Latest news with #SummerDavos'
Straits Times
03-07-2025
- Business
- Straits Times
US tariff deal provides relief for Vietnam, and a sting in the tail for China
Sign up now: Get ST's newsletters delivered to your inbox Vietnam had been one of the biggest winners of the first iteration of US President Donald Trump's trade war. BANGKOK – Given the vagaries of the Trump administration, Vietnamese Prime Minister Pham Minh Chinh displayed considerable confidence on June 25 when he anticipated striking a trade deal with the United States. 'I hope that you will see that the result will come earlier than two weeks,' he said, speaking on a panel at the 'Summer Davos' in Tianjin , before the pause on 46 per cent 'reciprocal' tariffs was due to lapse on July 9.
AllAfrica
30-06-2025
- Business
- AllAfrica
As Singapore PM visits China, no sign US pressure constrains ties
Singapore Prime Minister Lawrence Wong made a five-day visit to China last week, a prominent display of friendly and constructive relations that stood in contrast to US Secretary of Defense Pete Hegseth's comments about 'malign Chinese influence' at the Shangri-La Dialogue defense summit in Singapore on May 31. After meeting with President Xi Jinping, Premier Li Qiang and other Chinese officials in Beijing, Wong joined World Economic Forum President Borge Brende on stage at 'Summer Davos' in Tianjin. The messages from their conversations were clear: close attention is being paid to the importance of relations between Singapore and China by both sides, globalism is far from dead and nations are finding ways to move beyond US protectionism and diktat. On June 24, Wong wrote on X: 'Productive meeting with President Xi this morning. We agreed to further deepen cooperation in line with our unique 'all-round high-quality future-oriented' partnership.' He then added, 'Amidst a more uncertain external environment, we are committed to working together to foster continued peace, stability and shared prosperity for the region.' Established in April 2023, that partnership covers trade and investment, environmentally sound ('green') development, the digital economy, food security, the financial sector, aviation, and people-to-people exchanges. It is backed by a 'shared commitment to multilateralism, support for the purposes and principles of the United Nations Charter, adherence to international law, and …the rules based multilateral trading system as embodied by the World Trade Organisation.' Wong's visit came in the run-up to the 35th anniversary of the establishment of diplomatic relations between Singapore and the People's Republic on October 3, 1990. But ties between the two date further back, to Lee Kuan Yew's meetings and discussions with Deng Xiaoping when the latter visited Singapore in 1978. Commenting on this history, Prime Minister Wong pointed out that 'President Xi is in a unique position, I think, to have engaged and met all the prime ministers of Singapore: Lee Kuan Yew, Goh Chok Tong, Lee Hsien Loong and, now, me.' In their meeting, Prime Minister Wong and Premier Li 'commended the significant progress in bilateral cooperation over the past 35 years, underscored by the three Government-to-Government projects in Suzhou, Tianjin, and Chongqing.' Those projects are: the China-Singapore Suzhou Industrial Park; the Sino-Singapore Tianjin Eco-City urban development venture; and the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, which promotes links in financial services, information & communications, and transport & logistics. Wong and Li also 'welcomed the strong momentum in the ASEAN-China Comprehensive Strategic Partnership and looked forward to signing the ASEAN-China Free Trade Area 3.0 Upgrade later this year.' After the meeting, the two leaders witnessed the signing of the following documents, as detailed by Singapore's Ministry of Foreign Affairs: Memorandum of Understanding (MOU) between the Ministry of Law of the Republic of Singapore and the Ministry of Justice of the People's Republic of China on Legal Talent Development; Letter of Intent (LOI) to Jointly Explore Establishing a Senior Officials Exchange Programme between Singapore and China; LOI to Develop a Third Country Training Programme between the Ministry of Foreign Affairs of the Republic of Singapore and the China International Development Cooperation Agency of the People's Republic of China; Data Exchange Agreement between the Intellectual Property Office of Singapore and the National Intellectual Property Administration of the People's Republic of China. Wong and Li 'also took note of the launch of the China-Singapore over-the-counter (OTC) bond market arrangement. This enables selected Singapore-based banks to offer trading and custody services for onshore RMB bonds, and enhance international investors' access to China's bond market through Singapore.' Wong also met with Vietnam's Prime Minister Pham Minh Chinh at 'Summer Davos,' where they talked about cooperation in areas including renewable energy and food security. 'This,' he wrote on X, 'builds on the Vietnam-Singapore Comprehensive Strategic Partnership (CSP) launched earlier this year.' Singapore, said Wong, 'is doing something like more than 20 industrial parks in Vietnam.' This year's event, officially the 16th World Economic Forum (WEF) Annual Meeting of the New Champions, attracted about 1,800 participants from around the world, this time under the theme 'Entrepreneurship for a New Era.' It was the eighth time that the event was held in Tianjin. Wong spoke at length with WEF President Brende about the need to reform and preserve the world economic order by means of a 'flexible multilateralism' that stops 'the jungle growing back' under the 'rule of the strong.' As an example, he said that a few countries, like-minded countries, Singapore working with Japan and Australia, we have come together to initiate a joint statement initiative on e-commerce. And after five hard years of negotiation, today, more than 70 countries have agreed on the first set of rules for digital trading – it is the building block for the first set of global rules on digital trade. And I give these illustrations to show that it is possible to update, evolve, improve the multilateral system and global institutions that we have today. It is painstaking work but there is no alternative. Singapore, he said, built trade and investment links with its nearest neighbors, Malaysia and Indonesia, then Vietnam and other members of ASEAN, and now, for the whole of ASEAN, we are looking at ways to better integrate ASEAN and make us more united, be able to offer a more competitive single market to investors. So that is within ASEAN. But outside of our region, we are also engaging different blocks. We already have very close links with China, Japan, Korea, India in Asia. But we are engaging outside of Asia, for example, with the EU, with the GCC [Gulf Cooperation Council: the inaugural ASEAN-GCC-China Summit held in Kuala Lumpur on May 27], with Latin America. So we are trying to find ways to strengthen links with like-minded entities everywhere around the world. As President Trump's trade war takes its toll, such efforts have acquired a new urgency. The June Survey of Professional Forecasters (economists and analysts who closely monitor the Singapore economy) conducted by the Monetary Authority of Singapore showed a reduction in this year's projected economic growth to 1.7% from the 2.6% projected in March – an abrupt slowdown from the 4.4% GDP growth recorded in 2024. Tensions over trade and other geopolitical matters were rated as the greatest downside risk to the Singaporean economy, followed by rising interest rates and global economic slowdown. Respondents to the survey also signaled concern over tighter financial conditions. Manufacturing has taken a particularly large hit. Changes in median forecasts of 2025 macroeconomic indicators from the March to the June survey include: manufacturing +2.9% to -0.3%, non-oil domestic exports +2.8% to +1.0%, finance & insurance +4.0% to +3.3%, construction +3.4% to +3.3%, wholesale & retail trade +2.7% to +2.2%, accommodation & food services +2.0% to +1.5%, and private consumption: +3.5% to +3.1%. The construction sector is holding up with support from the Changi Airport Terminal 5 and other longer-term projects. In late May, DBS Bank senior economist Chua Han Teng wrote that 'Continued elevated global trade policy uncertainties are likely to dampen business confidence, which have already turned down.' US President Trump's so-called 'reciprocal' tariff on Singapore is only 10% (the same as the current baseline tariff), but those that might be applied to the rest of Asia are considerably higher: 46% on Vietnam, 36% on Thailand, 32% on Indonesia, 32% on Taiwan, 25% on South Korea, 24% on Japan, etc. Then there is the 25% tariff on autos, and proposed tariffs on semiconductors, pharmaceuticals and other products that are now under consideration, plus multiple tariffs on China that currently add up to effective rates of more than 30% on most Chinese goods. This is all negative for Singapore, which lives on trade and investment. The China and ASEAN are Singapore's largest trade partners, each accounting for about a quarter of its imports and exports, US is Singapore's largest foreign investor, and Singapore is China's largest foreign investor. The 'reciprocal' tariffs have been 'paused' until July 9, but the White House now says that that date is 'not critical,' leaving hope for negotiated reductions, but also, given Trump's penchant for changing his mind, continued uncertainty. In a ministerial statement on US tariffs and their implications issued on April 8, Wong wrote that, 'In Singapore's case, we have an FTA with America. We impose zero tariffs on US imports, and we actually run a trade deficit with the US – meaning we buy more from them than they do from us.' Therefore, 'If the tariffs were truly reciprocal, and if they were meant to target only those with trade surpluses, then the tariff for Singapore should be zero.' 'But still we are being subjected to the 10% tariff. We are very disappointed by the US move, especially considering the deep and longstanding friendship between our two countries. These are not actions one does to a friend.' Nevertheless, at Summer Davos Wong said: We want to be friends with both America and China, and to have good relations with them, cooperate on win-win areas. But it is not just us; all of Southeast Asia would like to do the same. And within ASEAN in particular, no single country in ASEAN may have the same size and scale, but when you add ASEAN up altogether, collectively, we are not small. We have considerable heft. We are 700 million people, a sizable economy, and ASEAN has the ability to shape its own destiny, to shape its own future. ASEAN was the arena for proxy wars during the Cold War. We don't want that to happen again. So ASEAN's approach is very clear. We reject zero-sum competition. 'I know everyone monitors and tracks what we say and what we do very closely,' he said, 'trying to parse every hidden meaning behind every word, behind every action, whether we are moving closer to one or the other. But that's not how we look at things.' In fact, there is no sign whatsover that American government pressure is constraining relations between Singapore and China. On the contrary, the two Asian countries have appropriated the terms rules-based global order, free trade and multilateralism, which are no longer associated with the US. And they are working together on a wide range of practical activities that seem totally alien to the Trump Administration's view of what is or what it would like to be happening in Asia. Follow this writer on X: @ScottFo83517667
Nikkei Asia
25-06-2025
- Business
- Nikkei Asia
China premier pledges to make country a 'consumption powerhouse'
Economy Despite deflationary pressure, Li Qiang assures 'Summer Davos' on growth Customers shop for electronic gadgets at a mall in Shanghai in April. © Reuters WATARU SUZUKI SHANGHAI -- Chinese Premier Li Qiang on Wednesday brushed off worries over the country's economic slowdown, pledging stable growth in the face of deflationary pressures and trade turbulence. Speaking at the World Economic Forum in Tianjin, known as "Summer Davos," Li said China is "confident and capable of maintaining relatively rapid growth," while adding that the country's economic development "is not a short-term expansion, but a steady progression toward long-term goals."
Biz Bahrain
25-06-2025
- Business
- Biz Bahrain
Minister of Sustainable Development and Chief Executive of Bahrain EDB Participates as Co-Chair in WEF's Annual Meeting of the New Champions 2025 in China
H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of the Bahrain Economic Development Board (Bahrain EDB), kicked off participation at the upcoming World Economic Forum's (WEF) Annual Meeting of the New Champions 2025 as Co-Chair. This year's 'Summer Davos' forum, taking place from 24 to 26 June in Tianjin, People's Republic of China, will be held under the theme Entrepreneurship for a New Era. Li Qiang, Premier of the People's Republic of China, is set to deliver the opening remarks at the 16th Annual Meeting of the New Champions, which is expected to convene over 1,700 global leaders from government, business, international organisations, civil society, and academia. This year's discussions will focus on navigating a rapidly transforming global landscape shaped by technological disruption, geopolitical shifts, and sustainability imperatives. The programme will revolve around five key pillars: Deciphering the World Economy, Outlook on China, Industries Disrupted, Investing in People and Planet, and New Energy and Materials. Other Co-Chairs of the Annual Meeting include a distinguished group of global leaders including: • H.E. Faisal Alibrahim, Minister of Economy and Planning, Kingdom of Saudi Arabia • H.E. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, Arab Republic of Egypt • Henadi Al Saleh, Chair, Board of Directors, Agility • Dai Houliang, Chairman, China National Petroleum Corporation (CNPC) alongside several other prominent figures from government, business, and academia As Co-Chair, H.E. Noor bint Ali Alkhulaif will join a series of high-level panel discussions, multilateral sessions, roundtables, and firestarter conversations, including sessions on Contours of a New Economic Order, MENA-China Trade and Investment Relations, Skills That Matter, and Women Leaders – Shaping Tomorrow's Economy. These conversations will offer a platform to highlight Bahrain's policy leadership, forward-looking vision, and efforts to equip its workforce with the skills needed to thrive in a rapidly evolving global economy. Additionally, members of Bahrain EDB will engage in multiple strategic meetings and networking events on the sidelines of the forum. Bahrain EDB is a long-standing Strategic Partner of the World Economic Forum, reflecting the strength of the Kingdom's investment promotion agency's collaboration with the Forum across multiple global platforms, including its consistent participation at the Annual Meeting in Davos. H.E. Noor bint Ali Alkhulaif's selection as Co-Chair for this year's Annual Meeting of the New Champions highlights Bahrain's expanding international impact and its commitment to engaging in key dialogues to elevate its position as a globally competitive destination. The role additionally involves shaping the agenda, where this year's focus on economic transformation and innovation can reignite growth amid shifting global condition underscores the Kingdom's broader efforts to accelerate digital innovation, cultivate talent, and grow high-value sectors in support of its ambitious economic diversification agenda.
Qatar Tribune
24-06-2025
- Business
- Qatar Tribune
US 'secret sauce' at risk: tariffs, threaten economic edge
Agencies The American economy has outperformed others by relying on a sort of secret, magic 'sauce', but Washington's tariff and immigration policies are threatening to shift the outlook, according to leading US scholars attending the 'Summer Davos' in China. At the gathering, formally known as the World Economic Forum's 16th Annual Meeting of the New Champions, they collectively took stock of the US economy and debated whether it would be China or the US that most advances the frontier of tech and innovation. In one discussion on Tuesday, panellists such as former World Trade Organization chief economist Robert Koopman and Harvard professor of government Graham Allison took a look back at the US from where they sat in Tianjin, and they discussed the outlook for potential developments in the face of Washington's policy changes. Explaining that America's special concoction has several important ingredients, experts speculated that the US might be ditching key components, and that China may be advancing more quickly. 'Sectors have been able to get the capital and the workers they need, and it drives productivity growth in the US. You add immigration to that … It creates a nice magic sauce,' Koopman said. That sauce also includes higher education, according to Paul Gruenwald, chief economist at S&P Global Ratings. 'We're getting talent from all over the world in our top universities,' Gruenwald said. 'They start new businesses, they create value for the US.'However, he explained, 'if you start to damage that linkage between the education, finance and tech sectors, there are negative consequences'. 'If that secret sauce for medium-term growth is gone, then you would have to be marked down there,' he said. Harvard's Allison, meanwhile, said China also has all the right ingredients. 'They have a lot of risk,' he said. 'But I think they have all the ingredients to continue along the path that they're on, growing. It's generally twice the rate of the US, so that path looks likely to continue.' Koopman also praised China's advancements in tech. 'The US economy is one of those economies that really pushes the frontier out. If you look at China's model now, it is really focused on innovation and pushing out that frontier, too. I think that's a very good model.' Since the Covid-19 pandemic, the US economy has fared better than most other economies. But panel members also voiced concerns about the damage that US President Donald Trump's policies could do. 'As we watch what's now happening, while I look for the American team to do as well as possible, the current performance of the US economy, in my view, is poor and getting poorer,' Allison worry over a slowing US economy is also borne out in the World Bank's latest growth forecast published this month, with the US economy expected to expand by a mere 1.4 per cent in 2025 compared with last year's 2.8 per cent clip. China is forecast to grow 4.5 per cent this year. The global economy and trade outlook has been further complicated by Trump's erratic tariffs, coupled with simmering regional tensions such as the ongoing Israel-Iran conflict that the US is now involved in. Koopman said Trump's pursuit of tariffs and other unilateral policies will not only make the US isolated, they will increasingly push other countries closer to China. 'I suspect that many of those countries would say, 'we have challenges with China, but China is more predictable than the US', so there's this uncertainty aspect,' he said. 'You'd rather deal with the devil you know than the devil you have no idea what they're gonna do.' Some analysts also warn that Trump's immigration policies and disputes with top American universities could do more harm than tariffs. 'If I were running the rivalry against the US, and you tell me, 'I have a great plan; we can undermine this source of American strength', I would say that's fantastic. It would be a brilliant strategic coup,' Allison said. 'Unfortunately, [that's what] Trump, at least in some of his impulses, is doing to ourselves. 'I still hope this is going to get sorted out … there's already some substantial damage.'
