The so-called Group of Seven (G7) nations on Tuesday had "positive and productive discussions" with China and India about plans to implement a price cap on Russian oil exports, Reuters reported on Wednesday. The news came on the heels of G7 agreement on exploring imposing a price cap on Russian oil, apparently as part of the West's ever expanding sanctions against Russia.
At a time when the world economy is facing serious challenges from a confluence of factors, including the COVID-19 pandemic, the Russia-Ukraine conflict and Western sanctions, many developing countries have shown a growing interest in joining BRICS, whose rising global profile has been largely overlooked by the West but is gaining popularity in the vast developing world.
With the final deadline on a pair of Russia's overdue interest payments totaling about $100 million passed on Sunday night, Western media outlets declared that since bondholders had not yet received the payments, Russia is set for its first major foreign debt default in over a century.
US-listed Chinese electric vehicle (EV) companies have recently registered a relatively robust market performance thanks to the favorable policies and business performance within China's manufacturing sector. Shares of Chinese EV brand XPeng surged 25.28 percent over the past week alone, gaining more than 50 percent in June, while shares of Li Auto recorded a weekly gain of 23.05 percent as of the Friday close, soaring 62.7 percent so far this month.
US Trade Representative Katherine Tai said at a Senate hearing on Wednesday that US tariffs imposed by the former Trump administration on Chinese goods are "a significant piece of leverage" in the US-China trade relationship and "a trade negotiator never walks away from leverage," Reuters reported on Thursday.
At a White House press briefing on Tuesday, John Kirby, US National Security Council Coordinator for Strategic Communication, suggested that China's purchase of Russian oil is "another example of a growing collaboration between China and Russia with respect to Ukraine." However, when asked about India's purchase of Russian energy, he replied, "There are sovereign decisions," while stressing that India is a "very key strategic partner in the Indo-Pacific region."
A US legislation banning imports from Northwest China's Xinjiang Uygur Autonomous Region took effect on Tuesday. The ban takes a "rebuttable presumption" that all goods from Xinjiang were made using forced labor, and goods from Xinjiang can be imported to the US only if companies can prove that their supply chains are free of the involvement of forced labor. This is a serious escalation in the US' campaign to contain China that calls for serious countermeasures.
With the 14th BRICS Summit to be held on Thursday, a number of officials and experts have recently voiced their expectations for the BRICS mechanism to play a greater role in promoting fairness and security in the global financial and trade order.
For years, the West has been seeking out ways to respond to the growing influence of the Belt and Road Initiative (BRI), and the subject is expected to be raised again at the upcoming Group of Seven (G7) summit, which is scheduled to be held from June 26 to 28 in Germany.
A range of major economic data for May released on Wednesday are sufficient to show the Chinese economy is recovering from the worst COVID flare-ups in two years after measures aimed at curbing coronavirus' spread have eased up as the epidemic have been largely brought under control.
The global food shortage has become the focus of international community lately. At the WTO ministerial meeting this week, WTO director-general Ngozi Okonjo-Iweala urged governments to stop food export restrictions to help ease an impending food crisis. But the question remains: Who is to blame for the food shortage? The creators of the crisis should rightly take the main responsibility for solving it.
Given Australia's current economic doldrums, it may be understandable the new prime minister's eagerness to remove obstacles to economic and trade ties with China, but that doesn't mean Australia can put the cart before the horse.
While the Chinese economy is facing difficulties and challenges due to recent COVID-19 outbreaks and a complicated international environment, it hasn't hindered its efforts to pursue high-quality development. Regrettably, some Western media outlets have been busy hyping up China's economic fall, while turning a blind eye to the profound transformation of the world's second-largest economy, which explains why they always misjudge China.
Food security and vaccine equity will be on the top of the agenda for trade ministers from World Trade Organization (WTO) members as they gather in Geneva for the 12th Ministerial Conference (MC12), which begins Sunday. Whether WTO members can reach consensus at the meeting could signal whether the spirit of rational multilateral cooperation in the international economic and trade arena can return, even though US-based trade hegemony has no shortage of supporters in the West.
China's major commodities imports were generally characterized by declined volume and a sharp price increases in the first five months of this year, according to the latest data released by the General Administration of Customs on Thursday.
India's central bank on Wednesday raised its key interest rate by 50 basis points to 4.90 percent, the second hike in over a month. The move came just one day after Australia's central bank on Tuesday increased interest rates by the most in 22 years.
The Biden administration on Monday announced a two-year tariff exemption for solar panels from four Southeast Asian nations, a development that came after industrial complaints that the high cost of solar panels have caused a freezing of solar projects in the US.
Any attempt to push Latin America in the direction of a new Cold War is doomed to fail. This is because China and Latin America countries have greatly deepened their economic and trade cooperation over the years, which cannot be reversed by a summit or other political means.
China's stock markets have more certainty in terms of growth potential. It is undeniable that the recent flare-ups have caused some shocks to economic activities, but it did not hurt the fundamentals of the Chinese economy.
As Chinese State Councilor and Foreign Minister Wang Yi continues a remarkable eight-country tour throughout the South Pacific, Western officials and media outlets have spared no efforts in coming up with different narratives to smear and disrupt what should be normal official exchanges between sovereign states. The latest line of attack apparently accepted by almost all major Western media outlets is that the trip has failed to achieve its goals.
EU leaders on Monday agreed "in principle" to embargo 90 percent of Russian oil imports to the bloc by the end of this year, Reuters reported. While the move is sufficient to demonstrate the EU's resolve to wean itself off energy supplies from Russia, the market may be more concerned about how high the embargo will push oil prices and what are the potential consequences to the world economic order.
As two Chinese megacities - Beijing and Shanghai - are emerging from the shadow of China's worst COVID-19 outbreak since 2020 and bringing normalcy to social and economic activities, it is repellent to see some US media outlets continue to play up the risks of the dynamic zero-COVID strategy to global supply chains.
Sri Lankan Prime Minister Ranil Wickremesinghe said China had offered “a few hundred million dollars” in financial support to the debt-ridden country to help alleviate its shortage of essential consumer items, the Financial Times reported on Friday.
China's State Council, the cabinet, on Wednesday held an unprecedented national video teleconference on stabilizing the economy, which was reportedly attended by over 100,000 officials of various levels. The meeting, coming at a time when the Chinese economy is facing significant downward pressure, sent an unmistakable signal that keeping the economy from falling out of a reasonable growth range has become a top priority for the government.
In fact, Australia's hostility toward China has always been in the shadow of the US' geopolitical games. For a long time, the US has shown a strong willingness to politicize trade activities, which inevitably affected Australia, contributing to the latter's trade difficulties with China.
US President Joe Biden announced on Monday that its Indo-Pacific Economic Framework (IPEF) will start with 12 founding members – Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
If the West's sanctions and other moves eventually lead to mass hunger, the West will become the biggest violator of human rights and history will hold them accountable. With developing countries rejecting to be tied to the Western chariot, a new wave of anti-Western sentiment could be expected around the world.
Given Vietnam's robust economic performance in recent days, some Western public opinion claimed that as China's global supply chain status is facing shocks by the epidemic situation, Southeast Asian countries, represented by Vietnam, will play catch-up or even replace it.
US President Joe Biden is scheduled to visit South Korea and Japan from May 20 to 24. One focus of his first trip to Asia since he took office is to push for the so-called Indo-Pacific Economic Framework (IPEF), which is expected to be formally launched during his visit to Japan.
It is hard for South Korea to say no to the US' so-called semiconductor cooperation plan because it doesn't want to end up being marginalized within the US' industrial alliances. But that doesn't mean South Korea could ignore the risks of its semiconductor supply chains being hijacked by the US' geopolitical games.
Once the CBPR mechanism becomes a global standard for cross-border data flow and data privacy protection, it can be expected that some developing countries will undoubtedly face serious challenges and even potential safety hazards in terms of digital trade.
With the US kicking off a drastic tightening cycle by raising its benchmark interest rate, Southeast Asian countries appear to have again faced a new wave of economic turbulence that is sweeping through their economies, stock markets and currencies.
The Ukraine crisis and particularly the West's sweeping economic sanctions imposed on Russia, are producing cascading negative effects across the global economy. The West just wants to shift the blame to the developing economies, including India.
As China strives to find the most effective way to save the most lives at the least cost, it's hard to assess the cost at the moment, but what is certain is that we will have to pay more, if China chooses to "lie flat" against the virus as many countries have done.
US President Joe Biden said on Tuesday that he was considering eliminating some of the tariffs imposed on Chinese imports, in a bid to help tame decades-high inflation in the US.
Yoon Suk-yeol was sworn as South Korea's new president on Tuesday. Since observers generally expect Yoon to face a difficult balancing act between China and the US, how the transition of power in South Korea will affect China-South Korea relations has become the focus of attention in the Asia-Pacific region.
Chinese official data showed on Monday that China's imports from India plummeted in April, due in part to China's efforts to curb its worst COVID-19 outbreak since 2020 that dampened domestic demand. But, there is more to be concerned about other than the COVID-19 epidemic when it comes to China-India trade.
Chinese smartphone maker Xiaomi Corp has come under intense regulatory pressure in the Indian market, which may raise concerns over Chinese companies' development in India.
The US Securities and Exchange Commission (SEC) on Wednesday added more US-listed Chinese companies, including JD.com, Pinduoduo Inc and Bilibili Inc, to its list of entities that face possible expulsion from American exchanges under The Holding Foreign Companies Accountable Act.
The US Trade Representative's office said on Tuesday that it had begun a statutory process regarding a review of US tariffs on more than $300 billion worth of Chinese products ahead of their expiration in July. If any US business benefiting from those tariffs requests for a continuation of the tariff policy by July 6, the office will keep the tariffs in place while conducting a review on whether to continue the tariff policy or not.
In its latest report released on Wednesday US time, the US Trade Representative (USTR) once again put China on its so-called Priority Watch List of trading partners that it deems to have lacked proper protection of intellectual property rights. Senior USTR officials also reportedly said that the Biden administration will continue to closely monitor China's progress in implementing the China-US phase one trade agreement signed in 2020.
The recent volatility seen in China's financial markets has just fueled a new round of commentary around the “China collapse theory,” which was repeatedly struck down by reality. And this time will be no exception.
Chinese drone maker DJI Technology Co said that it would temporarily suspend sales in both Russia and Ukraine “to help ensure no one uses our drones in combat,” Reuters reported on Wednesday, calling the Shenzhen-based firm the first major Chinese company to cite the conflict in suspending business in Russia. Some other US media outlets also hailed what they described as a rare move by a Chinese firm since the start of the Russia-Ukraine conflict.
As China is fiercely combating its worst COVID-19 outbreak since 2020, some Western media outlets seem especially keen on playing up the disruptions China's dynamic zero-COVID policy will bring to global supply chains, even though the global pandemic and geopolitical tensions are the real source of uncertainty for the world economy.
To date, 70 percent of Shanghai's key enterprises have resumed operations, as the city of 25 million people is still struggling with the recent COVID-19 flare-up.
Faced with daunting inflationary pressure, which reached 40-year high of 8.5 percent in March, the Biden administration appears to have no other viable option than paring tariffs on imports from China and other economies.
World Bank President David Malpass called for a new process for restructuring the debt burden of developing nations, citing concerns over a lack of transparency relating to the amounts they owe to China, Bloomberg reported on Wednesday. "We're working to avoid" the circumstance where assistance being sent to developing nations goes to China in the form of debt servicing, he said.
This year's annual conference of the Boao Forum for Asia (BFA) kicked off on Wednesday in Boao, South China's Hainan Province, where political and business leaders from Asia and beyond gather to discuss the post-pandemic development agenda for Asia and the world. This is a crucially important opportunity for regional countries to reaffirm commitment to peaceful development and win-win cooperation, as the US and some of its allies are creating growing geopolitical and economic risks in the region.
Central bankers and finance ministers from many countries around the world are attending the 2022 spring meetings of the IMF and the World Bank and G20 meetings in Washington this week - all aimed at addressing risks and uncertainties facing the global economy. But the US appears to have a completely different agenda in mind - one that runs counter to the imperative goals of the meetings and the fundamental interests of the global community.
Guinean authorities have been turning up the pressure on multinational mining companies to pay more royalties for bauxite and iron ore mining projects in the country, which could "hit China's efforts to make inroads into the West African nation," the South China Morning Post reported on Monday.
As Shanghai appears set to reduce the negative impact of its coronavirus lockdown on local manufacturing, another factor that is very important to resumption of industrial production is ensuring viability of logistics.
As the latest raft of inflation data from around the world clearly points to the fallout of the Russia-Ukraine conflict and Western economic sanctions against Russia, it is preposterous to see some Western media outlets continue blaming China for global supply chain problems and high prices.
Embroiled in its worst economic crisis in decades, Sri Lanka said on Tuesday that it would temporarily default on all foreign debt until it had come to an agreement with creditors on how to restructure its loans, as it tries to preserve its dwindling foreign exchange reserves to import essential food and fuel.
While political changes in Pakistan have recently fueled speculation about the possible impact on China-Pakistan relations, it remains clear that the high level of mutual trust between the two sides forms the solid guarantee that bilateral economic and trade cooperation won't be affected.
Australian Prime Minister Scott Morrison announced recently that Australia will hold a federal election on May 21, which, according to the US-based Associated Press, is expected to be fought on issues including Chinese "economic coercion," climate change and the COVID-19 pandemic.
Ever since the leak of a draft security pact inked between China and the Solomon Islands, some Western countries have hyped the issue with baseless speculations on China's so-called military buildup in the Pacific region, which, however, only shows their abnormal mentality.
The European Union Chamber of Commerce in China warned on Wednesday that China's dynamic zero-COVID policy was harming the attractiveness of Shanghai as a financial hub, echoing other analysts voicing caution over the economic toll of China's anti-COVID-19 approach, according to Reuters.
As the US and its Western allies are determined to drive the Russian economy into a corner, Russia has never been so close to its first debt default since 1998, which may plunge global financial markets into a new round of uncertainty.
The situation in Ukraine deteriorated again as the US and Europe on Tuesday planned to impose new sanctions on Russia.
Citing clues from the federal budget and a press release from Australian Infrastructure Minister Barnaby Joyce and then confirmation from Australian officials, several Australian media outlets on Thursday reported that the Australian government will announce a new port to be built in the strategically important city of Darwin, a move that some reports called a “major blow to China” and could “check Chinese control of key asset.”
After India signed an agreement to set up hybrid power projects on northern Sri Lankan islands, the US-based Associated Press described in a report the signing as India's “strategic victory in its competition with China for influence in the Indian Ocean.” The report also noted China's announcement in December to suspend power plant projects in three Sri Lankan islands.
As a showdown between Russia and the EU over the payment for energy trade looms, it's becoming increasingly clear that the EU may be the one that will have to foot the bill in the US-led reckless economic campaign against Russia that has already wreaked havoc on the global trade and financial systems.
As Shanghai, China's largest city and a main economic, trade and financial hub, adopted what appears to be a new approach to contain the highly contagious Omicron variant in the city – by imposing temporary closed-off management in certain parts of the city, while refraining from citywide closures, domestic and global attention will focus on whether the city will be able to stem the virus, while minimizing the economic costs.
Chinese drone manufacturer DJI said on Monday that foreign accusations that the company was supporting war is “completely false” and the removal of its products from German retailer MediaMarkt was for security reasons as DJI and its partners have been the target of online attacks lately.
It seems that the Biden administration is unable to resist the temptation of taking a zero-sum game approach to China despite the intertwined supply-chain links and the mounting inflationary pressure in the US, but the flawed mentality will only drive bilateral trade down a geopolitical dead end.
The US administration appears to be increasingly unhinged in its pressuring campaign to force China into taking sides on the Russia-Ukraine conflict, as US officials have been doubling down on their threat of "economic consequences" against China should Beijing refuses to support Washington's sanctions against Russia.
After weaponizing the global financial and trade system in its frenzied economic sanctions against Russia, Washington now appears to be seeking to use another crucial multilateral platform to promote its reckless, dangerous anti-Russia mania.
During an industry event, Australian Trade Minister Dan Tehan claimed that China's chances of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) could be hurt if it is unable to engage with Australia “on a ministerial level,” the South China Morning Post reported on Tuesday.
As China and the EU prepare for a scheduled summit early next month, which is expected to focus on bilateral cooperation in a wide range of areas, there have been some hostile and irrational voices that appear to be aimed at using the Russia-Ukraine conflict to undermine or even derail the meeting.
The volatile performance of the Hong Kong stock market in the face of a raft of global uncertainties over the past weeks may have triggered investors' concerns over the investment value of the market. But Hong Kong's position as one of the world's major financial hubs, with the unswerving support of China's central government, will not change.
A series of positive signals about reaching a consensus on China-US audit deal are emerging from both sides. Citing anonymous sources, the Financial Times on Thursday reported that China is preparing to make a so-called "concession" so as to conclude the deal with the US' Securities and Exchange Commission (SEC) to defuse the "US delisting threat".
Global financial markets could be on the verge of suffering another shockwave as the US and its allies are attempting to crush Russia's economy with sweeping sanctions.
As China is trying to contain a voracious COVID-19 outbreak in two years, the country has also been on the end of a new wave of Western voices attacking China's dynamic zero-COVID policy, and minimizing China's economy.
The past weeks saw the West impose an ever-growing list of sanctions on Russia's economy over its military operations in Ukraine. At the same time, the US also seems relentless in using the Russia-Ukraine conflict to create problems for China by making lurid and ridiculous allegations and even threat against Beijing.
After a nearly five-year stagnation, India and Canada recently decided to reboot their trade negotiations during Canadian Trade Minister Mary Ng's visit in India. The seeming normal interaction between countries, however, has been interpreted by some as engagement between "democratic nations" aiming to counter China.
It seems that the US digital currency development policy is at a critical turning point.
US President Joe Biden announced on Tuesday a ban on imports of Russian oil, natural gas and coal in response to the conflict between Russia and Ukraine.
A possible escalation of the Ukraine conflict is likely to spur Europe's energy market into a major reset, which may pose an unprecedentedly severe test for the EU's climate change policies.
As global markets have entered a period of voracious volatility amid the escalating Russia-Ukraine conflict, the fast spread of the Omicron variant, and a sluggish economic recovery, the signal of stability stemmed from China's two sessions will offer valuable certainty to the global economy.
While the Biden administration insists on levying tariffs on Chinese goods as a leverage to contain China's rise, it is unlikely for Washington to give up the leverage anytime soon.
US Federal Reserve Chairman Jerome Powell said on Wednesday he would support a quarter-percentage point rate increase at the central bank's March policy meeting to tame runaway in the country. Meanwhile, on the other side of the Pacific, China's central bank is widely expected to maintain a steady monetary policy with flexible easing if necessary.
The situation in Ukraine has not only drawn global attention, but also offered a peek into the invisible “world war” taking place on the financial battlefield, where the US and its allies are relentlessly and recklessly attacking Russia economically.
US President Joe Biden will host Southeast Asian leaders for a special summit in late March, the White House announced on Monday. Given the Biden administration's recent release of its Indo-Pacific strategy that is said to rely on partnerships to counter China's growing influence in the region, the summit could be another attempt by Washington to rope in the Association of Southeast Asian Nations (ASEAN) to form a united front against China.
Nepal's Parliament approved a $500 million US government grant on Sunday. According to the Millennium Challenge Corporation (MCC) pact Nepal signed with the US in 2017, the funds will be used in some electricity transmission line and road improvement projects and does not need to be repaid.
Monday is set to see the 50th anniversary of the issuance of the Shanghai Communiqué, the first joint communiqué issued by China and the US on February 28, 1972 that opened a new chapter for bilateral relations.
The situation in Ukraine is changing faster than expected. Russian President Vladimir Putin on Thursday authorized “a special military operation” in the Donbass region.
It seems that France's grudge against Australia for suffering the collateral loss of the latter's AUKUS deal with the UK and the US is likely to generate more long-term consequences than first expected.
With the outbreak of the Ukraine crisis, Europe seems to have never been closer to a self-made energy crunch which threatens its future.
The recent surfacing of images of the J-10C fighter jets with the marking of the Pakistan Air Force on social media seems to have verified a widely-circulated hearsay that Pakistan ordered advanced J-10C fighter jets from China.
The Modi government, which has refused to join any regional trade agreement, seems to have finally realized that it has come to a point where its foreign trade policy must change course, or the country faces the risk of being shut out of global markets.
In a joint statement issued on Thursday after a video call between British Prime Minister Boris Johnson and his Australian counterpart Scott Morrison, the UK announced plans to commit 25 million pounds ($34 million) to strengthen regional resilience in areas including cyberspace, state threats and maritime security in the Indo-Pacific.
US predictions that Wednesday would be the date of a Russian military campaign against Ukraine didn't materialize as of press time, but that hasn't seemed to stop the US from issuing war-related warnings aimed at further inflaming regional tensions.
While US officials are continuing talks with Chinese officials, their patience are running out “after months of talks on shortfalls in the so-called phase-one trade agreement,” and are considering next steps on how to respond, Bloomberg reported on Tuesday, citing people familiar with the matter.
The UK government's China policy, at least in economic and trade areas, seems to have taken a fresh turn, with Prime Minister Boris Johnson reportedly seeking closer economic ties with China by restarting trade talks.
Overseas investors increased their holding of Chinese treasury bonds in January, according to official data, telling volumes about China's financial stability and economic resilience as well as a continuation of its financial sector openness, despite lingering global concerns about surging inflation and interest rate hikes that are needed to curb price rises.
By hyping the “economic bully” accusation against China, Lithuania appears to be trying its best to seek support from its allies and fellow “victims” of the so-called coercion in an attempt to continue its mistakes that undermine China's core interests. And its actions will only risk a stronger response from China.
The widening trade deficit is of irony considering the fact that the US has been piling up trade pressure on China by various means such as imposing sanctions and tariffs. None of the goals the US hoped to attain, such as bringing manufacturing back to the country, reducing the US trade deficit, and containing China's rise by weakening its economy – has been achieved.
The Biden administration may think reckless suppression on Chinese companies and industries will help them win the strategic rivalry with China, but in reality, their abuse of sanctions is threatening to inflict further damage on US economy in the form of the aggravating supply chain and inflation problems.
Top leaders of China and Pakistan reaffirmed their support for the high-quality development of the China-Pakistan Economic Corridor (CPEC), agreeing that CPEC has significantly contributed to Pakistan's economic and social progress, according to a joint statement released by the two countries in Beijing on Sunday.
Lithuanian Foreign Minister Gabrielius Landsbergis will visit Singapore and Australia from Sunday to Thursday, with a view of opening up "new opportunities for Lithuanian exporters in advanced and stable markets in Asia and Oceania" and "diversifying its supply chains," according to a press release from the Baltic state's foreign ministry.