logo
All countries should oppose unilateralism: Xi

All countries should oppose unilateralism: Xi

RTHKa day ago
All countries should oppose unilateralism: Xi
President Xi Jinping calls on Global South countries to jointly safeguard international fairness and justice during his phone conversation with his Brazilian counterpart Luiz Inacio Lula da Silva. File photo: Xinhua
President Xi Jinping told his Brazilian counterpart on Tuesday the two countries could set an example of "self-reliance" for emerging powers, as trade and geopolitical challenges mount.
In a phone call with Luiz Inacio Lula da Silva, Xi also said all countries should unite and firmly oppose unilateralism and protectionism.
The two leaders have both in recent months presented their countries as staunch defenders of the multilateral trading system, in stark contrast with US President Donald Trump's tariff onslaught.
Their phone call came just hours after Trump announced another 90-day pause to blistering tariffs on China. It also followed indications from Lula last week he planned to speak with the leaders of China and India to consider a coordinated response to US trade measures.
Xi told Lula that China would "work with Brazil to set an example of unity and self-reliance among major countries in the Global South, and jointly build a more just world and more sustainable planet", according to Xinhua News Agency.
Xi called on Global South countries to jointly safeguard international fairness and justice, defend the basic norms governing international relations, and protect the legitimate rights and interests of developing countries, Xinhua reported.
The president also said ties between China and Brazil are now at an all-time high.
Xi said China and Brazil should continue to address global challenges, ensure the success of the upcoming UN Climate Change Conference in the Brazilian city of Belem, and promote the "Friends of Peace" group's role in facilitating the political settlement of the Ukraine crisis.
A statement by the Brazilian presidency said the phone call lasted about an hour, and the two leaders discussed a range of topics including the war in Ukraine and the fight against climate change.
"Both agreed on the role of the G20 and Brics in defending multilateralism," the statement said.
Lula spoke highly of China's efforts to uphold multilateralism and safeguard free trade rules, as well as its responsible role in international affairs.
The two leaders also "committed to expanding the scope of cooperation in sectors such as health, oil and gas, digital economy and satellites", the statement added.
China has surpassed the United States as Brazil's largest trading partner, and two-thirds of Latin American countries have signed up to the Belt and Road infrastructure drive.
Lula conducted a five-day state visit to China in May, when he told a forum for cooperation between Beijing and Latin America that his region did not want to "start a new Cold War". (AFP/Xinhua)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

From friends to foes: what's behind Trump's Brazil-India wrath
From friends to foes: what's behind Trump's Brazil-India wrath

South China Morning Post

time2 hours ago

  • South China Morning Post

From friends to foes: what's behind Trump's Brazil-India wrath

As eight Brazilian senators settled into their seats on a flight to Washington on a dry winter evening last month, a single question overshadowed the deep political differences that separated some of them: could they stop the Americans from imposing a tariff that threatened to gut their country's vital export revenues? They had begun to feel a sense of urgency weeks earlier, forcing them to put aside a stand-off between President Luiz Inácio Lula da Silva and former president Jair Bolsonaro that has reverberated beyond the country's borders. In early July, US President Donald Trump raised duties on Brazilian goods to 50 per cent, up from the 10 per cent imposed in April. He spoke of national security, but in Brasilia, many read the move as payback for what Trump claimed was Brazil's meddling in the fate of Bolsonaro, an ally of the US leader, who was accused of attempting a coup in 2021. A day later, the delegation – a cross-party group that included Bolsonaro's former agriculture minister Tereza Cristina, Lula's Senate leader Jacques Wagner, and Marcos Pontes, a senator from the former president's political bloc – landed in the US capital. The answer came swiftly. The White House refused to meet them. Republican US senators loyal to Trump kept their distance. Only Thom Tillis, a rare Republican Trump critic, with little sway over trade policy – and soon to retire – agreed to talk. Most of their time was spent with Democrats, who were cordial and sympathetic but powerless to change the Trump administration's course. By late summer, the tariff no longer looked like an isolated trade fight. India, long seen by Washington as a key democratic counterweight to China's influence in the strategic Indo-Pacific region, faced similar levies, additional penalties and sharp public rebukes.

China's property woes worsen while Trump tightens trade screws
China's property woes worsen while Trump tightens trade screws

AllAfrica

time11 hours ago

  • AllAfrica

China's property woes worsen while Trump tightens trade screws

TOKYO — Xi Jinping's inner circle in Beijing has had a busy couple of months popping the champagne corks. Along with China growing 5%-plus as the US economy hits a rough patch, President Xi's team just scored yet another extension on trade talks from Donald Trump. That means another 90 days of stringing along a US leader who's increasingly anxious for a deal, any deal at all, with Asia's biggest economy. Only a 'grand bargain' with Xi's Communist Party could give Trump scope to convince his supporters that the tariff-driven inflation, market chaos and extreme uncertainty his tariffs have unleashed are all worth it. Xi knows this desperation will likely enable China to give Trump World very little in the end — just like Japan. 'China believes momentum is on its side because Trump has a stronger desire to sign a deal with Beijing so that he can claim victory and secure a summit with Xi in the fall,' says analyst William Yang at the International Crisis Group. Yet domestic events are catching up with Beijing, suggesting Xi's inner circle might want to keep the champagne on ice for a while. China's 5.3% growth rate in the first half of 2025 masks signs that the nation's property crisis continues to fester below the surface. In June, prices of new homes fell 0.27% from May, the most in eight months. It suggests Beijing's stimulus efforts back in September have run out of steam. What's more, China's 100 biggest developers saw new-home sales plunge by more than 20% for two consecutive months now, according to China Real Estate Information Corp. And from an economic confidence standpoint, it's never good when China Evergrande Group returns to the news. The developer that came to symbolize China's deflation-causing real estate bust announced that its Hong Kong stock will be delisted this month. An optimistic take might be that it marks the end of an era China wants to forget. Evergrande's stumble, after all, had Lehman Brothers overtones. Along with distress among builders, the turmoil Evergrande represented had many worrying that China might be headed for a Japan-like malaise. It's hardly comforting that one of the first major economists to see the crisis coming back in 2021 is waving a warning flag about China's next several months. UBS Group's John Lam tells Bloomberg that 'the sales momentum has become tepid in recent months. If that continues, a recovery will occur later than expected.' Lam notes that home inventory turnover in tier-one cities across China had dropped to an average of 14 months. That's the same level as 2015. The headwinds from Trump's trade war are making things even tougher for China, amplifying the effects of its pre-existing conditions. These include the property crisis, high youth unemployment, local governments struggling under the weight of crushing debt burdens and demographic decline. In China, the real estate sector plays a pivotal role in shaping domestic sentiment due to significant household exposure to this asset class, notes Carlos Casanova, an economist at Union Bancaire Privée. The sharp decline in real estate activity from May to July, he notes, may have dampened consumer confidence, potentially weighing on retail sales and other sectors. In July, China's official gauge for manufacturing activity saw a worse-than-expected contraction amid slower domestic growth and increased uncertainty over US trade tensions. The Manufacturing Purchasing Managers' Index came in at 49.3 in July, below the 50 mark signaling expansion. Poor weather may have been a partial factor, some economists argue. But there's little doubt Beijing's 'anti-involution' efforts to battle cut-throat price competition and address overcapacity are hurting the economy. 'The manufacturing PMI featured lower output, lower inventory but higher price sub-indices, whereas the construction PMI fell notably on high temperatures and heavy rainfalls,' Goldman Sachs analysts write in a note. Chi Lo, senior market strategist at BNP Paribas Asset Management, notes that supply-side reforms alongside demand-side stimulus can pull the economy out of deflation. 'Creative destruction,' he says, 'is inherently contractionary because the old sectors decline more quickly than new ones are created and develop.' Lo argues that the 'anti-involution campaign focuses on measures and regulations to cut production capacity and curb disorderly pricing schemes. These policies could be self-defeating, hurting employment and the economy in general, and overwhelming any positive impact on pricing power and profitability.' And with China's 'economy stuck in a liquidity trap, fiscal policy must do the heavy lifting and revive public confidence and demand,' Lo says. 'Monetary easing is a facilitating tool. The recent recovery of the credit impulse marks a start on the road to recovery.' But a shift toward a more vibrant domestic demand-led economic model continues to be slow-going. The need for a recalibration from over-investment to consumption was well known even before Xi rose to power in 2012 and 2013. So is the need to create broader safety nets across sectors. A robust network of safety nets is becoming more important as the property crisis drags on. Why would the average mainland household have the confidence to consume or invest after losing their shirts in the property market, and with no recovery in sight? Building a bigger network of stable and trusted safety nets would pay the biggest dividends. As Boston University economist Laurence Kotlikoff argues, the key is crafting a 'modern version of Social Security' that's 'fully-funded, transparent, efficient, fair, and progressive' and 'features personal accounts that are collectively invested by the government at zero cost to workers.' The goal, Kotlikoff says, is to devise a social safety net that's not 'incomprehensible, inefficient, inequitable, and, most important, insolvent.' Economists at the International Monetary Fund argue that the 'prioritization of the spending of households over investment would also deliver larger stabilization benefits. For example, means-tested transfers to households would boost aggregate demand 50% more than an equivalent amount of public investment. To ensure consistency across policies, fiscal policy should be undertaken within a medium-term fiscal framework.' Failure could mean that China won't escape the dreaded middle-income trap after all. In China's case, it could be more of an upper-middle-income funk, but still a painful one. Yet as New York University economist Nouriel Roubini points out, if a shock like Trump ratcheting up tariffs against China happened, 'China will indeed find itself in the middle-income trap.' China's problems, Roubini argues, 'are structural, rather than cyclical. Among other factors, its slowdown is due to rapid aging, a busted real-estate bubble, a massive overhang of private and public debt (now close to 300% of GDP), and a shift from market-oriented reforms back toward state capitalism.' In general, Roubini says, credit-fueled investment has grown excessive as state-owned banks lend to state-owned enterprises and local governments. At the same time, Xi's government has spent too much time over the last five years 'bashing the tech sector and other private enterprises, eroding business confidence and private investment. In this new period of deglobalization and protectionism, China appears to have hit the limits to export-led growth.' That's particularly so as Trump's tariffs continue to do economic damage everywhere and sow distrust in Beijing and beyond. Take the White House's latest chips gambit, which puts Nvidia, the globe's most valuable company, in the role of pawn as Trump and Xi jockey for advantage. Both Nvidia and AMD have agreed to give Trump's government a 15% share of revenues from semiconductor sales to China. The tax is the price for US licenses to export their technology to the second-biggest economy. Nivida seems to be taking an ends-justify-the-means approach to the tax. As analysts at Melius Research note: 'Now Nvidia can better compete with Huawei — not only in the China market, but globally, making sure more Chinese artificial intelligence developers can create applications on a US-friendly Nvidia AI stack.' Yet as Ian Bremmer, CEO of Eurasia Group, notes, Xi's government is already demanding Chinese tech firms, including Tencent, Alibaba and ByteDance, justify purchases of Nvidia's H20 AI chips. China would prefer that the firms buy domestically. Now, Bremmer adds, the Chinese scrutiny is prompting some companies to scale back orders, potentially cutting Nvidia's China market share to 55% this year from 66% in 2024, amid ongoing US-China tech tensions. China, of course, is in no hurry to agree to a trade pact with Trump, particularly given the haggling going on about earlier ones. The ways in which Washington and Tokyo and Washington and Brussels are at odds about what exactly they agreed to might have Xi looking to extend talks well into 2026 – or beyond. In the meantime, though, the cracks in China's underlying economy are festering at best and deepening at worst. As these pre-existing conditions collide with more Trumpian volatility to come, Team Xi will have to act more boldly and nimbly than ever before to keep incomes from stagnating and the property market from collapsing. Follow William Pesek on X at @WilliamPesek

Direct nuclear talks with US possible, says Iran
Direct nuclear talks with US possible, says Iran

RTHK

time20 hours ago

  • RTHK

Direct nuclear talks with US possible, says Iran

Direct nuclear talks with US possible, says Iran Mohammad-Reza Aref said direct nuclear talks with US officials is possible, but not if Washington is only seeking to impose its will on Iran. File photo: Reuters Iran's First Vice President Mohammad-Reza Aref said on Tuesday that nuclear negotiations with the United States can be held directly under favourable conditions, according to the official news agency IRNA. "Iran is ready to negotiate under equal conditions as negotiation is for safeguarding both parties' interests," Aref told reporters. "If the conditions are suitable, the negotiations can be held even directly," he said. Aref noted that Iran is in no way opposed to negotiations, but will not acquiesce to negotiations that only impose the intentions of the United States. Iran has told the United States that it is willing to build trust, "but it seems as if they (the Americans) are feigning sleep," he said. Certain Western countries have falsely turned Iran's nuclear issue into a political project, Aref said, adding that "the zero enrichment scheme is a big joke." On June 13, two days prior to the sixth round of indirect nuclear talks between Iran and the United States, Israel launched major airstrikes on several areas in Iran, including nuclear and military sites, killing senior commanders, nuclear scientists and many civilians. Iran responded with multiple waves of missile and drone attacks on Israel. On June 22, US forces bombed the three Iranian nuclear facilities of Natanz, Fordow, and Isfahan. In retaliation, Iran struck the US Al Udeid Air Base in Qatar. Following the 12-day war, a ceasefire between Iran and Israel was achieved on June 24. In recent days, Washington has repeatedly demanded that Iran completely cease uranium enrichment, a request firmly rejected by Tehran. (Xinhua)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store