Latest news with #GlobalDevelopmentInitiative
Canada News.Net
4 days ago
- Business
- Canada News.Net
Interview: EU, China should enhance mutual trust to promote global stability, says former Slovenian president
"China is rightly articulating its vision for international relations. The world should engage with these ideas to forge consensus." LJUBLJANA, July 25 (Xinhua) -- In an era marked by rising geopolitical uncertainties, the EU and China should enhance mutual trust to serve as a stabilizing force, said Danilo Turk, former president of Slovenia and a seasoned international law scholar. Turk, also a former United Nations (UN) assistant secretary-general for political affairs, said that concrete actions are essential for building lasting trust between the two sides. "The EU and China should proactively demonstrate their reliability to each other," he said. He suggested that Brussels and Beijing collaborate more closely on conflict resolution, Middle East peace, and UN reform. "Progress in these challenging areas would solidify the China-Europe partnership as a true anchor for global stability," Turk noted. "The process must be gradual but pursued with urgency." Speaking about China's growing role in global governance, the former president of Slovenia highlighted China's Global Development Initiative and Global Security Initiative as evidence of China's proactive approach to global challenges. "China is rightly articulating its vision for international relations. The world should engage with these ideas to forge consensus," he said. As Slovenia currently serves on the UN Security Council, Turk offered unique insights into his country's potential role in facilitating EU-China relations. "Slovenia's geographic position makes it a natural bridge between regions," he said. "Our ongoing railway modernization project, for instance, could benefit from Chinese expertise, building on successful collaborations like Hisense's investment in Gorenje." "From infrastructure to UN diplomacy, the opportunities are vast," he said. Looking ahead, Turk said that despite divergent perspectives, EU and China share a responsibility to steer the world toward stability. "By focusing on common priorities, from climate to trade, they can shape a multipolar era anchored in cooperation rather than confrontation," he said.
Egypt Independent
12-07-2025
- Business
- Egypt Independent
Egypt and China sign 1st phase of debt-for-development swap program
Minister of Planning, Economic Development and International Cooperation, Rania al-Mashat, and the Chairman of the China International Development Cooperation Agency (CIDCA), Chen Xiaodong on Thursday signed five new cooperation documents aimed at boosting Egyptian-Chinese strategic relations. These include a Memorandum of Understanding for the first development cooperation strategy between the two countries for 2025/2029, and the first phase of the debt-for-development swap program. The documents were signed at the Cabinet headquarters in the New Administrative Capital. The signing was witnessed by Egyptian Prime Minister Mostafa Madbouly, and Premier of the State Council of China, Li Qiang. The two sides signed an MoU on the first development cooperation strategy between Egypt and China from 2025-2029. This aims to promote development cooperation between the two countries in line with Egypt's National Development Strategy 2030 and the Global Development Initiative (GDI). The MoU stipulates enhancing cooperation in priority areas for both sides, including healthcare, connectivity, climate change and green development, digital economy, space, education, and industrial localization, which will serve as an opportunity for joint initiatives, as well as any other areas that the two sides may agree upon during this period. The strategy also encourages exploration of additional projects that align with the GDI and Egypt's Vision 2030, including those that promote green transformation and industrial localization. This initiative builds upon the MoU signed by Mashat during her participation in the GDI meetings in July 2023. The two parties also signed the framework agreement for the first phase of a Debt Swap for Development Program, activating an MoU originally signed in October 2023. Egypt is the first country with which CIDCA has entered into this kind of development financing agreement. The Governor of the Central Bank of Egypt (CBE) Hassan Abdalla also signed a MoU with Governor of the People's Bank of China (PBOC) Pan Gongsheng, on Friday, to boost joint collaboration across various areas of mutual interest between the two banks. The signing ceremony at the Egyptian Cabinet was witnessed by the Egyptian Prime Minister Mostafa Madbouly, and Li Qiang, Premier of the State Council of the People's Republic of China, alongside senior officials from both countries. The MoU aims to promote the use of local currency settlements for cross-border financial and trade transactions, while facilitating direct investments between both sides to foster economic integration. It also includes provisions to strengthen cooperation on Central Bank Digital Currencies (CBDC). Additionally, it supports financial innovation using modern technology through conducting joint research and studies, as well as exchanging technical information and expertise. Abdalla affirmed that 'This MoU reflects the evolution of the historic ties between Egypt and China. It demonstrates both institutions' commitment to strengthening partnerships between their respective financial institutions in light of global economic developments.' Further agreements Mashat also signed the exchange of letters for a feasibility study grant for the national project to develop the prosthetics system, amounting to 1,520,000 Chinese Yuan. This project aims to make Egypt a regional hub in the Middle East and Africa for providing prosthetic limbs and assistive devices for people with disabilities, as well as possessing the manufacturing capability for them according to internationally approved standard specifications. Mashat, and the Chairman of the CIDCA, also signed an MoU on strengthening cooperation in human resources development, complementing the Ministry's role as a national coordinator for the annual training program provided by the Chinese side to the Egyptian government. Through this, the Chinese side will provide up to 2,000 training opportunities for Egypt in bilateral and multilateral training programs during the period from 2025-2027. The two sides also signed exchange of letters for the grant for the establishment of a Level-III Biosafety Laboratory, which will provide a secure environment for research, diagnosis, and the development of control measures for highly hazardous pathogens that require strict containment procedures, such as highly infectious viruses like COVID-19 and its variants.
CNBC
26-06-2025
- Business
- CNBC
China urges Beijing-backed development bank to focus more on Belt and Road Initiative
BEIJING — Chinese Premier Li Qiang on Thursday urged the Asian Infrastructure Investment Bank to increase its support for Beijing's Belt and Road Initiative. "I hope that the AIIB will stay committed to open regionalism and persevere in promoting connection and communication among Asian countries and countries across the world," Li said in Mandarin through an official English translation. "It is important to strengthen the synergy between the bank and the Belt and Road Initiative and Global Development Initiative," Li said, referring to two Beijing-led programs. His speech at the opening ceremony of the bank's 10th annual meeting comes amid a pullback of U.S. support for Western-led institutions such as the World Bank and the International Monetary Fund, which U.S. President Donald Trump claims unfairly benefit other nations. Premier Li's "comments signal China's ongoing attempts to capitalize on the chaos caused by Trump's trade and economic policies," said Stephen Olson, a visiting senior fellow at the Institute of Southeast Asian Studies and a former U.S. trade negotiator. "China is also very aware that the U.S. is trying to pressure countries to tilt away from China (as we saw in the U.K. trade deal) and this is part of its strategy to counteract those efforts," Olson said in an email. Under Chinese President Xi Jinping, now in his third term, China launched a regional development program called the Belt and Road Initiative in 2013. The program is widely viewed as Beijing's effort to boost its global influence through the development of rail, sea and other transportation routes connecting Asia to Europe and Africa. Critics argue that China's massive infrastructure project has forced developing nations to take on high debt while benefiting Chinese companies, often state-owned entities. Xi subsequently announced a broader "Global Development Initiative" in 2021 to promote Beijing-led efforts around poverty alleviation, public health and food security, aligned with the UN's 2030 Sustainable Development Goals. The AIIB this week announced that Zou Jiayi, a former Chinese vice finance minister, will become its next president starting in January. Zou also previously represented China as an alternate governor at the World Bank. The former anti-corruption official is also a member of the ruling Chinese Communist Party's Central Committee, the third-highest circle of power in the country. AIIB's current president, Jin Liqun, has served two five-year terms since the bank's founding and is also a former Chinese vice finance minister. Indonesia's finance minister, Sri Mulyani Indrawati, said in a closing speech at the same event on Thursday that the Southeast Asian nation, which is a founding member of AIIB, has worked with the bank on 14 projects totaling over $5.1 billion. "Indonesia is not only generating operating revenue for AIIB, but we [are] also providing enormous experience as well as strong participation," Indrawati said. "AIIB is no longer just an emerging bank. It is now a global force for development." While the U.S. isn't a member of AIIB, the U.K., France, Germany are listed among the 110 members of the China-led bank, as are Russia, Israel, Singapore and Vietnam. China has the largest stake in AIIB, holding a 26.5% voting share. The AIIB provides loans to developing countries, largely for infrastructure projects such as water supply and transportation. The Beijing-headquartered AIIB said it approved $8.4 billion in financing last year, bringing the total to over $60 billion since its launch in 2016. On Wednesday, Li urged global business leaders and senior government representatives to collaborate and avoid turning trade into a political or security issue. Engaging in the international economy is a way of "reshaping the rules and order," he said, via an official English translation. He was speaking at the World Economic Forum's annual China conference, dubbed "Summer Davos," held this year in Tianjin. Li subsequently met with business executives, including Founder and Chairman Richard Liu. China's Minister of Commerce Wang Wentao and Zheng Shanjie, head of the country's economic planning agency, the National Development and Reform Commission, attended Li's speech and meeting with businesses on Wednesday, according to state media.
Yahoo
23-06-2025
- Business
- Yahoo
Indonesian DPR Immerses in Shenzhen's Cutting-Edge Tech during SZMG's "Telling China's Story" Event, Calls for Deeper China-Indonesia Cooperation.
SHENZHEN, China, June 23, 2025 /PRNewswire/ -- This year marks the 75th anniversary of the establishment of diplomatic relations between China and Indonesia. Telling China's Story, a program by the International Communication Center of Shenzhen Media Group, launched a series of 12 'Gen Z' dialogue salons Let's Talk under the theme of The Global Development Initiative at Universitas Pendidikan Indonesia (UPI) in Bandung on June. The scholars and officials from China and Indonesia attended the events, exchanging with over 1,500 Indonesian students face-to-face. H Syaiful Huda, a member of the House of Representatives of Indonesia, also took part in the Telling China's Story salon, where he exchanged views with students on China-Indonesia cooperation. He was pleased to participate in the dialogue. He emphasized that in today's globalized world, no country can isolate itself from others. Indonesia, he said, has always embraced an open approach to international cooperation, its partnership with China on high-speed railway is a vivid example of this vision. Erwin Affandi, Vice Mayor of Bandung attended the event. He engaged in a dialogue with Zhang Hongshuo, a host from SZMG discussing the friendship and future cooperation between Shenzhen and Bandung. The official website of Bandung promptly reported on Telling China's Story salon. Additionally, the event set a Tech Zone, introducing a set of cutting-edge innovations, including translation earbuds, exoskeleton suits, panoramic cameras drew enthusiastic crowds, every tech station packed with eager visitors. Nearly dozen Indonesian tech influencers checked in at these cutting-edge tech spots. They were amazed by the showcased "Cutting-edge Technology", sharing short videos on social media highlighting their experience at Telling China's Story. Many of these influencers are already familiar with Shenzhen's global reputation. Speaking about Shenzhen, Indonesian Tech Vlogger Anggialgifary said, "Having so many advanced products, Shenzhen is a superstar in China's tech world. To me, it's the tech capital of China." View original content to download multimedia: SOURCE Shenzhen Media Group Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
The Star
22-06-2025
- Business
- The Star
Xinhua think tank report offers forward-looking insights on China-Central Asia cooperation
ASTANA, June 22 (Xinhua) -- China-Central Asia cooperation in the new era is set to drive regional development, enhance well-being, and offer a model for building a community with a shared future for humanity, said a Xinhua think tank report released on Sunday. The three major China-proposed global initiatives should guide regional cooperation, said the report titled "Championing the China-Central Asia Spirit: Achievements, Opportunities and Prospects for Regional Cooperation," released by Xinhua Institute, a think tank affiliated with Xinhua News Agency. Those initiatives are the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative. The two sides have forged a China-Central Asia Spirit of "mutual respect, mutual trust, mutual benefit, and mutual assistance for the joint pursuit of modernization through high-quality development." The report said that future cooperation should uphold the principles of mutual support, common development, universal security and everlasting friendship. China and Central Asian countries should work to strengthen the foundation of a regional community with a shared future, usher in a new chapter of prosperity, build a shared shield for security and stability, and foster deeper people-to-people ties, according to the report. With a shared commitment to serving the interests of their peoples and building a brighter future, China and Central Asia have made the historic choice to create an even closer China-Central Asian community with a shared future, demonstrating their determination to elevate cooperation to a higher level, with higher standards and greater quality, it said.
