Latest news with #Belt and Road Initiative
South China Morning Post
5 days ago
- Business
- South China Morning Post
China promised the Philippines billions in development aid. Why did it fall so short?
China pledged US$30.5 billion in development aid to the Philippines between 2015 and 2023 – the most for any Southeast Asian country – but only a sliver of that funding ever arrived, according to new data from an Australian think tank report. Advertisement Of the total pledged, just US$700 million was actually disbursed – a shortfall analysts attribute to derailed infrastructure projects, changing political winds in Manila and rising tensions with Beijing. These factors have not only stalled flagship ventures under the Belt and Road Initiative but also cast doubt on the long-term viability of Chinese development finance in the region. The report by the Sydney-based Lowy Institute, released on Sunday, found that while the Philippines received the highest total commitment from China among Southeast Asian nations, it ranked near the bottom in actual disbursements. Indonesia, by contrast, received and spent US$20.3 billion out of the US$20.7 billion Beijing had pledged, mostly on energy and transport projects. Philippine President Rodrigo Duterte (left) and his Chinese counterpart Xi Jinping in Beijing in 2017. Duterte pursued closer ties with Beijing through a wave of high-profile infrastructure agreements. Photo: AP The bulk of China's pledged financing to the Philippines was made during the administration of former president Rodrigo Duterte , who held office from 2016 to 2022 and pursued closer ties with Beijing through a wave of high-profile infrastructure agreements.
Yahoo
6 days ago
- Business
- Yahoo
U.S. makes shocking move to counter China's de-dollarization push
U.S. makes shocking move to counter China's de-dollarization push originally appeared on TheStreet. President Donald Trump makes no secret of the fact that the U.S. is engaged in a geopolitical competition with China. While the U.S. is still the largest economy in the world, it is closely followed by the Asian superpower. When Trump initiated the global tariff war in April, it was clear the main target was China. However, the previous Joe Biden administration also engaged in a trade war with the country. Among the many concerns of the Trump administration is China's aggressive attempts to de-dollarize global trade in emerging markets where it holds is most manifest in China's Belt and Road Initiative (BRI) — also referred to as the New Silk Road — the ambitious infrastructure development project that aims to connect the country to the rest of the world. The Asian giant is increasingly encouraging trade settlements in digital renminbi or e-RMB, its central bank digital currency (CBDC). In fact, USD payments have declined from around 80% in 2010 to 40% in 2024, and RMB payments have risen from negligible in 2010 to around 55% in 2024, the Financial Times reported in August 2024 as it cited the State Administration of Foreign Exchange. To dethrone the U.S. dollar's dominance in global trade settlements, China is relying on RMB-based payments and bypassing USD-based SWIFT payment networks. Trump's 'genius' to challenge China's de-dollarization strategy On July 18, Trump signed the GENIUS Act into law to regulate stablecoins pegged to the USD. A stablecoin is a type of cryptocurrency that attempts to stabilize its value, unlike traditionally volatile cryptocurrencies such as Bitcoin, by being pegged to a traditional currency like the USD or a commodity like gold. The GENIUS Act only concerns itself with stablecoins pegged 1:1 to the USD. The Trump administration is aggressively promoting a digital assets economy, and stablecoins are a dominant stablecoins could also be a possible "counter-balance" to de-dollarization trends in emerging markets, as per a recent stablecoin report by the on-chain data analytics platform Messari. David Krause, Emeritus Professor, Finance Department, Marquette University, recently wrote in a paper that Messari cited: "The Trump administration's promotion of dollar-backed stablecoins represents a strategic effort to reinforce the dollar's global role amid increasing discussions on dedollarization." Trillions of dollars anticipated As per DeFiLlama, the total stablecoin market cap is $263 billion at the time of writing. Tether's USDT and Circle's (NYSE: CRCL) USDC account for more than 86% of the market share. Other coins like Trump-backed USD1, Ripple's RLUSD, and PayPal's PYUSD are also making inroads in the already growing market. Ripple CEO Brad Garlinghouse recently said many people think the stablecoin market will reach $1 trillion-$2 trillion in "a handful of years." However, it is yet to be seen if it will grow enough to challenge China's attempts to de-dollarize the global economy. U.S. makes shocking move to counter China's de-dollarization push first appeared on TheStreet on Jul 23, 2025 This story was originally reported by TheStreet on Jul 23, 2025, where it first appeared.
South China Morning Post
12-07-2025
- Business
- South China Morning Post
Chinese law firms in ‘pivotal moment' as they answer the call to go global
Chinese lawyers are making inroads into the global legal services market in response to growing demand from their compatriots abroad and a push from Beijing. Advertisement They say that as more Chinese companies expand their footprint overseas many prefer to get legal support from Chinese lawyers and have more trust in them, but winning over clients from elsewhere is a challenge at a time of rising geopolitical tensions. Beijing has been pressing for more legal professionals to offer their services abroad to protect Chinese assets as its mega trade and investment strategy the Belt and Road Initiative marches into a second decade. As of last year, Chinese law firms had established some 207 offices overseas – more than 35 per cent of them located in countries involved in the belt and road strategy , the Ministry of Justice said in April. That marked an increase of 70 per cent from 2018, when there were 122 Chinese legal offices abroad. 02:48 Chinese President Xi Jinping unveils 8-point vision for nation's Belt and Road Initiative at forum Chinese President Xi Jinping unveils 8-point vision for nation's Belt and Road Initiative at forum 'Lawyers play an important role in supporting Chinese companies in their global expansion and it's essential for us to stay attuned in these changing times and to respond proactively,' said Liu Zhiqiang, a lawyer and executive director of Yingke Law Firm's office in Budapest, Hungary.
