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The Print
04-07-2025
- Politics
- The Print
Why do we pretend SCO still works? China runs it, shields Pakistan, sidelines India
The SCO has two key units: the Secretariat in Beijing, and the Executive Committee of the Regional Anti-Terrorist Structure (RATS) in Tashkent. The SCO Secretary General and the Director of the RATS Executive Committee are appointed by the Council of Heads of State (CHS) for a three-year term. Zhang Ming of China and RE Mirzaev of Uzbekistan assumed office in January 2022. It is strange, if not ironic, that neither the RATS Director (Mirzaev) nor any other member intervened in India's favour to redraft the resolution in a way that respected New Delhi's concerns and sentiments. Singh's remarks on the importance of countering terrorist technologies, including the use of drones for cross-border smuggling of weapons and drugs, and his warning that traditional borders are no longer sufficient to guard against threats in an interconnected world, appeared to fall on deaf ears among the 10-member group, led by Beijing. His reminder of the joint statement on 'Countering Radicalisation leading to Terrorism, Separatism, and Extremism', issued during India's Chairmanship of the SCO, also failed to evoke any positive response or change of heart. The Shanghai Cooperation Organisation's Defence Ministers' meeting, held in Qingdao last week, ended without adopting a joint statement. Defence Minister Rajnath Singh refused to sign the communique, as it made no mention of the Pahalgam terror attack, nor included any condemnation of Pakistan, the country from where the attack was sponsored. Also read: SCO is not an anti-Western club. India's presence is a guarantee against it India's blind spot at SCO India should perhaps have anticipated the outcome of the SCO meeting, considering recent developments and its own positioning in UN bodies. After the heinous Pahalgam attack by the 'Resistance Front', a proxy of the UN-designated terror group Lashkar-e-Taiba (LeT) — in which, as the Defence Minister mentioned, victims were profiled based on religious identity and shot, China offered diplomatic support to Pakistan. It neither condemned the attack in 'Srinagar city, the summer capital of Indian-controlled Kashmir' (as China referred to it), nor acknowledged India's position, instead calling for an 'impartial probe'. The initial report from Xinhua ended with a terse line: 'A guerilla war has been going on between militants and Indian troops stationed in the region since 1989.' After India's 'pause' in military action against terror bases in Pakistan, China was among the first to praise Pakistan's so-called peace efforts. In a phone call with his Pakistani counterpart Ishaq Dar, Chinese Foreign Minister Wang Yi described Pakistan as an 'iron-clad friend', and reaffirmed support for its 'sovereignty, territorial integrity, and national independence.' In this background, it was likely futile to expect the China-led SCO to condemn Pakistan for its role in terror attacks on India. India should have also taken note of Iran's presence at the SCO meeting, considering Tehran is not happy with New Delhi's position on the Iran-Israel conflict. In June this year, India distanced itself from an SCO statement condemning Israel's 'aggressive actions against civilian targets [in Iran], including energy and transport infrastructure, which have resulted in civilian casualties, [and] are a gross violation of international law and the United Nations Charter.' India had communicated its concerns to Tehran and other SCO members but did not participate in the discussions or consent to the statement. Although Iran became a member of the SCO during India's Chairmanship in 2023, China's economic engagement in Chabahar and the China-Pakistan Economic Corridor (CPEC) gives Beijing greater leverage with SCO members. Also read: PM Modi didn't skip SCO due to US influence. India has its own independent agenda An alternative to SCO India must now seriously reconsider its involvement in the SCO, where China's writ runs large, Russia's interests are protected, Pakistan's terror networks are never condemned, and India's legitimate interests and concerns are consistently ignored. Even when India was admitted to the SCO at Russia's insistence, China ensured that Pakistan joined simultaneously, serving as a counterweight to India. Founded in 1996, the Shanghai Five began as a forum for political and economic dialogue among select Eurasian countries, especially China and Russia. One could argue that China, uncomfortable being seen as a mere Asian power, expanded the SCO to include newly independent post-Soviet states to broaden its geopolitical reach. There is no denying that a new and resurgent Russia may want to regain its strategic footprints in the Commonwealth of Independent States (CIS) and other former Soviet territories. India and Russia could independently explore the creation of an alternative economic platform, comprising Central Asian countries, Afghanistan and Iran, with BIMSTEC and IBSA as observers, to tap into energy and mineral resources and a counter-terrorism network. Meanwhile, India should suspend border talks with China and demand political representation from Tibet, which remains under Chinese occupation. Given the Dalai Lama's recent statements that his successor will be chosen through traditional religious norms, China has no role in the spiritual or political future of Tibet. The Tibetan people, many of whom live in exile in India, cannot remain displaced indefinitely and must return to their cultural homeland. If China continues referring to Kashmir as 'India-controlled Kashmir,' there is no reason India should not assertively refer to Tibet as 'China-controlled Tibet.' Furthermore, if the conflict in Kashmir is described as a guerilla war since 1989, then the ongoing struggles in Balochistan and Xinjiang, which were forcibly annexed by Pakistan in 1948 and by China in 1949, can also be termed guerilla wars for liberation. There are also reports of a China-Pakistan tie-up to form a new South Asian regional bloc to replace SAARC. If that materialises, India must launch its own alternative to SCO, one that is more inclusive and economically credible, and offers genuine cooperation on terrorism. Seshadri Chari is the former editor of 'Organiser'. He tweets @seshadrichari. Views are personal. (Edited by Prashant)
Reuters
13-06-2025
- Business
- Reuters
Labubu-maker Pop Mart diversifies into jewellery with new concept store
SHANGHAI, June 13 (Reuters) - "Blind box" toymaker Pop Mart, which has seen frenzied sales worldwide for products related to its ugly-cute Labubu character, opened its first jewellery store in Shanghai on Friday. The jewellery concept store, called Popop, sells accessories adorned with Pop Mart's top-selling characters, including Labubu, Molly and Skullpanda. While Chinese consumption remains subdued in the face of a prolonged property downturn and sluggish economy, Pop Mart's affordable and adorable toys have remained in high demand both at home and abroad, driving its share price up more than 200% so far this year. Investor Zhang Ming, 34, who owns Pop Mart stocks worth 100 million yuan ($13.92 million), flew from his base in the southwestern Chinese city of Chongqing for the opening to check out the new store type and decide whether to increase his shareholding in the company. "I believe that the pricing and target audience for this brand are particularly well-suited, and I am confident that Pop Mart could potentially become China's version of Disney," Zhang said, predicting that the company's market cap could double from its current $45.65 billion valuation. Along with some Disney characters and others related to anime, comics and popular video games, Pop Mart's characters are seen as fulfilling what has been called "emotional consumption", which sees young consumers spend on affordable luxuries that bring joy into their lives. Fang Ke, 35, who has a birthday coming up this month decided to treat herself to a 699 yuan Labubu bracelet at the opening. "I've loved Pop Mart for a long time; it's good-looking, brightly coloured, and also has a visual impact," she said. "My daughter likes it too." At Popop, prices start at around 350 yuan for charms or a simple silver ring, and go as high as 2699 yuan for necklaces adorned with metallic models of the characters. Most pieces are priced at under 1,000 yuan. At a traditional Pop Mart store, the "blind box" toys that the chain is best known for generally sell for 69 yuan and up, but consumers have shown a willingness to shell out much more for limited editions. Earlier this week, a Beijing auction house sold a human-sized Labubu figure for 1.08 million yuan, setting a new record and marking the toy's switch from craze to collectible. ($1 = 7.1821 Chinese yuan renminbi)
Asharq Al-Awsat
13-06-2025
- Business
- Asharq Al-Awsat
Labubu-Maker Pop Mart Diversifies into Jewellery with New Concept Store
"Blind box" toymaker Pop Mart, which has seen frenzied sales worldwide for products related to its ugly-cute Labubu character, opened its first jewellery store in Shanghai on Friday. The jewellery concept store, called Popop, sells accessories adorned with Pop Mart's top-selling characters, including Labubu, Molly and Skullpanda. While Chinese consumption remains subdued in the face of a prolonged property downturn and sluggish economy, Pop Mart's affordable and adorable toys have remained in high demand both at home and abroad, driving its share price up more than 200% so far this year. Investor Zhang Ming, 34, who owns Pop Mart stocks worth 100 million yuan ($13.92 million), flew from his base in the southwestern Chinese city of Chongqing for the opening to check out the new store type and decide whether to increase his shareholding in the company. "I believe that the pricing and target audience for this brand are particularly well-suited, and I am confident that Pop Mart could potentially become China's version of Disney," Zhang said, predicting that the company's market cap could double from its current $45.65 billion valuation. Along with some Disney characters and others related to anime, comics and popular video games, Pop Mart's characters are seen as fulfilling what has been called "emotional consumption", which sees young consumers spend on affordable luxuries that bring joy into their lives. Fang Ke, 35, who has a birthday coming up this month decided to treat herself to a 699 yuan Labubu bracelet at the opening. "I've loved Pop Mart for a long time; it's good-looking, brightly colored, and also has a visual impact," she said. "My daughter likes it too." At Popop, prices start at around 350 yuan for charms or a simple silver ring, and go as high as 2699 yuan for necklaces adorned with metallic models of the characters. Most pieces are priced at under 1,000 yuan. At a traditional Pop Mart store, the "blind box" toys that the chain is best known for generally sell for 69 yuan and up, but consumers have shown a willingness to shell out much more for limited editions. Earlier this week, a Beijing auction house sold a human-sized Labubu figure for 1.08 million yuan, setting a new record and marking the toy's switch from craze to collectible.
South China Morning Post
31-03-2025
- Business
- South China Morning Post
China may face sustained capital outflow pressure, top economists warn
China may continue to face capital outflow pressures over the next two years – though on a smaller scale compared to previous low periods – according to two prominent economists, who also called on the central bank to control new forms of capital flight such as digital assets and cryptocurrencies. Advertisement Zhang Ming, deputy director of the Chinese Academy of Social Sciences' Institute of Finance and Banking, and researcher Chen Yinmo of the National Institution for Finance and Development jointly expressed their concerns in a social media post on Saturday. They blamed the outflows on uncertainties over the US Federal Reserve's monetary policy, the tariff blitz under US President Donald Trump, geopolitical tensions and China's weak consumer sentiment. 'China's capital outflow pressures in the next couple of years will be reflected through weak foreign direct investment versus ongoing overseas direct investments, [or] the use of Chinese capital due to lower interest rates for overseas investments,' the pair noted in the article posted on Zhang's official social media account. Quoting data from the State Administration of Foreign Exchange, they said that China's capital account – the national record of net investment flows – posted a deficit of US$496.2 billion in 2024, a historic high. Advertisement 'For the same year, China's international reserve was reduced by US$62.3 billion – the first time since 2019,' the two wrote, noting that 'the yuan was undergoing depreciation pressures against the US dollar last year'. China has undergone 'heavy' capital outflows twice in the 21st century, the economists noted, the first period between 2015 and 2016 – when the average capital account deficit was US$300.6 billion – and the next between 2020 and 2024, when the average was US$216.9 billion.
