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RTHK
2 hours ago
- Business
- RTHK
Youths 'can bridge AI gap between Global South, North'
Youths 'can bridge AI gap between Global South, North' Boao Forum for Asia secretary general Zhang Jun, right, says artificial intelligence development gaps will fuel further digital divisions. Photo: RTHK Participants at the forum at the Convention and Exhibition Centre said access and skills for youths and young entrepreneurs posed challenges for their economies. Photo: RTHK Boao Forum for Asia secretary general Zhang Jun said on Friday youths play a key role in bridging the artificial intelligence development gap between the Global South and Global North. He made the remarks as the International Science, Technology and Innovation Forum of the Boao Forum made its debut in Hong Kong, with previous editions held in Macau, Zhuhai and Guangzhou. Speaking at a roundtable session, Zhang, who served as a permanent representative of China to the United Nations, said the digital divide, which includes AI development gaps, will further weigh on global fragmentation. He called on youths to help forge global collaboration to tackle such challenges. "Youths have a key role... in really trust-building, partnership-building, which is also badly needed in today's world, because we are more divided than [at any time] after the end of the Second World War. "And we are living in a world which is becoming very much dangerous because of the failure of the international governance system, including the United Nations," Zhang said. Many of the forum's participants pointed out challenges encountered during their countries' own digital transformation, especially with access and skills for youths and young entrepreneurs. Many said it's essential to ramp up digital literacy training and partnerships between nations. Mimala Chanthasone, an official of the Institute of Foreign Affairs in Laos, cited the China-Laos AI Innovation Cooperation Centre as an example. Launched in February, she said the centre marks the first China-Asean AI innovation cooperation. Conrad Ho, a member of the Youth Development Commission, called for more efforts to be made to address the employability gap created by the emergence of AI technology. "The post-AI world presents many challenges and also opportunities, including how youth might gain more senior-level skills as AI reduces the demand for entry-level and middle-management roles," he said. "I think as AI unlocks more capacity, we're going to transition from [having more] large corporations to smaller ventures, one-person teams, smaller teams that can still create very massive value. "And yet for all these companies, for them to be successful, the founders still need to have the critical hard and soft skills that they need to learn." The two-day innovation forum ends on Saturday.
South China Morning Post
3 days ago
- Business
- South China Morning Post
2 global conferences to make Hong Kong debut this month: John Lee
Two international conferences will be held in Hong Kong for the first time this month, Chief Executive John Lee Ka-chiu has revealed, pledging authorities will continue to attract more events to bring in high-end tourists and enhance the city's global network. The city leader said on Tuesday that several international conferences had made their Hong Kong debuts over the past three years, and two more important events would follow this month. They are the International Science, Technology and Innovation Forum of the Boao Forum for Asia 2025, taking place from Friday to Saturday, and the International Conference on Roads and Railways 2025, taking place next Thursday and Friday. Both will be hosted at the Hong Kong Convention and Exhibition Centre in Wan Chai. 'Since taking office, I have been actively expanding Hong Kong's international network by calling for more international conferences, including those with new themes, to create fresh opportunities for the city,' Lee said before his weekly meeting with the key decision-making Executive Council 'International major conferences represent the high-quality segment of the conference economy. They attract high-spending, overnight and high-end business travellers to Hong Kong. The government will continue its efforts to bring more new and large-scale international conferences to Hong Kong.'
Washington Post
31-03-2025
- Business
- Washington Post
China offers ‘safe' place for investment, Xi tells execs amid trade war
Chinese leader Xi Jinping gathered dozens of foreign business executives Friday for a rare in-person meeting and urged them to see China as an 'ideal, safe and promising' place to invest amid President Donald Trump's destabilizing trade conflicts. Xi's meeting with over 40 international executives and trade association heads capped a week-long charm offensive in which Chinese officials promised to be friendly to business — and took swipes at 'rising protectionism' from the Trump administration. 'China was, is and will be an ideal, safe and promising investment destination for foreign investors,' Xi told the gathering, which included leaders from American businesses including Pfizer, FedEx and asset manager Blackstone. 'Going with China is going with opportunities, believing in China is believing in tomorrow, and investing in China is investing in the future.' The grand meeting room in the Great Hall of the People contained a who's who of multinational firms with extensive operations in China. While Xi has hosted similar meetings before, it is rare for him to bring together so many members of the global business elite at once, or to speak with them so plainly about his hopes for investment. 'I often say that blowing out other people's lights will not make your own light brighter,' Xi said, in an apparent swipe at Trump without naming him directly. Executives from the United States included Albert Bourla, CEO of pharma giant Pfizer; Raj Subramaniam, president of logistics provider FedEx; and Stephen A. Schwarzman, chairman of Blackstone. Notably, Apple CEO Tim Cook, who was also in China this week, did not attend the Beijing meeting. Subramaniam was invited to speak, alongside executives from Mercedes-Benz, Hitachi, HSBC and Saudi Aramco, according to the state-run Xinhua News Agency, which summarized their collective remarks as noting that China had 'become an oasis of certainty' against intensifying protectionism. At two major gatherings of international business executives in the past week — the China Development Forum in Beijing and the 'Asian Davos' Boao Forum on the tropical island of Hainan — Chinese officials tried to reassure companies that they are welcome and can still make money in China. That message is not new. In Trump's first term, Xi similarly positioned China as the defender of globalization and free trade — only to then launch a sweeping regulatory crackdown that crippled the tech sector and resulted in billions in losses for international investors. But the Trump administration has slapped duties on allies and rivals alike, and is preparing to impose new tariffs on 15 trade partners next week. Beijing sees an opening to bolster its relationships with multinationals — whether from the United States or its allies in Europe and Asia — to help navigate trade tensions and boost China's slowing economy, analysts said. 'Politically, China hopes that these executives will exert influence on their own governments when they return,' said Xin Qiang, deputy director of the Center for American Studies at Fudan University in Shanghai. 'A large number of American companies have invested and set up factories in China. When they return, they can tell Trump that the tariff war will also hurt American businesses,' Xin said. It might be a hard sell. Hanging over Beijing's overtures is an imminent escalation in what threatens to become an all-out trade war with the Trump administration — one that could easily draw in American businesses operating in China. Beijing has signaled it is open to a deal with Trump, who has promised 'flexibility' in tariff negotiations. But it has also vowed not to bow to pressure and responded immediately when Trump imposed an additional 20 percent in tariffs, taking average U.S. duties on Chinese goods to about 33 percent. On Sunday, Premier Li Qiang called for 'candid communication' in a meeting with Sen. Steve Daines (R-Montana), a strong Trump supporter who has presented himself as laying the groundwork for a Trump-Xi summit. Despite Friday's turnout and reportedly upbeat statements from CEOs, China's message of stability and openness has been undercut by its increasing willingness to target international companies in its trade dispute with the Trump administration. The State Council, or cabinet, on Monday passed an 'anti-foreign sanctions law,' adding another tool to Beijing's sweeping efforts to sharpen weapons of retaliation for trade disputes. Chinese authorities have sanctioned a growing number of American firms, primarily arms dealers, by placing them on its 'unreliable entities list.' It is also investigating U.S. chipmaker Nvidia for suspected antitrust violations. During Trump's last trade war with China, the state-run Global Times newspaper threatened similar measures against Apple, Qualcomm and Cisco. There was little sign of those threats this week as Apple's Cook and Qualcomm's Cristiano Amon were among American chief executives receiving extensive face time with top Chinese officials for economics and trade, including Commerce Minister Wang Wentao, Vice Premier He Lifeng and Premier Li. American executives have also used the week to underscore their commitment to the world's second-largest economy and show that their businesses are aligned with Xi's priorities. Cook on Monday launched a $100 million fund to add 550,000 megawatt-hours worth of wind and solar power to the country's already world-beating renewable-energy installations. He then toured the tech hub of Hangzhou, hometown online retail giant Alibaba and artificial intelligence start-up DeepSeek. There, the Apple CEO received a hero's welcome, with martial arts performances, tea on the shores of scenic West Lake and a tour of Zhejiang University, a leading center of research and innovation, where Cook announced a $4.1 million donation to bolster coding instruction at the institution. It wasn't only American companies being feted, however. Beijing has also stepped up outreach to businesses from Europe and Asia in hopes that firms will be more interested in relying on the Chinese market as a bulwark against Trump's unpredictability. There are early signs that China's efforts to boost outside confidence in its economy are paying off, helped by excitement around technology firms like DeepSeek. That comes after foreign direct investment fell a record 27 percent in 2024 compared with the year before. Interest in Chinese stocks among European and Asia-Pacific investors has improved significantly, while concerns have fallen to the lowest levels in nearly two years, Lei Meng, an analyst at investment bank UBS, said in a note this week. 'This time, there were more Saudi and European companies, and they were more active to hedge against the risks of Trump 2.0,' said Wang Yiwei, an international relations scholar at Renmin University in Beijing. 'Now, China is a sharp contrast to the United States,' Wang said. 'If America isn't bright, the Global South will be. If the West isn't bright, China will be.'
Express Tribune
30-03-2025
- Business
- Express Tribune
Economy needs trade, not just taxes
If the IMF truly aims to enhance Pakistan's competitiveness and prosperity, it must shift focus from advocating a higher tax-to-GDP ratio to promoting a higher trade-to-GDP ratio. photo: file Listen to article The International Monetary Fund (IMF)'s smooth approval of the staff-level agreement for the first review of the ongoing $7 billion loan reflects its confidence in the government's efforts towards macroeconomic stability. It has particularly noted success in controlling inflation – now at its lowest since 2015 – and the overall improvement in financial conditions. The IMF also acknowledges Pakistan's significant climate-related challenges that require external support. To address these, it has agreed to provide an additional $1.3 billion under a new facility for climate and sustainability challenges. While the IMF is optimistic that Pakistan's economy will gradually improve, it has also highlighted risks if policies are loosened or if global events – such as rising commodity prices, trade restrictions, or climate-related shocks – disrupt progress. To mitigate these risks, it has recommended protective measures, including strengthening public finances, increasing foreign reserves, and removing economic barriers. Specifically, it has emphasised reducing public debt, enhancing revenue mobilisation, addressing energy sector inefficiencies, and improving the governance of state-owned enterprises. Stabilising the economy is essential, but it has come at the cost of worsening poverty. According to the World Bank, poverty surged by seven percentage points in 2024 alone, reaching 25.3% and pushing 13 million more people below the poverty line. Using the lower-middle-income threshold of $3.65 per day, the bank estimates that 40.5% of Pakistan's population lived in poverty in FY24 – an increase of 2.6 million people from the previous year. Peer countries that slashed poverty over the past two decades did so by expanding international trade – not relying on increasing taxation or income support programmes. Yet, IMF-driven pressure to raise Pakistan's tax-to-GDP ratio has trapped the economy in stagnation and contraction of the industrial sector. Trade – the proven engine of industrial growth – is glaringly absent from the IMF's prescription. In its 2022 study, the IMF correctly identified the main reason for Pakistan's stagnancy: Pakistan remains a highly closed economy, relying heavily on import tariffs for tax revenue. Similarly, Finance Minister Muhammad Aurangzeb, while addressing the Boao Forum in China last week, stated that although globalisation has lifted over a billion people out of poverty, it remains fundamentally unequal. Indeed, it is so, but it has left out only those who choose to remain isolated from the global trading system. No outsider propelled China's export success – it was China's own efforts, including lowering trade barriers that enabled its integration into the global economy. Whenever the IMF pressures Pakistan to increase tax revenues, the most convenient method for the government is to impose higher taxes on imports. However, a well-established economic principle states that higher import duties act as a tax on exports. Despite these well-known consequences, the government imposed additional customs duties and regulatory duties (RD) on about 3,000 products in the last budget. The IMF, which closely monitors all budgetary measures, was undoubtedly aware of these changes. Given its emphasis on revenue generation, it is highly likely that these new duties were introduced with its tacit approval. Beyond high tariffs, another fundamental flaw in Pakistan's trade policy is its long-standing tariff cascading system. A recent World Bank study highlights that Pakistan and Egypt have the highest cascading import tariffs globally. This means there is a significant disparity between tariffs on raw materials and components versus finished products, making it far more profitable for industries to sell in the domestic market rather than export. Historically, many developing nations followed similar import-substitution policies in the last century, but today, only a few large developing countries such as Egypt, Pakistan, Nigeria, and Argentina continue this outdated approach. If the IMF truly aims to enhance Pakistan's competitiveness and prosperity, it must shift its focus from advocating a higher tax-to-GDP ratio to promoting a higher trade-to-GDP ratio. At just 28%, Pakistan's trade-to-GDP ratio lags far behind the South Asian average of 43%. Bridging this gap requires a fundamental overhaul of trade policy, primarily by reducing excessive protectionism through lower tariffs and import taxes. Without this shift, Pakistan will remain stuck in a cycle where imports outpace exports, exacerbating foreign exchange shortages and deepening poverty. The writer is a Senior Fellow at the Pakistan Institute of Development Economics (PIDE) and has previously served as Pakistan's ambassador to the WTO and the FAO's representative to the United Nations in Geneva
Yahoo
28-03-2025
- Business
- Yahoo
Russia Says It Wants to Balance Relations With the US and China
(Bloomberg) -- Moscow must balance its ties with both Beijing and Washington, a top Russian official said, highlighting the emergence of a new geopolitical dynamic between President Vladimir Putin, China's Xi Jinping and Donald Trump. Why Did the Government Declare War on My Adorable Tiny Truck? Gold-Rush Fever Returns to Historic New Zealand Mining Town How SUVs Are Making Traffic Worse Trump Slashed International Aid. Geneva Is Feeling the Impact. These US Bridges Face High Risk of Catastrophic Ship Strikes 'As to the relationship between Russia, China and the United States, we should not develop a relationship with one other country at the expense of another and vice versa,' Deputy Prime Minister Alexei Overchuk told an audience Friday at the Boao Forum in the southern Chinese province of Hainan. Overchuk reiterated a common Kremlin line that, despite pressure from sanctions, the Russian economy is showing 'strong resilience,' and is expanding its range of partnerships, including with China, to mitigate the impact. 'We are the world's champion on sanctions,' he said, prompting laughter in the room. Russia's relationship with China is a 'very fast developing' one, he said, citing rising trade figures between the two countries as an example. Putin and Xi declared a 'no limits' partnership just before the Ukraine war started, and they have tightened relations since then. 'There's a desire on both sides to explore opportunities for expanding those ties because both nations are experiencing outside pressures,' Overchuk said. 'And naturally we look for ways of how to cooperate and work together to improve the living standard of people in our countries.' 'Russian food is extremely popular in China,' he added. 'And that's a huge market — believe me.' When asked whether Russia is open to China committing peacekeeping troops as part of an Ukraine peace settlement — an idea floated by some Chinese military experts — Overchuk said that question would be better for the country's foreign minister, Sergei Lavrov. Overchuk said the future of BRICS — a group of 10 emerging economies — was 'fine,' even after Trump threatened to impose a 100% tariff on member countries if they abandon the dollar for international trade. He accused the previous US administration of 'weaponizing the dollar.' 'They stopped our access to the international payment system,' he said. 'We didn't start it.' Business Schools Are Back Google Is Searching for an Answer to ChatGPT Israel Aims to Be the World's Arms Dealer A New 'China Shock' Is Destroying Jobs Around the World The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? ©2025 Bloomberg L.P.
