Latest news with #BeltandRoad
Egypt Independent
5 hours ago
- Business
- Egypt Independent
Chinese experts at Al-Masry Al-Youm symposium warn that US and Israel are harming global economy
An assortment of Chinese economic experts from the Shanghai Academy of Social Sciences attended an Al-Masry Al-Youm seminar with international experts, where they affirmed that Israel's wars on the Gaza Strip and Iran will impact the global economy. The experts also warned of the negative impact that American tariffs will have on the world, and how Washington seeks its own success over the expense of others. Belt and Road Referring to the importance of the 'Belt and Road' initiative as a step towards a shared future and a path to peace, the experts discussed China's plans to eradicate poverty. They also touched on the revolutionary potential of AI technology and how it can be used to help treat previously incurable diseases. The Vice President of the Chinese Academy of Social Sciences in Shanghai, Wu Xiuming, raised the importance of understanding the the 'Chinese Modernization Model,' which aims to eradicate poverty in China. Xiuming also touched on aiding friendly countries to China, such as Egypt, in in its economic advancement through investment projects as well as combating poverty. He explained that there is a common goal through a strategy for all countries, taking into account that each region and nation has its own characteristics. He emphasized that transferring China's experience does not necessarily have to be an exact translation, as each country has a specific population range compared to China, which exceeds 1.4 billion people. Xiuming assured that China has not and will never follow colonialism, and supports 'progress and peace for all'. Thus through the 'Belt and Road' initiative, Beijing is working to promote economic and security peace, and numerous mega projects are underway, such as the Administrative Capital in Cairo. Beijing commended the progress of the projects achieved in Egypt, which will benefit future generations. Xiuming also pointed out that through his visit to Cairo, he is better learning on how to benefit from the Belt and Road Initiative, address obstacles, solve problems, and overcome them. America's tariffs threaten global economic security A Professor of Economics at the Institute of Chinese Studies and Chinese Academy of Social Sciences, Xie Yiqing, discussed the issue of tariffs imposed by the US on many countries around the world. China bore the brunt of these unjustified tariffs, which has impacted both the US and China. Despite Washington's 90-day reprieve, China was already impacted within a month. If tariffs are reimposed, it will harm the global economy, with businesses closing and tourism impacted. She explained that China feels responsible and is not against the American government, but warned that Trump's administration is harming the world at a time Beijing seeks to be fair in its decisions. China sees Trump's America as believing that Washington should be the winner above all, while China is working on fair distribution. 'If there is a 'cake,' the US wants to eat it alone, but China wants everyone to eat, regardless of who gets the bigger or smaller piece, but the important thing is that everyone eats and benefits,' she explained. Israel's brutal war harms the global economy An academic and deputy editor-in-chief of the Journal of Social Sciences, Sheng Li, who is interested in the foundations of international trade, said that certain steps lead to the development of the international economy. Although international trade has undergone changes and leaps, there is an optimistic view of international trade, and the evidence for this profitability being achieved. Li however warned that the international economy is negatively impacted by wars, and noted the harm that Israel's war on Gaza and Iran will have on global trade. Yet despite the international conflicts and disputes, optimism in the global economy remains. The benefits of Artificial Intelligence Li explained that in order to develop the global economy, scientific research must be advanced through technological revolution and artificial intelligence in order to promote globalization, which the Belt and Road Initiative is part of. However China will not force anyone to fall under the initiative, and instead it exists to generate profits and provide job opportunities. He called for the importance of long-term scientific cooperation and economic development, which will lead to political stability rather than chaos. Li noted that Beijing is working to embrace AI and harness its potential for greater benefits, as it has already had an impact on everything through research, job creation through innovation, and improved living conditions. The Vice President of the Chinese Academy of Social Sciences in Shanghai, Wu Xiuming, believes that AI is a means, not an end. Through its revolution in this field, it has been able to change everything. At Shanghai University and the Chinese Academy of Social Sciences, transportation research takes at least a week, while the DeepScience AI application has succeeded in completing it in 30 minutes. So it works to shorten the time, and in the midst of the information revolution, it has an impact on energy, electricity, and all jobs. He gave an example of how, in order to advertise a product on the beach, and to work on having a model go, and choosing the appropriate time and circumstances, all estimates indicate that it would take several months to film it, AI has shortened that to just 30 minutes. AI has also made impressive results in the medical field through the analysis and examination of genetic and incurable diseases, and the administration of medications and treatment by entering the medical history of the patient. This means that AI will bring about a strong breakthrough in the diagnosis and treatment of diseases, which will be even more accurate. He continued: 'Within the next three to five years, there will be a comprehensive change in artificial intelligence and the revolution it will bring about. However, it will not eliminate jobs or provide alternatives, nor will it eliminate human labor – rather, they will employ it. Therefore, the outlook is not pessimistic, as it will eliminate real jobs. On the contrary, it will eliminate jobs that are useless and will create major jobs that will benefit the international community.' Combating poverty The Chinese experts in international economics at the Shanghai Academy of Social Sciences emphasized the importance of the Belt and Road Initiative as a step toward a shared future and a path to peace, while also noting China's plans to eradicate poverty. The experts explained that through the academy's research, the concept of 'peaceful development' was emphasized as a Chinese cultural tradition, and that the government is working to combat poverty through self-reliance and hard work. This serves to enhance international cooperation, as history shows that by designing rules, cultural ties, and economic balance, major powers can build a new model of peaceful coexistence, which is what the Chinese Communist Party emphasizes. China's efforts to reduce poverty and achieve common prosperity were emphasized, including prioritizing agriculture, laying the foundation for food security, strengthening targeted poverty reduction to help the rural poor prosper, and promoting rural revitalization through the 'Ten Thousand Villages' project. It is also leading the transformation towards rural modernization, narrowing the 'income gap,' enhancing income distribution, and reforms to reduce social polarization. Experts stressed that poverty reduction remains a common challenge for countries around the world. Since the founding of the People's Republic of China, the Chinese government has launched large-scale and sustained efforts to alleviate poverty, achieving remarkable results. Beijing has succeeded in eliminating poverty for about 100 million people. The Chinese government has put forward a comprehensive vision for China's future development and identified five distinct features along China's path to modernization: livable and vibrant homes, providing several policy measures to boost farmers' income growth, promoting rural work and human rights, developing agricultural production capacity, a new socialist countryside, and issuing decisions on accelerating water reform and development. They pointed out that, according to the National Bureau of Statistics of China, China's total grain production last year reached 707 million tons, an increase of 11.1 million tons over the previous year—a growth of 1.6 percent. This marks the first time that grain production has exceeded the 700 million-ton threshold since then. This has also boosted China's economic recovery and supported high-quality development, and has contributed to the stability of the global food market.
Yahoo
a day ago
- Business
- Yahoo
China's landmark inland trade hub sees surge in goods transport after truce in tariff war with US
Despite of a distance of more than 1,000 kilometers from the nearest sea port, it is a key logistics and trade hub in southwest China, serving as a critical node in China's Belt and Road Initiative (BRI), connecting domestic and international markets through rail, road, and multi-modal transport. (AP video by Wayne Zhang)
Zawya
a day ago
- Business
- Zawya
Minister of Planning, Economic Development and International Cooperation Participates in High-Level Session on "Belt and Road Initiative" during World Economic Forum (WEF) Meetings in China
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, participated in the high-level discussion session titled "Where is the Belt and Road in 2025?" during her role as a co-chair of the World Economic Forum meetings, held from June 23-26, 2025, under the theme 'Resilient Economic Policies to Keep Up with Global Change' in Tianjin, China. The event saw high-level participation from policymakers, private sector leaders, and entrepreneurs from over 90 countries. During her speech, H.E. Dr. Rania Al-Mashat pointed out that international partnerships are always built on shared and mutual interests, adding that the large number of countries participating in the Belt and Road Initiative reflects its importance. She noted the celebration last year of the 10th anniversary of the initiative's launch, where participating countries showcased projects being implemented under the Belt and Road Initiative, which supported sustainable infrastructure in areas such as transport, renewable energy, and ports. H.E. Dr. Al-Mashat added that each of these projects reflects the national priorities of the countries, and for Egypt, the projects were consistent with the national agenda and strategic goals of the state. Regarding the stimulating factors contributing to accelerating the implementation of these projects, H.E. Dr. Al-Mashat outlined that the Belt and Road Initiative has been a real catalyst in many cases for advancing national strategies. She pointed to the emergence of a number of national and international initiatives that integrate with and support the Belt and Road Initiative in the recent period, noting that China launched the Global Development Initiative several years ago, and many projects implemented under that initiative run in parallel with and support Belt and Road projects. H.E. Minister Al-Mashat also mentioned the issue of financing, explaining that much of the funding directed to these projects came through development finance. She highlighted that, with regard to sustainable transport and renewable energy projects in Egypt, there is a significant mobilization of resources towards the private sector, including low-cost development finance that has contributed to advancing investments. Regarding relations between Egypt and China, H.E. Dr. Al-Mashat stated that the historic visit of the Chinese President to Egypt in 2014 was an important starting point in Egyptian-Chinese relations, followed by the signing of MoU on the Belt and Road Initiative. She noted that relations between the two countries are based on two main aspects: the first relates to investments, with Chinese companies investing in Egypt, and the second is development cooperation between the two governments. Regarding development cooperation, H.E. Minister Al-Mashat indicated that it includes projects in multiple fields such as health, satellites, and capacity building, noting the role of the China International Development Cooperation Agency (CIDCA) in supporting Egypt's development agenda, in addition to China signing a debt swap agreement several years ago. She added that Egyptian-Chinese relations are also based on investment and trade, pointing to a large number of Chinese companies within the China-Egypt Suez Economic and Trade Cooperation Zone in Egypt, where more than 150 companies operate, providing over 10,000 job opportunities, with diverse activities across multiple sectors. H.E. Dr. Al-Mashat reiterated that the Belt and Road Initiative does not impose a specific plan on countries; it is not an initiative based on a centralized blueprint that obliges each country to a specific path or project. Instead, it is a flexible framework that adapts to the priorities of each individual country. Regarding the issue of financing, H.E. Dr. Al-Mashat referred to the "4th Financing for Development" conference to be held in Seville on June 30, a UN conference held every ten years focusing on ways to finance development in developing and emerging economies. She explained that one of the most prominent messages of this conference is that the world needs to reduce reliance on debt and increase the mobilization of resources from the private sector to finance development projects. H.E. Minister Al-Mashat added that each country has full ownership in designing its projects, in line with its national vision, to then include these projects within the broader framework of the Belt and Road Initiative. Furthermore, the cost of implementing these projects represents a common challenge and has been a strongly debated issue on the global stage for years, requiring innovative solutions and multiple sources of financing. She noted that, concerning debt, there are many international initiatives aimed at addressing this issue, including "debt-for-development and investment swaps" mechanisms. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Zawya
a day ago
- Business
- Zawya
China's non-financial outbound direct investment up 2.3% in 5 months
BEIJING - China's total non-financial outbound direct investment (ODI) rose 2.3 percent year-on-year to $61.6 billion in the first five months, underscoring the nation's sustained efforts to deepen international cooperation, said the Ministry of Commerce on Thursday. In the meantime, the country's non-financial ODI in countries and regions involved in the Belt and Road Initiative (BRI) reached $15.52 billion, surging 20.8 percent on a yearly basis, said He Yadong, a ministry spokesman. According to China Daily, market watchers said that Chinese companies have already accelerated efforts to expand their presence in sectors such as manufacturing, transportation infrastructure and services across economies participating in the BRI, as well as in emerging markets in Southeast Asia, the Middle East and Africa. China's ODI growth reflects the strong competitiveness and adaptability of its companies, especially in high-end manufacturing sectors in global markets, said Wang Zhimin, a researcher at the Academy of China Open Economy Studies, which is part of the University of International Business and Economics in Beijing. Wang said that Chinese firms are not only investing in traditional industries, but are also increasing their footprint in fields such as electric vehicles, renewable energy and smart logistics, supporting host countries' industrial upgrading and sustainable development. Chinese companies recorded $61.94 billion in turnover from overseas contracted projects between January and May, up 5.4 percent year-on-year. During the same period, the value of their newly signed contracts rose 13 percent to $98.68 billion, said the Ministry of Commerce.
Globe and Mail
2 days ago
- Business
- Globe and Mail
Photos of the busy ports on the Yangtze River after China-US trade friction cools
CHONGQING, China (AP) — Activity at Chinese ports has rebounded since U.S. President Donald Trump and China's leader Xi Jinping agreed to resume trade talks and put off imposing massive tariffs on each other's exports. That's true, also, of inland ports along China's mighty Yangtze River. The Chongqing International Logistics Hub Park, more than 1,000 kilometers (620 miles) from the nearest sea port, serves as a critical element of a land-sea trading corridor and part of China's vast Belt and Road Initiative connecting with countries across Europe, Africa and Asia. About 20 trains leave every day, some for Russia and others toward Europe via Central Asia. Top exports include electronics, machinery and electric vehicles, including sedans assembled at Avatr Technology's factory in Chongqing, long a major river port and industrial center. Imports include auto parts, luxury goods and medical equipment. Some 900 kilometers (560 miles) downriver from Chongqing, the Yangluo port is another major distribution center connecting China's eastern seaboard with its vast inland regions. In 2024, it handled 2 million TEUs (Twenty-foot Equivalent Units), but in April activity nearly stopped as trade was disrupted by the tariffs as Trump escalated his trade war. It resumed from mid-May, after the China and the U.S. agreed to step back and talk rather than to escalate trade tensions further.
