beijing always views and handles its relations with Washington in accordance with the principles of mutual respect, peaceful coexistence and win-win cooperation.
Han's comments also coincided with Chinese Vice-Premier He Lifeng's visit to the US, which has also been seen as part of the effort to set the stage for Biden-Xi summit at the Apec meeting, which begins on Saturday.
He, China's top economic and financial policy official, will meet US Treasury Secretary Janet Yellen during his five-day trip, amid disagreements over tech curbs and subsidies between the world's two largest economies.
In his speech, Han said unilateralism and protectionism "lead nowhere" and that the issue of security "cannot be overstretched".
"Decoupling, severing industrial and supply chains and the so-called 'de-risking' will all only divide the global economy into many isolated islands," he said, adding that China has always been a supporter of economic globalisation.
Han said the country is committed to advancing institutional opening-up and providing more market and investment opportunities for companies from all over the world. "China's economy has been rebounding and improving on the whole," he added.
According to Han, geopolitical tensions are compounded with the evolving economic landscape and emerging crises of food, energy and debt.
At the same time, the deepening of the new round of technological and industrial transformation has brought new opportunities for sustainable economic growth, he said.
Han affirmed China's commitment to innovations in big data, AI and new energy technologies to upgrade its industrial structure for smarter and greener development.
Han's speech was also made at a time of escalating conflict in the Middle East and Russia's protracted war in Ukraine - another layer in the complicated backdrop to a Xi-Biden summit in California.
"We need to be more determined to resolve conflicts through dialogue and consultation and create a stable international environment that is conducive to development," Han said.
"China is ready to work with the rest of the world to uphold world peace and security."
Saudi Arabia's investment minister Khalid Al-Falih spoke after Han at the forum and said he sees positive signs in the US-China relationship as engagement between the two economic powerhouses increases.
"Pragmatism is surfacing," Al-Falih said, noting that his nation has strong relationships with both countries. "We call for collaboration and coexistence between the world's two economic superpowers and geopolitical powers."
Al-Falih said he believed the two powers will reduce their rhetoric about a natural strategic competition and ultimately achieve peaceful coexistence.
Copyright (c) 2023. South China Morning Post Publishers Ltd. All rights reserved.
South China Morning Post
Wed, November 8, 2023
China is ready to strengthen dialogue with the United States "at all levels" to mend their relations and work together on global challenges, Chinese Vice-President Han Zheng said on Wednesday.
Han was speaking just a few days before the Asia-Pacific Economic Cooperation leaders' forum in San Francisco, where US President Joe Biden and his Chinese counterpart Xi Jinping are expected to meet for the first time since Bali a year ago.
Beijing has not yet confirmed Xi's attendance at Apec, but recent months have seen an increase in reciprocal high-level visits between Washington and Beijing - widely seen as laying the groundwork for a bilateral summit.
Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.
Addressing the Bloomberg New Economy Forum in Singapore, Han said the recent official interactions had sent out "positive signals" and raised the world's expectations of an "improvement" in China-US relations.
"A stable and sound China-US relationship is the common expectation of people from all sectors in other countries and the international community as a whole," he said.
"We're ready to strengthen communication and dialogue with the United States at all levels to promote mutually beneficial cooperation, properly manage differences and jointly address global challenges."
China's Vice-President Han Zheng addresses the Bloomberg New Economy Forum in Singapore on Wednesday.
Han added that Beijing always views and handles its relations with Washington in accordance with the principles of mutual respect, peaceful coexistence and win-win cooperation.
Han's comments also coincided with Chinese Vice-Premier He Lifeng's visit to the US, which has also been seen as part of the effort to set the stage for Biden-Xi summit at the Apec meeting, which begins on Saturday.
He, China's top economic and financial policy official, will meet US Treasury Secretary Janet Yellen during his five-day trip, amid disagreements over tech curbs and subsidies between the world's two largest economies.
In his speech, Han said unilateralism and protectionism "lead nowhere" and that the issue of security "cannot be overstretched".
"Decoupling, severing industrial and supply chains and the so-called 'de-risking' will all only divide the global economy into many isolated islands," he said, adding that China has always been a supporter of economic globalisation.
Han said the country is committed to advancing institutional opening-up and providing more market and investment opportunities for companies from all over the world. "China's economy has been rebounding and improving on the whole," he added.
According to Han, geopolitical tensions are compounded with the evolving economic landscape and emerging crises of food, energy and debt.
At the same time, the deepening of the new round of technological and industrial transformation has brought new opportunities for sustainable economic growth, he said.
Han affirmed China's commitment to innovations in big data, AI and new energy technologies to upgrade its industrial structure for smarter and greener development.
Han's speech was also made at a time of escalating conflict in the Middle East and Russia's protracted war in Ukraine - another layer in the complicated backdrop to a Xi-Biden summit in California.
"We need to be more determined to resolve conflicts through dialogue and consultation and create a stable international environment that is conducive to development," Han said.
"China is ready to work with the rest of the world to uphold world peace and security."
Saudi Arabia's investment minister Khalid Al-Falih spoke after Han at the forum and said he sees positive signs in the US-China relationship as engagement between the two economic powerhouses increases.
"Pragmatism is surfacing," Al-Falih said, noting that his nation has strong relationships with both countries. "We call for collaboration and coexistence between the world's two economic superpowers and geopolitical powers."
Al-Falih said he believed the two powers will reduce their rhetoric about a natural strategic competition and ultimately achieve peaceful coexistence.
Copyright (c) 2023. South China Morning Post Publishers Ltd. All rights reserved.
South China Morning Post
Tue, November 7, 2023
China is expanding its agricultural trade with Afghanistan, deepening relations with the war-torn country as it attempts a return to normal economic activity, tangles with sanctions from the West and rebuilds after a devastating earthquake in October.
The world's second-largest economy may start importing Afghan pomegranates next month with an initial shipment of 1,000 tonnes via an "agricultural cooperation" deal, a trader at the China International Import Expo told the Post on Monday.
Those shipments would start after more than two years of approval and certification work, said exhibitor Shams Ullah Shams, general manager of the Afghanistan export firm Biraro. His company took 200 tonnes to the show as samples this month.
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Afghanistan export firm Biraro displays pomegranates at the China International Import Expo on November 6, 2023. Photo: Mandy Zuo alt=Afghanistan export firm Biraro displays pomegranates at the China International Import Expo on November 6, 2023.
<Photo: Mandy Zuo>
"We can't sell them, just give them to our Chinese friends to try, and after five days they'll be gone," Shams said with a hopeful laugh.
Afghanistan's once nearly US$20 billion economy crashed to US$14.58 billion in 2021 as the country of 40.1 million people experienced a food shortage. One in every two Afghans is poor, according to the World Bank.
The Islamic fundamentalist Taliban regained power the same year, after a long military struggle ended with the withdrawal of US troops.
It now faces post-war sanctions from the West, purportedly imposed over the legitimacy of its leadership and women's access to education.
China is happy to build relations, starting with trade, to fill a void left by the West and seize opportunities for longer-term gain, analysts said.
"There was a huge vacuum after America withdrew, so I think the Chinese see this as an opportunity," said James Chin, a professor of Asian studies at the University of Tasmania.
Two-way trade has been "growing fast" and China may become Afghanistan's second-largest trading partner this year after Pakistan, business advisory Dezan Shira & Associates said in a February research note.
China appointed Zhao Xing as the new ambassador to Kabul in September, and Afghan officials attended the Belt and Road Forum in Beijing in mid-October.
Afghanistan sent US$40.02 million in goods to China in all of 2022, with US$23.08 million of that tallied in the final two months, per the data. China exported US$550.13 million of goods to its Central Asian neighbour last year.
In the first nine months of this year, Afghanistan exported US$33.93 million worth of goods to China, which shipped US$959.69 million of its own wares the other way, according to Chinese customs data.
Afghanistan's chief exports to China at the end of 2022 were nuts, animal hair, semi-precious stones, dried fruits and vegetable products, Dezan Shira said.
There may also be other motivations at play.
A boost in trade might eventually facilitate Chinese infrastructure projects such as pipelines for oil and natural gas, said Naubahar Sharif, head of the public policy division at the Hong Kong University of Science and Technology.
Chinese ambassador to Afghanistan Zhao Xing, left, shakes hands with Mohammad Abas Akhund, acting minister for Afghanistan's National Disaster Management Authority, during a handover ceremony for earthquake relief materials. Photo: Xinhua alt=Chinese ambassador to Afghanistan Zhao Xing, left, shakes hands with Mohammad Abas Akhund, acting minister for Afghanistan's National Disaster Management Authority, during a handover ceremony for earthquake relief materials.
"We can't sell them, just give them to our Chinese friends to try, and after five days they'll be gone," Shams said with a hopeful laugh.
Afghanistan's once nearly US$20 billion economy crashed to US$14.58 billion in 2021 as the country of 40.1 million people experienced a food shortage. One in every two Afghans is poor, according to the World Bank.
The Islamic fundamentalist Taliban regained power the same year, after a long military struggle ended with the withdrawal of US troops.
It now faces post-war sanctions from the West, purportedly imposed over the legitimacy of its leadership and women's access to education.
China is happy to build relations, starting with trade, to fill a void left by the West and seize opportunities for longer-term gain, analysts said.
"There was a huge vacuum after America withdrew, so I think the Chinese see this as an opportunity," said James Chin, a professor of Asian studies at the University of Tasmania.
Two-way trade has been "growing fast" and China may become Afghanistan's second-largest trading partner this year after Pakistan, business advisory Dezan Shira & Associates said in a February research note.
China appointed Zhao Xing as the new ambassador to Kabul in September, and Afghan officials attended the Belt and Road Forum in Beijing in mid-October.
Afghanistan sent US$40.02 million in goods to China in all of 2022, with US$23.08 million of that tallied in the final two months, per the data. China exported US$550.13 million of goods to its Central Asian neighbour last year.
In the first nine months of this year, Afghanistan exported US$33.93 million worth of goods to China, which shipped US$959.69 million of its own wares the other way, according to Chinese customs data.
Afghanistan's chief exports to China at the end of 2022 were nuts, animal hair, semi-precious stones, dried fruits and vegetable products, Dezan Shira said.
There may also be other motivations at play.
A boost in trade might eventually facilitate Chinese infrastructure projects such as pipelines for oil and natural gas, said Naubahar Sharif, head of the public policy division at the Hong Kong University of Science and Technology.
Chinese ambassador to Afghanistan Zhao Xing, left, shakes hands with Mohammad Abas Akhund, acting minister for Afghanistan's National Disaster Management Authority, during a handover ceremony for earthquake relief materials. Photo: Xinhua alt=Chinese ambassador to Afghanistan Zhao Xing, left, shakes hands with Mohammad Abas Akhund, acting minister for Afghanistan's National Disaster Management Authority, during a handover ceremony for earthquake relief materials.
<Photo: Xinhua>
The country could fit well into China's Belt and Road Initiative, a 10-year effort to build infrastructure abroad to smooth trade, Sharif added.
Whatever factors may be under consideration, Peking University international studies Professor Zha Daojiong said, relations will persist as China sees Afghanistan as a "neighbour that won't go away".
The countries share a 92-kilometre (57-mile) land border. With that in mind, he said, China "simply does not have the luxury of pretending that whoever is in charge there is irrelevant".
Copyright (c) 2023. South China Morning Post Publishers Ltd. All rights reserved.
The country could fit well into China's Belt and Road Initiative, a 10-year effort to build infrastructure abroad to smooth trade, Sharif added.
Whatever factors may be under consideration, Peking University international studies Professor Zha Daojiong said, relations will persist as China sees Afghanistan as a "neighbour that won't go away".
The countries share a 92-kilometre (57-mile) land border. With that in mind, he said, China "simply does not have the luxury of pretending that whoever is in charge there is irrelevant".
Copyright (c) 2023. South China Morning Post Publishers Ltd. All rights reserved.
Bullish Standard Chartered to continue investing in China amid strengthening economic recovery
South China Morning Post
Wed, November 8, 2023
Standard Chartered, one of Hong Kong's three currency-issuing banks, said China's economy is on a solid footing, bolstering its confidence to invest more in the country.
Jerry Zhang, CEO of the emerging-markets focused lender's China business, said third-quarter economic data added to evidence that business and commercial activities in the world's second-largest economy were strengthening.
"We maintain our long-term bullish forecast on China," Zhang said at a media briefing on the sidelines of the China International Import Expo (CIIE) in Shanghai on Wednesday. "Standard Chartered remains committed to investing in China."
Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.
The International Monetary Fund (IMF) on Tuesday revised upwards its forecast for mainland China's gross domestic product (GDP), saying it would expand 5.4 per cent year on year in 2023, up from its earlier estimate of 5 per cent.
The revision follows Beijing's decision to issue 1 trillion yuan (US$137.3 billion) of sovereign bonds while allowing local governments to front-load part of their 2024 bond quotas.
For the quarter ending September, China's GDP grew 4.9 per cent year on year and 1.3 per cent quarter on quarter, which Zhang described as encouraging signs of the economy's resilience.
"You can see that even when China's economy was stuck in a difficult situation, Standard Chartered showed an upbeat mood about its mid- and long-term outlook," Zhang said, adding that the bank's investments in its mainland operations were proceeding smoothly.
In February 2022, Standard Chartered said it would spend an additional US$300 million by 2024 to reinforce its mainland businesses, including expanding its retail banking outlets and digitalising its operations.
Standard Chartered late last month reported worse-than-expected earnings for the third quarter because of high impairment charges related to exposure to mainland China's property sector.
The company, which generates much of its revenue in Asia, reported US$633 million in pre-tax profit, a decline of 54 per cent from US$1.39 billion last year, missing analysts' estimates of US$1.49 billion polled by Bloomberg.
Standard Chartered took credit impairment charges of US$294 million during the quarter, an increase of 37 per cent from a year earlier. This included a further US$186 million related to its mainland commercial property portfolio as a debt crisis in the real estate sector shows no signs of abating and economic growth remains sluggish.
The bank has provided US$1.1 billion in loans to the mainland's property sector over the last two years.
The China International Import Expo, the world's largest import trade fair, runs until Friday in Shanghai. Photo: EPA-EFE
"Domestic and foreign banks will have to cut their reliance on the troubled property sector in the coming years while increasing loan exposure to new-energy and consumer businesses," said Ding Haifeng, a consultant at Shanghai financial advisory firm Integrity.
"Overall, China's economy, based on its scale and diversity, will still attract foreign investment, although the growth momentum will slow down."
The CIIE, the world's largest import trade fair, started on Sunday and will run until Friday.
Chinese Premier Li Qiang said at the CIIE's opening ceremony that consumer vigour and further opening up of mainland China could give a much-needed boost to the slowing global economy.
Copyright (c) 2023. South China Morning Post Publishers Ltd. All rights reserved.
South China Morning Post
Wed, November 8, 2023
Standard Chartered, one of Hong Kong's three currency-issuing banks, said China's economy is on a solid footing, bolstering its confidence to invest more in the country.
Jerry Zhang, CEO of the emerging-markets focused lender's China business, said third-quarter economic data added to evidence that business and commercial activities in the world's second-largest economy were strengthening.
"We maintain our long-term bullish forecast on China," Zhang said at a media briefing on the sidelines of the China International Import Expo (CIIE) in Shanghai on Wednesday. "Standard Chartered remains committed to investing in China."
Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.
The International Monetary Fund (IMF) on Tuesday revised upwards its forecast for mainland China's gross domestic product (GDP), saying it would expand 5.4 per cent year on year in 2023, up from its earlier estimate of 5 per cent.
The revision follows Beijing's decision to issue 1 trillion yuan (US$137.3 billion) of sovereign bonds while allowing local governments to front-load part of their 2024 bond quotas.
For the quarter ending September, China's GDP grew 4.9 per cent year on year and 1.3 per cent quarter on quarter, which Zhang described as encouraging signs of the economy's resilience.
"You can see that even when China's economy was stuck in a difficult situation, Standard Chartered showed an upbeat mood about its mid- and long-term outlook," Zhang said, adding that the bank's investments in its mainland operations were proceeding smoothly.
In February 2022, Standard Chartered said it would spend an additional US$300 million by 2024 to reinforce its mainland businesses, including expanding its retail banking outlets and digitalising its operations.
Standard Chartered late last month reported worse-than-expected earnings for the third quarter because of high impairment charges related to exposure to mainland China's property sector.
The company, which generates much of its revenue in Asia, reported US$633 million in pre-tax profit, a decline of 54 per cent from US$1.39 billion last year, missing analysts' estimates of US$1.49 billion polled by Bloomberg.
Standard Chartered took credit impairment charges of US$294 million during the quarter, an increase of 37 per cent from a year earlier. This included a further US$186 million related to its mainland commercial property portfolio as a debt crisis in the real estate sector shows no signs of abating and economic growth remains sluggish.
The bank has provided US$1.1 billion in loans to the mainland's property sector over the last two years.
The China International Import Expo, the world's largest import trade fair, runs until Friday in Shanghai. Photo: EPA-EFE
"Domestic and foreign banks will have to cut their reliance on the troubled property sector in the coming years while increasing loan exposure to new-energy and consumer businesses," said Ding Haifeng, a consultant at Shanghai financial advisory firm Integrity.
"Overall, China's economy, based on its scale and diversity, will still attract foreign investment, although the growth momentum will slow down."
The CIIE, the world's largest import trade fair, started on Sunday and will run until Friday.
Chinese Premier Li Qiang said at the CIIE's opening ceremony that consumer vigour and further opening up of mainland China could give a much-needed boost to the slowing global economy.
Copyright (c) 2023. South China Morning Post Publishers Ltd. All rights reserved.
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