China makes inroads in resource-rich Central Asia
Chinese President Xi Jinping said he is "deeply worried" about tensions in the Middle East, adding that Beijing is ready to work with all parties to play a constructive role in restoring peace. He made the comments at the China-Central Asia Summit in Kazakhstan. China has been making inroads into the resource-rich region, increasing bilateral trade and investment. China has overtaken Russia to become Central Asia's largest trading partner, with trade reaching close to US$95 billion last year. Olivia Siong reports.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
2 hours ago
- Straits Times
China's Xi signs treaty to elevate ties with Central Asia
BEIJING - China President Xi Jinping signed a treaty to elevate ties with Central Asian nations on June 17, as Beijing looks to further deepen cooperation on trade, energy and infrastructure with the resource-rich region. Since Russia's invasion of Ukraine, Beijing has been stepping up efforts to boost economic links with Central Asian nations traditionally within Russia's sphere of influence, drawn by their strategic location and energy resources. At a regional summit in the Kazakh capital of Astana on June 17, Mr Xi, lauding a milestone, signed a treaty of 'permanent good-neighbourliness and friendly cooperation' with leaders of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan, China's official Xinhua news agency reported. The summit this week is the second such gathering, following the pomp-filled, inaugural gathering in north-west China in 2023. Both occasions have coincided with meetings of Group of 7 (G-7) leaders. 'At present, the world is undergoing accelerating changes unseen in a century, entering a new period of turbulence and transformation,' Xinhua quoted Mr Xi as saying in a speech at the summit. 'Trade wars and tariff wars produce no winners, and unilateralism, protectionism, and hegemonism are bound to harm both others and oneself,' he said, in a thinly veiled swipe at the United States that had engaged in escalating tariffs with Beijing. 'China is ready to work with Central Asian countries to safeguard international justice, oppose hegemonism and power politics,' Mr Xi said. He also pledged 1.5 billion yuan (S$268 million) in grant assistance to the Central Asian countries this year to support their livelihood and development projects, and called for more cooperation in areas including trade, minerals and agriculture. Despite a trade truce with the US, Beijing has been keen to consolidate relations with its regional partners. China's two-way trade with the five Central Asian countries reached a record 286.42 billion yuan in the first five months this year, a 10.4 per cent year-on-year increase, Xinhua reported citing the Chinese Customs. Turkmenistan, a major supplier of natural gas for China, is the only Central Asian nation with a trade surplus with China. Kazakhstan and Kyrgyzstan's trade deficits with China run into the tens of billions. Energy, minerals cooperation In separate bilateral meetings with the regional leaders, Mr Xi called for expanded cooperation in natural gas, minerals, international railway and law enforcement, according to summaries posted by the Chinese foreign ministry. In meetings with the Uzbek and Kyrgyz presidents on June 17, he urged progress on the China-Kyrgyzstan-Uzbekistan railway, an overland route bypassing Russia. The project has been discussed since the 1990s but gained new importance after the sanctions on Russia resulted in shippers between China and Europe avoiding sending goods via Russia. The five former Soviet republics offer China alternative routes to secure fuel and food in the event of disruptions elsewhere. In the long-term, the Central Asia route could potentially help cut freight transport times between China and Europe. In a separate meeting with Turkmen President Serdar Berdymukhamedov, Mr Xi said 'both sides should expand the scale of natural gas cooperation, explore cooperation in non-resource fields, and optimise trade structure.' REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
CNA
2 hours ago
- CNA
Asia First - Tue 17 Jun 2025
02:27:04 Min From the opening bell across markets in Southeast Asia and China, to the biggest business interviews and top financial stories, tune in to Asia First to kick-start your business day.
CNA
4 hours ago
- CNA
Singapore's Perennial among those seeking to bank on China's silver economy
As China seeks to quickly address the fast-growing healthcare needs of its ageing population, this has presented opportunities for the private sector and foreign investors. Singapore real estate and healthcare firm Perennial Holdings has opened the first private tertiary general hospital in China to be wholly owned by a foreign company. Perennial also has a 3.5 million square feet site, about the size of 40 football fields, which combines eldercare facilities, hotels and a medical cluster. China's silver economy is touted to exceed US$4 trillion by 2035. Lauren Ong reports.
