Fears of excessive debt drive more countries to cut down their Belt and Road investments

Some countries are scaling down or scrapping entire projects that are part of China’s Belt and Road Initiative amid mounting financial concerns over the continent-spanning venture. That revised stance not only confirms global fears over the terms of BRI financing, it could also indicate that developing countries are now more willing to prioritize sovereign interests over their need for foreign investment. But critics see it as a means to benefit China’s military, increase opportunities for Chine


Some countries are scaling down or scrapping entire projects that are part of China’s Belt and Road Initiative amid mounting financial concerns over the continent-spanning venture. That revised stance not only confirms global fears over the terms of BRI financing, it could also indicate that developing countries are now more willing to prioritize sovereign interests over their need for foreign investment. But critics see it as a means to benefit China’s military, increase opportunities for Chine
Fears of excessive debt drive more countries to cut down their Belt and Road investments Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: nyshka chandran, taylor weidman bloomberg, getty images
Keywords: news, cnbc, companies, road, excessive, foreign, bri, negotiated, developing, belt, chinas, countries, debt, chinese, projects, drive, nations, cut, investments, fears


Fears of excessive debt drive more countries to cut down their Belt and Road investments

Some countries are scaling down or scrapping entire projects that are part of China’s Belt and Road Initiative amid mounting financial concerns over the continent-spanning venture.

In recent months, developing nations such as Pakistan, Malaysia, Myanmar, Bangladesh and Sierra Leone have either canceled or backed away from previously negotiated BRI commitments, citing worries over high project costs and their impact on national debt and the economy.

That revised stance not only confirms global fears over the terms of BRI financing, it could also indicate that developing countries are now more willing to prioritize sovereign interests over their need for foreign investment.

The BRI — Beijing’s signature foreign policy program — is the superpower’s attempt to stretch its economic power across the globe through the construction of maritime and overland transportation links across Asia, the Middle East, Africa and Europe. But critics see it as a means to benefit China’s military, increase opportunities for Chinese companies and help Beijing gain political leverage.

Under the trillion-dollar endeavor, Chinese state-owned entities flush with cash offer participating countries cheap loans and credit to build large-scale projects such as ports and railways. These arrangements are usually negotiated government-to-government with below-market interest rates but many nations are growing wary over their debt loads.


Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: nyshka chandran, taylor weidman bloomberg, getty images
Keywords: news, cnbc, companies, road, excessive, foreign, bri, negotiated, developing, belt, chinas, countries, debt, chinese, projects, drive, nations, cut, investments, fears


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North Korea’s Kim appears to have a big goal: Winning Belt and Road investments from Beijing

There was ‘frustration’ in Kim Jong Un’s message: Expert 4:50 AM ET Wed, 2 Jan 2019 | 03:00But to do so, Pyongyang needs help from its rich neighbors. The nuclear-armed nation is seeking more than $7.7 million in investment, the Seoul-based online newspaper NK News reported last month, citing information from a website run by North Korea’s foreign trade ministry. Xi’s Belt and Road project offers the perfect answer to those needs. Pyongyang “would love to be part of Belt and Road,” Dane Chamorro


There was ‘frustration’ in Kim Jong Un’s message: Expert 4:50 AM ET Wed, 2 Jan 2019 | 03:00But to do so, Pyongyang needs help from its rich neighbors. The nuclear-armed nation is seeking more than $7.7 million in investment, the Seoul-based online newspaper NK News reported last month, citing information from a website run by North Korea’s foreign trade ministry. Xi’s Belt and Road project offers the perfect answer to those needs. Pyongyang “would love to be part of Belt and Road,” Dane Chamorro
North Korea’s Kim appears to have a big goal: Winning Belt and Road investments from Beijing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-11  Authors: nyshka chandran, kcna, -mintaro oba, former us state department official
Keywords: news, cnbc, companies, investments, north, winning, koreas, worth, website, pyongyang, goal, pyongyangs, chamorro, needs, big, kim, road, beijing, belt


North Korea's Kim appears to have a big goal: Winning Belt and Road investments from Beijing

There was ‘frustration’ in Kim Jong Un’s message: Expert 4:50 AM ET Wed, 2 Jan 2019 | 03:00

But to do so, Pyongyang needs help from its rich neighbors. The nuclear-armed nation is seeking more than $7.7 million in investment, the Seoul-based online newspaper NK News reported last month, citing information from a website run by North Korea’s foreign trade ministry.

Xi’s Belt and Road project offers the perfect answer to those needs. China has historically been Pyongyang’s largest trading partner.

Pyongyang “would love to be part of Belt and Road,” Dane Chamorro, a senior partner in the Asia Pacific division of Control Risks, a consulting firm specializing in politics told CNBC on Friday. Kim’s government is waiting for an invitation so his country can get assistance on the construction of railway links and ports and other facilities, Chamorro said.

Beijing also seems keen on Pyongyang’s inclusion, with the Chinese government inviting a North Korean delegation to attend a Belt and Road summit in 2017 — but it’s unlikely to take any action for now.

Including Pyongyang in the BRI is “probably more trouble than it’s worth” at the present moment, said Mintaro Oba, a former U.S. State Department official who specialized in the Koreas during the administration of former President Barack Obama.

For one, sanctions still remain in place. Beijing, however, has called for those penalties to be eased.


Company: cnbc, Activity: cnbc, Date: 2019-01-11  Authors: nyshka chandran, kcna, -mintaro oba, former us state department official
Keywords: news, cnbc, companies, investments, north, winning, koreas, worth, website, pyongyang, goal, pyongyangs, chamorro, needs, big, kim, road, beijing, belt


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Reports of China using its ‘Belt and Road’ program for military purposes are ‘no real surprise’

China’s massive Belt and Road Initiative infrastructure program has long been viewed as a platform to project Chinese power across the globe, despite official assertions to the contrary. Last week, the Times said it had reviewed a confidential plan about China’s military projects in Pakistan under the Belt and Road. That reveals how the world’s second-largest economy “is for the first time explicitly tying a Belt and Road proposal to its military ambitions,” the Times said. He called the Times’


China’s massive Belt and Road Initiative infrastructure program has long been viewed as a platform to project Chinese power across the globe, despite official assertions to the contrary. Last week, the Times said it had reviewed a confidential plan about China’s military projects in Pakistan under the Belt and Road. That reveals how the world’s second-largest economy “is for the first time explicitly tying a Belt and Road proposal to its military ambitions,” the Times said. He called the Times’
Reports of China using its ‘Belt and Road’ program for military purposes are ‘no real surprise’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-24  Authors: nyshka chandran, christine-felice rhrs, picture alliance, getty images
Keywords: news, cnbc, companies, real, plan, program, proposal, chinas, times, purely, economic, project, surprise, military, using, purposes, china, belt, road, reports


Reports of China using its 'Belt and Road' program for military purposes are 'no real surprise'

China’s massive Belt and Road Initiative infrastructure program has long been viewed as a platform to project Chinese power across the globe, despite official assertions to the contrary. New findings from the New York Times have now reinforced that argument, giving more weight to the idea that the investment plan may not purely be the economic project that Beijing insists.

Last week, the Times said it had reviewed a confidential plan about China’s military projects in Pakistan under the Belt and Road. According to the proposal, a special economic zone under the BRI’s China-Pakistan Economic Corridor will be created to produce fighter jets while navigation systems and other military hardware will be jointly built at factories in Pakistan. That reveals how the world’s second-largest economy “is for the first time explicitly tying a Belt and Road proposal to its military ambitions,” the Times said.

In response, Lijian Zhao, deputy chief of mission at the Chinese embassy in Islamabad, took to Twitter to protest the newspaper’s claims. He called the Times’ report “Western propaganda” and emphasized that the bilateral economic corridor was purely economic in nature.

For politics watchers, however, the Times’ story strengthens deep-rooted suspicions of the BRI as a tool for the People’s Liberation Army, China’s armed forces.


Company: cnbc, Activity: cnbc, Date: 2018-12-24  Authors: nyshka chandran, christine-felice rhrs, picture alliance, getty images
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China’s Cosco and Abu Dhabi Ports develop Khalifa to support Belt and Road initiative

Monday marks the inauguration of a 35-year concession agreement between Abu Dhabi Ports and China Ocean Shipping Company (Cosco) Shipping Ports. The deal will allow Cosco to operate and develop a new container terminal in Khalifa Port to support trade flows expected from China’s 60-country-wide infrastructure project. The belt and road initiative is a vast project designed to link China with much of Asia, Europe the Middle East and Africa, and to increase Beijing’s political and trade influence


Monday marks the inauguration of a 35-year concession agreement between Abu Dhabi Ports and China Ocean Shipping Company (Cosco) Shipping Ports. The deal will allow Cosco to operate and develop a new container terminal in Khalifa Port to support trade flows expected from China’s 60-country-wide infrastructure project. The belt and road initiative is a vast project designed to link China with much of Asia, Europe the Middle East and Africa, and to increase Beijing’s political and trade influence
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Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: karen gilchrist, bloomberg, getty images
Keywords: news, cnbc, companies, khalifa, east, dhabi, serving, support, cosco, middle, road, initiative, trade, port, develop, ports, shipping, belt, chinas


China's Cosco and Abu Dhabi Ports develop Khalifa to support Belt and Road initiative

Monday marks the inauguration of a 35-year concession agreement between Abu Dhabi Ports and China Ocean Shipping Company (Cosco) Shipping Ports. The deal will allow Cosco to operate and develop a new container terminal in Khalifa Port to support trade flows expected from China’s 60-country-wide infrastructure project.

The belt and road initiative is a vast project designed to link China with much of Asia, Europe the Middle East and Africa, and to increase Beijing’s political and trade influence globally.

The port, which is situated halfway between Abu Dhabi and Dubai, now serves over 25 shipping lines and has links to 70 international destinations. Al Shamisi said that makes it a “strategic location” for trade, not only within the United Arab Emirates and the Middle East, but the wider ecosystem.

“It’s huge … We are not serving the Middle East per se, but we are serving the North Africa Indian subcontinent and we are transitioning point to all of these destinations,” said Al Shamisi.

“Having such infrastructure where the biggest ships can enter and use Khalifa Port as a hub, it will serve the one belt one road, and it’s actually the heart of the one belt one road,” he added.


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: karen gilchrist, bloomberg, getty images
Keywords: news, cnbc, companies, khalifa, east, dhabi, serving, support, cosco, middle, road, initiative, trade, port, develop, ports, shipping, belt, chinas


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Why millennials are flocking to Rust Belt real estate

As real estate prices in major U.S. cities continue to soar, some young buyers and renters have decided to take their business elsewhere. In recent years, however, the revitalized Rust Belt economy has brought in younger workers, and made the area’s real estate an attractive investment bet. However, Constantine Valhouli, Director of Research for the real estate research and analytics firm NeighborhoodX, said that there’s more to it than that. And slowly but surely, formerly blighted towns and ci


As real estate prices in major U.S. cities continue to soar, some young buyers and renters have decided to take their business elsewhere. In recent years, however, the revitalized Rust Belt economy has brought in younger workers, and made the area’s real estate an attractive investment bet. However, Constantine Valhouli, Director of Research for the real estate research and analytics firm NeighborhoodX, said that there’s more to it than that. And slowly but surely, formerly blighted towns and ci
Why millennials are flocking to Rust Belt real estate Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-23  Authors: daniel bukszpan, micahel s williamson, the washington post, getty images, michael s williamson, source, haring realty, -ralph dibugnara, senior vice president, residential home funding
Keywords: news, cnbc, companies, revitalized, rust, cities, millennials, flocking, belt, buyers, places, prices, younger, research, real, estate


Why millennials are flocking to Rust Belt real estate

As real estate prices in major U.S. cities continue to soar, some young buyers and renters have decided to take their business elsewhere. They’re investing in homes in such states as Ohio, Michigan and Wisconsin, experts say, in search of more affordable living and new places to plant down roots.

For decades, the part of the U.S. otherwise known as the Rust Belt has been synonymous with hard times for decades, ever since manufacturing bases like Detroit began to suffer the effects of de-industrialization. Plants closed down, jobs disappeared, and once-vibrant cities became symbols of decay.

In recent years, however, the revitalized Rust Belt economy has brought in younger workers, and made the area’s real estate an attractive investment bet. The overwhelming driver of the millennial shift to the region is affordability. However, Constantine Valhouli, Director of Research for the real estate research and analytics firm NeighborhoodX, said that there’s more to it than that.

Rather than just home ownership, “it is about having roots and contributing to the revival of a place that needs businesses that create jobs and create value,” he said.

And slowly but surely, formerly blighted towns and cities are coming back to life, with the help of a younger class of real estate buyers. According to Paul Boomsma, president and CEO of Leading Real Estate Companies of the World (LeadingRE), the latest influx of buyers see cities as financial opportunities and places to build something new – especially with prices far below prevailing prices in big cities.

“Millennials are swiping up properties for next-to-nothing prices near downtown city areas that have completely revitalized,” Boomsma said. LendingRE has listed a three-bedroom Victorian home in Mansfield, Ohio, with an asking price of $39,900.


Company: cnbc, Activity: cnbc, Date: 2018-09-23  Authors: daniel bukszpan, micahel s williamson, the washington post, getty images, michael s williamson, source, haring realty, -ralph dibugnara, senior vice president, residential home funding
Keywords: news, cnbc, companies, revitalized, rust, cities, millennials, flocking, belt, buyers, places, prices, younger, research, real, estate


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China can make its Belt and Road project more successful if it taps locals, experts say

One of the biggest complaints around the initiative is an excessive reliance on Chinese employees for on-the-ground projects, which deprives participating countries of jobs. In instances where locals are employed, complaints about dire working conditions are rampant, with public demonstrations being held from Vietnam to Sri Lanka. Beijing basically replicated its traditional state-owned enterprises (SOE) model in other developing nations, Hu said. These enterprises “tend to air drop the entire e


One of the biggest complaints around the initiative is an excessive reliance on Chinese employees for on-the-ground projects, which deprives participating countries of jobs. In instances where locals are employed, complaints about dire working conditions are rampant, with public demonstrations being held from Vietnam to Sri Lanka. Beijing basically replicated its traditional state-owned enterprises (SOE) model in other developing nations, Hu said. These enterprises “tend to air drop the entire e
China can make its Belt and Road project more successful if it taps locals, experts say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-14  Authors: nyshka chandran, buddhika weerasinghe getty images
Keywords: news, cnbc, companies, program, project, countries, projects, taps, infrastructure, say, belt, enterprises, complaints, china, nations, local, hu, experts, locals, initiative, successful, road


China can make its Belt and Road project more successful if it taps locals, experts say

China’s flagship investment program — known as the Belt and Road Initiative — is one of the answers to the emerging world’s infrastructure needs, but it has been shrouded in criticism amid allegations of debt-trap diplomacy and neo-colonialism.

To improve the image of the multi-billion dollar program, Beijing must do more to embrace local stakeholders, a panel of experts at the Milken Asia Summit in Singapore said on Thursday.

“A common lament of recipient nations is that despite all the investments from huge infrastructure projects, there’s a lack of local employment opportunities,” said Robin Hu, head of sustainability and stewardship at Singaporean sovereign wealth fund Temasek Holdings.

One of the biggest complaints around the initiative is an excessive reliance on Chinese employees for on-the-ground projects, which deprives participating countries of jobs. That’s triggered anti-Beijing sentiments in places such as Laos and Turkmenistan. In instances where locals are employed, complaints about dire working conditions are rampant, with public demonstrations being held from Vietnam to Sri Lanka.

Beijing basically replicated its traditional state-owned enterprises (SOE) model in other developing nations, Hu said. These enterprises “tend to air drop the entire ecosystem, from their engineers to the construction workers to the chefs, into the countries to do the project,” he said.

A McKinsey study in 2017 found that among 1,073 Chinese firms across eight African countries, only 44 percent of the managers on average were local.


Company: cnbc, Activity: cnbc, Date: 2018-09-14  Authors: nyshka chandran, buddhika weerasinghe getty images
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Ford recalls 2 million trucks to address seat-belt fire concerns

Ford Motor said on Thursday it would recall 2 million F-150 pickup trucks in North America to address fire and smoke concerns in seat-belt pretensioners. The mechanism of the pretensioner, which works in tandem with air bags, involves an explosive charge that locks a seat belt in place during a crash. The recall covers 2015-18 Ford F-150 Regular Cab and SuperCrew Cab vehicles in North America for driver and front passenger seat-belt pretensioners. The National Highway Traffic Safety Administrati


Ford Motor said on Thursday it would recall 2 million F-150 pickup trucks in North America to address fire and smoke concerns in seat-belt pretensioners. The mechanism of the pretensioner, which works in tandem with air bags, involves an explosive charge that locks a seat belt in place during a crash. The recall covers 2015-18 Ford F-150 Regular Cab and SuperCrew Cab vehicles in North America for driver and front passenger seat-belt pretensioners. The National Highway Traffic Safety Administrati
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Company: cnbc, Activity: cnbc, Date: 2018-09-06  Authors: jeff kowalsky, bloomberg, getty images
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Ford recalls 2 million trucks to address seat-belt fire concerns

Ford Motor said on Thursday it would recall 2 million F-150 pickup trucks in North America to address fire and smoke concerns in seat-belt pretensioners.

The second-largest U.S. automaker said it was aware of 17 reports of smoke or fire in the United States and six in Canada relating to belt pretensioners, but was not aware of any accidents or injuries as a result of this condition.

The mechanism of the pretensioner, which works in tandem with air bags, involves an explosive charge that locks a seat belt in place during a crash.

Some pretensioners in front seat belts could generate excessive sparks when deployed, resulting possibly in a fire, the company said.

The recall covers 2015-18 Ford F-150 Regular Cab and SuperCrew Cab vehicles in North America for driver and front passenger seat-belt pretensioners.

Ford said the recall included 1.62 million U.S. vehicles, 340,000 in Canada and 37,000 in Mexico.

The National Highway Traffic Safety Administration said last month it was investigating complaints of fire in the seat belt component.

There were five complaints alleging fires following the activation of seat-belt pretensioners, the NHTSA said.

To resolve the issue, dealers will remove some insulation material and remnants of wiring harness tape from the vehicle’s B pillar area, and apply heat-resistant tape to the carpet and its insulation. They will also modify the back interior panels of Regular Cab vehicles. The B pillar is the vertical support behind a vehicle’s front seat windows.

Transport Canada contacted Ford in November 2017, regarding a B-pillar area fire on a 2015 model year vehicle, prompting a joint vehicle inspection by Ford and Transport Canada.


Company: cnbc, Activity: cnbc, Date: 2018-09-06  Authors: jeff kowalsky, bloomberg, getty images
Keywords: news, cnbc, companies, pretensioners, million, concerns, seat, seatbelt, trucks, ford, vehicles, belt, canada, cab, recalls, address, recall, vehicle


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New US spending in Asia won’t match China but it’s significant in other ways

Washington’s new $113 million in infrastructure spending for the Asia Pacific region can’t compete with Beijing’s massive investments there, but the move reinforces the U.S. commitment to Asian governments. Secretary of State Mike Pompeo on Monday announced new ventures focused on technology, energy and infrastructure as part of President Donald Trump’s Indo-Pacific strategy. A desire to counter China’s rising economic and political influence in Asia, as reflected by the country’s continent-span


Washington’s new $113 million in infrastructure spending for the Asia Pacific region can’t compete with Beijing’s massive investments there, but the move reinforces the U.S. commitment to Asian governments. Secretary of State Mike Pompeo on Monday announced new ventures focused on technology, energy and infrastructure as part of President Donald Trump’s Indo-Pacific strategy. A desire to counter China’s rising economic and political influence in Asia, as reflected by the country’s continent-span
New US spending in Asia won’t match China but it’s significant in other ways Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-31  Authors: nyshka chandran, alex wong getty images
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New US spending in Asia won't match China but it's significant in other ways

Washington’s new $113 million in infrastructure spending for the Asia Pacific region can’t compete with Beijing’s massive investments there, but the move reinforces the U.S. commitment to Asian governments.

Secretary of State Mike Pompeo on Monday announced new ventures focused on technology, energy and infrastructure as part of President Donald Trump’s Indo-Pacific strategy. They include $25 million to expand U.S. technology exports, $50 million for countries to produce and store energy resources as well as a $30 million assistance network for infrastructure development. Australia and Japan have also joined forces with the U.S. to mobilize investments in the area.

A desire to counter China’s rising economic and political influence in Asia, as reflected by the country’s continent-spanning Belt and Road infrastructure program, is believed to be a major factor driving Washington’s entire Indo-Pacific policy. And many now view the U.S. fund as an alternative to the Belt and Road Initiative.

The U.S. isn’t aspiring for dominance but instead looking for partnerships, Pompeo told CNBC on Monday, adding that “others choose to behave differently.” Some countries that have engaged in the Belt and Road program “find themselves in a place that they are not happy about, and I think the others are beginning to see that as well,” he added, alluding to concerns about China employing debt-trap diplomacy.

The way to convince BRI member countries that America’s operating style is better is by showing them how relationships with the U.S. benefit each country, he continued.

But, as it stands, the $113 million American fund pales in comparison to China’s trillion-dollar Belt and Road. In Pakistan alone, the world’s second-largest economy has $62 billion worth of infrastructure projects.

“This could be the first step of a future pathway to stronger, more sustainable set of alternatives to the Belt and Road Initiative” but current resources “are shallow in comparison to what China can bring to the table,” said Brian Eyler, director of the Southeast Asia program at think tank Stimson Center.


Company: cnbc, Activity: cnbc, Date: 2018-07-31  Authors: nyshka chandran, alex wong getty images
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Trump trade threats could boost China’s global economic clout

As the United States increasingly confronts China over trade and turns away from decades of championing lower tariffs, Beijing is seen getting a boost from its globe-spanning — and heavily marketed — investment program. China’s Belt and Road Initiative is a massive infrastructure project that covers more than 80 countries, claims to seek the revival of historic Silk Road trade routes. Nomura estimates it could be worth at least $1.5 trillion in investments over the next 10 years. The project has


As the United States increasingly confronts China over trade and turns away from decades of championing lower tariffs, Beijing is seen getting a boost from its globe-spanning — and heavily marketed — investment program. China’s Belt and Road Initiative is a massive infrastructure project that covers more than 80 countries, claims to seek the revival of historic Silk Road trade routes. Nomura estimates it could be worth at least $1.5 trillion in investments over the next 10 years. The project has
Trump trade threats could boost China’s global economic clout Cached Page below :
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Keywords: news, cnbc, companies, boost, project, initiative, global, threats, states, neumann, trump, clout, chinas, united, seek, china, economic, road, belt, trade


Trump trade threats could boost China’s global economic clout

As the United States increasingly confronts China over trade and turns away from decades of championing lower tariffs, Beijing is seen getting a boost from its globe-spanning — and heavily marketed — investment program.

China’s Belt and Road Initiative is a massive infrastructure project that covers more than 80 countries, claims to seek the revival of historic Silk Road trade routes. Nomura estimates it could be worth at least $1.5 trillion in investments over the next 10 years.

The aim is to connect China with much of the rest of Asia, Europe, the Middle East and parts of Africa through massive commerce-boosting projects such as railroads, highways and ports — increasing China’s global reach all the while.

The project has garnered plenty of skepticism from Beijing’s rivals, but the White House’s push for greater trade benefits could end up boosting buy-in for the Belt and Road, analysts say.

Carlos Casanova, Asia-Pacific economist at French trade credit insurer Coface, said there could be supply chain disruptions if access to the world’s largest economy is reduced, so that could force some countries involved in the Belt and Road to seek increased trade with China, in turn potentially providing it with more export markets as well.

China would “be a lot less dependent on the United States” if trade increases with the Belt and Road, he said.

Fred Neumann, co-head of Asian economics research at HSBC in Hong Kong, also said the Belt and Road Initiative can benefit China amid the trade standoff with the U.S.

”The underlying theme is really connectivity to foster trade relations,” Neumann said of the initiative. “And to the extent that they are succeeding in building this, it should help to offset potential drags on growth or drag on exports to the U.S.”


Company: cnbc, Activity: cnbc, Date: 2018-06-29  Authors: kelly olsen, getty images
Keywords: news, cnbc, companies, boost, project, initiative, global, threats, states, neumann, trump, clout, chinas, united, seek, china, economic, road, belt, trade


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China’s Belt and Road is a ‘win-win’ for the Gulf, ministers say

Countries in the Gulf are keen to make the most of China’s Belt and Road Initiative (BRI) — an ambitious mega-project that plans to boost connectivity and cooperation between East Asia, Europe and East Africa. Bahrain’s minister for transportation and telecommunications said the Gulf, with its central location in the BRI, was a prime market for China and vice versa. “The Belt and Road Initiative is ambitious and broad in its nature … but by interacting with each other we can unlock potential o


Countries in the Gulf are keen to make the most of China’s Belt and Road Initiative (BRI) — an ambitious mega-project that plans to boost connectivity and cooperation between East Asia, Europe and East Africa. Bahrain’s minister for transportation and telecommunications said the Gulf, with its central location in the BRI, was a prime market for China and vice versa. “The Belt and Road Initiative is ambitious and broad in its nature … but by interacting with each other we can unlock potential o
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Company: cnbc, Activity: cnbc, Date: 2018-05-10  Authors: holly ellyatt, buddhika weerasinghe getty images
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China's Belt and Road is a 'win-win' for the Gulf, ministers say

Countries in the Gulf are keen to make the most of China’s Belt and Road Initiative (BRI) — an ambitious mega-project that plans to boost connectivity and cooperation between East Asia, Europe and East Africa.

Bahrain’s minister for transportation and telecommunications said the Gulf, with its central location in the BRI, was a prime market for China and vice versa.

“The Belt and Road Initiative is ambitious and broad in its nature … but by interacting with each other we can unlock potential opportunities,” Kamal bin Ahmed Mohammed told an audience at the Gateway Gulf Investment Forum on Wednesday.

“For us in the region, we think that China always will look for a new market for their services, they are manufacturing goods, every day they’re increasing their production and we can be the market for these goods. We also have a lot of projects (going on) and … There will be a need for Chinese goods and products,” he said.

“We see a great opportunity for the GCC (Gulf Cooperation Council) countries, the infrastructure already exists, already we have the routes and the (trade) corridor available, a politically stable region, a resilient financial sector, and there are a lot of areas in which both regions, China and the GCC, can benefit from each other.”

“The GCC has the ports, airports, the infrastructure is all ready, it’s a win win for both sides,” he added.

As well as China using the region as a remote manufacturing platform, allowing them to be closer to their markets, the minister said the Gulf could readily supply China with a stable supply of oil and gas.

Another speaker on the panel, Yusuf Abdalla Alireza, the founder and CEO of ARP Global Capital, an investment management firm based in Dubai, said the “obvious answer” on how the region could benefit from China’s presence in the region was oil and commodities, but he added that there were other advantages too.


Company: cnbc, Activity: cnbc, Date: 2018-05-10  Authors: holly ellyatt, buddhika weerasinghe getty images
Keywords: news, cnbc, companies, gcc, china, supply, stable, winwin, region, win, belt, say, market, road, ministers, goods, chinas, gulf


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