logo
China-Senegal relations enter new phase with renewed political, economic cooperation

China-Senegal relations enter new phase with renewed political, economic cooperation

Business Insider5 hours ago

China and Senegal have deepened their long-standing bilateral partnership with renewed economic and political partnership, and cultural cooperation, highlighting the growing depth of China's influence within the Global South.
China and Senegal have enhanced their bilateral relationship through renewed cooperation agreements.
High-level meetings focused on achieving outcomes from the 2024 Forum on China-Africa Cooperation.
Senegal affirmed its commitment to strategic partnerships with China under the Belt and Road Initiative.
During a high-level meeting in Beijing on Friday, Chinese President Xi Jinping hosted Senegalese Prime Minister Ousmane Sonko, and commended the significant progress achieved by both nations since the 2024 Forum on China-Africa Cooperation.
" China and Senegal are companions on the path to development and revitalization as well as good brothers. China is willing to work with Senegal to strengthen solidarity and cooperation, bring more benefits to the two peoples, and inject fresh impetus into China-Africa friendship and Global South cooperation," President Xi said.
Sonko, who had earlier attended the World Economic Forum's 16th Annual Meeting of the New Champions, known as the Summer Davos, in Tianjin, extolled the strong historical ties between the two countries and emphasized the importance of mutual respect and shared values.
'The relations between our two countries go back a very long time; they are solid and based on common values shared by the Global South, ' he said, adding that China respects Senegal's sovereignty and development path.
President Xi, however, called for deeper and swift implementation of the outcomes from the 2024 Forum on China-Africa Cooperation and promised a more comprehensive Chinese investment in Senegal, particularly in energy, digital infrastructure, and trade.
With a shared vision for the future, He also highlighted the upcoming China-Africa Year of People-to-People Exchanges as a new opportunity to boost cooperation in education, tourism, youth engagement, and cultural initiatives.
China - Senegal's reliable partner in progress
Prime Minister Sonko commended the initiative; he described China as a ' reliable partner, ' and reaffirmed his country's commitment to the one-China principle. He further expressed enthusiasm for advancing cooperation with China through the Belt and Road Initiative and other bilateral agreements.
' Senegal is committed to firmly working as China's strategic partner to jointly promote international fairness and justice, ' Sonko added.
Both leaders stressed the importance of defending multipolarity and strengthening South-South partnerships.
As Senegal continues to push for economic transformation, its alignment with the Asian giant signals a gradual shift among African nations seeking development partnerships rooted in shared values and mutual respect.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Senate bill hastens end of wind, solar tax credits and imposes new tax
Senate bill hastens end of wind, solar tax credits and imposes new tax

Yahoo

time24 minutes ago

  • Yahoo

Senate bill hastens end of wind, solar tax credits and imposes new tax

WASHINGTON (Reuters) -The latest version of the Senate's massive budget bill that the Senate is racing through for a vote as soon as Saturday deals a fatal blow to the use of tax credits in place since 2005 to spur more wind and solar energy and would set a new tax on those projects for the first time, renewable energy proponents said on Saturday. Despite hopes earlier in the week that the Senate would rework the budget megabill's language about the future use of Inflation Reduction Act tax credits to extend their use and make them more usable, the new version of the bill introduced by Senate leadership overnight will effectively repeal the incentives for solar and wind immediately. Instead, it imposes a new tax on wind and solar projects completed after Dec. 31, 2027 if they cannot prove they have not used any Chinese components, while offering a new tax break for coal production. It also accelerates the phase-out of clean energy manufacturing tax credits that have attracted billions in investments throughout the US, especially in Republican states. The clean energy industry and environmental groups decried the last-minute changes to the bill, saying that it will raise household energy costs and deprive the US of new, necessary and fast electricity capacity at a time of massive power demand amid a rush of construction of power-hungry data centers to power AI development. Trump's former advisor and head of DOGE Elon Musk blasted the bill on his social media platform X on Saturday, warning that the bill will "destroy millions of jobs in America" and cause "strategic harm." "It is utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future," he said. Energy security organization SAFE said in a statement that the bill, as written, would give an advantage to China, which dominates the clean energy and electric vehicle industries and is racing to outpace the US in AI development by taking away financing for energy storage, mineral processing and power projects. "Where the original Senate version was a recipe for energy stagnation, this is outright energy surrender—all but guaranteeing Chinese dominance of critical minerals, industrial supply chains, and AI development," said Avery Ash, head of government affairs for SAFE. Green energy opponents praised the bill for ending support for renewable energy. Trump on Friday evening called for the end of the credits and said they no longer need support. 'If, as supporters of the IRA are complaining, repealing these subsidies will 'kill' their industry, then maybe it shouldn't exist in the first place," said Tom Pyle, president of the American Energy Alliance.

China bans uncertified and recalled power banks on planes
China bans uncertified and recalled power banks on planes

Yahoo

time2 hours ago

  • Yahoo

China bans uncertified and recalled power banks on planes

BEIJING (Reuters) -China's aviation regulator will from Saturday ban passengers from carrying power banks without Chinese safety certification markings, as well as those recently recalled by manufacturers because of safety concerns. The move, which applies to anyone boarding a flight in China, follows a series of incidents globally involving lithium battery products, including power banks, overheating on planes. South Korea said a spare power bank was a possible cause of a fire that engulfed an Air Busan plane in January, and in March a Hong Kong Airlines flight from China to Hong Kong was forced to land in China due to a fire in an overhead baggage compartment. Lithium batteries in devices such as laptops, mobile phones, electronic cigarettes and power banks can produce smoke, fire or extreme heat when manufacturing faults or damage cause them to short circuit. They are a growing concern for aviation safety as passengers carry more battery-powered items on flights. Last year three incidents every two weeks of overheating lithium batteries on planes were recorded globally by the U.S. Federal Aviation Administration, compared to just under one a week in 2018. China's Civil Aviation Administration said on Thursday power banks must be clearly marked with "3C" certification, short for China Compulsory Certification, which authorities require for products that could impact health, safety, and environmental protection. Several leading power bank manufacturers in China including Anker and Romoss have this month recalled batches of battery products due to safety concerns. China's market regulator has revoked or suspended the 3C certification of several power bank and battery cell manufacturers. Since the Air Busan incident, airlines globally have been tightening power bank rules. Aviation rules generally say power banks should be carried in cabin baggage, but increasingly airlines are banning their use on board and say they must be kept within view to spot any problems. China has since 2014 forbidden passengers from charging devices using power banks during flights. Southwest Airlines at the end of May became the first U.S. airline to say portable charging devices must be visible while in use during flight.

Goldman Sachs warns tariffs won't help the U.S. boost manufacturing productivity as tech in American factories continues to lag
Goldman Sachs warns tariffs won't help the U.S. boost manufacturing productivity as tech in American factories continues to lag

Yahoo

time2 hours ago

  • Yahoo

Goldman Sachs warns tariffs won't help the U.S. boost manufacturing productivity as tech in American factories continues to lag

U.S. manufacturing has decelerated recently, both as a result of increased competition from China and as part of a broader manufacturing productivity slowdown. Goldman Sachs analysts argue tariffs will not lower supply chain and labor costs enough to boost reshoring, and instead, increased automation will be the most likely driver of a manufacturing productivity boost. As China continues to best the United States in manufacturing capabilities, tariffs may not be America's best bet to boost factory productivity. Instead, the U.S. should look to AI and automation to gain an edge in manufacturing, Goldman Sachs analysts argue. President Donald Trump aspires to return factory jobs to American shores by imposing steep tariffs on U.S. manufacturing rivals, but the taxes can only incentivize reshoring so much, analysts said in a note published Thursday. Instead, manufacturers should look to automation and the ever-more-accessible artificial intelligence as their best chance for boosting domestic manufacturing. 'A pickup in the pace of innovation—potentially from recent advances in robotics and generative AI—therefore remains the catalyst most likely to reverse the long-run stagnation in manufacturing productivity,' analyst Joseph Briggs and colleagues said in the note. As China capitalizes on automation and cheaper labor to grow its export footprint, the Bank of America Institute has found mounting evidence of a recent U.S. manufacturing slowdown, including U.S. Census Bureau data showing new orders for manufactured durable goods decreasing 6.3% in April. The Institute of Supply Management Manufacturing Purchasing Managers' Index (PMI) has fallen since March, also indicating a contraction. The U.S.'s productivity woes are part of a larger manufacturing productivity slowdown happening over the last two decades as a result of investment pullback following the global financial crisis, as well as a slowdown in the burst of technological advancements of the early 2000s, according to Goldman Sachs. Trump's tariff plans for China—which the president has not disclosed, despite touting a new trade deal—aim to help the U.S. claw back manufacturing opportunities from its economic rival. But while they make consumers' lives more expensive, they are not a panacea for manufacturers, the bank argued in its note. 'Tariffs are unlikely to result in much reshoring because production costs in other countries are well below the U.S.' for most products (even after accounting for tariffs), and China will likely continue to grow its exports on the back of cost advantages and industrial policy support,' the note said. Instead, analyst Briggs said, the U.S. should focus on another area in which it's lagging: automation. The U.S. has trailed other manufacturing giants in implementing AI into factory operations, according to a Boston Consulting Group (BCG) Henderson Institute report released earlier this month. Only 46% of U.S. respondents of BCG's Global Manufacturing Survey of 1,000 manufacturers reported multiple use cases of AI in their plants, falling short of the 62% average and lagging behind China's 77%. 'This is one of the key technologies that I think could drive productivity growth in a cost-competitive manner,' Briggs told Fortune. 'And we just haven't seen that occur on a meaningful scale yet.' The U.S. did not previously invest in factory automation as a result of a 'hangover' from the global financial crisis, Briggs said, but the U.S. now has a real shot at prioritizing factory technology updates, given the growing ubiquity and therefore affordability of automation and AI. Companies such as aviation precision parts-maker MSP Manufacturing have already begun to adapt accordingly. MSP president and chief operating officer Johnny Goode recently learned of an AI-powered software able to program the machine building the precision parts, reducing production time from an hour and a half to seven minutes per part—plus 15 minutes necessary for a human operator to refine it. 'I was like, holy snap, this is going to be a game changer,' Goode told Fortune's Jeremy Kahn this week. 'Going from 90 minutes to 22 minutes is a big deal, and we've seen that get even better as we've learned to use the software more.' Goldman Sachs analysts conceded that while automation provides the largest area for growth in manufacturing productivity in the U.S., it is unlikely to solve the broader manufacturing slowdown, which is global. The slowdown is 'historically unusual,' Briggs said, with the maturation of the tech sector the likely culprit. Any hope for a global uptick in productivity would come from mass advancement and adoption of AI and robotics on a large scale. 'The main thing that would drive a large pickup in manufacturing productivity and manufacturing growth would be a sharp increase in the pace of innovation,' Briggs said. 'And this type of inflection upwards and technological progress are very hard to predict.' Advancement in tech could have a two-fold benefit for domestic manufacturing productivity, both in driving factory investments and in bettering technology to be installed in factories to automate tasks. But with the specifics of the future of AI and automation applications still unknown, it's difficult to predict whether a reversal of a domestic manufacturing slowdown is truly possible. 'We just need to see it happen before we have a lot of confidence in that dynamic being a big driver,' Briggs said. This story was originally featured on

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store