
Xi in Kazakhstan to cement 'eternal' ties
Leaders pose for a photo during the China Central Asia Summit in Astana. Photo: AFP
Xi Jinping celebrated China's "eternal friendship" with Central Asia at a summit in Kazakhstan on Tuesday, as the Chinese leader blasted tariffs and sought to assert Beijing's influence in a region historically dominated by Russia.
The summit in Astana brought together Xi with the leaders of Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan and Turkmenistan.
Under Russia's orbit until the fall of the Soviet Union in 1991, the five Central Asian states have courted interest from major powers including China, the European Union and the United States since becoming independent.
At the summit, the group signed a pact of "eternal" friendship as Xi called for closer ties with the resource-rich region.
"We should... strengthen cooperation with a more enterprising attitude and more practical measures," said Xi in comments carried by state news agency Xinhua.
Central Asia is also seen as a key logistics hub, given its strategic location between China, Russia, the Middle East and Europe.
Speaking as Western leaders gathered on the other side of the world for the G7 in Canada, Xi refreshed his criticism of US President Donald Trump's trade policies.
"Tariff wars and trade wars have no winners," Xinhua quoted him as saying.
While Central Asian leaders continue to view Russia as a strategic partner, ties with Moscow have loosened since the war in Ukraine.
China has also shown willingness to invest in massive infrastructure projects in the region, part of its Belt and Road initiative that uses such financing as a political and diplomatic lever.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Recorder
3 hours ago
- Business Recorder
China, HK stocks down as annual financial forum offers few surprises
SHANGHAI: China stocks dipped slightly on Wednesday as speeches by top financial regulators at the opening of the annual Lujiazui Forum delivered few fresh policy signals. Hong Kong shares also fell. China, HK stocks close up as investors digest mixed macro data China's blue-chip CSI300 Index edged down 0.1% by the lunch break, while the Shanghai Composite Index lost 0.2%. Hong Kong's benchmark index Hang Seng was down 1.2%. China will advance the development of science and technology bonds to support innovation, Wu Qing, chairman of China's Securities Regulatory Commission, told the Lujiazui Forum in Shanghai on Wednesday. Meanwhile, the country's foreign exchange regulator vowed to keep the yuan exchange rate basically stable and fend off external shocks and risks. With few policy surprises from the forum, investors turned their focus to the upcoming July Politburo meeting for clearer signals on economic support. One of the few bright spots onshore were liquor shares , which rebounded for the third straight session, after tumbling to their lowest level since September 2024 after some of China's civil servants were banned from dining out in groups of more than three. Risk sentiment remained fragile on Wednesday as Iran and Israel launched fresh missile strikes at each other, extending their air war into a sixth day. Hong Kong shares of Chinese electric vehicle (EV) maker Li Auto fell nearly 4% to their lowest since May 9.


Business Recorder
4 hours ago
- Business Recorder
India's Modi maintains there was no US mediation in ceasefire with Pakistan
NEW DELHI: India's Prime Minister Narendra Modi maintained in a conversation with US President Donald Trump late on Tuesday that a ceasefire between India and Pakistan after a four-day conflict in May was achieved through talks between the two militaries and not US mediation. India's senior-most diplomat said Trump had said last month that the nuclear-armed South Asian neighbours agreed to a ceasefire after talks mediated by the US, and that the hostilities ended after he urged the countries to focus on trade instead of war. Trump to host Field Marshal Munir at White House today 'PM Modi told President Trump clearly that during this period, there was no talk at any stage on subjects like India-US trade deal or US mediation between India and Pakistan,' Indian Foreign Secretary Vikram Misri said in a press statement. 'Talks for ceasing military action happened directly between India and Pakistan through existing military channels, and on the insistence of Pakistan. Prime Minister Modi emphasised that India has not accepted mediation in the past and will never do,' he said. Misri said the two leaders spoke over the phone at the insistence of Trump on the sidelines of the G7 summit in Canada which Modi attended as a guest. Trump vows to bring together Pakistan, India to 'solve anything' The call lasted 35 minutes. The White House did not immediately respond to a request for comment about the Modi-Trump call. Pakistan has previously said that the ceasefire happened after its military returned a call the Indian military had initiated on May 7.


Business Recorder
6 hours ago
- Business Recorder
Geopolitics ignite oil prices once again
Crude oil prices remain volatile, navigating between tightening supply concerns and weakening demand signals. Brent crude has approached $65 per barrel, driven primarily by geopolitical risks rather than underlying supply-demand fundamentals. The Russia-Ukraine conflict has sharply escalated, heightening the risk premium attached to oil markets. Increasing drone strikes by Ukraine and Russian retaliatory actions have raised concerns over potential disruptions to energy infrastructure, particularly Russian oil exports. This direct threat to oil logistics significantly threatens global oil supplies. Further compounding supply-side concerns is Iran's anticipated rejection of the recent U.S. nuclear deal proposal. Diplomatic sources indicate Tehran's negative response to halting uranium enrichment, cementing its continued exclusion from international oil markets. With ongoing U.S. sanctions, Iran's crude exports remain limited to China. Additionally, the escalating conflict between Israel and Iran has added another layer of complexity. Recent Israeli airstrikes on Iranian oil infrastructure and Iran's missile responses have spiked oil prices, briefly pushing Brent crude to near $75 per barrel. This geopolitical risk factor has particularly highlighted vulnerabilities around the strategic Strait of Hormuz, through which approximately 18-20 million barrels per day transit. Iran has threatened closures, potentially pushing oil prices significantly higher if disruptions occur, with analysts suggesting spikes above $100 per barrel in the event of a major escalation. Simultaneously, wildfires in Alberta, Canada, have reduced oil sands production by approximately 350,000 barrels per day, equating to about 7 percent of the province's total output. While minor in global terms, these outages amplify market sensitivities amid other supply disruptions. Additionally, the recent OPEC+ meeting reinforced bullish sentiments by approving a modest production increase of only 411,000 barrels per day for July—far below expectations of a larger supply boost. This decision triggered investors to unwind bearish positions, contributing to the immediate rally. However, despite these supply-side factors, demand indicators present a starkly different narrative. China's oil consumption, a critical component of global demand, has shown notable weakness. Chinese crude imports reached a six-month low in April amid reduced industrial activity and refinery downtime. Coupled with ineffective economic stimulus impacts, this underscores persistent sluggishness in Chinese demand. Going forward, oil price trajectories appear increasingly contingent upon geopolitical developments rather than fundamentals. Continued volatility driven by Israel-Iran tensions could keep prices elevated in the $70-80 per barrel range, with severe escalations potentially driving prices significantly higher. Beneath these geopolitical headlines, global demand fragility, especially in major economies like China, poses a substantial downside risk. Without sustained economic recovery, long-term demand forecasts may require downward adjustments. In sum, the crude oil market remains delicately balanced, driven by geopolitical tensions temporarily overshadowing fundamental demand weaknesses. Market participants must closely monitor geopolitical developments, particularly involving Israel, Iran, Russia, and Ukraine, alongside macroeconomic indicators to gauge future price movements effectively. Copyright Business Recorder, 2025