Tag: Economy

Xi’s dream project ‘Belt Road Initiative’ in trouble amid China’s shrinking economy
15Mar By Yusara AskariNo Comments
Asia, Business, China, Singapore

Xi’s dream project ‘Belt Road Initiative’ in trouble amid China’s shrinking economy

Due to China’s dwindling economy, President Xi Jinping's dream of setting a new world order seems to have come to a halt after the Covid-19 slowed down the Belt Road Initiative (BRI), pushing it towards becoming financial inviable.According to media reports, Beijing has been forced to cut back on new loans and investments under the BRI due to covid-19 induced economic troubles.According to the Green Belt and Road Initiative Centre, a research organization, Chinese investment has reduced to USD 47 billion in 2020--a whopping slump of 54 per cent in just one year.Wang Xiaolong, director-general of the Chinese Foreign Ministry's International Economic Affairs Department, said 20 per cent of the BRI projects were seriously affected while other 30-40 per cent witnessed adverse impact.China's ec
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Indian External Affairs Minister to visit Maldives this weekend
19Feb By Nectar GanNo Comments
Politics

Indian External Affairs Minister to visit Maldives this weekend

Indian External Affairs Minister Dr S Jaishankar is going to visit Maldives this Saturday to continue India’s high-level engagements with the island nation.Foreign Secretary Harsh Vardhan Shringla had gone to the Maldives in November last year even during the time of COVID-19 pandemic.A meeting took place between the two Foreign Ministers, through video conferencing in August 2020 in which several key projects and initiatives were announced. Also, in April 2020, a telephone conversation took place between Prime Minister Narendra Modi and Maldives President Ibrahim Mohamed Solih.‘India First’ has been the underlying foreign policy approach of the Maldives government. President Solih, since he assumed office in November 2018, has taken concerted initiatives on this front. This is in congruen
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LG reviews progress of Committee on Business Revival’s recommendations in J&K
21Oct By Yusara AskariNo Comments
Asia, Business

LG reviews progress of Committee on Business Revival’s recommendations in J&K

The Lieutenant Governor of the Indian union territory of Jammu and Kashmir (J&K), Manoj Sinha, reviewed the progress made on the recommendations of the Committee on Business revival in Jammu and Kashmir.The Lt Governor sought a detailed report on a host of financial and administrative measures recommended for the revival of the business sector along with financial implications and accorded timelines, aimed at helping business and entrepreneurs and steps taken thereon.“Business sector is the backbone of every economy and it is important that the government machinery must lay a special focus on its revival and for the welfare of the people associated with it,” Sinha said.He further stressed on the effective implementation of the recommendations made by the Committee as per the timelines
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US Justice Chief assails Chinese ‘economic blitzkrieg’
24Jul By Nectar GanNo Comments
Politics

US Justice Chief assails Chinese ‘economic blitzkrieg’

In the latest assault against Beijing, US Attorney General Bill Barr called out China for mounting an "economic blitzkrieg" on global free markets.Barr said China was determined to replace and not just join advanced economic powers.He warned US companies to stop compromising their principles to appease Chinese leaders and regulators."The People's Republic of China is now engaged in an economic blitzkrieg -- an aggressive, orchestrated, whole-of-government, and indeed, whole-of-society campaign to seize the commanding heights of the global economy and to surpass the United States as the world's preeminent superpower," Barr said in a speech in Grand Rapids, Michigan.He accused the Chinese government of a "mercantilist" approach to business and trade, using everything from regulations and cur...
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Coronavirus: China’s workers and graduates fear for their future
17Jul By Joanne SerriehNo Comments
China

Coronavirus: China’s workers and graduates fear for their future

Disastrous shutdown brought by the coronavirus pandemic has left many workers and young graduates fear for their future as unemployment looms over their head.In a building which is half shut and dark, Huang waits by a workbench for the welder to pass the next metal tray. There's only a handful of staff in the factory.The boss is stranded in Europe. They haven't had any new orders from their American customers for months. This is a business that's desperately trying to keep the lights on."Up until now we haven't received any substantial mass production orders to keep the factory running and to be able to pay salaries and to be able to stay afloat," Yuliya Yakubova said.Speaking from Italy she said, "The last [thing] I want to do really is fire or let go employees." But she doesn't have long...
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Watch China’s actions, don’t listen to its words
16Jul By Stuart WhiteNo Comments
Opinion

Watch China’s actions, don’t listen to its words

At the moment, one of the most complex situations is the changing nature of nation-to-nation relationships with China. The words China wants us to use are telling.In the case of the US-China relationship, the Chinese Communist Party has been very keen to use words (both positive and negative) that create an impression of equality between Beijing and Washington.A few years ago, Beijing promoted the idea of China and the US being the “G2” - two equal governments, with primacy over the rest. The G2 construct allowed Beijing to imply that the world should be divided into two colonial-style spheres of influence, one for the US, and one for China.In 2008, US Navy Admiral Timothy J. Keating told the Senate Armed Services Committee about a comment a senior Chinese officer made to him: “As we devel
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Pentagon warns China is exploiting the coronavirus pandemic to wage ‘economic warfare’ on the US
19Jun By Grace TsoiNo Comments
World

Pentagon warns China is exploiting the coronavirus pandemic to wage ‘economic warfare’ on the US

Defense officials in the U.S are growing increasingly concerned that China is using the coronavirus outbreak to gain stakes in strategically important businesses as the pandemic leaves struggling companies urgently in need of capital.But even as the Defense Department works to improve supply security, procurement experts warn that the Pentagon may not have the visibility required to help protect smaller companies down the chain. They say the job is only getting harder as the pandemic has broadened the definition of national security interests to include medical supplies. And they point to at least one Chinese-owned company that asked to bid on a Pentagon contract."We have to be very, very careful about the focused efforts some of our adversaries have to really undergo sort of economic warf...
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Pakistan: Number of jobless people to reach 6.65m in 2020-21
18Jun By Yusara AskariNo Comments
Asia

Pakistan: Number of jobless people to reach 6.65m in 2020-21

Marred by economic instability and coronavirus outbreak, the number of unemployed people in Pakistan has been estimated to reach 6.65 million during the fiscal year 2020-21, compared to 5.80m of the outgoing financial year.According to the Labour Force Survey 2017-18, unemployment rate for the next year (2020-21) has been estimated at 9.56 per cent.Pakistan has the 9th largest labour force in the world which is increasing every year. During next year, the number of employed persons will increase to 69.2 million in 2020-21 from 62.1 million in 2019-20.The country is currently experiencing the phenomenon of unemployed educated people, particularly jobless graduates.The unemployment rate among degree-holders is almost three times higher than the other overall unemployed people. The reason beh...
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A look at China’s military amid COVID-19-induced economic slowdown
11Jun By Yusara AskariNo Comments
China

A look at China’s military amid COVID-19-induced economic slowdown

Due to the coronavirus induced economic slowdown, thousands of demobilized People's Liberation Army (PLA) soldiers in big and medium-sized cities are currently facing unemployment or under-employment.Most of them, sources said, were demobilized between 2015 and 2018. Their number is said to be close to 300,000. Because of the 2016 decision, most of them were given only a lump sum payment.They were working as delivery boys, or as bearers in hotels, restaurants and salespersons in malls and shops etc. The technically qualified ones joined manufacturing units.There have been small size demonstrations asking for special help from the government by these ex-soldiers in various cities. “While not yet alarming, local authorities see these agitations as generators of negative sentiments against go
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