asia
Chinese Foreign Minister Wang Yi on Thursday warned against attempts to create rifts in the Indo-Pacific region, apparently taking aim at a recent trilateral summit between the United States, Japan and the Philippines. "We must be highly vigilant about various small circles formed in the region and oppose any attempt to create confrontation" between groups of nations, Wang Yi told reporters after his talks with his Indonesian counterpart Retno Marsudi, stressing the need for the two countries to work to maintain peace and stability in the region. Last week, U.S. President Joe Biden, Japanese P...
Kyodo News
Chinese President Xi Jinping, in talks with German Chancellor Olaf Scholz in Beijing on Tuesday, emphasized the "huge potential for win-win cooperation" between the world's second- and third-largest economies and urged vigilance against rising protectionism, China's state-run media said. The Chinese leader stressed the need to view the issue of production capacity "objectively and dialectically from a market-oriented and global perspective," the official Xinhua News Agency said, referring to Western nations' concerns over Beijing's overproduction of items, including electric vehicles. Xi claim...
Kyodo News
China's economy in the January-March period grew a real 5.3 percent from a year earlier, official data showed Tuesday, with the pace of expansion accelerating from the previous quarter despite a prolonged slump in the property sector and weak demand. The increase in inflation-adjusted gross domestic product of the world's second-largest economy quickened from 5.2 percent in the previous three months. Beijing has set an ambitious growth target of around 5 percent for 2024 despite challenges including mounting local government debt.
Kyodo News
Developing Asian economies are projected to grow by 4.9 percent this year and in 2025, the Asian Development Bank said Thursday, citing robust domestic demand as well as continued recovery in goods exports and tourism. An expected decline in China's economy to 4.8 percent this year and 4.5 percent next year, driven by weak property market and fading domestic consumption growth, will be offset by more robust growth in South Asia and Southeast Asia, according to the Manila-based lender's latest outlook. India is forecast to maintain its position as a major growth engine in Asia due to strong inv...
Kyodo News
U.S. Treasury Secretary Janet Yellen said Monday Washington will not seek to decouple from China and that her latest visit to the Asian country has put bilateral economic ties on "a stronger footing" while urging Beijing to address its overcapacity in some industries. In a Beijing press conference to wrap up her visit to China that started Thursday, the first since July last year, Yellen said the world's two largest economies are "deeply integrated," and a wholesale separation would be "disastrous for both of our economies." "Even as we take actions to diversify our supply chains, we seek to p...
Kyodo News
U.S. Treasury Secretary Janet Yellen met with China's Vice Premier He Lifeng in Guangzhou on Friday during a six-day visit to the country amid intensifying rivalry between the two largest economies over such issues as what Washington considers overproduction of Chinese electric vehicles. Ahead of the meeting with the economic policy chief, Yellen said in the capital of Guangdong Province that Washington seeks a healthy economic relationship with Beijing that provides a level playing field for American workers and businesses, according to the Treasury Department. The department has said Yellen'...
Kyodo News
A high-speed railway project in India backed by Japan, featuring its shinkansen bullet train technology, could see start commercial operations begin by 2026, the South Asian country's envoy said Thursday. The project's inauguration "could be 2026, or it could even be early," although the two nations are still "in consultation on the exact timeframe," Indian Ambassador to Japan Sibi George told Kyodo News in an interview in Tokyo. "What I can say is that there is considerable progress in the project," George said. The original schedule for the start was sometime in 2023. India's first-ever shin...
Kyodo News
China will lift anti-dumping tariffs on Australian wine, its Commerce Ministry said Thursday, with Canberra welcoming the end of three years of sanctions amid improved ties as benefitting both Australian producers and Chinese consumers. The ministry said the duties of up to around 200 percent will be scrapped Friday because they are "no longer necessary" given changes in the wine market in China. Australian Prime Minister Anthony Albanese said in response that Canberra will discontinue its legal proceedings at the World Trade Organization over the Chinese tariffs on wine. Sino-Australian ties ...
Kyodo News
China's funding of major infrastructure projects in Southeast Asia has fallen over $50 billion short of its commitments, with only a little over a third of promised funds having been delivered for projects signed over a six year period until 2021, analysis by an Australian think-tank has shown. China is Southeast Asia's largest infrastructure financing partner, providing funding for a number of large-scale infrastructure projects launched under China's ambitious Belt and Road global infrastructure initiative. But the analysis released by the Sydney-based Lowy Institute on Wednesday found just ...
Kyodo News
China's top legislator Zhao Leji on Thursday urged Asian nations to stay united and prevent the region from becoming an arena for geopolitical fighting in a veiled warning to the United States amid intensifying rivalry between the world's two largest economies. Zhao, ranked No. 3 in the ruling Chinese Communist Party's leadership, also called on Asian countries to oppose trade protectionism and decoupling in all forms in a keynote speech at the Boao Forum for Asia, the country's state-run media said. His remarks at the event on southern China's Hainan Island, billed as Asia's alternative to th...
Kyodo News
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