Source: People’s Republic of China – State Council News
BEIJING, Nov. 4 — The eighth Greater Mekong Subregion Summit will be held in Kunming, Yunnan from Nov. 6 to 7. Premier of the State Council Li Qiang will chair the summit, foreign ministry spokesperson Mao Ning announced on Monday.
Leaders of the five Mekong countries of Cambodia, Lao PDR, Myanmar, Thailand and Vietnam, and President of the Asian Development Bank will attend the summit upon invitation, Mao added.
Source: Hong Kong Information Services
Mainly due to a weaker northeast monsoon over southern China, October was much warmer than usual, the Hong Kong Observatory (HKO) said today.
The monthly mean temperature of 27.3 degrees Celsius, mean maximum temperature of 30.3 degrees Celsius, and mean minimum temperature of 25.4 degrees Celsius, were all the highest on record for October.
There were three very hot days in the month, one of the highest on record for October.
On October 19, with light winds and plenty of sunshine, the maximum temperature recorded in the afternoon was 33.7 degrees, making it the latest very hot day of a year on record.
The month was also much drier than usual with a total rainfall of 11.3mm, only about 9% of the norm. The accumulated rainfall this year up to October was 2,115.6mm, about 10% lower than the norm for the same period.
Five tropical cyclones occurred over the South China Sea and the western North Pacific in October, the HKO added.
Source: People’s Republic of China – State Council News
BEIJING, Nov. 4 — The Shenzhou-18 spacecraft has returned to Earth with 34.6 kilograms of space station experimental samples, encompassing microorganisms, alloy materials and nanomaterials that are difficult to prepare on Earth, the Science and Technology Daily reported on Monday.
The retrieved samples are poised to advance the development of space fiber lasers, facilitate the creation of extraterrestrial materials and explore the prospects of Earth life spreading through the cosmos.
The Shenzhou-18’s return capsule, carrying three Chinese astronauts, returned to Earth in the early morning on Monday, after completing a six-month space station mission.
The scientific experimental samples brought back by the spacecraft included a total of 55 types, spanning 28 science projects across areas such as space life sciences, space materials science and microgravity combustion science.
The life science specimens comprise methane-generating archaea, radiation-resistant microbes and microorganisms that inhabit rocks. These are anticipated to lay the scientific groundwork for investigating the potential habitability of extraterrestrial environments and to assess the capacity of microorganisms to adapt to the challenges of outer space.
Part of the returned samples are high-temperature resistant alloys, fiber optics and optical coatings. These innovative materials hold the potential to revolutionize the manufacturing of next-generation aerospace turbine blades, space-adapted fiber lasers and precision medical repairs.
The spacecraft also returned nanoparticles derived from methane combustion, which are intended to facilitate the future synthesis of critical particulate materials for extraterrestrial environments.
Source: People’s Republic of China – State Council News
Main venue for 7th CIIE
Source: Hong Kong Government special administrative region
LegCo to debate motion on further enhancing housing ladder
LegCo to debate motion on further enhancing housing ladder
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The following is issued on behalf of the Legislative Council Secretariat: The Legislative Council (LegCo) will hold a meeting on Wednesday (November 6) at 11am in the Chamber of the LegCo Complex. During the meeting, Members will debate a motion on further enhancing the housing ladder. The motion, moved by Mr Vincent Cheng, is set out in Appendix 1. Mr Louis Loong, Mr Leung Man-kwong, Ms Joephy Chan, Dr Wendy Hong, Mr Kenneth Leung and Dr So Cheung-wing will move separate amendments to Mr Cheng’s motion. Ms Doreen Kong will also move a motion on implementing the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China and earnestly addressing people’s concerns and difficulties in daily life. The motion is set out in Appendix 2. Dr Johnny Ng, Dr So Cheung-wing, Dr Hoey Simon Lee and Professor Priscilla Leung will move separate amendments to Ms Kong’s motion. Meanwhile, Mr Ma Fung-kwok will move a proposed resolution under section 34(4) of the Interpretation and General Clauses Ordinance to extend the period for amending subsidiary legislation. The proposed resolution is set out in Appendix 3. Members will also ask the Government 22 questions on various policy areas, six of which require oral replies. The agenda of the above meeting can be obtained via the LegCo Website (www.legco.gov.hk). Members of the public can watch or listen to the meeting via the “Webcast” system on the LegCo Website. To observe the proceedings of the meeting at the LegCo Complex, members of the public may call 3919 3399 during office hours to reserve seats.
Ends/Monday, November 4, 2024Issued at HKT 18:35
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Source: Hong Kong Government special administrative region
Following are the closing remarks by the Deputy Secretary for Justice, Mr Cheung Kwok-kwan, at the Asia-Pacific International Private Law Summit 2024 under Hong Kong Legal Week 2024 today (November 4):Professor Ignacio Tirado (Professor Ignacio Tirado, Secretary-General of the International Institute for the Unification of Private Law (UNIDROIT), distinguished guests, ladies and gentlemen, It is a great honour for me to deliver the closing remarks of the Asia-Pacific International Private Law Summit 2024, a remarkable event co-organised by UNIDROIT and the Department of Justice of the Hong Kong Special Administrative Region. I am especially delighted to see Ignacio and Anna (the Deputy Secretary-General of UNIDROIT, Professor Anna Veneziano) again in person today. It brings back my memories of my visit to UNIDROIT’s Secretariat in the beautiful city of Rome last year, where I attended an insightful conference co-organised by UNIDROIT and the Chinese Embassy in Italy. I still recall the generous hospitality extended to me by Ignacio and Anna during my visit. I sincerely hope that we have been able to reciprocate that same warmth and hospitality during your time here in Hong Kong. Today’s Summit has been nothing short of inspiring. We have been privileged to hear insightful presentations from distinguished officials, industry players and experts from Hong Kong and overseas, including high-level officials from several renowned international organisations of UNIDROIT, Asian Infrastructure Investment Bank and the Hague Conference on Private International Law. We are also honoured to have had a senior official from Mongolia to share her insights, which have further enriched our discussions. The quality and depth of these presentations have been commendable, addressing critical issues pertinent to the evolving landscape of international private law. The topics explored by our expert panellists are both timely and relevant not only to Hong Kong, but also to the Asia-Pacific region and beyond. I am confident that the insights shared today will contribute significantly to ongoing discussions within our legal communities and other stakeholders. As we reflect on today’s Summit, one overarching theme has particularly stood out, that is the importance of legal certainty and predictability. In an increasingly globalised world, where cross-border transactions are growing in volume and complexity, the harmonisation and modernisation of private law are more important and essential than ever. Reducing legal uncertainties is not merely an academic or technical exercise. It directly benefits businesses by enabling them to operate with greater confidence and facilitating smooth cross-border commercial activities. Legal certainty and predictability fostered by international private law will therefore be a “springboard to opportunities” for the Asia-Pacific region, as encapsulated in the theme of today’s Summit. Panel 1: Harnessing Opportunities from Digital Assets, Tokenisation and Carbon Credits In our first panel, we delved into the need for a consistent approach to the legal treatment of digital assets across jurisdictions. The advent of technologies such as distributed ledgers has paved the way for cryptocurrencies and other digital assets, which are now integral to various sectors of our economy and financial markets. In order to unlock the potential of the digital economy, a clear and certain legal framework is vital. Such clarity instils trust in technology, ensures platform resilience and protects the rights of consumers and businesses alike. In this context, the UNIDROIT Principle on Digital Assets and Private Law which provides a common framework addressing legal issues related to the holding, transfer and use of digital assets, are particularly relevant to Hong Kong and the Asia-Pacific. Today’s discussion offered much to consider about integrating international principles with local laws in each jurisdiction to achieve harmonisation and consistency. As an international financial hub, Hong Kong is committed to promoting the integration of real economy and digital economy, and fostering the development of the digital economy.Panel 2: Unleashing Economic Potential Through Secured Transaction Law Reform in the Asia-Pacific Region The benefits and role of harmonised secured transactions law in promoting economic growth across the Asia-Pacific region was discussed in Panel 2. Secured transactions are essential for businesses seeking access to credit and working capacity. As a leading international trading hub with a robust legal system, Hong Kong is the prime destination for Mainland and overseas enterprises establishing their international headquarters to manage offshore trading and supply chain operations. In fact, Hong Kong ranks at the top globally in terms of international trade and business legislation according to the World Competitiveness Yearbook 2024 by the International Management Development Institute. Our experts in Panel 2 examined the importance of international instruments supporting secured transactions, while exploring UNIDROIT’s contribution to secured transactions law, such as the Convention on International Interests in Mobile Equipment and its various Protocols, as well as the recent adopted Model Law on Factoring. Such efforts are crucial for enhancing access to credit for businesses across the Asia-Pacific Region to unleash our economic potential. Panel 3: Gateway to International Investment and Sustainability The experts at Panel 3 brought our attention to the need for reducing legal uncertainties surrounding international investment contracts for both states and private investors. In this regard, the panel introduced the UNIDROIT’s ongoing international investment project, which seeks to modernise, harmonise and standardise international investment contracts by developing clear guidance to foster consistency in these vital agreements. It also addresses recent developments in international investment law, such as the increasing focus on corporate social responsibility and sustainability. These topics are of particular relevance to Hong Kong, given its role as an important gateway between China and the global markets. Hong Kong’s unique arrangements with Mainland China enhance its appeal as a jurisdiction for international investment and arbitration. Investments from Hong Kong into Mainland China enjoy the substantive protections offered by the investment agreement under the Mainland and Hong Kong Closer Economic Partnership Arrangement. Moreover, we are the first common law jurisdiction where parties involved in arbitrations seated in Hong Kong can seek interim measures from Mainland courts, such as asset preservation. This synergy between Hong Kong’s legal infrastructure and its strategic relationship with Mainland China not only bolsters investor confidence but also further strengthens Hong Kong’s position as a leading centre for international legal and dispute resolution services within the Asia-Pacific region.Panel 4: Building Bridges by Strengthening Engagement in the Asia-Pacific Region Finally, Panel 4 discussed building bridges to strengthen engagement and capacity building has been identified as a key to strengthening engagement in the Asia-Pacific region. This involves not only improving legal infrastructure but also developing skilled professionals capable of handling the complexities of international private law. The Panel highlighted the significance of legal co-operation and legal talents development. Capacity building initiatives among international organisations and Asia-Pacific economies are crucial in equipping our region’s government officials, practitioners and other stakeholders with the skills and knowledge needed to navigate the complex international legal landscape. Amid the growing demand for legal expertise driven by increasing international trade, these initiatives foster collaboration and nurture skilled legal professionals, thereby improving access to justice regionally and beyond. Hong Kong is deeply committed to enhancing its status as a regional hub for capacity building. With a strong pool of legal and dispute resolution professionals who possess extensive international experience, the Department of Justice has been actively involved in organising and supporting various training and development programmes across different areas of law and practice. For example, we have co-organised or supported multiple editions of the Investment Law and Investor-State Mediator Training and the China-AALCO Exchange and Research Program on International Law in Hong Kong. As noted by our Secretary for Justice during his opening remarks, the Hong Kong International Legal Talents Training Academy will be officially launched this Friday, and we warmly invite all of you to join us to witness this significant moment. Building on our strong foundation in capacity-building and our close collaboration with UNIDROIT and other international organisations, the Academy will regularly offer practical training courses, seminars and international exchange programmes aimed at promoting collaboration among legal professionals, judges and government officials throughout Asia Pacific and beyond. Already in the pipeline for the Academy is to support the organisation of the Second Edition of The Hague Academy of International Law’s Advanced Course in Hong Kong.Conclusion Ladies and gentlemen, it is my pleasure to announce that we have successfully concluded the Asia-Pacific International Private Law Summit 2024. The success of this Summit is a testament to the collective efforts and dedication of UNIDROIT, my colleagues at the Department of Justice, and your active participation. I extend my heartfelt gratitude to everyone who contributed to making this Summit a resounding success. As we wrap up today’s event, we also mark the end of the first day of the Hong Kong Legal Week 2024. We warmly welcome you all to participate in the exciting events we have prepared for you throughout this week. Thank you once again! I wish you all an enriching experience throughout the Hong Kong Legal Week 2024. For those visiting abroad, I hope you enjoy your time in Hong Kong.
Source: GlobalData
US accounts for over half of high-value VC deals announced globally during Q1-Q3 2024, reveals GlobalData
Posted in Business Fundamentals
The US continues to remain the top destination for venture capital (VC) investments globally. Moreover, it also outpaced peer countries by a significant margin for high-value* VC investments and accounted for more than half of deal volume as well as value of those investments during Q1-Q3 2024. The US accounted for 55.4% share of the total number of high-value VC deals announced globally during Q1-Q3 2024, while its share in terms of the corresponding value stood at 56.4%, according to GlobalData, a leading data and analytics company.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The US outpaced other nations in terms of both the volume and value of high-value VC deals by a substantial margin. The dominance of the US for high-value VC deals can also be understood from the fact that it was distantly followed by China, which held 12.7% and 16.6% share of high-value VC deal volume and value, respectively, during Q1-Q3 2024.”
An analysis of GlobalData’s Deals Database revealed that the US saw announcement of 209 high-value VC deals during Q1-Q3 2024 with the total valued of these deals pegged at $48.4 billion. Meanwhile, a total of 48 high-value VC deals worth $14.2 billion in terms of disclosed funding value were announced in China during the same period.
Bose adds: “Of the top 10 countries by high-value VC deals volume during Q1-Q3 2024, five were from Europe, three were from the Asia-Pacific region, and two countries were from the North American region.”
The UK occupied the third spot in terms of the volume of high-value VC deals during Q1-Q3 2024, followed by Germany, India, Canada, France, Japan, Sweden, and the Netherlands.
*Valued more than or equal to $100 million
Source: Hong Kong Government special administrative region
The Hong Kong Legal Week 2024, an annual flagship event of the legal sector and the Department of Justice (DoJ) to showcase Hong Kong as an international legal and dispute resolution services centre, was launched today (November 4).
Themed “Hong Kong Common Law System: World-Class Springboard to China and Beyond”, the five-day event provides an opportunity for participants from all corners of the world to engage in a series of insightful discussions and fruitful exchanges with prominent experts, practitioners and government officials on a wide spectrum of topics, including international law, developments in alternative dispute resolution, opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and the rule of law in the region and beyond.
The Asia-Pacific International Private Law Summit 2024, themed “Springboard to Opportunities: Utilising International Private Law and Technology to Facilitate Access to Credit, Investment, and Sustainable Development in the Asia-Pacific Region”, was held as the opening event of this year’s Hong Kong Legal Week. Organised by the International Institute for the Unification of Private Law (UNIDROIT) and the DoJ, the biennial Summit brought together preeminent legal academics and renowned practitioners worldwide to discuss how the unification and co-ordination of various areas of international private law can support economic growth and facilitate smoother cross-border interactions. More than 1 100 registrations from 46 jurisdictions have been received for this event.
In his welcome remarks, the Secretary for Justice, Mr Paul Lam, SC, said that today’s Summit gathered leading legal minds from across the Asia-Pacific region, which is home to enormous economic potential and encompasses a diverse array of legal systems, to explore how to unlock the region’s full economic potential and ensure long-term sustainable growth, harmonisation and modernisation of private law across the region, as well as how Hong Kong could contribute in this regard. Aside from the collaborative efforts of the DoJ and UNIDROIT in promoting the development, implementation, and deeper understanding of private international law and international commercial law across the Asia-Pacific region, the DoJ and UNIDROIT have also co-operated on other fronts. In particular, the Secretary for Justice expressed his gratitude for UNIDROIT’s support to the DoJ’s secondment programme, which offers opportunities to Hong Kong’s legal professionals to work at the UNIDROIT Secretariat. He further noted that the DoJ places great importance on nurturing legal talent and will continue to provide professional development opportunities to legal talent with a view to strengthening Hong Kong’s position as a leading international legal and dispute resolution centre. To further the DoJ’s capacity building initiatives, the Secretary for Justice announced that the Hong Kong International Legal Talents Training Academy will be set up, and he extended a warm invitation to all to join the launch ceremony of the Academy, which will take place on the final day of the Hong Kong Legal Week 2024.
The Commissioner of the Ministry of Foreign Affairs in the Hong Kong Special Administrative Region (HKSAR), Mr Cui Jianchun, and the Secretary-General of UNIDROIT, Professor Ignacio Tirado, also delivered their welcome remarks at the event. The closing remarks were delivered by the Deputy Secretary for Justice, Mr Cheung Kwok-kwan.
Mr Cui said that China has been consistently innovating its diplomatic ideas to make global governance and international law fairer and more equitable. He noted that the HKSAR has been proactively responding to national development strategies and committed to reforms that benefit the people of Hong Kong. He said he is confident that Hong Kong will make the best use of the strength of “one country” and the convenience of “two systems”, while leveraging its unique advantages, such as its systems, talent and location, to act as a “world-class springboard” for connecting China with the rest of the world.
Professor Tirado said that he is glad to be back to Hong Kong again to join the Summit, which has become one of the legal world’s leading events in the international arena. He said he is also pleased to see Hong Kong back on its feet, stronger than ever, after getting through the pandemic, and has flourished back into its dynamic, efficient, cosmopolitan and multicultural self, an extraordinary and unique legal and financial hub that the entire world recognises.
Other conferences and seminars of the Hong Kong Legal Week include the Second Legal Forum on Interconnectivity and Development organised by the Office of the Commissioner of the Ministry of Foreign Affairs in the HKSAR and the DoJ tomorrow (November 5); “Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong”, fireside chat on experience sharing of resolving sports disputes and the annual Hong Kong Mediation Lecture under the theme “Mediation and Sustainable Development along the Belt and Road” on Wednesday (November 6); and “Joint Contribution to the Construction of Rule of Law in the GBA” on Thursday (November 7). The Legal Week will end this Friday (November 8) with “Rule of Law: The Best Business Environment”, at which the Academy will be officially launched.
In addition, an exhibition featuring the milestones and achievements in the construction of the rule of law by the country in the modern era, as well as the role played by Hong Kong in contributing to the developments, has been set up at the venue this year.
For more details on the Hong Kong Legal Week 2024, please visit the dedicated website www.legalweek.hk. The event is broadcast live on the dedicated website and at webcast.info.gov.hk.
Source: Minister for Trade
Greg Jennett, host: Don Farrell, thanks for making this conversation possible from Shanghai. I suppose the very fact that you’re there indicates that the resumption of trade relations with China is very much back on track. What additional Australian products and services, though, are you telling the Chinese Commerce Minister that Australia should gain access to now in the Chinese market?
Minister for Trade: Thanks, Greg. I met with my Chinese counterpart last evening on my arrival from Canberra. This was our 9th meeting. And again, we discussed those particular products that are still waiting to get back into the China market. Of course, that’s lobster and a couple of meat establishments. I got some assurances from the Minister that everything is on track to resolve all of our outstanding issues.
Now, having done that, we’re not resting on our laurels. I’m here with 253 Australian companies. Some of them have been here before, but many are coming for the first time, and my job as the Trade Minister is to try and push Australian companies out of Australia and into overseas markets. Obviously, China is the largest market for Australian goods. Last year, we sold $327 billion of two-way trade between Australia and China. But I think we can do better than that. I think this Expo – the largest trading event in the world – will be held this week, and I think we can sell even more wonderful Australian products, whether it’s food, whether it’s wine, whether it’s manufactured goods. That’s my ambition for this week.
Greg Jennett: It does sound ambitious Don Farrell. Also on the wine front, I understand you’ve announced the formation of a wine partnership, some sort of training program, I believe. Does that mean that Chinese winemakers will come to Australia to undertake this training?
Minister for Trade: It’ll be a mixture of both Greg. I was just with Penfolds. Of course, Penfolds is the biggest Australian winemaker in China. We want to work with the Chinese officials and the Chinese wine industry firstly so that we can get our product back into China, but also so we can help them improve their product. It’s a two-way thing. As I said before, China is our largest trading market. We want a prosperous future for our wine industry. Already, almost $500 million worth of Australian wine is back on the supermarket shelves here in China. We want to do better in that, but we also want to work closely to improve the skills and the abilities of Chinese winemakers. And Penfolds Wines are at the forefront of that.
Greg Jennett: Now, the Chinese leadership has made no secret over a very long time now about its desire to increase investment into Australia. I’m wondering in your talks whether Minister Wentao raised this and named any particular sectors for greater Chinese investment.
Minister for Trade: On this occasion, Greg, he didn’t raise that with me. But he has raised those issues in the past, and my answer to the Minister is that Australia welcomes foreign investment, and we welcome foreign investment from China. We are agnostic as to where the investments come from. Part of our Future Made in Australia plan will mean that we need investment from overseas. Australia is very well supplied with, for instance, the critical minerals that are needed to move to net zero. What Australia sometimes struggles with is getting the capital to extract those minerals. So we welcome overseas investment, and we process all of those applications for investment on one principle, and that is our national interest, and that’s what we’ll continue to do Greg.
Greg Jennett: All right. Now, subject to events in the US this week, and I admit here Don, that this is a highly hypothetical question, but if America goes ahead and erects higher tariff walls to Chinese goods entering that country, what do you assess the consequences of that might be for Australia? Could more Chinese manufactured goods enter this country at lower prices?
Minister for Trade: Well, of course, our job, and my job in particular Greg, is to discourage companies from imposing additional trade barriers. Free trade provides peace and prosperity in our region, and my argument to any incoming American government, whether it be a Harris government or a Trump government, is that Australia supports the concept of free trade, and we want to continue to work with countries to ensure that the principles of the World Trade Organisation, the free trade principles, continue to apply to world commerce.
Greg Jennett: Alright, can I tempt you into one or two questions on domestic matters, Don? As Tourism Minister, you’d be well aware of a heightened debate about ministers soliciting upgrades from the national flag carrier, of course, Qantas. If a minister did that, are they in breach of the ministerial code?
Minister for Trade: Look, while I’m up here dealing with trade issues, I think I’ll continue to deal with international issues Greg. And I’ll be happy to talk about those issues when I get back to Australia.
Greg Jennett: Alright, then. Electoral reform, if I can try you on that one as well. Here goes. There are very high expectations, Don Farrell, that this bill will be introduced into the Parliament in the final sitting fortnight. Can you confirm that and is it your expectation that it should also be passed this calendar year?
Minister for Trade: Both of those things are correct. I’d like to see the legislation brought forward before the end of the year and the legislation in place as quickly as possible.
Greg Jennett: Ok, and will that be introduced into the House or into the Senate, where you’re the relevant minister, of course?
Minister for Trade: I’ll sort that out when I get back to Australia Greg.
Greg Jennett: Okay. Well, I understand the constraints, some might even say the conventions, in not addressing domestic matters when abroad Don Farrell. So, we’ll thank you and wish you prosperous negotiations there in Shanghai. Thanks so much for coming on.
Minister for Trade: Thanks very much Greg.
Source: China State Council Information Office 2
Dozens of individuals involved in a fire at Henan University in central China’s Henan province, which engulfed its century-old grand auditorium in May, have faced punishments, local authorities announced on Saturday.
The blaze occurred on May 2 while the building was undergoing repairs. The auditorium, situated in the university’s oldest campus in Kaifeng, Henan, was constructed in 1934 and stood as a significant landmark building.
The local fire rescue department recently released an investigation report, revealing that the fire covered an area of 3,410 square meters, resulting in a direct economic loss of 27.438 million yuan ($3.79 million).
According to the investigation, it was caused by safety management deficiencies at the construction site. The construction unit engaged in illegal open flame operations, the supervisory unit neglected its duties, the design unit violated regulations, and local Party committees, governments, relevant functional departments, and units failed to fulfill their responsibilities properly.
The accident investigation team determined that the direct cause of the incident was the improper use of a liquefied petroleum gas spray gun by construction workers during the roof waterproofing operation of the auditorium renovation project. The high-temperature flame ignited the wooden roof below the waterproofing material, leading to the fire.
Sixteen individuals, including personnel from the construction and supervision teams, are suspected of committing crimes and have been investigated and transferred to judicial authorities for legal proceedings by the public security organs. Administrative penalties have been imposed by relevant departments on Henan University, the design, construction, supervision, and testing units involved in the auditorium renovation project for their illegal actions, according to authorities.
The disciplinary and supervisory authorities have taken serious measures against 32 officials from local Party committees, governments, relevant functional departments, and units for their dereliction of duty in the accident.
Among them, a warning was given for Song Zhenghui, deputy governor of Henan; 26 people including Mao Jie, director of the Provincial Department of Education, received disciplinary punishments; and five individuals, including Qi Tao, deputy general manager of the Henan University’s logistics group, suspected of committing crime, have been handed over to judicial authorities for legal processing.
Source: China State Council Information Office 2
Villagers Yan Jinchang (L) and Yan Hongchang show the red packets containing their dividends in Xiaogang Village of Fengyang County, east China’s Anhui Province, Jan. 25, 2025. [Photo/Xinhua]
Just days ahead of the upcoming Spring Festival, residents of a rural village named Xiaogang, located in east China’s Anhui Province, met joyously to collect bumper red packets.
“Our family received more than 2,000 yuan (about $279) this year, which is enough for us to make a generous purchase of festive goods,” said 82-year-old villager Yan Jinchang.
A dividend distribution ceremony was held on Saturday, and buzzed with excitement. Contrary to the common perception that villages are predominantly inhabited by elderly people, there were numerous young and energetic faces to been seen at this ceremony — with many of them returnees filled with dreams.
Some of the youngsters shared Xiaogang’s stories with visitors, while others functioned as live streamers, highlighting the village’s unique appeal via their camera lenses.
Despite the modest amount, the dividends distributed in Xiaogang hold extraordinary significance in terms of the big picture of the development of rural China.
Once plagued by barren land and water scarcity, Xiaogang was a place where residents struggled to make ends meet. However, everything changed in 1978 when 18 farmers pressed their red fingerprints secretly on an agreement to contract collective land to individual households.
This bold move sparked a wave of agricultural production enthusiasm and provided a powerful impetus not only for Xiaogang, but also for the broader rural reform and revitalization movement in China.
The name of Xiaogang has since been fixed in the nation’s memory as the start of China’s reform, earning itself the title of “first village in rural reform.”
Building on this foundation, Xiaogang continued to introduce reforms across multiple sectors — including rural taxes and fees, land rights and collective assets.
In 2017, all villagers in Xiaogang were turned into shareholders of the village’s collective, to benefit from the business development from Xiaogang’s intangible assets. So far, the total amount of dividends given to villagers in Xiaogang has exceeded 20 million yuan.
In 2024, Xiaogang saw its dividends rise for the seventh consecutive year, with a major contributor to this success being the village’s booming tourism industry. This momentum was further boosted when Xiaogang was honored as one of the world’s Best Tourism Villages at a United Nations Tourism meeting last year.
This recognition has served as a catalyst, drawing widespread attention and boosting Xiaogang’s appeal as a tourist destination. The village, home to 1,053 households, welcomed over 620,000 visitors in 2024 — generating comprehensive tourism revenue of approximately 165 million yuan.
According to Li Jinzhu, the first secretary of the village’s Party committee, tourism has now become a magnet attracting wealth and talents.
“Very few tourists were willing to visit Xiaogang in the past, but now we provide them with quality accommodation and catering services, as well as a rich variety of activities, including traditional local performances and children’s amusement facilities,” Li noted, while adding that many villagers are currently engaged in the tourism sector, with more young people returning to the village to pursue opportunities there.
Yan Mei is one of these passionate young returnees.
The 28-year-old guide works almost every day and is the first to step from the sightseeing vehicle and introduce the history of Xiaogang to visitors.
“People are just blown away by the modern hotels and brand-new scenic spot facilities here. They’re so happy to see how much the birthplace of China’s rural reform has changed,” Yan noted.
Some tourists even decide to stay for a few days, just to chat and hang out with the locals, with many ending up becoming friends with the villagers, and even waving hello and exchanging gifts on holidays. “I’m really proud of all these changes. All these things have made my job so much more meaningful,” Yan said.
At a main road, Yang Wei and his colleagues were seen shooting footage for the village’s social media account, with their efforts drawing the attention of a group of curious tourists.
“It’s a great sign that Xiaogang is gaining more fame. This growing recognition benefits every villager. We’ve been using social media not just to attract visitors, but also to promote our local agricultural products. We’re thrilled to see it working,” Yang said while doing a live broadcast. He noted that in 2024, his team had managed to sell products worth more than 1.2 million yuan.
As the sun set over Xiaogang, lively chatter between villagers and tourists mingled with the inviting aroma of freshly brewed coffee, generated by a newly-built cafe. It is a scene brimming with potential — suggesting a bright future filled with prosperity and endless opportunities for this remarkable Chinese village.
Source: People’s Republic of China – State Council News
Imported products welcomed by Chinese customers during Spring Festival shopping season
A wide range of flavors from around the world now are welcomed by Chinese people at their festive dining tables, displaying China’s growing consumption power and expanding imports.
Source: People’s Republic of China – State Council News
WASHINGTON, Jan. 25 — The giant panda couple, Bao Li and Qing Bao, made their first public appearance on Friday since their arrival at the Smithsonian’s National Zoo here.
Attending the ceremony to celebrate the official public debut of the pandas hosted by the zoo, Chinese Ambassador to the United States Xie Feng said: “Embracing pandas is embracing peace and friendship.”
“Our shared love for pandas has deepened my conviction that China and the United States have much more in common than what divides us,” said Xie.
Highlighting the achievements on panda cooperation, he said: “I will feel more confident that as long as we work together, we can make big, great things happen, to the benefit of both our countries and the world.”
Brandie Smith, director of the Smithsonian’s National Zoo and Conservation Biology Institute, thanked China for sending a new pair of giant pandas to Washington.
The collaboration between the United States and China on the conservation and research of giant pandas has yielded fruitful results and helped the number of giant pandas grow steadily, which has been a success story, said Smith.
Sent as part of a 10-year international giant panda protection cooperation program, the three-year-old pandas, Bao Li, male, and Qing Bao, female, departed their hometown in Sichuan Province and arrived in the U.S. capital city on Oct. 15, 2024.
Source: China State Council Information Office 2
China aims to improve protection of the rights and interests of maritime passengers through a draft law revision.
The draft revision to the maritime law has been submitted to an ongoing session of the National People’s Congress Standing Committee, scheduled from Monday to Friday, for deliberation.
The draft, containing 311 articles in 16 chapters, stipulates better protection of passenger rights by properly increasing the transport carriers’ liability limits for personal injury and property damage compensation to passengers, and by unifying the liability limits for compensation in domestic and international maritime passenger transportation.
It also makes proper adjustments to the rights and obligations of parties involved in maritime activities.
China’s maritime law came into force in 1993.
Source: GlobeNewswire (MIL-OSI)
LONDON, Nov. 04, 2024 (GLOBE NEWSWIRE) — Nodem Capital, a new secondaries firm which aims to meet the acute need across Next Wave markets for a creative liquidity provider, has officially launched.
The firm will offer secondary liquidity to the holders of venture capital-backed assets in markets that include Emerging Europe, Turkey, Latin America, Southeast Asia and India. These Next Wave markets are defined as the world minus the 10 ‘legacy’ advanced economies such as North America and Western Europe.
Nodem will specialise in offering partial liquidity (through preferred equity investments) to ‘non-sellers’ who want to maintain exposure and control but accelerate liquidity for distributions or growth.
Nodem is well into the process of seeking FCA authorisation. All investment activities will commence once regulatory approvals are granted. Initial investor capital is in place, and the anticipated timeline is for investments to start in Q1 of 2025.
In January 2025, Nodem will host a launch event and kick off monthly online panel discussions with leading Next Wave investors.
Nodem was founded by Alex Branton, a former senior member of the private equity and venture capital teams at Sturgeon Capital. Sturgeon is an emerging markets investment firm with assets over $300 million, and investors include Chevron, the IFC and SBI.
Before Sturgeon, Alex was also an investor at Cambridge Associates, advising some of the world’s most sophisticated institutions.
Alex said: “Having spent my career as both a General Partner and Limited Partner in emerging markets, I feel uniquely qualified to solve the liquidity needs of our stakeholders.
“We’re building a firm that investors can rely on for speedy solutions tailored to the specific needs of LPs and GPs active in our markets.”
Pitchbook data suggest that from a near non-existent base in 2011-12, there has been a rapid build-up in capital raised by venture capital funds across Next Wave markets, peaking in 2021 when nearly $57bn was raised. The explosion in capital raising from 2019-21 was fuelled by earlier successes in the US/China and major early mobile internet successes by Next Wave VCs.
Whilst these early fund vintages are rapidly maturing, widescale exits continue to be pushed back – with up to 20/ times as many companies now being financed by VCs versus exited.
Alex added: “Many investors are now seeking, and struggling to find, liquidity solutions for their Next Wave holdings, resulting in LPs being reluctant to commit to new funds until value is released from earlier vintages.
“Nodem is launching ahead of an expected ten-fold increase in the investable universe, which is defined as the value of assets held in venture capital funds older than 10 years old, to around $130bn. This presents us with a clear opportunity to serve clients in these markets.”
For more information about Nodem Capital, visit nodem.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/178ed306-396d-4a71-abc5-b798ee2b4a75
Source: Peoples Bank of China
Announcement on Open Market Operations No.217 [2024]
(Open Market Operations Office, November 4, 2024)
In order to keep liquidity adequate at a reasonable level in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB17.3 billion through quantity bidding at a fixed interest rate on November 4, 2024.
Details of the Reverse Repo Operations
|
Maturity |
Volume |
Rate |
|
7 days |
RMB17.3 billion |
1.50% |
Date of last update Nov. 29 2018
2024年11月04日
Source: People’s Republic of China – State Council News
SHANGHAI, Nov. 4 — On Tuesday morning, the Chinese commercial hub of Shanghai will once again assume its role as the host for the newest edition of the globe’s first national-level exposition dedicated to imports.
Now, the China International Import Expo (CIIE) stands as a telling example of China’s steadfast opening up and an unmissable opportunity for foreign enterprises to tap into the Chinese market.
Despite challenges and uncertainties in the global economic landscape, over the past seven years, CIIE has steadily grown.
The first six editions of CIIE have generated a total intended transaction amount exceeding 420 billion U.S. dollars. Additionally, over 1,130 foreign enterprises and investment promotion organizations have conducted targeted connections across the country.
This year, the business exhibition will be held at the National Exhibition and Convention Center (Shanghai), covering more than 360,000 square meters — equivalent to 50 standard soccer fields — and hosting 3,496 exhibitors from 129 countries and regions.
Both the number of participating countries and exhibitors have surpassed previous records.
Notably, 297 exhibitors from Fortune Global 500 companies and industry leaders will attend, marking a historic high. Among all participants, 186 enterprises and institutions have achieved full attendance across all seven editions of the expo.
Besides, this year’s event is also commanding the attention of global journalism. More than 400 media outlets are participating in the coverage of this event, including 220 foreign media organizations.
China’s vast market has become one of the most attractive destinations for global players, with the CIIE serving as the “golden gateway” to this opportunity.
For the CIIE frequenter of Japanese cosmetics giant Shiseido, the event serves as a second-to-none magnet.
“Over the past years of participating in CIIE, we have seen firsthand just how influential the expo can be for our business,” said Toshinobu Umetsu, president and CEO of Shiseido China.
According to the company, visitors will be able to see over 30 new product debuts from 12 different brands in their portfolio.
Umetsu described the expo as a boon for their growth in China’s thriving market, noting that many new skincare technologies, brands, and products have gained substantial attention and recognition from consumers after being featured at CIIE.
“CIIE successfully transformed our ‘exhibits’ to ‘products,’” Umetsu added.
Seizing the opportunity, new participants are eager to try their luck. Among the trendsetters is Canadian sportswear magnate Lululemon.
“A digital innovation here is leading the world, quite frankly, in terms of adoption and opportunities,” said Calvin McDonald, CEO of Lululemon during an interview with Xinhua.
Impressed by the market’s speed, agility and resilience, McDonald said the opportunity to move fast and accomplish big initiatives in the market is incredibly exciting, seeing CIIE as a precious opportunity to bring awareness to the brand.
“In the dynamic and healthy market, we are learning not just how we drive and see success here,” he said, adding that what Lululemon learned from the Chinese mainland consumers and innovation can help their business in other markets as well.
After years of development, the CIIE has become a symbol of China’s new development pattern, a platform for high-level opening-up, and an international public good shared by the world.
At its third plenum, the 20th Central Committee of the Communist Party of China renewed the country’s commitment to the basic state policy of opening to the outside world and continuing to promote reform through opening up.
Serving as another fine example, China removed all market access restrictions for foreign investors in the manufacturing sector on Nov. 1, a landmark move made by the world’s second-largest economy as it opens its doors wider.
“Reflecting on the past six editions of the CIIE, ‘high-level opening up’ has been a consistent theme. The expo has continually showcased an image of an ‘open China’ that shares opportunities and future with the world,” said Wu Zhengping, deputy director general of the CIIE Bureau.
Source: People’s Republic of China – State Council News
BEIJING, Nov. 4 — China has appropriately enhanced the intensity of the proactive fiscal policy so far this year, utilizing a combination of policy tools, including ultra-long special treasury bonds and tax and fee reductions to promote its sustained economic recovery.
The country has leveraged the multiplier effect of government spending to support development in key areas.
Some 700 billion yuan (about 98.31 billion U.S. dollars) in the central government budget has been earmarked for investment this year, with the focus on supporting scientific and technological innovation, new infrastructure and carbon reduction, and improving people’s livelihoods, according to the Ministry of Finance (MOF).
The special-purpose bonds for local governments to be issued this year stand at a record 3.9 trillion yuan. In the first three quarters, the MOF said that 3.6 trillion yuan of bonds had been issued to support over 30,000 projects.
Some 700 billion yuan of funds raised via the ultra-long special treasury bonds have been allocated to support the implementation of major national strategies and build up security capacity in key areas.
To promote steady consumption growth, China introduced a large-scale equipment upgrade and consumer goods trade-in program in March this year and stepped up policy support in July with a fund injection of 300 billion yuan via ultra-long special treasury bonds.
Since its launch, the trade-in program for automobiles and home appliances has achieved positive results. It is set to help further spur consumer spending and consolidate the country’s ongoing economic recovery, according to the Ministry of Commerce (MOC).
As of Oct. 24, the MOC had received 1.57 million applications for scrappage incentives and 1.26 million applications for automobile replacement subsidies.
The trade-in policy has revitalized consumer demand, propelled the development of new quality productive forces, promoted the green transformation of relevant industries, and injected strong impetus into consolidating the upward economic trajectory, said Li Gang, an official with the MOC.
China has also optimized preferential tax and fee policies to boost the vitality of market entities.
In the first eight months of the year, tax and fee cuts and tax rebates in support of scientific and technological innovation and the development of the manufacturing industry exceeded 1.8 trillion yuan, according to MOF.
Minister of Finance Lan Fo’an told a press conference last month that China will introduce a package of targeted incremental fiscal policy measures in the near future to boost the economy.
The package includes increasing the debt ceiling on a relatively large scale in a lump sum to replace existing hidden debts of local governments and help defuse their debt risks.
Calling it “the strongest debt alleviation measure introduced in recent years,” Lan said the move is “undoubtedly a timely policy rain.”
“It will greatly reduce the pressure on local governments to dissolve debts, free up more resources for economic development, and boost the confidence of business entities,” the minister said.
Source: US Energy Information Administration
In-depth analysis
November 4, 2024
U.S. exports of ethane and ethane-based petrochemicals reached an all-time high of 21.6 million metric tons (MMmt) in 2023, up 135% since the United States began exporting ethane in 2014 and 17% more than in 2022, according to data from the U.S. Census Bureau. The rapid expansion of U.S. ethane and ethane-based petrochemical exports has been fueled by the growth in domestic ethane production, which has increased with the country’s natural gas production and the buildout of export and production infrastructure.
Ethane is a natural gas liquid that’s primarily extracted from raw natural gas during processing. It’s mainly used as a feedstock for ethylene production, one of the most important building blocks in the petrochemical industry. Ethylene is a gas used to produce a wide range of products, including plastics, resins, and synthetic rubber.
All elements of the ethane value chain are produced in, consumed in, and exported from the United States, including ethane, ethylene, polyethylene, and other ethylene derivatives. We publish data on U.S. ethane production, exports, and product supplied (deliveries to domestic consumers); the U.S. Census Bureau publishes export data for ethane and ethane-derived products.
The volume of exports of U.S. ethane, ethylene, and various ethylene derivatives is affected by:
The United States started exporting ethane in 2014 via pipeline to petrochemical plants in Canada. In 2016, the United States began exporting ethane to countries in Europe from marine export terminals. U.S. ethane export capacity has increased since 2016 with the completion of two new pipelines and three more marine export terminals—Marcus Hook, Pennsylvania; Morgan’s Point, Texas; and Nederland, Texas. In addition, the number of destination countries continued to grow along with the fleet of specially built tankers.
Data source: U.S. Census Bureau
U.S. ethane exports increased to a record high of 3.0 MMmt in 2023, up 12% from 2022. In 2023, U.S. ethane was mostly exported to China, which accounted for 45% (1.4 MMmt) of U.S. ethane exports, followed by India (16%), Canada (14%), Norway (9%), and the United Kingdom (7%).
U.S. ethane exports to China increased fastest between 2022 and 2023, rising 35% last year. China’s Satellite Petrochemical has begun ethylene production at two new ethane crackers since 2021, which has increased domestic ethane demand in China. Ethane exports to Norway rose the second fastest, rising 32% to 288,000 metric tons in 2023. Other importers of U.S. ethane include Belgium, Brazil, Canada, Mexico, and Sweden.
Data source: Bloomberg L.P.
Note: Ethylene feedstock margins account for coproduct credits, which mainly include propylene, butadiene, benzene, and xylene. Ethane feedstock advantage represents the relative profitability of ethane over naphtha.
Ethane’s high ethylene yields and cost advantages over naphtha in ethylene production have driven export volumes of ethane higher since 2014. Most petrochemical crackers have some flexibility in switching between ethane and naphtha as a feedstock, depending on the relative profitability of each feedstock. In the United States, cracking ethane to produce ethylene has historically generated higher profit margins compared with the margins from cracking naphtha, the most common feedstock in Western Europe and East Asia. Global petrochemical manufacturers looking to secure low-cost ethane feedstock to produce ethylene are developing new petrochemical crackers and associated infrastructure.
Data source: U.S. Census Bureau
In the United States, ethane is heated in a steam cracker to break (crack) the ethane molecule to produce ethylene. Ethylene, like ethane, is exported in specialized tankers after being cryogenically cooled. The United States has two ethylene export terminals—Galena Park and Morgan’s Point—both located in Texas on the Houston Ship Channel.
Ethylene export volumes fell 9% from 2022 to 2023 to 1.1 MMmt. In 2023, 36 nations imported U.S. ethylene. China was the largest importer of ethylene from the United States in 2023, accounting for 38% (419,000 metric tons) of all exports. Belgium (19%), Indonesia (16%), Taiwan (6%), and France (5%) rounded out the top five.
As with ethane exports, China was also the fastest-growing destination for ethylene exports. In general, ethylene exports to Asia grew 77% from 2022 to 2023, while exports to Europe fell by more than 50% during the same period amid a weak macroeconomic environment.
U.S. ethylene prices remain at a discount to international prices on average, providing U.S. ethylene producers with a long-term cost advantage and resulting in expanded manufacturing capacity along the U.S. Gulf Coast.
After ethylene is processed by a polymerization reactor or another production unit, petrochemical manufacturers can develop intermediate products such as:
The United States exported ethylene derivatives to over 100 nations in 2023. Unlike ethane and ethylene, which require cryogenic cooling to turn them from a gas to a liquid, ethylene derivatives do not require special handling and can be exported or imported through any port or overland route capable of handling containerized traffic.
Data source: U.S. Census Bureau
Total U.S. ethylene-derivative exports grew 20% to 16.9 MMmt from 2022 to 2023, led by a 69% increase (2.2 MMmt) in exports to Asia. U.S. exports to Canada fell by 10% to 1.5 MMmt; exports to Mexico grew 3% to 2.4 MMmt in 2023. Until 2017, North American destinations, particularly Canada and Mexico, accounted for the largest share of U.S. polyethylene and other ethylene-derivative exports.
Canada and Mexico do not impose tariffs on exports of U.S. ethane-derived chemicals because of reciprocal free-trade agreements. These countries also benefit from proximity and being able to import these products over land at lower cost compared with waterborne imports. However, exports to overseas destinations have also grown since 2017, with the exception of 2021 when the global pandemic led to lower demand.
Principal contributors: Jordan Young, Josh Eiermann
Source: GlobeNewswire (MIL-OSI)
New York, Nov. 04, 2024 (GLOBE NEWSWIRE) — Diamond Equity Research, an equity research firm with a focus on small capitalization public companies has released Update Note on Zhibao Technology Inc. (NASDAQ: ZBAO). The update note includes information on the Zhibao Technology Inc.’s management commentary, recent developments, outlook, and risks.
The update note is available below.
Zhibao Technology Update Note November 2024
Highlights from the note include:
About Zhibao Technology Inc.
Zhibao Technology Inc., through its subsidiaries, provides digital insurance brokerage services in China, and has pioneered the 2B2C (“to-business-to-customer”) embedded digital insurance brokerage model, establishing itself as a first mover in this innovative market segment. It also offers Managing General Underwriter (MGU) services; and offline insurance brokerage consulting services. The company was founded in 2015 and is operationally based in Shanghai, China.
About Diamond Equity Research
Diamond Equity Research is a leading equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.
For more information, visit https://www.diamondequityresearch.com.
Disclosures:
Diamond Equity Research LLC is being compensated by Zhibao Technology Inc. for producing research materials regarding Zhibao Technology Inc. and its securities. This compensation is meant to subsidize the high cost of creating the report and monitoring the security. However, the views in the report reflect those of Diamond Equity Research. All payments are received upfront and are billed for respective research engagement term As of 11/04/24, the issuer had paid us $35,000 ($34,980 after bank fees) consisting of $22,500 ($22,480 after bank fees) for the initiation report and a minimum of one update note (as part of $35,000 annual contract in two six-month consecutive upfront installment payments for the first year of coverage), which commenced on 04/10/24 with the second installment of $12,500 paid on 10/10/24 for a minimum of two additional update notes. Diamond Equity Research LLC may also be compensated for non-research-related services, including presenting at Diamond Equity Research investment conferences, issuing press releases, and providing other additional services. The non-research-related service cost is dependent on the company but usually does not exceed $5,000. The issuer has not paid us for non-research-related services as of 11/04/2024. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. This report does not explicitly or implicitly affirm that the information contained within this document is accurate and/or comprehensive, and as such should not be relied on in such a capacity. All information contained within this report is subject to change without any formal or other notice provided. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. Investors need to be aware of the high degree of risk in small capitalization equities including the complete potential loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for Zhibao Technology Inc. Please review update note attached for full disclosure page.
Contact:
Diamond Equity Research
research@diamondequityresearch.com
[HD1]Link pdf here
Attachment
Source: People’s Republic of China – State Council News
SHANGHAI, Nov. 4 — Chinese Premier Li Qiang met with Kazakh Prime Minister Olzhas Bektenov in Shanghai on Monday, who is here to attend the 7th China International Import Expo.
Li said that since the establishment of diplomatic ties more than 30 years ago, China and Kazakhstan have always respected each other and treated each other as equals, setting a good example of good-neighborly friendship and mutual benefits between neighboring countries.
He said that China is ready to work with Kazakhstan to implement the important consensus reached by the two heads of state, deepen political mutual trust, firmly support each other on issues concerning each other’s core interests, continue to expand mutually beneficial cooperation and bring more benefits to the two peoples.
Li pointed out that China is willing to strengthen the docking of development strategies with Kazakhstan, take high-quality Belt and Road cooperation as the guide, continue to expand bilateral trade, consolidate production capacity and investment cooperation, create highlights in energy and mineral cooperation, enhance the level of connectivity and push for more practical results.
He called on the two countries to jointly work for the success of the Year of Chinese Tourism in Kazakhstan next year, strengthen cooperation in culture, education, sub-national and other fields, and enhance mutual understanding and amity between the two peoples.
China stands ready to coordinate closely with Kazakhstan within multilateral frameworks such as the United Nations, the Shanghai Cooperation Organization (SCO) and the China-Central Asia mechanism, actively implement the three global initiatives, practice genuine multilateralism, safeguard economic globalization and free trade, and promote the development of global governance toward a more just and equitable direction, Li said.
Noting that in recent years, under the strategic guidance of the two heads of state, Kazakhstan-China relations have reached a record high, Bektenov said Kazakhstan attaches great importance to its relations with China and is willing to further strengthen high-level exchanges with China, deepen cooperation on trade, investment, agriculture, transportation, science and technology, culture and education, and strengthen connectivity under the framework of Belt and Road cooperation.
Bektenov said Kazakhstan welcomes Chinese enterprises to invest in Kazakhstan and is willing to strengthen communication and cooperation with China within multilateral frameworks such as the SCO and the China-Central Asia mechanism.
Source: Hong Kong Information Services
Hong Kong Legal Week 2024, an annual flagship event of the legal sector to showcase Hong Kong as an international legal and dispute resolution services centre, was launched today.
Themed “Hong Kong Common Law System: World-Class Springboard to China & Beyond”, the five-day event provides an opportunity for participants from all corners of the world to engage in a series of insightful discussions and fruitful exchanges with prominent experts, practitioners and government officials on a wide spectrum of topics.
The topics include international law, developments in alternative dispute resolution, opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area, and the rule of law in the region and beyond.
The Asia-Pacific International Private Law Summit 2024, themed “Springboard to Opportunities: Utilising International Private Law & Technology to Facilitate Access to Credit, Investment, & Sustainable Development in the Asia-Pacific Region”, was held as the opening event of this year’s Legal Week.
The biennial summit brought together preeminent legal academics and renowned practitioners worldwide to discuss how the unification and co-ordination of various areas of international private law can support economic growth and facilitate smoother cross-border interactions.
More than 1,100 registrations from 46 jurisdictions have been received for this event.
In his welcome remarks, Secretary for Justice Paul Lam said that the Department of Justice (DoJ) places great importance on nurturing legal talent and will provide professional development opportunities to legal talent with a view to strengthening Hong Kong’s position as a leading international legal and dispute resolution centre.
To further the DoJ’s capacity building initiatives, Mr Lam announced that the Hong Kong International Legal Talents Training Academy will be set up, with the launch ceremony taking place on the final day of Legal Week, which he invited everyone to join.
In addition, an exhibition featuring the milestones and achievements in the construction of the rule of law by the country in the modern era, as well as the role played by Hong Kong in contributing to the developments, has been set up at the venue this year.
Click here for the event details.
Source: GlobeNewswire (MIL-OSI)
SINGAPORE, Nov. 04, 2024 (GLOBE NEWSWIRE) — Primech Holdings Limited (Nasdaq: PMEC) (“Primech” or the “Company”) and its subsidiary, Primech AI, are pleased to announce new strategic partnerships with Unity Group Holdings International Limited (1539.HK) (“Unity Group”), a renowned provider of energy solutions listed on the Hong Kong Stock Exchange. These partnerships, formalized through separate Memorandums of Understanding (MOUs), aim to harness Unity Group’s energy expertise and Primech AI’s robotic innovations to drive sustainability and technological advancements in their respective fields.
Unity Group (https://www.unitygroup.eco) operates in over 20 countries, offering innovative energy solutions that significantly reduce carbon footprints and operational costs for numerous global clients. This collaboration aligns with Primech’s commitment to environmental stewardship and marks a significant step in integrating sustainable practices and advanced technologies across its operations.
Details of the Partnerships:
They will expand Unity Group’s technological footprint in Singapore and beyond, setting new standards for international collaboration in energy and robotic solutions.
Mr. Kin Wai Ho, CEO of Primech Holdings Limited, commented, “We are proud to partner with Unity Group to pioneer the integration of sustainable energy solutions and advanced robotics in our operations. These initiatives are pivotal as we continue to push the boundaries of what is possible in our industry, ensuring that we remain at the forefront of both environmental responsibility and technological innovation.”
Mr. Mansfield Wong, Co-founder, Chairman, and CEO of Unity Group, stated, “Our collaboration with Primech Holdings and Primech AI represents a significant opportunity to leverage our expertise in energy solutions alongside Primech’s innovations in robotic technologies. We are excited about the potential of our joint efforts to set benchmarks in sustainability and operational efficiency globally.”
About Unity Group Holdings International Limited
Founded in 2008, Unity Group became the first energy service company to be listed on the Hong Kong Stock Exchange. At the core of its operations is the Energy Management Contract (EMC) business model, which implements customized solutions designed to achieve optimal energy efficiency and maximize returns for clients. Unity Group employs industry-leading, effective, and practical research methodologies. These methodologies span innovative green technologies, data analysis, and machine learning. The outcomes of its research and development efforts manifest in its uniquely versatile, appropriate, and actionable green technology solutions. Currently, Unity Group operates in Mainland China, Malaysia, and the Middle East.
About Primech Holdings Limited
Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore, with expanding operations in Malaysia. With a legacy of excellence and innovation in the facility services industry, Primech’s operating subsidiary, Primech A & P offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Additionally, CSG Industries Pte Ltd, a subsidiary of Primech Holdings, manufactures and supplies various high-quality cleaning products under its brand, extending its reach and capabilities within the industry. Known for its commitment to sustainability and cutting-edge technology, Primech integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.
About Primech AI
Primech AI is a leading robotics company dedicated to pushing the boundaries of innovation in technology. With a team of passionate individuals and a commitment to collaboration, Primech AI is poised to revolutionize the robotics industry with groundbreaking solutions that make a meaningful impact on society. For more information, visit www.primech.ai.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
Company Contact:
Email: ir@primech.com.sg
Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
Source: The Conversation – Africa – By Barnaby Joseph Dye, Lecturer, King’s College London
Contemporary economic challenges in Africa appear to be shifting the continent into a new era of development. From COVID-19 to war-induced inflation, many countries in Africa are facing significant economic challenges. The crises of recent years come on top of longer-term increases in debt, especially after the 2014 commodity price shock.
These circumstances have been the backdrop to recent conflicts, coups, and regime changes. But these contemporary crises follow a period of relatively successful state-led development in the first two decades of the 21st century, resulting in a hype about the new “African lions” and the emergence of an “Africa rising” narrative.
Two cases stand out as emblematic of this era: Rwanda’s vision of a Dubai-style financial and service hub, and Ethiopia’s rapid manufacturing and infrastructure ambitions.
Much has been written about the international factors behind this era of state-led development. The focus has been on the extension of private finance and the growth of “new” lenders such as China, India and Brazil. But these perspectives often overlook important questions. What has inspired ambitious African national plans over the last two decades? What assumptions were made about how development happens and how it should look?
In new research published in a special issue of a journal, we analyse these modernising visions. We unpick their differences and commonalities using cases from multiple countries.
Our emphasis is on understanding ideas, beliefs, and norms in shaping development plans. Such perspectives are often overlooked in the study of Africa. Scholars have often presumed that ruling elites are primarily interested in narrow material power or self-enrichment. We argue that ideas and beliefs underpin the goals and content of development plans.
The research covered in the special issue covers Angola, Eritrea and Tanzania, but in this article we will unpack our analysis of Ethiopia and Rwanda.
Many of the elements of development this century look like resurgent 20th century “high modernism”. This is a term coined by scholar James Scott to describe top-down, state-led, authoritarian programmes of economic development. These programmes typically used infrastructure and technology to engineer supposedly “backward”, “traditional” people and landscapes into efficient, modern, rational alternatives.
Perhaps the chief examples here are large dams. Historically, dams were viewed as the hallmark projects of modernisation. They could tame nature and deploy technology, whether electricity or irrigation, to found modern economies and workers. Ghana’s Akosombo Dam is one such project.
But building dams paused from the mid-1990s to the mid-2000s as the World Bank and other major funders withdrew. Dam projects were seen as having too-high social and economic costs and as not performing well. Such negative impacts also generated significant protests.
Underpinning Rwanda’s model is a concentrated Leninist-style power structure. The president and associated elites chart the path to progress. The party, with its affiliated companies and investment funds, is all powerful – not solely the state. Rwanda also revived mid-century plans, from dams to an east African railway corridor. Electricity was deemed central, resulting in a rapid, but overambitious five-fold increase in over 15 years.
This recent period was not just a reproduction of the 1960s, however. It had new elements. A Dubai-style aesthetic is central to the reinvented capital, Kigali, where the goal is to create a new corporate service hub, replete with skyscraper, conference centres, shopping malls and a new international airport. This replaces the 20th century obsession with industrial sites and brutalist concrete.
Rather than the state-led programmes of the 20th century, pro-market reforms have been incorporated. There’s an embrace of private enterprise, a stock market and investment. The country’s electricity boom was largely enacted by private firms and Rwanda consistently ranks as one of the top countries in the Ease of Doing Business index. It takes hours, not weeks, to set up a company and there’s a speedy regulatory bureaucracy.
In some cases, “neoliberal” reforms have been brought in, with private enterprise and investment in previously state-controlled domains. Rwanda embraced corporate investment and ownership while making business-friendly, low-tax reforms. The private sector was given a big role in Rwanda’s boom to build over 40 microhydro plants in 15 years.
New public management techniques, with individual incentives and civil service targets, were adopted.
Ethiopia focused on investments in large agricultural plantations and industrial parks. The result evoked 20th century modernisation drives. A broad-based infrastructure boom and an industrialisation strategy that moved agricultural produce up the value chain would transform the structure of the economy. The Grand Ethiopian Renaissance Dam, the Addis-Djibouti Railway and other megaprojects became symbols of this vision. The aim was to maintain state control of the commanding heights of the economy (electricity, water, telecommunications and aviation, among others), while building an industrial base that would absorb the surplus agricultural labour.
This was coupled with investments in education and health. In 2016, Ethiopia had the third highest ratio of public investment to GDP, but also one of the fastest economic growth rates globally.
Unlike Rwanda, this ideology has not survived. Progress in health, education and income was achieved but political tensions grew. By the mid 2010s, the material reality of people’s livelihoods could no longer keep up with the promises the ruling party had evoked. Dissent was not tolerated and led to mass protests, riots, and the eventual demise of the party. Since 2018, there has been a dramatic shift in ideology and vision with an openness to liberalisation, and a focus away from industrialisation to the service sector.
Overall, our analysis reveals a combination of continuity and change during this period. It marks the triumph of an “African left”, with old titans like Tanzania’s Chama Cha Mapinduzi or Mozambique’s Frelimo joined by new revolutionary parties also inspired by Marxism.
The language of communism or socialism is not used explicitly. But a belief endures that top-down schemes and mega-infrastructure can catapult people into an “enlightened” future. Structural economic barriers are surmountable through technology and engineering.
Simultaneously, one cannot escape the language of the Davos establishment about the supremacy of markets, importance of foreign investment and pledges to tackle climate change and poverty. This illustrates the degree to which these illiberal modernisers are connected to international policymaking.
Our publication conceptualises this pattern of continuity and change, as a 10-point “illiberal modernisers” manifesto. Although holding considerable variation between countries, we argue that these these hegemonic ruling parties shared common goals of transforming society through an elite-defined programme.
Ultimately, the pattern of continuity and change demonstrates the importance of analysing ideas, beliefs, and values. Elites in Africa, just as elsewhere, are not only interested in power but are influenced by ideas about development.
– Visions of development have shifted in Africa over the past two decades: study explores how Rwanda and Ethiopia tried to shape the future
– https://theconversation.com/visions-of-development-have-shifted-in-africa-over-the-past-two-decades-study-explores-how-rwanda-and-ethiopia-tried-to-shape-the-future-224988
Source: The Conversation – Africa – By Barnaby Joseph Dye, Lecturer, King’s College London
Contemporary economic challenges in Africa appear to be shifting the continent into a new era of development. From COVID-19 to war-induced inflation, many countries in Africa are facing significant economic challenges. The crises of recent years come on top of longer-term increases in debt, especially after the 2014 commodity price shock.
These circumstances have been the backdrop to recent conflicts, coups, and regime changes. But these contemporary crises follow a period of relatively successful state-led development in the first two decades of the 21st century, resulting in a hype about the new “African lions” and the emergence of an “Africa rising” narrative.
Two cases stand out as emblematic of this era: Rwanda’s vision of a Dubai-style financial and service hub, and Ethiopia’s rapid manufacturing and infrastructure ambitions.
Much has been written about the international factors behind this era of state-led development. The focus has been on the extension of private finance and the growth of “new” lenders such as China, India and Brazil. But these perspectives often overlook important questions. What has inspired ambitious African national plans over the last two decades? What assumptions were made about how development happens and how it should look?
In new research published in a special issue of a journal, we analyse these modernising visions. We unpick their differences and commonalities using cases from multiple countries.
Our emphasis is on understanding ideas, beliefs, and norms in shaping development plans. Such perspectives are often overlooked in the study of Africa. Scholars have often presumed that ruling elites are primarily interested in narrow material power or self-enrichment. We argue that ideas and beliefs underpin the goals and content of development plans.
The research covered in the special issue covers Angola, Eritrea and Tanzania, but in this article we will unpack our analysis of Ethiopia and Rwanda.
Many of the elements of development this century look like resurgent 20th century “high modernism”. This is a term coined by scholar James Scott to describe top-down, state-led, authoritarian programmes of economic development. These programmes typically used infrastructure and technology to engineer supposedly “backward”, “traditional” people and landscapes into efficient, modern, rational alternatives.
Perhaps the chief examples here are large dams. Historically, dams were viewed as the hallmark projects of modernisation. They could tame nature and deploy technology, whether electricity or irrigation, to found modern economies and workers. Ghana’s Akosombo Dam is one such project.
But building dams paused from the mid-1990s to the mid-2000s as the World Bank and other major funders withdrew. Dam projects were seen as having too-high social and economic costs and as not performing well. Such negative impacts also generated significant protests.
Underpinning Rwanda’s model is a concentrated Leninist-style power structure. The president and associated elites chart the path to progress. The party, with its affiliated companies and investment funds, is all powerful – not solely the state. Rwanda also revived mid-century plans, from dams to an east African railway corridor. Electricity was deemed central, resulting in a rapid, but overambitious five-fold increase in over 15 years.
This recent period was not just a reproduction of the 1960s, however. It had new elements. A Dubai-style aesthetic is central to the reinvented capital, Kigali, where the goal is to create a new corporate service hub, replete with skyscraper, conference centres, shopping malls and a new international airport. This replaces the 20th century obsession with industrial sites and brutalist concrete.
Rather than the state-led programmes of the 20th century, pro-market reforms have been incorporated. There’s an embrace of private enterprise, a stock market and investment. The country’s electricity boom was largely enacted by private firms and Rwanda consistently ranks as one of the top countries in the Ease of Doing Business index. It takes hours, not weeks, to set up a company and there’s a speedy regulatory bureaucracy.
In some cases, “neoliberal” reforms have been brought in, with private enterprise and investment in previously state-controlled domains. Rwanda embraced corporate investment and ownership while making business-friendly, low-tax reforms. The private sector was given a big role in Rwanda’s boom to build over 40 microhydro plants in 15 years.
New public management techniques, with individual incentives and civil service targets, were adopted.
Ethiopia focused on investments in large agricultural plantations and industrial parks. The result evoked 20th century modernisation drives. A broad-based infrastructure boom and an industrialisation strategy that moved agricultural produce up the value chain would transform the structure of the economy. The Grand Ethiopian Renaissance Dam, the Addis-Djibouti Railway and other megaprojects became symbols of this vision. The aim was to maintain state control of the commanding heights of the economy (electricity, water, telecommunications and aviation, among others), while building an industrial base that would absorb the surplus agricultural labour.
This was coupled with investments in education and health. In 2016, Ethiopia had the third highest ratio of public investment to GDP, but also one of the fastest economic growth rates globally.
Unlike Rwanda, this ideology has not survived. Progress in health, education and income was achieved but political tensions grew. By the mid 2010s, the material reality of people’s livelihoods could no longer keep up with the promises the ruling party had evoked. Dissent was not tolerated and led to mass protests, riots, and the eventual demise of the party. Since 2018, there has been a dramatic shift in ideology and vision with an openness to liberalisation, and a focus away from industrialisation to the service sector.
Overall, our analysis reveals a combination of continuity and change during this period. It marks the triumph of an “African left”, with old titans like Tanzania’s Chama Cha Mapinduzi or Mozambique’s Frelimo joined by new revolutionary parties also inspired by Marxism.
The language of communism or socialism is not used explicitly. But a belief endures that top-down schemes and mega-infrastructure can catapult people into an “enlightened” future. Structural economic barriers are surmountable through technology and engineering.
Simultaneously, one cannot escape the language of the Davos establishment about the supremacy of markets, importance of foreign investment and pledges to tackle climate change and poverty. This illustrates the degree to which these illiberal modernisers are connected to international policymaking.
Our publication conceptualises this pattern of continuity and change, as a 10-point “illiberal modernisers” manifesto. Although holding considerable variation between countries, we argue that these these hegemonic ruling parties shared common goals of transforming society through an elite-defined programme.
Ultimately, the pattern of continuity and change demonstrates the importance of analysing ideas, beliefs, and values. Elites in Africa, just as elsewhere, are not only interested in power but are influenced by ideas about development.
Barnaby Joseph Dye receives funding from the Economic and Social Science Research Council (UK).
Biruk Terrefe received funding from the Heinrich Böll Foundation (Germany).
– ref. Visions of development have shifted in Africa over the past two decades: study explores how Rwanda and Ethiopia tried to shape the future – https://theconversation.com/visions-of-development-have-shifted-in-africa-over-the-past-two-decades-study-explores-how-rwanda-and-ethiopia-tried-to-shape-the-future-224988
Source: United States Institute of Peace
Brics is expanding.
The grouping which originally began with Brazil, Russia, India, China – was coined in 2001 by then Goldman Sachs chief economist Jim O’Neill – expanded to include South Africa in 2010.
The bloc was founded as an informal club in 2009 to provide a platform for its members to challenge a world order dominated by the United States and its Western allies.
Its creation was initiated by Russia.
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The group is not a formal multilateral organisation like the United Nations, World Bank or the Organisation of the Petroleum Exporting Countries (OPEC).
The heads of state and government of the member nations convene annually with each nation taking up a one-year rotating chairmanship of the group.
It now represents around 3.5 billion people – 45 per cent of the world’s population.
Its combined economies are valued at over $28.5 trillion – nearly a third of the global economy.
But which countries have recently joined? Which want to join now and why? And what does the expansion mean for the West?
With Prime Minister Narendra Modi attending the 16th Brics Summit in Kazan, let’s take a closer look at how Brics is expanding.
Which countries joined recently?
Brics in 2023 invited six countries – Argentina, Egypt, Iran, Ethiopia, Saudi Arabia and the United Arab Emirates – to become new members of the bloc.
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The formal invitation was made during a summit in August in Johannesburg.
While all BRICS members had publicly expressed support for growing the bloc, there were divisions among the leaders over how much and how quickly.
Members at the time said the move would help reshuffle a world order they view as outdated.
In January, five of these nations – Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates – said they were joining the BRICS bloc.
Argentina declined the invitation to join.
As per Al Jazeera, this came after President Javier Milei took office.
Milei has vowed to increase ties with the West.
However, Saudi Arabia later said it is not yet joining the group and that the matter is being considered by its leadership.
Ultimately, Egypt, Iran, Ethiopia, and UAE joined the bloc.
Which want to join now and why?
Dozens of countries have voiced interest in joining the grouping.
Algeria, Bolivia, Cuba, Democratic Republic of Congo, Turkiye, Comoros, Gabon, Kazakhstan, Vietnam, Thailand and Malaysia have all expressed interest in joining the forum.
Turkiye, a Nato member, formally requested to join BRICS in September.
As p_er Bloomberg,_ Turkiye is looking to become part of the bloc as it eyes increasing its global influence.
President Recep Tayyip Erdogan’s administration is looking further than its time-tested allies in the West, people familiar with the development told the outlet.
Erdogan’s government believes the centre of geopolitics is moving away from the developed economies.
Turkiye is also eyeing improving its economic relationship with Russia and China.
This is a departure for the NATO member nation which has historically been suspicious of Moscow and been a US ally.
Turkiye is also thought to be upset over the lack of forward movement in its decades-long attempt to join the European Union.
According to Al Jazeera, Thailand said it was interested in joining the grouping during the BRICS Dialogue with Developing Countries held in Russia in June.
Malaysia too expressed interest in becoming a member ahead of a visit from Chinese Premier Li Qiang.
The bloc “can help Malaysia’s digital economy grow faster by allowing it to integrate with countries that have strong digital markets and also take advantage of best practices from other members,” Rahul Mishra, associate professor at the Center for Indo-Pacific Studies at Jawaharlal Nehru University in New Delhi, told DW.
“Thailand would also be able to draw investments in important industries including services, manufacturing, and agriculture,” Mishra added.
Bolivia’s President Luis Arce has expressed interest in BRICS membership.
His government has said it is determined to curb dependence on the US dollar for foreign trade, instead turning to the Chinese yuan, in line with BRICS leaders’ stated aim to reduce dependence on the US currency.
Algeria last July it has applied for BRICS membership and to become a shareholder in the New Development Bank, the so-called BRICS Bank.
The North African nation is rich in oil and gas resources and is seeking to diversify its economy and strengthen partnership with China and other countries.
The countries hope the bloc can level the global playing field. Most nations view BRICS as an alternative to global bodies viewed as dominated by the traditional Western powers and hope membership will unlock benefits including development finance, and increased trade and investment.
Dissatisfaction with the global order among developing nations was exacerbated by the COVID-19 pandemic when life-saving vaccines were hoarded by the rich countries.
“That so many countries are willing to go to Russia, deemed a pariah state not so long ago for having violated international law by invading Ukraine, confirms a trend followed by an increasing number of countries in the world: They don’t want to have to choose between partners,” Tara Varma, a visiting fellow at the Brookings Institute, told Al Jazeera.
Adam Gallagher, writing for USIP.org, noting the size of the bloc, said there are clear economic benefits to joining the grouping.
“Intra-BRICS trade is one area that the group has found its footing,” Gallagher said. He noted how the June 2024 BRICS foreign minister’s meeting encouraged “enhanced use of local currencies in trade and financial transactions” by Brics members.
Gallagher said that countries like Malaysia, who want to join the grouping, are looking to form alliances across the globe and preserve their strategic autonomy.
“For these countries, it’s not about taking sides. Some countries also believe BRICS membership will give them a greater voice and representation in international politics. It’s not all about anti-Western ideology,” Gallagher wrote.
James Chin, a professor of Asian Studies at the University of Tasmania told DW “both Thailand and Malaysia are seen as middle powers.”
“It’s better for them to join groups like BRICS so that they will have a larger voice in the international arena. But the major benefit will be trade,” Chin added.
What does the expansion mean for the West?
Experts say that these growing number of nations who want to join Brics shows that they want their financial independence – and that the established world order may be vulnerable.
“In the aftermath of the war in Gaza, Russia and China have more effectively harnessed this anti-Western sentiment, capitalising on frustrations over Western double standards as well as the use of sanctions and economic coercion by the West,” Asli Aydintasbas, a Turkish foreign policy expert, was quoted as telling the Brookings Institute as per Al Jazeera.
“It doesn’t mean that middle powers want to trade US dominance for Chinese, but it means they are open to aligning with Russia and China for a more fragmented and autonomous world.”
As per Al Jazeera, Brics members and their associates clearly want to decrease their reliance on the US dollar and Europe’s Society for Worldwide Interbank Financial Telecommunication (SWIFT) network.
This comes after Russia was cut-off from the system in the aftermath of the invasion of Ukraine in 2022.
“China now has an alternative to the SWIFT payment system, though limited in use, and countries like Turkiye and Brazil increasingly restructure their dollar reserves into gold,” Aydintasbas added. “Currency swaps for energy deals are also a popular idea – all suggesting a desire for greater financial independence from the West.”
As per CFR.org, Western nations until now have talked down the bloc as a threat.
White House National Security Advisor Jake Sullivan has said Brics isn’t a geopolitical rival, while Treasury Secretary Janet Yellen has downplayed the de-dollarisation strategy of Russia and China.
But some argue that the West needs to do some serious introspection.
“The accusation that the West is arrogant toward the needs of the Global South is serious. It cannot be answered by offering ‘value-based partnerships’ and a ‘rules-based’ multilateralism when the interest of the BRICS is focused on changing those rules in global finance, trade, and other standard-setting procedures,” Günther Maihold, senior fellow at the German Institute for International and Security Affairs, was quoted as saying by CFR.org.
“Ignoring BRICS as a major policy force—something the U.S. has been prone to do in the past—is no longer an option,” Tufts University scholars wrote in 2023.
It remains to be seen how the US-led West will react.
With inputs from agencies
Source: United States Institute of Peace
(Bloomberg) — The American Sikh separatist targeted in a foiled assassination plot allegedly planned by India said that intelligence agents in New Delhi still want him dead and said that the Biden administration’s “quiet diplomacy” has failed to deter Prime Minister Narendra Modi’s government.
“The risk has increased,” Gurpatwant Singh Pannun said in an interview at his office in New York. “The Modi regime has not faced any consequences. They have not been held accountable. Why would they stop?”
The Indian government has branded him a terrorist and declared that his group Sikhs for Justice — which advocates for a Sikh nation known as Khalistan to be carved out of India’s Punjab state — is an “unlawful organization” that poses a threat to India’s sovereignty.
Pannun’s case first disrupted US-India ties late last year. That’s when the US Justice Department unsealed a superseding indictment in the Southern District of New York alleging that Nikhil Gupta, an Indian national, was recruited by an Indian government employee — known as “CC-1” — to have Pannun killed as part of a broader plan to assassinate overseas activists. At the time, Pannun’s group was organizing unofficial Khalistan referendums among Indian diaspora communities.
Gupta has plead not guilty.
India’s Ministry of External Affairs declined to respond to Pannun’s allegation that he remains a target of assassination. A ministry spokesman previously said the indictment was a “matter of concern,” that the allegations run “contrary to government policy” and that there is a “high-level committee” looking into the issue.
Months earlier in Canada, a Sikh separatist called Hardeep Singh Nijjar — a long-time associate of Pannun’s — was slain in a shooting that Prime Minister Justin Trudeau blamed on India, which rejected the accusations as “absurd.” But the US assassination plot on Pannun was foiled, according to the indictment, when an Indian national, operating under the Indian agent’s direction, inadvertently hired an undercover US agent posing as a potential hit-man.
Indian and US security agencies are in touch, and New Delhi continues to investigate the alleged murder plot, Vikram Misri, India’s foreign secretary, told reporters recently in New Delhi.
Earlier: India, Canada Meet as Arrests Point to Another Sikh Murder Plot
The case has been embarrassing for the Biden administration, which has continued to court Modi in an effort to counterbalance China.
“The question that this episode raises is whether we really are on the same page with this Indian government, and the extent to which an inclination to want to achieve a broader strategic end is maybe leading us to overlook the actually very transactional nature of the relationship,” said Daniel Markey, a former State Department official who’s now at the US Institute of Peace.
The case also represents a collision of geopolitical, criminal and constitutional considerations. India takes separatist movements seriously, given the militant history of the Sikh separatist movement in the 1980s and ongoing political violence in Kashmir. India blames overseas groups for fueling instability and potential violence at home.
Pannun, who worked at a Wall Street bank before turning to human rights law, now has five security guards to protect him and search the bags of even his close friends and associates, he said.
“I can continue to fight for the liberation of Punjab only if I stay alive,” he said. “You are doing a peaceful and democratic referendum, you are sitting at a place — and India has the resources and the proxies and the weapons and the money to kill you. You have to make sure that you survive and you continue the campaign.”
In a recent twist, Pannun filed a civil case in the US seeking restitution against senior Indian officials he alleges are responsible for the assassination attempt. Those allegations are “unsubstantiated” and “unwarranted,” Misri, the foreign secretary, said.
In Canada, which saw India expel dozens of diplomats after Trudeau accused India, the government is holding firm on its accusation that India was behind the killing of Nijjar. “That’s the ultimate breach of our country’s sovereignty,” Foreign Minister Melanie Joly told Bloomberg in an interview on Sept. 30. “That can’t happen again.”
About Sikh Separatists India Is Accused of Targeting: QuickTake
‘Terrorism’ Issue
“For India, the issue is that of terrorism,” said Aparna Pande, a research fellow at the Hudson Institute who put out a report pointing to ties between Khalistan groups and Pakistan, which India blames for fomenting violence in Kashmir. “India also believes that Western countries have shown tolerance towards groups and individuals deemed extremists and terrorists by the Indian government.”
Western law enforcement agencies are now attempting to balance protecting constitutional guarantees of free speech against what India views as a movement with the intent to break up the country — and that it alleges has ties to criminal gangs and smuggling. India also views Sikh protests outside its consulates and embassies as threatening.
Pannun, who was born in Amritsar, India, came to the US as a student. He made the new allegations that his life was still at risk after Sikh separatists in California had their truck “sprayed with bullets,” his group said.
That new attack is reviving concerns among US lawmakers after the original assassination plot prompted some Democratic senators to call on Secretary of State Antony Blinken to mount a strong diplomatic response “no matter the perpetrator.”
Senator Jeff Merkley, an Oregon Democrat, said it was crucial to investigate the California incident and to “send a strong message deterring potential future efforts to undermine the values of free speech and protest that we as a nation hold dear.”
Senior Biden administration officials, including White House National Security Advisor Jake Sullivan, have raised Pannun’s case with Modi’s government. Sullivan said in July that the issue “is sensitive, it is something we are working through,” but that the US effort “has been effective, in my view, mostly because it is taking place behind closed doors.”
Pannun, however, says that “quiet diplomacy” hasn’t worked “in the last 15 months” and that “it will not work in the next three years.” He also the Biden administration was handling his case differently because of its desire to have a strategic relationship with New Delhi.
“Had it been Iran, had it been China, had it been Russia — would the administration’s response be the same?” he asked.
–With assistance from Laura Dhillon Kane and Sudhi Ranjan Sen.
(Updates in last paragraph with additional quote.)
©2024 Bloomberg L.P.
US Senate News:
Source: United States Senator Joni Ernst (R-IA)
WASHINGTON – U.S. Senators Joni Ernst (R-Iowa) and Chuck Grassley (R-Iowa) urged President Biden to stand up for families navigating the People’s Republic of China’s (PRC) decision to end intercountry adoptions for those without Chinese familial ties.
In the letter, the lawmakers noted that approximately 300 children in the PRC – some with various health conditions – are already paired with families in the United States, including Iowans who have been waiting in the final stages of the adoption process for years.
“We request that you act in the best interest of these children and families by urging the PRC to fulfill and uphold the commitment the country has made,” the lawmakers wrote.
“The American families that have been matched with their adoptive children are prepared to meet their long-term medical and emotional needs, and to give them the love and nurturing they need,” they continued. “Many of these children know that they have a home, which in many cases have been prepared for their arrival since the families were notified that they were matched and moving forward with the adoption process.”
After the State Department noticed last week that the PRC may complete adoptions for families in some countries, the legislators called on President Biden to ensure such an action would pertain to the United States, too.
Read the full letter here.
Source: US House Committee on Foreign Affairs
Media Contact 202-226-8467
Washington, D.C. — House Foreign Affairs Committee Chairman Michael McCaul sent a letter urging President Biden to end bureaucratic delays and surge defense articles to Israel amid increasing threats from Iran and its terrorist proxies.
“We are seeing mounting, tangible evidence of the myriad ways that Russia, China, and Iran are enabling each other’s aggression against the United States and our partners. This is a watershed moment that requires moral and strategic clarity. We need to double down on our partnerships and shore up our alliances, starting with a policy directive to ship the 2,000-pound bombs and to prioritize all pending Direct Commercial Sale and Foreign Military Sale cases to Israel, including the numerous cases that have been subjected to unprecedented bureaucratic delays.”
The full text of the letter can be found here and below:
Dear President Biden,
I urge you to take immediate, public action to surge defense articles to Israel, including 2,000-pound bombs, and to eliminate bureaucratic and other delays that are currently slowing more than ten critical weapons cases purchased via Direct Commercial Sale to Israel. It is apparent that Iran and its proxies, including Hezbollah, are attempting to exploit perceived divisions between the United States and Israel, exacerbated by recent actions of senior Biden-Harris administration officials. It is imperative that you act now to deter our adversaries by showing that there is no daylight between the United States and Israel.
Iran and its proxies are brazenly and persistently attacking the United States and Israel. In recent weeks, a drone launched by Iran-backed Hezbollah targeted a residence of Israeli Prime Minister Benjamin Netanyahu, and Hezbollah fired projectiles at Israel while Secretary of State Antony Blinken was in the country. Yet instead of surging arms exports to Israel to deter further attacks, Secretary Blinken and Secretary of Defense Lloyd Austin sent a letter threatening to withhold further support to Israel. It is unconscionable that this letter was sent less than two weeks after Iran launched approximately 200 ballistic missiles at Israel. Every U.S. ally in the world is watching with disgust and questioning our reliability.
Worse still, the Blinken-Austin letter was sent with no prior consultation with or notification to Congress, despite Congress’ longstanding role in appropriating security assistance to Israel and approving arms sales. The administration has significantly delayed briefing Congress on these issues despite repeated requests. This is particularly egregious when just six months ago, Congress enacted a national security supplemental spending bill with significant aid to Israel, which your administration requested, and which placed no additional restrictions on assistance to our ally. Bipartisan congressional intent of staunch, ironclad support for Israel is clear, yet your administration is acting to the contrary.
In May, you halted a shipment of 2,000-pound bombs over disagreements regarding Israeli military operations in Rafah – the city where the Israeli military recently eliminated Hamas leader Yahya Sinwar and where numerous hostages, including American citizen Hersh Goldberg-Polin, were executed by Hamas terrorists in August. Major military operations in Rafah have concluded, yet the shipment is still blocked. As misguided as this decision was at the time, it is now downright dangerous. Israel has endured months of attacks from Hezbollah, and a second ballistic missile attack from Iran. Robust action is needed to deter Iran and its proxies. It is past time for you to publicly lift the hold on these bombs, making clear that the United States will provide Israel all support needed to restore its security against these lethal adversaries.
We are seeing mounting, tangible evidence of the myriad ways that Russia, China, and Iran are enabling each other’s aggression against the United States and our partners. This is a watershed moment that requires moral and strategic clarity. We need to double down on our partnerships and shore up our alliances, starting with a policy directive to ship the 2,000-pound bombs and to prioritize all pending Direct Commercial Sale and Foreign Military Sale cases to Israel, including the numerous cases that have been subjected to unprecedented bureaucratic delays. Lastly, I expect your administration to consult with Congress prior to any further withholding of assistance to our close ally Israel.
###
US Senate News:
Source: United States Senator for Commonwealth of Virginia Mark R Warner
BROADCAST-QUALITY AUDIO AND VIDEO OF THE FULL MEDIA AVAILABILITY IS AVAILABLE HERE
WASHINGTON – With just five days until the election, Senate Intelligence Committee Chairman Mark R. Warner (D-VA) today issued a special message to Virginians, urging them to remain level-headed in the lead up to the election and the days after – especially in the face of surging election disinformation, conspiracy theories, and false videos generated or altered with artificial intelligence.
On the broad feeling of uncertainty plaguing 69 percent of Americans who report feeling anxious or frustrated about the election, Sen. Warner said:
“I think we’re all going to be tested. Because what’s more important than whatever candidate you’re supporting, is making sure that we have faith in our system. I have been blessed to have been your governor and your senator. I have faith in our democracy, I have faith in the integrity of the literally thousands of folks who give their time and volunteer at our polling locations.” (2:21)
On the likely outcome that the election will not be immediately called on election night, Sen. Warner said:
“If your election is not called right away on Tuesday night – even if it doesn’t appear to be that close – there are reasons. Rules have changed. Certain jurisdictions are hand-counting ballots now. That just takes a lot more time. Just because it takes a while to have an election called doesn’t mean there’s anything nefarious or bad going on.” (1:58). He continued, “This is not going to end in Virginia when our polls close at 7 o’clock on Tuesday, or later in the evening as later states close. We’re probably not going to have a declared winner on Tuesday night. I think we just all got to be prepared for that, and have a little patience with a system that has served us well.” (9:25)
On the barrage of disinformation and artificial videos targeting Americans, Sen. Warner said:
“It’s going to be a tense time. Please don’t jump to conclusions. As we all tell our kids: just because you see it on the internet, does not mean it’s true. And if you see some story or conspiracy that seems so outrageous, take a deep breath, take a moment, and check other news sites to see if that story is being repeated or if it may just be a one-off.” (3:04). He continued, “If it comes from a meme or a TikTok video, chances are that may not be accurate. We all need to recognize that these next few days and the hours and days after the election are going to be some of the most critical time, I think, in recent history.” (1:34)
On efforts to cast doubt on the integrity of our election, Sen. Warner said:
“I’ve said this many times as Chairman of the Intelligence Committee: there are other nations – China, Iran and Russia in particular – who want to interfere in our elections. They may have a candidate choice, but at the end of the day, what they mostly want to do is undermine our confidence in our system. In two years, we’ll be celebrating the 250th anniversary of our nation. Our democracy has stood up to the test of time, but over these next few days, it may be tested again. At the end of the day, I want to count on my fellow Virginians. We’ll get to a fair result. Whether your candidate wins or loses, we’ll make sure the process is fair, that the votes are counted fairly, and I again implore you, if you see crazy stuff, don’t take rash action.” (3:31)