Latest news with #BeltandRoad
South China Morning Post
5 hours ago
- Business
- South China Morning Post
Hong Kong hits a high with global legal body, but now comes the hard part
Hong Kong made a groundbreaking move on Friday when it became the headquarters for a new intergovernmental mediation body but the unit's real tests will be in the types of substantive cases it handles and whether more countries will join the convention, experts have said. While the China-led International Organisation for Mediation launched on Friday with 33 signatories, and the conspicuous absence of major Western countries, leading lawyers said they expected more nations would join once the body's work was promoted. Chinese Foreign Minister Wang Yi was front and centre at a high-level ceremony for countries to formally sign as founding members of the organisation. Many of them are part of the Belt and Road Initiative, a push by Beijing to link economies into a China-centred trade and development network. The bulk of them are African states, such as Algeria, Ethiopia and Cameroon, alongside five Asian nations, including Pakistan, Laos and Indonesia, five from Latin America and the Caribbean, five from Oceania and two from Europe. All are generally considered to be developing countries. Asked about the participating countries, former justice minister Teresa Cheng Yeuk-wah stressed that each one was an equal entity that should not be judged as 'big or small'.
Arab News
13 hours ago
- Business
- Arab News
Meeting challenges, creating opportunities, sharing prosperity
Participants at the first Association of Southeast Asian Nations-China-GCC economic forum in Kuala Lumpur last week recognized the importance of strengthening cooperation to promote development goals and safeguard regional peace and prosperity. The forum was an important step forward in deepening practical cooperation. There was consensus on strengthening the partnership, advancing high-quality Belt and Road cooperation, and enhancing collaboration in areas such as connectivity, trade and economy, industrial and supply chains, agriculture, energy, and finance. The meeting also emphasized the importance of mutual learning among civilizations, closer coordination in multilateral frameworks, and joint efforts to promote integrated development. In his speech to the forum, Chinese Premier Li Qiang noted that if we drew a line on the world map connecting China, ASEAN and the GCC, we would create a large triangle — the most stable of structures. The forum marked not only a new milestone for emerging Asian economies in advancing regional integration, but also a significant endeavor by Global South countries to inject more positive energy into world peace and development. Geopolitical conflicts and confrontations are intensifying around the world. Protectionism and unilateralism are on the rise, decoupling practices, supply-chain disruptions and trade barriers are becoming more frequent. As a result, economic globalization is undergoing unprecedented shocks. In the face of these challenges, the three forum participants remain committed to deepening mutual trust and enhancing solidarity, expanding openness and removing barriers, sharing resources and empowering one another. By doing so, they can jointly create long-term strategic opportunities, vast market opportunities, and opportunities for transformation and upgrading. Such cooperation based on equality and mutual benefit, openness and inclusiveness, pragmatism and efficiency, will contribute to the international community's common efforts to uphold multilateralism and free trade. China will work with ASEAN and GCC countries to step up communication and coordination in mechanisms including the UN, vigorously defend the common interests of developing countries, categorically oppose hegemonism and power politics, and make global governance more just and equitable. China, ASEAN and the GCC account for roughly a quarter of the world's population and economic output. Our markets, if fully connected, will generate even greater space for development and more substantial economies of scale. China and ASEAN are each other's largest trading partners, while economic and trade cooperation between China and GCC countries continues to deepen, with expanding collaboration in areas such as energy, infrastructure, and high-tech industries. Looking ahead, as cooperation continues to deepen, China will actively advance the alignment of the Belt and Road Initiative with the development strategies of ASEAN and GCC countries. The resulting continuous growth in trade and investment will strongly support national development and enterprise growth across all sides. The smooth flow of production factors and enhanced industrial coordination will significantly boost the competitiveness and resilience of their economies, as well as their strength and standing in the global innovation landscape. The China–ASEAN–GCC framework is poised to become one of the most dynamic poles of global economic growth. More than 2,000 years ago, the earliest camel caravan from China reached the Middle East, and the first Chinese fleet landed in Nanyang: from the ancient Silk Road to the Belt and Road Initiative, China, ASEAN and GCC countries have a long history of friendly interactions, and more importantly, answered the call of the times. They are home to diverse and vibrant civilizations, and share the Asian values of peace, cooperation, openness, and inclusiveness. It is essential to promote deeper people-to-people exchanges to further strengthen the foundation of mutual trust, effectively manage differences through mutual understanding, and foster mutually beneficial cooperation through the exchange of ideas and wisdom. We in China are ready to work with ASEAN and the GCC to implement the Global Civilization Initiative, promote mutual learning among civilizations, create more consensus and pool our strengths for peace and development. Premier Li Qiang said at the summit that China would extend unilateral visa-free access to citizens of Saudi Arabia, Oman, Kuwait, and Bahrain for a one-year trial, which will effectively give visa-free status to all GCC countries. It reflects China's confidence, inclusiveness, and openness, and demonstrates the country's broad-minded commitment to promoting people-to-people connectivity and mutual learning among civilizations. From June 9, 2025 until June 8, 2026, ordinary passport holders from Saudi Arabia will be eligible to enter China visa-free for business, tourism, family visits, cultural exchanges, or transit, for stays of up to 30 days. As the Chinese saying goes: 'Is it not a joy to have friends coming from afar?' We warmly welcome more Saudi friends to seize the opportunity brought by the visa-free policy and embark on a spontaneous journey to China — to explore the vast and diverse landscapes, to savor the rich variety of regional cuisines, to make friends with the warm and hospitable Chinese people, and to experience the prosperity and dynamism of modern China. • Chang Hua is China's Ambassador to Saudi Arabia. X: @AmbChangHua
Forbes
16 hours ago
- Business
- Forbes
Businesses Worried About Tariffs Could Follow Chinese Firms
Singapore is seen as a key location by Chinese businesses. (Photo by) This week's ruling by the U.S. Court of International Trade that Donald Trump had no authority to use the emergency economic powers legislation cited when he imposed global trade tariffs last month may have given succour to the President's many critics. However, with the administration quickly launching an appeal and leading trade adviser Peter Navarro insisting 'nothing has changed,' the move will do little to ease the confusion and uncertainty confronting business leaders around the world. Clearly, executives need to start thinking of different approaches if they are to survive, let alone thrive, in an environment in which established business models are under threat. One route could be, as business school professor Shameen Prashantham suggests, to follow the example of certain Chinese companies, which have, of course, more experience than most in dealing with Trump's policies. Put simply, these businesses are increasing their international activities by shifting their focus from regions and countries to particular places where they see opportunity. Prashantham, Professor of International Business and Strategy at China Europe International Business School (CEIBS) in Shanghai, says that firms have been forced to look outward because confidence in the domestic Chinese economy did not return after the pandemic. China's move into Africa and other developing parts of the globe under the Belt and Road Initiative is well known. Indeed, only this week it was reported to have pledged to open its markets to more products from the Pacific Islands and increase assistance to a region from which the U.S. has been retreating. But Prashantham says it is less appreciated that some businesses have seen the potential in some very specific places, where the presence of resources, talent or skills can be critically important to the ability to scale up operations. In taking this approach, they are following a strategy set out by the McKinsey Global Institute. Identifying 40,000 'micro-regions' around the world (in place of the 178 countries that it had previously looked at) the research arm of the management consultancy pointed out how this 'granular data' could better inform decisions about where to locate factories and plants than more general country information. As the study found, 'within-country differences are often far more pronounced than between-country variations.' Among the areas described are the Eastern Economic Corridor in Thailand and Chihuahua in Mexico. But many more are becoming the lenses through which Chinese leaders in particular see opportunity, says Prashantham, who has described how this works in a business review article co-authored with Lola Woetzel, a senior partner emerita of McKinsey in Shanghai. A key approach is to establish strategic hubs for emerging regions. Examples include Singapore for South-east Asia or Dubai for the Middle East and North Africa, chosen for infrastructure, talent and agility. Another case is Mauritius, which is seen as the intersection of Asia and Africa and during the pandemic was one of many countries to actively encourage the arrival of 'digital nomads' through golden visas and the like. In addition, Casablanca in Morocco is consciously positioning itself as a link between the Middle east, Africa and Europe. Another is to find new routes into old markets. Chinese companies have been adept at relocating operations to micro-regions where trade and innovation advantages bring added value. This explains the large Chinese populations (often from particular regions in their home country) in certain towns in Spain and Italy. With modern technology, it is also possible to use virtual teams and platforms to create digital talent hubs and so sidestep regulatory hurdles and scale without borders. All of which suggests that international trade is more resilient than some policy makers and politicians might believe. With few modern businesses content to operate in their domestic markets alone, expect to see more efforts to find ways around tariffs or to seize opportunities where the rewards outweigh any disadvantages imposed by them.
Associated Press
17 hours ago
- Business
- Associated Press
Inaugural Global Business Summit in Jakarta convened to advance sustainable BRI Infrastructure Cooperation for SDGs
JAKARTA, Indonesia, May 30, 2025 /PRNewswire/ -- The 'Inaugural Global Business Summit on Belt and Road Infrastructure Investment for Better Business Better World and Sustainable Development Goals' (the Summit) officially opened on May 25 in Jakarta. The Summit is co-hosted by the Government of Indonesia, the United Nations Global Compact 'Sustainable Infrastructure for the Belt and Road Initiative to Accelerate the SDGs' Action Platform (UN Global Compact BRI for SDG Action Platform), THK Forum, United in Diversity Foundation (UID), the Indonesian Chamber of Commerce and Industry (KADIN), UN Global Compact Network Indonesia (IGCN), International Chamber of Commerce (ICC), and the Sustainable Development Solutions Network (SDSN). In keynote addresses, UN Under-Secretary-General Li Junhua emphasized the imperative for 'low-carbon, resilient, and universally accessible infrastructure' while the UN Assistant Secretary General, and Executive Director of UN Global Compact Sanda Ojiambo outlined four strategic priorities for businesses: adopting science-based decarbonization targets, prioritizing circular economy principles, engaging local communities, and leveraging blended finance. Xiamen Airlines Chairman Zhao Dong highlighted the pivotal role of aviation connectivity in advancing the 'Air Silk Road'. The summit yielded substantive outcomes, including the launch of the report Transition Finance for Sustainable Development of Traditional Industries and nine cross-sector initiatives spanning green energy transition, SME empowerment, and global health cooperation. A landmark Joint Statement by the UNGC BRI for SDG Action Platform High-Level Steering Committee reaffirmed BRI's role as a global public good for infrastructure investments and business participation, committing to sustainable development through responsible business and multi-stakeholder partnerships across sectors including healthcare, energy, telecommunications, construction, manufacture, transportation, food, agriculture and digital infrastructure. Four expert roundtables addressed critical themes: sustainable supply chains in green minerals, healthcare innovation, ESG compliance, and green industrial park development. Marking the 75th anniversary of China-Indonesia diplomatic ties, UN resident coordinator's office in Indonesia and China joined hands with UN Global Compact company participants to co-launch Sino-Indonesia Corporate Communities Action Network for sustainable development to enhance sustainable communities and SDGs. Business leaders endorsed establishing an annual business summit mechanism to ensure BRI projects align with SDGs and promote international standard and private sector best practices. The summit concluded with a unified call to action, underscoring shared responsibility in building an inclusive, climate-resilient future through strengthened BRI collaboration. This inaugural event has established a new paradigm for public-private partnerships in sustainable infrastructure development, setting the stage for long-term, principled cooperation. Photo - Logo - View original content to download multimedia: SOURCE UN Global Compact
The Star
a day ago
- Business
- The Star
China, Asean, GCC forge innovative trilateral cooperation amid global risks
KUALA LUMPUR (Xinhua): Amid escalating global challenges, China, the Association of Southeast Asian Nations (Asean), and the Gulf Cooperation Council (GCC) countries have forged a groundbreaking path in cross-regional cooperation. In a historic move, they convened a landmark trilateral summit in Kuala Lumpur, the capital of Malaysia -- Asean's current chair -- marking a bold step toward collective resilience, economic synergy, and a shared vision for prosperity. At the inaugural Asean-China-GCC Summit on Tuesday, Chinese Premier Li Qiang called on the three parties to set a global benchmark in openness, development cooperation and cross-civilisation integration. His call comes at a critical juncture, as rising protectionism and escalating geopolitical tensions threaten to fracture the international order. Amid global economic headwinds and mounting uncertainties, Li noted that by strengthening connectivity and collaboration, the three sides can forge a vibrant economic circle and a powerful engine for growth, which holds profound significance not only for their respective prosperity but also for advancing peace and development across Asia and the world. "As some countries are becoming more protectionist and isolationist, the summit was a good initiative and effort to counter these emerging trends," said Lee Pei May, a political expert at the International Islamic University Malaysia. "The summit proves that economies can complement rather than compete with one another, easing the worries that countries can only develop if they turn inward," Lee added. At the tripartite gathering, Li urged all sides to work together to build a model of global cooperation and development in three aspects -- creating a model of cross-region openness, forging a model of cooperation across different development stages, and fostering a model of cross-civilisation integration. At the summit, the leaders committed to further strengthening Belt and Road cooperation, with a focus on deepening ties in connectivity, trade, industrial and supply chains, agriculture, energy, finance, and the digital economy. They pledged to accelerate trilateral integration, fostering robust, inclusive, and sustainable development for all. The summit adopted a joint statement, which was hailed as "detailed, elaborate" and a strong message of trilateral solidarity and cooperation by Malaysian Prime Minister Datuk Seri Anwar Ibrahim. In the joint statement, the relevant countries acknowledged their joint efforts to promote closer cooperation between Asean, GCC and China, and China's vision to build a closer Asean-China community with a shared future and a China-Arab community with a shared future in the new era. Andrew Kam Jia Yi, senior research fellow with the Institute of Malaysian and International Studies at the National University of Malaysia, said the summit highlights how the strengths of each party can complement one another. "The GCC's energy and financial resources, Asean's growing consumer base, and China's technological and financial capacities together create more resilient supply chains and boost food and energy security for all," he said. Following the summit, Li also delivered remarks at the opening ceremony of the Asean-China-GCC Economic Forum 2025. He emphasised China's commitment to energising trilateral cooperation through its high-quality development, pledging to firmly expand high-level opening up, promote mutual reinforcement between domestic and international circulations and share the opportunities of China's development with countries of Asean and GCC, and enterprises from around the world. The trilateral cooperation mechanism not only fosters collaborative agreements across regions but also creates a novel platform of communication and dialogue for the Global South countries to closely coordinate on regional and international affairs and amplify their voices on the global stage. The joint statement recognises the need to strengthen confidence in the rules-based multilateral trading system with the World Trade Organisation at its core, and reaffirms the countries' resolve to make economic globalisation more open, inclusive, balanced, and beneficial to their peoples and future generations. During talks with other leaders on the sidelines of the summit, the Chinese premier voiced China's readiness to push for a greater role of the Global South in improving global governance. In his meeting with Vietnamese Prime Minister Pham Minh Chinh, Li said that China looks to strengthen communication and cooperation with Vietnam and jointly protect the common interests of the Global South countries. During their meeting a day before the summit, Li told Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, crown prince of Kuwait, that China is committed to strengthening communication and coordination with Kuwait through various multilateral platforms to push for more just and equitable global governance and a more harmonious, stable and prosperous world. The trilateral summit "encourages other regions to pursue similar models of collaboration," Kam said. "It is a sign of growing solidarity, where countries of the Global South are working together to shape their own futures, assert their priorities on the global stage, and build a more equitable and stable world order from the ground up," the scholar added.- Xinhua
