Jan-Oct. Non-Financial ODI at $115.83 billion - He Lifeng Meets Citibank CEO - Dong Jun Criticises 'Exclusive Cliques' at ASEAN Meeting - China-Saudi Arabia-Iran Meeting
Page 1: I covered everything that’s on the page today in yesterday’s newsletter.
Page 2: There’s a report on the launch ceremony of the Portuguese version of the third season of the video series “Xi Jinping’s Favourite Historical Allusions” in Brazil. This one focuses on themes such as building a community with a shared future for humanity, cultural inheritance and innovation, biodiversity conservation, and mutual learning among civilizations.
Another report on the page informs that from January to October, China’s non-financial direct investment abroad was $115.83 billion, a year-on-year increase of 10.6%.
Chinese companies invested $26.65 billion in non-financial direct investment in BRI countries, a year-on-year increase of 3.0%.
Overseas contracted projects achieved a turnover of $124.38 billion, a year-on-year increase of 2.0%.
The newly signed contract value was $177.65 billion, a year-on-year increase of 15.3%. Among them, Chinese companies completed a turnover of $100.82 billion in contracted projects in BRI countries, a year-on-year increase of 0.8%. The newly signed contract value in BRI countries was $148.64 billion, a year-on-year increase of 15.7%.
21日，记者从商务部获悉：今年1—10月，我国对外非金融类直接投资1158.3亿美元，同比增长10.6%。其中，我国企业在共建“一带一路”国家非金融类直接投资266.5亿美元，同比增长3.0%。1—10月，我国对外承包工程完成营业额1243.8亿美元，同比增长2.0%；新签合同额1776.5亿美元，同比增长15.3%。其中，我国企业在共建“一带一路”国家承包工程完成营业额1008.2亿美元，同比增长0.8%；新签合同额1486.4亿美元，同比增长15.7%.
Page 3: There’s a report (English report) on Vice Premier He Lifeng meeting with Citigroup CEO Jane Fraser. He told her that “China is deepening the reform of its financial system and continuing to expand the high-level, two-way opening-up of its financial sector. China welcomes more foreign financial institutions and long-term capital, including Citigroup, to invest and do business in China, and to share opportunities and participate in the development of the country’s financial market.”
As per Xinhua, “Fraser said that Citigroup is optimistic about the prospects of China's economy and financial market, and is willing to explore the Chinese market further, contributing to the promotion of U.S.-China economic and trade cooperation and maintaining the healthy development of the global economy.”
Next, there’s a report on China, Brazil, South Africa and the African Union launching the Initiative on International Cooperation in Open Science. Xinhua says:
“The initiative also aims to promote global scientific and technological innovation to benefit the Global South. It notes that the open and sustainable sci-tech innovation is conducive to enhancing the strong, sustainable, balanced and inclusive growth of the global economy. The initiative proposes that governments, scientific communities, enterprises, non-governmental organizations and other stakeholders should support the free flow of sci-tech innovation personnel and resources on a global scale, and ensure that different stakeholders can equitably participate in and are treated fairly in the open science cause. Scientific knowledge should be publicly available, according to the initiative, which also states that scientific practices should be diverse, inclusive and sustainable. The initiative says that governments of all countries should increase investment in open science and encourage the cooperation, joint construction and sharing of major scientific research infrastructure.”
Third, there’s a report on Defense Minister Dong Jun’s speech at the ASEAN Defense Ministers’ Plus Meeting.
“The Asia-Pacific region remains generally stable, but the risk of being drawn into geopolitical conflicts is a real possibility. The strategic choices we make today will affect the future safety and well-being of the region and its people. All countries should join hands and work together to safeguard our shared beautiful homeland. Dong Jun stated that China is willing to work with all parties to resolutely consolidate ASEAN’s central position, firmly support the improvement and upgrading of existing cooperation frameworks, and oppose ‘creating a new architecture’ 另起炉灶 or forming ‘exclusive cliques’. China is committed to firmly maintain unity among regional countries, oppose bringing bloc politics and camp confrontation into the region. China firmly supports resolving problems through dialogue, opposes provoking disputes, resorting to force, ganging up together or even bringing in external forces. China is dedicated to deepen defense and security cooperation, promote the implementation of the Global Security Initiative in the region, and build a closer security community. In particular, China and ASEAN should take a long-term view to expand common maritime interests, conduct flexible and diverse maritime security cooperation, enhance joint capacity to maintain maritime security, and contribute to maintaining regional and even world peace and stability.” 亚太地区保持总体稳定，但被卷入地缘冲突的风险现实存在。我们今天的战略选择关乎地区未来安危和人民福祉。各国应携起手来，齐心协力守护美好家园。董军表示，中方愿同各方一道，坚定巩固东盟中心地位，坚定不移支持完善升级现有合作架构，反对“另起炉灶”、搞“小圈子”。坚定维护域内国家团结，反对把集团政治、阵营对抗引入地区。坚定通过对话解决问题，反对挑起争端、诉诸武力、拉帮结伙甚至引入外部势力。坚定深化防务安全合作，推动全球安全倡议在地区落地，打造更加紧密的安全共同体。特别是中国与东盟要以长远眼光扩大海上共同利益，灵活多样开展海上安全合作，提升共同维护海上安全能力，为维护地区乃至世界和平稳定作出贡献.
Dong also met with the defense ministers of India, Malaysia and New Zealand. There was no meeting between Dong and US Secretary of Defense Lloyd Austin. Beijing’s official reasoning was as follows:
“Senior Colonel Wu pointed out that the US can’t damage China’s core interests on the Taiwan question while seeking to communicate with the Chinese military as if nothing has happened. ‘It is imperative for the US to immediately correct its mistake, earnestly respect China’s core interests, and strive to create favorable conditions for high-level exchanges between the two militaries.” (Note: This is clearly bunkum. It appears that Beijing wants to set new baselines for military talks with the incoming Trump administration. This likely is a step towards that.)
The US Defense Secretary said: “It's unfortunate. It affects the region because the region really wants to see us, you know, two significant players in the region, two significant powers, talk to each other…I don't think that it has any sort of implications for the future. I just think that it’s something that they chose to do at this point in time and only they can explain why they chose to not take advantage of a good opportunity.”
Anyway, Dong did meet India’s Defense Minister Rajnath Singh. I have not been able to locate a substantive Chinese readout. The Indian readout from that meeting says:
“This was the first meeting of the two Defence Ministers following the recent disengagement agreements, and the meeting of Prime Minister Shri Narendra Modi & Chinese President Mr Xi Jinping on the sidelines of BRICS summit. Raksha Mantri highlighted the fact that amicable relations between India and China, the two largest nations in the world, would have positive implications for global peace and prosperity. Considering that both countries are and will continue to remain neighbours, he mentioned that ‘we need to focus on cooperation rather than conflict’. Shri Rajnath Singh called for reflecting on the lessons learnt from the unfortunate border clashes of 2020, take measures to prevent recurrence of such events and safeguard peace and tranquility along the India-China border. He emphasised and looked forward to greater trust and confidence building between the two sides through de-escalation. Both sides agreed to work together towards a roadmap for rebuilding mutual trust and understanding.”
Finally, there’s a report on the 14th China-ASEAN Defense Ministers’ Informal Meeting. The report says:
“Dong Jun said that in recent years, under the strategic guidance of leaders from both sides, China-ASEAN security cooperation has not only benefited both parties but also the region and even the world. Regardless of how the international situation evolves, China will unswervingly work with ASEAN to strengthen solidarity and mutual trust, deepen practical cooperation, promote Eastern wisdom, properly manage differences, and always be good partners who share safety and risks and support each other. Maritime issues concern the common interests of all parties and require adopting a long-term strategic perspective, steadily advancing maritime security cooperation, and striving to transform contradictions and challenges into opportunities for cooperation.” 董军说，近年来，在双方领导人的战略引领下，中国—东盟安全合作不仅造福彼此，也惠及地区乃至世界。不管国际风云如何变幻，中方都将坚定不移同东盟一道，增进团结互信，深化务实合作，弘扬东方智慧，妥善管控分歧，永远做安危与共、守望相助的好伙伴。海上问题事关各方共同利益，应树立长远战略眼光，稳步推进海上安全合作，努力把矛盾困难转化为合作机遇.
Dong also met with Japanese Defense Minister Gen Nakatani. Kyodo reports:
“Japanese Defense Minister Gen Nakatani told his Chinese counterpart, Dong Jun, that he is ‘seriously concerned’ about the intensifying military activities near Japan, as they met in Laos months after an airspace breach involving a Chinese spy plane. Nakatani lodged a stern protest with China over the violation of Japan's airspace on Aug. 26 and demanded that it not be repeated, according to Japanese officials. However, the two agreed to promote dialogue between their defense authorities to foster ‘mutually beneficial’ relations, as recently agreed by the countries’ leaders. Noting that the two countries have various outstanding security issues, Nakatani said at the outset of the meeting, which was held on the sidelines of an annual regional security meeting, ‘It is extremely important to hold candid discussions between defense authorities and continue communications.’ Dong agreed that face-to-face discussions between the two countries’ defense authorities are important for the bilateral relationship and regional peace. However, he countered that China is concerned about Japan’s actions on issues such as Taiwan, which Beijing views as a renegade province.”
Other Stories:
First, the Ministry of Commerce issued a new notice with measures to support foreign trade. These include:
First, insurance companies are encouraged to increase underwriting support for ‘little giant’ and ‘hidden champion’ firms in their efforts to expand to diversified markets, according to the notice. ‘Little giants’ refer to the novel elites of China’s small and medium-sized enterprises (SMEs) that are engaged in manufacturing, specialising in a niche market and boasting cutting-edge technologies. ‘Hidden champions’ refer to highly successful yet lesser-known SMEs that are global leaders in terms of market share in their respective niches.
Second, banking institutions should continuously optimise financial services for foreign trade enterprises in areas such as credit approval, loan disbursement, and repayment while ensuring rigorous verification of trade authenticity and effective risk management.
Third, financial institutions are encouraged to increase financing support for micro, small and medium-sized companies based on market-oriented and law-based principles, said the notice.
Fourth, efforts should be made to optimise cross-border trade settlement, promote the development of cross-border e-commerce, expand agricultural product exports, and support the imports of key equipment and energy resources.
Second, Xinhua reports that “China’s Ministry of Public Security on Thursday declared that all large-scale telecom fraud centers located near the China-Myanmar border in northern Myanmar had been wiped out. Over 53,000 Chinese nationals suspected of telecom frauds have been arrested with cooperative efforts from Chinese and Myanmar police since the ministry launched a crackdown on telecom frauds in northern Myanmar last year, the ministry said in a statement. In a recent coup, 1,079 telecom fraud suspects were arrested in northern Myanmar's Tangyan area for the first time. The suspects were caught during a joint operation by police of southwest China's Yunnan Province and local law enforcers of Myanmar. All of the 763 Chinese citizens among them have been handed over to China, the ministry said, calling the operation another breakthrough in the crackdown campaign. According to the statement, China's public security bodies will continue to maintain high pressure in the crackdown on cross-border telecom fraud, especially in areas where scam dens are concentrated.”
Third, there’s a report on the second meeting of the China-Saudi Arabia-Iran Trilateral Joint Committee held in Riyadh on November 19. The readout says:
“Saudi Arabia and Iran reaffirmed their commitment to all provisions of the Beijing Agreement, and their continued efforts to consolidate good-neighborly and friendly relations between the two countries by adhering to the United Nations Charter, the Charter of the Organization of Islamic Cooperation and international law, including respecting national sovereignty, independence and security…The current escalation of regional tensions will have serious consequences for regional and global security. Against this backdrop, it is very important for senior officials from Saudi Arabia and Iran to engage in contacts, meetings, and mutual visits. The participating parties appreciated the progress made in consular services between Saudi Arabia and Iran, which enabled more than 87,000 Iranian pilgrims to perform Hajj, and more than 25,000 Iranian pilgrims to perform Umrah rituals with ease and security in the first ten months of 2024. They also appreciated the convening of the first meeting of the Saudi-Iranian Joint Media Committee, and the signing of a memorandum of understanding between the Prince Saud Al-Faisal Institute for Diplomatic Studies and the Institute of Political and International Studies of the Iranian Ministry of Foreign Affairs. Saudi Arabia and Iran also expressed their readiness to sign a Double Taxation Avoidance Agreement, and the three countries look forward to expanding trilateral cooperation in economic, political and other fields.”
They all called “for an immediate end to the Israeli military operations in both Palestine and Lebanon, condemn the Israeli attack and its violation of the sovereignty and territorial integrity of Iran, and call for ensuring the unimpeded flow of humanitarian and relief aid to Palestine and Lebanon. The three countries hold that the ongoing cycle of violence and escalation poses a serious threat to the security of the region and the world, including maritime security. The three countries reaffirm their support for a comprehensive political solution to the Yemeni issue in accordance with internationally recognized principles under the auspices of the United Nations.”