China, ASEAN to submit upgraded free trade deal to leaders in October, says China's foreign minister
Negotiations about the so-called 3.0 version of the free trade zone started in November 2022 and completed in May, seeking to cover areas such as the digital economy, green economy and supply chain connectivity.
China and ASEAN also agreed on a five-year action plan that specifies collaboration between the two sides in over 40 fields in the coming years, according to a statement published by the Ministry of Foreign Affairs, citing Wang's comments after attending the East Asia Summit in Kuala Lumpur on Friday.
Wang also said the two sides agreed to strive to complete consultations next year on a code of conduct in the South China Sea - a set of guidelines aiming to manage disputes in the region, where Beijing and several ASEAN members have overlapping maritime claims.
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Reuters
an hour ago
- Reuters
China's June new yuan loans beat forecast after stimulus and trade truce
BEIJING, July 14 (Reuters) - Chinese banks extended 2.24 trillion yuan ($312 billion) in new loans in June, more than triple May's total, and beating analysts' forecasts, helped by stimulus measures and a trade truce with the United States. Analysts polled by Reuters had predicted new yuan loans would reach 1.8 trillion yuan in June after 620 billion yuan in May. In the event, it also surpassed last June's 2.13 trillion yuan. The People's Bank of China does not provide monthly breakdowns, but Reuters calculated the June figure by comparing January-June data with the January-May figure. Annual growth of outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, rose to 8.9% last month, its highest since February 2024, from 8.7% in May. "The acceleration in broad credit growth last month, to a 16-month high, is a positive sign for the outlook and reduces the risk of a sharp deceleration in near-term economic activity," Julian Evans-Pritchard, head of China economics at Capital Economics, said in a note. "But this tailwind looks set to fade over the rest of the year as government bond issuance, the main driver of the pick-up, starts to slow again." New yuan loans totalled 12.92 trillion yuan for the first half of the year, the PBOC data showed, down from 13.27 trillion yuan in the same period last year. Household loans rose significantly to 597.6 billion yuan in June from 54 billion yuan in May, according to Reuters calculations. Corporate loans rose to 1.77 trillion yuan from 530 billion yuan in May. A prolonged property slump and rising job insecurity have made borrowers wary of taking on new debt, despite government efforts to boost consumption and revive growth. The central bank unveiled a raft of stimulus measures in May to counter the impact of U.S. tariffs and gained some relief after striking a 90-day trade truce with Washington, followed by a framework agreement signed in London in June. PBOC deputy governor Zou Lan, speaking at a news conference on Monday, pledged to keep an "appropriately loose" monetary policy, with adjustments to its pace and intensity as needed to support domestic demand and help hit the annual growth target. The PBOC is expected to steadily cut interest rates and inject more liquidity, while expectations are also rising that China will accelerate supply-side reforms to curb industrial overcapacity and explore new ways to spur consumption. The Financial News, a PBOC publication, said in a commentary that stronger policies to boost domestic demand and rein in excessive competition would help foster a healthier supply-demand cycle and support price recovery. Monday's data also showed June's outstanding yuan loans were up 7.1% from a year earlier, the same pace as in May, which was a record low. Analysts had expected 7.0% growth. Annual growth in broad M2 money supply accelerated to 8.3% in June - a 15-month high - beating analysts' forecast of 8.1%, and up from 7.9% in May. Meanwhile, the narrower M1 measure rose 4.6% year-on-year, a sharp rebound from 2.3% in May. China is set to release second-quarter GDP data on Tuesday. Growth is expected to have slowed because of the trade tensions, reinforcing expectations of further stimulus measures. ($1 = 7.1688 Chinese yuan renminbi)
The Independent
2 hours ago
- The Independent
Malaysians urge government to reject ‘Zionist' Nick Adams as US envoy
Malaysians are urging their government to reject Donald Trump 's appointment of conservative provocateur Nick Adams as the US ambassador to their country. Political parties, parliamentarians and members of the public are pressing Anwar Ibrahim's government to reject the MAGA commentator as ambassador to the majority Muslim country over his 'vocal support of Israel's Zionist regime'. Mr Adams, 40, a provocateur with a reputation for making incendiary social media posts, including one in which he referred to pop star Taylor Swift as a 'woke jezebel", was nominated by Mr Trump last week. Mr Adams was born in Sydney before immigrating to the US in 2012. If confirmed by the senate, he would replace Edgard Kagan, who took the job less than 16 months ago. Although Mr Adams, who became a US citizen in 2021, does have prior political experience, he has never been a diplomat. He was a member of Australia's Liberal Party before being driven out over an offensive rant about a journalist. 'Nick Adams is not a diplomat, not a statesman,' Mus'ab Muzahar from Amanah party, a member of the ruling coalition, said. 'He's merely an extreme right-wing propagandist, a Trumpist and vocal supporter of Israel's Zionist regime. His social media rhetoric is full of hatred, racism and Islamophobic sentiments which veer far from mature bilateral relations.' Mr Muzahar warned that Malaysia was "not a testing ground for US political puppets'. Mohamed Sukri Omar, an official of Parti Islam Se-Malaysia, said the government should take a firm and clear stance against the nomination. "Nick Adams is not just a controversial figure. He openly spreads hatred towards Islam and supports the Zionist colonial regime without consideration," Mr Omar said, according to The Star. He said Mr Adams once pressured a restaurant in the US to fire a waitress simply for wearing a "Free Palestine" pin. "This is an inhumane act that demonstrates extreme and hateful attitudes towards the oppressed Palestinian people's struggle," he said in a statement on Monday. His statement referred to a post of X, where Mr Adams proudly claimed to have gotten a waitress fired for wearing a "Free Palestine" pin. "I won't tolerate being served by those who support terror, I stand with Israel," Mr Adams wrote in the post dated 5 August 2024. Malaysia has openly supported the Palestinian people since Israel launched its war on Gaza in October 2023. Parti Keadilan Rakyat's Youth International Relations Bureau warned that Mr Adams's nomination was being viewed with concern due to his "extremist ideologies and divisive rhetoric", which stood in contrast to the Malaysian government. "Such a rejection should not be misconstrued as hostility but rather seen as a necessary measure to safeguard the integrity of bilateral relations and ensure that diplomatic envoys can contribute constructively, in a manner aligned with the shared aspirations of both nations," the bureau's chief, Arief Izuadin, said. The choice of Mr Adams as America's envoy to Malaysia reflected a lack of respect for and understanding of the nation, said Dr Bridget Welsh, a political analyst specialising in Southeast Asia. "Trump's focus on loyalty and political appointees, rather than professional diplomats or regional expertise, will inevitably undercut US engagement with the region,' she told The Straits Times. Malaysia last week said it planned to 'continue discussions' with the US to reach a 'balanced and mutually beneficial trade agreement" after Mr Trump threatened to impose a 25 per cent tariff on the country from 1 August.
Top Gear
2 hours ago
- Top Gear
Opinion: is an electric SUV really the answer to McLaren's problems?
Opinion McLaren's road car division has financial problems. Jethro reckons they should look to the Formula One team for solutions Skip 1 photos in the image carousel and continue reading On the face of it McLaren has everything. A rich history including the most iconic road car of all time, nine constructors' titles in F1, a personal story that takes in humble beginnings, personal triumph, outrageous Can-Am racers and cruel tragedy. Plus, it is dominating at the highest echelons of motorsport once again and has just announced a return to Le Mans in the Hypercar class. Oh, and the 750S is one of the greatest supercars ever made. What a dream. Yet it has just been taken over by Forseven. What is Forseven, you might ask? Well, quite. The LinkedIn page proudly states it is 'crafting unforgettable cars that blend British luxury with visionary technologies, forever". It's true that nobody has forgotten any of the cars. Mostly because the company hasn't actually made any. Advertisement - Page continues below Forseven is owned by CYVN Holdings, a fund backed by the Abu Dhabi government that has recently also acquired McLaren Automotive. It's 700 people strong, has a tech agreement with Chinese manufacturer Nio, is made up of notable ex-JLR staff and is described by the Financial Times as an 'all-EV British startup'. Has your heart sunk yet? Mine too. To be fair, something had to be done. The road car division of McLaren has been haemorrhaging cash for years now and its former owner (Mumtalakat, the Bahraini sovereign wealth fund) has cried enough after some £1.5 billion of investment. It's been so disastrous that McLaren had to sell its incredible headquarters and lease it back to free up some money. You might like Why the endless turmoil? I'm sure the full answer is deeply complex. But in a world where product is king, it can be boiled down to some very simple things: overproliferation of models in the early years; too many reliability woes; oversupply; cookie-cutter design. The knock on effect to all of this is historically poor residuals compared to Ferrari and Porsche's special models. Restoring buyer confidence when even fantastic cars like the 750S are half price seven minutes after the owner picks them up is very, very difficult. How do you solve a problem like McLaren? I don't proclaim to know. But all the noises emerging from the dark recesses of the internet suggest Forseven's leaders hope the answer is, erm, an SUV with an EV powertrain. I mean, why not? It literally hasn't worked for anyone else, the entire concept is in direct opposition to McLaren's brand values and history and it doesn't address the real issues at hand with, for example, the Artura. But other than that it sounds a solid plan. Advertisement - Page continues below The wildest thing of all is that the one guy I would trust to turn McLaren Automotive around works within the same building. His name is Zak Brown. He loves cars. He gets McLaren and he's made the F1 outfit (which CYVN has bought a much smaller stake in) a winning operation with an intelligent, fiercely competitive and consistent approach. It took him six years to get it back to the top, with many ups and downs along the way. The road car division is an even bigger project, yet Forseven claims to have a turnaround plan that will be executed 'at incredible pace'. Oh dear. Zak... have a word, will you? Thank you for subscribing to our newsletter. Look out for your regular round-up of news, reviews and offers in your inbox. Get all the latest news, reviews and exclusives, direct to your inbox.
