Latest news with #SongYang
Epoch Times
3 days ago
- Business
- Epoch Times
World's 75 Poorest Countries Owe China $22 Billion This Year: Think Tank
The world's 75 poorest countries are set to make debt repayments of $22 billion to China this year, according to a 'Debt service flows to China from developing countries will total $35 billion in 2025 and are set to remain elevated for the rest of this decade,' the Sydney-based Lowy Institute, which receives funding from the Australian Department of Foreign Affairs and Trade, said in the report. 'The bulk of this debt service, some $22 billion, is owed by 75 of the world's poorest and most vulnerable countries.' The report comes as Peruvian Economy Minister Raul Perez Reyes met with China's ambassador to Lima, Song Yang, to discuss a new regional rail corridor that would terminate in the new port of Peru's Ministry of Economy and Finance said in a The Peruvian government said Fei Dongbin, head of the China National Railway Administration, and several other Chinese Communist Party (CCP) representatives were also present at the meeting. The proposed railway would connect Brazil to Chancay, on Peru's Pacific coast, creating a trade route that would avoid Chinese ships having to travel through the Panama Canal, or around the southern tip of South America. Related Stories 5/25/2025 5/23/2025 China has given huge loans for infrastructure projects in many parts of the world, under Chinese leader Xi Jinping's Belt and Road Initiative (BRI). The program has underwritten the building of huge ports such as The Lowy Institute said, 'Now, and for the rest of this decade, China will be more debt collector than banker to the developing world.' The report said that Beijing has transitioned from capital provider to net financial drainer on developing country budgets as debt servicing costs on BRI projects from the 2010s now far outstrip new loan disbursements. In 54 of 120 developing countries from which there were available data, debt service payments to China exceeded the combined payments owed to the The Paris Club is owed a total of $616 billion by 102 countries. The report said China was prioritizing funding for neighbors such as Pakistan, Mongolia, and Kazakhstan, and also countries that provided important raw materials, such as the Democratic Republic of Congo, Indonesia, Brazil, and Argentina. 'Beijing faces a dilemma: pushing too hard for repayment could damage bilateral ties and undermine its diplomatic goals. At the same time, China's lending arms, particularly its quasi-commercial institutions, face mounting pressure to recover outstanding debts,' the author of the report, research fellow Riley Duke, said. 'How China's shift to chief debt collector will impact its reputation as a development partner and its broader messaging around South-South cooperation remains to be seen.' He said highly indebted African states were often wary of rocking the boat and risking the loss of access to Chinese financing and trade. 'An increasingly transactional United States and distracted Europe have also likely fed a narrowed sense of their potential future economic pathways,' Duke added. The report pointed out that BRI loans often seemed to come with strings attached, especially when it came to adhering to the CCP's 'One China' policy. Honduras, Nicaragua, the Dominican Republic, Burkina Faso, and the Solomon Islands all received big loans within 18 months of dropping diplomatic recognition of Taiwan. With China increasingly reining in BRI loans, Peru might find it harder to secure funding for the CFBC, which Lima described as a 'megaproject that would redefine South American regional integration.' Reyes said, 'We are willing to co-finance our part of the tranche.' The CFBC would link Lima with the city of Pucallpa in the Peruvian interior, and then across the border to Cruzeiro do Sul in Brazil, and via Vilhena, to the major metropolises of Sao Paulo and Rio de Janeiro.
Yahoo
19-03-2025
- Business
- Yahoo
The 137th Canton Fair Concludes Promotion Events in the Americas, Boosting Bilateral Trade as the Portal of China's Opening Up
GUANGZHOU, China, March 18, 2025 /PRNewswire/ -- The 137th Canton Fair, set to open on April 15 in Guangzhou, has hosted the Americas roadshow with a series of promotion events in Mexico, Peru and Brazil. A gateway to the Chinese market, the Canton Fair serves as the directory of trade facilitating international exchanges and economic cooperation. As China's No.1 Fair for international trade and exchanges, the Canton Fair continues to optimize trade structures, exhibition themes, events and services to elevate the exhibition experience for all guests. The Mexico promotion event was held on February 16 in Mexico City. Zhu Jian, Charge d'affaires of the Chinese Embassy in Mexico, spoke at the event about the win-win principle of China-Mexico economic and trade cooperation. He noted that the Canton Fair is an important platform for trade between China and Mexico and a window for China's high-level opening up to the outside world. He hoped that more Mexican business associations and enterprises can participate in the Canton Fair to promote cooperation with China and share the benefits of China's reform and opening up and economic development. The Canton Fair working group also visited Coppel Group and invited them to participate in regular Trade Bridge matchmaking events. In Lima, Peru, the Canton Fair promotion event on February 18 was joined by over 100 guests and the working group visited Cencosud Group, Falabella Group and surveyed local retail market as well to gain insights of the latest sourcing needs during their stay. Chinese Ambassador to Peru Song Yang stressed that the Canton Fair aimed to establish a platform for technological exchange and trade cooperation for global enterprises. China welcomes Peruvian business and industry professionals to participate and seize new opportunities. Jose Tam, President of the Peruvian-Chinese Chamber of Commerce (CAPECHI), stated that Peruvian entrepreneurs have a unique opportunity at the Canton Fair to experience China's development and product quality, as well as to engage in face-to-face exchanges with Chinese entrepreneurs. On February 20 and 21, the Canton Fair hosted the promotion conferences in São Paulo and Rio de Janeiro which were attended by approximately 300 guests. The Deputy Director of China Foreign Trade Centre, Zhang Sihong, stated that the Canton Fair is an important platform for China's opening up to the outside world and promoting high-quality development of international trade. It plays a significant role in facilitating efficient connections between Chinese and Brazilian enterprises and promoting bilateral economic and trade development. The 137th Canton Fair will showcase more new highlights, providing better experience for global buyers and exhibitors. Tian Yuzhen, Deputy Consul General of the Chinese Consulate General in São Paulo, highlighted the Canton Fair as a key platform for China's foreign trade and international cooperation. He noted the complementary economic structures of China and Brazil, making them natural partners. Brazilian business associations and entrepreneurs are welcomed to seize the opportunity to gain a deeper understanding of the Chinese market, further strengthen cooperation, and jointly achieve the goal of mutual benefit and win-win development. Luiz Fernandes, General Manager of a local e-commerce company, noted that the Canton Fair is crucial for Brazilian companies' e-commerce. Chinese products are very popular in Brazil and many Brazilian companies look to establish partnerships with Chinese suppliers, and Canton Fair is the important link connecting trade activities. With an exhibition area of 1.55 million square meters and over 30,000 exhibitors, the 137th Canton Fair will be held from April 15 to May 5, 2025 in Guangzhou. To download the Canton Fair App, please visit View original content to download multimedia: SOURCE Canton Fair Sign in to access your portfolio
Yahoo
21-02-2025
- Automotive
- Yahoo
Ping An to sell 42% stake in Autohome to Haier Group for $1.8 billion
By John Biju (Reuters) - Hong Kong-listed Autohome said on Thursday the financial conglomerate Ping An Insurance will cease to be its controlling shareholder after agreeing to sell a 41.91% stake in the company for $1.8 billion. Yun Chen Capital Cayman, a unit of Ping An, will sell 200.9 million shares of the auto services portal provider to a unit of Haier Group Corp, the owner of home appliance maker Haier Smart Home. It also said company insider Song Yang has been appointed as the new chief executive officer following the resignation of Tao Wu. "The platform faces growing competition with not only direct competitors but also automakers that are increasingly reliant on self-distribution", Jefferies analysts said in a note. Jefferies highlighted Autohome's insignificant financial contribution to the group, and added, the deal will allow Ping An "to focus their time and resources on other higher-return businesses". Ping An was looking to offload its stake in Autohome and held talks with several strategic and private equity investors, Reuters reported in 2021, citing sources. The group had bought a 47.4% stake in Autohome in 2016 for $1.6 billion from Australian telecom giant Telstra. Founded in 2005, Autohome serves as an information portal for automobile buyers and an online car-trading marketplace in China. Autohome, with a market cap of $3.93 billion according to data compiled by LSEG, has plummeted over 66% since its March 2021 debut on the Hong Kong Stock Exchange. The company's net income attributable to ordinary shareholders and revenue declined about 13% and 2%, respectively for fiscal 2024.
