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The Unemployment Challenge in China

China’s unemployment rate in urban areas grew by 0.1 percentage points to 5.5 pc in March from February….reports Asian Lite News

Chinese Premier Li Keqiang admitted that the country faces many challenges in job creation due to recent virus outbreaks and added that the total number of new job seekers this year would hit 16.6 million, including a record 10.6 million university graduates.

According to the National Bureau of Statistics (NBS), China’s unemployment rate in urban areas grew by 0.1 percentage points to 5.5 pc in March from February. Of those aged 16-24, the jobless rate reached 16 pc last month, up from 15.3 pc in February and 14.3 pc last December, reported Asia Times.

After the NBS report, Li while chairing a State Council executive meeting on Wednesday, China targeted to maintain its urban jobless rate below 5.5% on average this year. However, he admitted that the country faced many difficulties and challenges in job creation due to recent virus outbreaks.

He said the total number of new job seekers this year would hit 16.6 million, including a record 10.6 million university graduates. He said the government also had to ensure almost 300 million rural migrant workers in cities have jobs.

“Keeping employment stable is a key underpinning for keeping major economic indicators within an appropriate range, and urged measures to help companies resume production, especially those vital to supply chains and providers of logistics services and anti-Covid supplies,” Li added.

He continued saying, “The government will offer subsidies to firms granting college graduates internship posts and initiate a series of infrastructure projects in rural areas to boost employment for migrant workers.”

On Tuesday, Morgan Stanley revised its forecast for China’s 2022 GDP from 4.6 pc to 4.2 pc. It is expected China’s GDP would drop by 0.5 pc in the second quarter due to city lockdowns.

Due to virus outbreaks in key cities in China, more young job seekers could choose to stay in their hometowns instead of moving to first- and second-tier cities this year, as per the media portal. (ANI)

ALSO READ: China’s ‘low profile strategy’ in Russia-Ukraine war

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Is China’s BRI Collapsing?

The barriers and delays created by sanctions imposed on Russia for the invasion of Ukraine have accelerated the collapse of China’s Belt and Road Initiative global strategy….reports Asian Lite News

Originally called ‘One Belt, One Road’, China’s Belt and Road Initiative (BRI), designed to boost its image and influence with at least 49 countries to date, is faltering and the strategy may be doomed in the aftermath of Russia-Ukraine war.

The barriers and delays created by sanctions imposed on Russia for the invasion of Ukraine have accelerated the collapse of China’s Belt and Road Initiative global strategy.

The BRI is an internationally planned infrastructure development project for China and the emerging economies that trade with or border China. It is a move designed to recapture the ancient Silk Road and expand China’s influence. The BRI is the most ambitious economic development and infrastructure project the world has ever seen. But critics say the BRI projects present dangers to participating countries, such as debt traps.

Before the sanctions, China used Russia as a convenient transit point for the shipment of BRI equipment and supplies into Europe. China routed its cargo into St. Petersburg, Russia via the China-Europe Railway, then shipped it across the Baltic Sea into central Europe. The sanctions forced China to detour its cargo around Russia and enter Europe via slower land routes across Belarus, Poland, and other countries.

China’s BRI strategy was first introduced in 2013 by Chinese leader Xi Jinping. The strategy is in two parts – on land via the Silk Road Economic Belt which runs through Central Asia, Central and Eastern Europe to Western Europe; and on water via the ‘Maritime Silk Road’, which runs through the South China Sea and the Indian Ocean, westward through Southeast Asia to South Asia, the Middle East, Africa, and Europe.

War-torn Ukraine, at the junction of the Eurasian continent, is an important gateway into Europe from Asia and an important source of energy, food, and military technology for China. Other countries along the BRI delivery route, including Belarus, Poland, and Romania, have also felt the strain caused by the Russian-Ukrainian war. Belarus, for example, has been subjected to several collateral sanctions for its decision to side with Russia.

A Chinese media outlet on March 31 described how the sanctions against Russia and Belarus were forcing trains to route around these countries as well as Ukraine. As a result, shipments into Europe are being delayed while trains returning to China are often empty. It is unknown how long this disruption will last.

China’s participating BRI companies have noted that cargo and transportation delays are not the only problems they face. In addition, the sanctions and resulting turmoil have created logistical hardships, rising labour costs, and difficulties in settling trade agreements since Russian banks are no longer a part of SWIFT, the bloodline of the global financial system.

Meanwhile in Sri Lanka, a key hub of the BRI’s maritime route, citizens are protesting due to the worst economy since 1948. This small island country depends on trade with Russia and Ukraine for its tourism and tea industries. But the war between these countries is contributing to Sri Lanka’s failing economy, and the country’s economic crisis has further shifted to a political crisis.

However, Sri Lanka’s failed economy didn’t begin with Russia’s invasion of Ukraine. It began when China directly used its BRI strategy to ensnare Sri Lanka into a debt trap that has since become a political nightmare.

According to World Bank data, Sri Lanka has USD 35 billion in total debt of which USD 6 billion is owed to China for loans to fund BRI projects managed by Chinese companies. These projects include infrastructures such as ports, airports, and railroads. To help contain its debt with China, Sri Lanka agreed in 2017 to lease its Hambantota Port in the Indian Ocean to China for 99 years at the price of USD 1.1 billion. The lease was extended another 99 years in 2021. Within this year, Sri Lanka is obligated to repay USD 6.9 billion of its foreign debt. But this is unlikely since its foreign reserves total only USD 2.3 billion. To address this deficit, Sri Lanka asked China last January to restructure its debt. However, China is yet to respond.

Whereas Indonesia is feeling the heat as it became the first country to participate in China’s water-based ‘Maritime Silk Road’ initiative.

Indonesia is pressured to comply with China’s growing influence in Southeast Asia and expansion in the South China Sea. According to a survey released on April 5 by Australia’s Lowy Institute, Indonesians are wary of Chinese investments. Nearly half the respondents felt that within the next 10 years, the Chinese communist regime would become the most threatening country. Sixty per cent of Indonesians favoured cooperating with other countries to contain the CCP’s influence.

The BRI juggernaut is designed to integrate China into various spheres of influence along its borders and emerging economies. Like China’s state capitalism, where the Chinese Communist Party (CCP) gives cheap equity and debt to companies, Beijing engages in debt-trap diplomacy. While one can say that the sole ambition of China’s BRI is to gain world control or block Western economies from continued dominance, it is nearly clear that China is buying political influence in many of the world’s emerging economies but success has eluded its efforts. (ANI)

ALSO READ: China’s ‘low profile strategy’ in Russia-Ukraine war

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Imran announces long march in last week of May

Khan had repeatedly blamed the US for backing the no-confidence motion and has refused to accept newly-elected PM Shehbaz Sharif, saying “there can’t be any bigger insult to this country”….reports Asian Lite News

Former Pakistan Prime Minister Imran Khan announced on Saturday that the Pakistan Tehreek-e-Insaf (PTI) will begin its anti-government long march towards Islamabad in the last week of May, Geo News reported.

“We will be giving this call to all Pakistanis, not just PTI supporters, as Pakistan has been insulted after the country’s most corrupt people were imposed on us by a foreign power,” Khan said in a video statement.

Khan was ousted from power on April 10 after the National Assembly voted against him on the no-confidence motion — making him the first premier to be voted out through the move.

Khan had repeatedly blamed the US for backing the no-confidence motion and has refused to accept newly-elected PM Shehbaz Sharif, saying “there can’t be any bigger insult to this country”.

The Joe Biden-led administration in the US, however, has denied the allegations.

In his message released on Saturday, Khan said the PTI’s core committee has decided to give the call as “60 per cent of the people in the federal cabinet are out on bail”, Geo News reported.

“The person who has become the Prime Minister is dubbed as the crime minister. His [family] has cases worth Rs 40 billion pending in the FIA and NAB,” Khan said.

The PTI Chairman reiterated that such people being in power is an “insult” to Pakistan.

ALSO READ: Putin plans ‘all-out war’ on Ukraine ‘within days’

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Ukraine, UK discuss additional military aid

The two sides talked about the situation on the battlefield and the blocked city of Mariupol in eastern Ukraine…reports Asian Lite News

Ukrainian President Volodymyr Zelensky has said that he had discussed defensive support for Ukraine with British Prime Minister Boris Johnson.

The two sides talked about the situation on the battlefield and the blocked city of Mariupol in eastern Ukraine, Zelensky said on Twitter, adding necessary diplomatic efforts to achieve peace was another topic of the conversation.

Earlier on Saturday, the Ukrainian leader said he had discussed defense cooperation in a phone call with French President Emmanuel Macron, Xinhua news agency reported.

ALSO READ: Putin plans ‘all-out war’ on Ukraine ‘within days’

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MBZ, Shahbaz discuss regional and international developments

Mohamed bin Zayed, PM of Pakistan review advancing relations, discuss regional, international developments…reports Asian Lite News

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Pakistani Prime Minister, Shahbaz Sharif, discussed advancing the longstanding relations between the two nations, and the prospects of propelling cooperation on various fronts as well as reviewed a number of regional and international issues of common concern.

This came as H.H. Sheikh Mohamed met at Qasr Al Shati’ Palace today with the Pakistani leader and wished him success in leading Pakistan towards further progress and prosperity over the coming period.

The two leaders exchanged greetings on the advent of Eid Al-Fitr and wished progress and development to the Islamic world and all nations of the world.

Sheikh Mohammed emphasised on the historical relations between the two nations and the valuable contributions made by the Pakistani community in the UAE to the country’s successful development drive.

He wished for permanent stability to prevail for the benefit of all peoples of the region, stressing UAE’s support for all steps conducive to achieving peace and cooperation in the region and the whole world.

The Pakistani Prime Minister thanked Sheikh Mohamed for the warm reception and congratulations on assuming the office of Prime Minister, commending the UAE’s great support for his country in the development field.

ALSO READ: UAE envoy meets Pakistan minister

He stressed his keenness to strengthen relations with the United Arab Emirates in various fields, and to exchange views on the latest developments in the region and the world.

The meeting was attended by H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, H.H. Sheikh Theyab bin Zayed Al Nahyan, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs, Dr. Anwar Gargash, Diplomatic Adviser to UAE President, and Ali bin Hammad Al Shamsi, Deputy Secretary-General of the Supreme National Security Council.

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3,410 Ethiopians repatriated from Saudi

At least 3,410 Ethiopian nationals were repatriated from Saudi Arabia during the past week, an official said here…reports Asian Lite News

Speaking to journalists, Dina Mufti, spokesperson for the Ministry of Foreign Affairs (MoFA), said the government is undertaking coordinated efforts to repatriate nationals from Saudi Arabia, reports Xinhua news agency.

According to figures from the MoFA, there are an estimated 750,000 Ethiopians living in Saudi Arabia currently, out of which 450,000 have reportedly entered the country illegally.

Mufti said the process to repatriate undocumented Ethiopian migrants from Saudi Arabia will be further stepped up in the coming weeks.

ALSO READ: UAE sends airlift to support Ethiopia

In recent months, the East African country has stepped up efforts to return home its citizens stranded in various foreign countries, mainly Saudi Arabia, as part of the government’s newly unveiled “citizen-centred diplomacy”.

It is estimated that thousands of Ethiopians are trafficked to Saudi Arabia as well as various other countries annually, where they are mainly engaged in the informal economy.

The government said it is currently working to dismantle sophisticated human trafficking networks, and create economic opportunities for nationals with low incomes.