Month: December 2023

Top Citic executives, Chinese diplomats and junta officials attended the signing of an addendum to the project concession agreement, in Myanmar’s capital Naypyidaw on Tuesday. China sees Myanmar as stepping stone to Indian Ocean, energy security The Kyaukphyu deep-sea port is a “major part” of Beijing’s belt and road strategy as well as the China-Myanmar Economic Corridor, and of “great significance to practical cooperation” between the two countries, Citic Group president Xi Guohua said during the ceremony. “Citic Group will make every effort to promote the implementation of the Kyaukphyu…

Beijing should promote the yuan’s use abroad next year by tapping deeper into emerging markets with loans and swap deals, but must also remain prudent and prepared to head off risks, former officials and analysts have urged. The assessment came as financial regulators look to implement Beijing’s risk-prevention mandate and take a more pragmatic approach to expand the overseas influence of the Chinese currency. “It’s nonsensical to push it merely for internationalisation’s sake, or for the frivolity of pursuing high rankings or bigger scale,” said Guan Tao, chief economist at…

The vessel’s stability and structure are designed to withstand the strongest tropical cyclones, enabling it to operate anywhere in global waters. Its drilling power is the best in its class, with the ability to reach 11,000 metres (6.8 miles) below the sea’s surface. China’s new drillship to go to ultradeep waters in oil and gas quest The Earth’s structure consists of the core, mantle, and crust. Human activities and scientific exploration have been limited to the crust’s surface layer. The crust has an average thickness of 15,000 metres – minuscule…

Mexico announced a nearly 80 per cent tariff on some steel imports on Thursday, following criticism from local producers that Chinese steelmakers have strangled their production. The tariff applies to some Vietnamese exports of cold-rolled steel sheets, although if the groups can prove the steel comes from a country other than China, they are exempt from the tariff, according to a declaration from the economy ministry published in Mexico’s official gazette. Vietnam’s largest steelmaker, Hoa Phat, is subject to a nearly 12 per cent tariff while Posco Vietnam will face…

In response to the Houthis attacking ships in the Red Sea bound for Israel, the US recently announced Operation Prosperity Guardian, a security initiative that initially included more than 20 countries, such as Bahrain, Britain, Canada, France, Italy, the Netherlands, Norway, Seychelles and Spain. But France, Italy and Spain have reportedly dropped out of the US-led coalition and many others decline to acknowledge their involvement. That Bahrain is the only Arab state offering public support speaks volumes about the Arab world’s apathy towards the US – if not resentment of…