ByteDance’s global revenue rose by 30 per cent in 2023, reaching USD 110 billion, as per Hurun Inc….reports Asian Lite News
China has a new richest person: Zhang Yiming, co-founder of TikTok’s parent company, ByteDance. His net worth is estimated at USD 49.3 billion, according to the research, media, and investment group Hurun Inc., which publishes rankings of the country’s wealthiest individuals, CNN reported.
ByteDance’s global revenue rose by 30 per cent in 2023, reaching USD 110 billion, as per Hurun Inc., CNN reported.
Since its inception in May 2017, TikTok has gained global popularity, although it has also been embroiled in controversies, as reported by CNN.
TikTok is currently facing state and federal lawsuits in the US related to alleged failures in protecting children using the app. It is banned in India over national security concerns, while countries like Britain, Canada, and Australia have restricted TikTok’s use on government devices, CNN reported.
Despite Zhang’s rise, the number of Chinese billionaires has dropped by 142, bringing the total down to 753, according to Hurun, CNN reported. China lost almost one-third of its billionaires, as the number had peaked to 1,185 in 2021.
The number of people ranked on the list – 1,094 – also dipped overall for the third consecutive year. The list includes those individuals assessed to have at least 5 billion yuan (roughly USD 700 million) as of the end of August. The list also includes those living in Hong Kong and Macao as well as in the self-ruling democracy of Taiwan, CNN reported.
Rupert Hoogewerf, chairperson of the Hurun report, said that the decline was due to a ‘difficult year’ for the Chinese economy.
“The number of individuals on the list was down by 12% in the past year to just under 1,100 individuals and 25% from the high point of 2021, when we managed to find 1,465 individuals with 5 billion (yuan),” CNN reported him as saying in a statement. “The old guard, represented by real estate developers, have given way to a new guard of tech, new energy, consumer electronics, especially smart phones, ecommerce, especially cross-border ecommerce, consumer products and healthcare,” he said. (ANI)
Defence Minister Rajnath Singh said that the disengagement process in LAC (Line of Actual Control) in eastern Ladakh is nearly complete…reports Asian Lite News
Indian and Chinese Army troops on Thursday exchanged sweets at various border points in the Ladakh sector on the occasion of Diwali. Indian and Chinese Army exchange took place at Hot Springs, Karakoram Pass, Daulat Beg Oldi, KongkLa and Chushul-Moldo border meeting point in Ladakh on the occasion of Diwali.
Earlier, Defence Minister Rajnath Singh said that the disengagement process in LAC (Line of Actual Control) in eastern Ladakh is nearly complete.
Defence Minister Rajnath Singh, while speaking during the inauguration ceremony of Bob Khathing Museum in Assam’s Tezpur, said, “At some areas along the LAC, discussions have been ongoing between India and China at both diplomatic and military levels to resolve conflicts.”
“Following recent talks, there has been a broad consensus to restore the ground situation. This consensus has developed on the basis of equal and mutual security. Based on this consensus, the disengagement process is nearly complete. We will strive to move beyond just disengagement, but for that, we will need to wait a little longer,” Defence Minister Singh added.
On Wednesday, Chinese Ambassador to India Xu Feihong said that it is natural for India and China to have differences as neighbouring countries but the important thing is how to handle and solve these differences. With India and China having completed the disengagement process between in Depsang and Demchok in eastern Ladakh, Xu Feihong said he is looking forward to smooth cooperation of between India and China in every field including politics, business and education.
India and China have recently agreed on patrol arrangements along the Line of Actual Control (LAC) at the India-China border.
The border standoff between India and China began in eastern Ladakh along the LAC in 2020, sparked by Chinese military actions. This incident led to prolonged tensions between the two nations, significantly straining their relations.
Earlir, Chief of Army Staff, General Upendra Dwivedi stressed that restoring trust along the Line of Actual Control (LAC) would be a gradual process, to return to the April 2020 status quo, highlighting the steps of disengagement, de-escalation, and buffer zone management as crucial for easing tensions between the two nations. He further explained that the process will take place in phases, with each step aimed at reducing tensions. (ANI)
Chairman Rep. Moolenaar & RM Congressman Raja call on Sec. Raimondo to restrict advanced photonic semiconductor technology to China…reports Asian Lite News
The leadership of the Select Committee on the Chinese Communist Party (SCCCP) urged the US Department of Commerce to conduct a thorough investigation into China’s rapidly growing silicon photonics industry, emphasising national security risks and competitive challenges.
In response to these concerns, SCCCP Chairman Rep. John Moolenaar and Congressman Raja Krishnamoorthi have specifically called on US Secretary of Commerce Gina Raimondo to impose restrictions on the transfer of advanced photonic semiconductor technology to China.
In a post on X, the SCCCP stated, “Chairman Rep. Moolenaar & RM Congressman Raja call on Sec. Raimondo to restrict advanced photonic semiconductor technology to China.”
They advocate for the inclusion of silicon photonics equipment and products on the Commerce Control List (CCL) to safeguard American technological leadership.
Silicon photonics, which utilises light particles instead of electrons for data transmission, is seen as the next frontier in semiconductor technology. Experts suggest that this innovation could lead to an astonishing 1,000-fold increase in computational speed compared to traditional electronic chips, potentially redefining the semiconductor landscape.
The letter emphasises that while the US has historically led in semiconductor technology, it is currently falling behind as China intensifies its investments in photonics. The Chinese government has identified silicon photonics as a strategic priority in its national plans, and state-owned enterprises are reportedly allocating billions to advance this field.
Key players in China, such as Huawei and the Nanjing Electronic Devices Institute, are cited as significant contributors to this effort, raising alarms about the dual-use nature of photonics technology, which could bolster military capabilities. US lawmakers argue that American technology should not inadvertently support these endeavours.
To address these concerns, the lawmakers are asking the Commerce Department to assess the national security implications of China’s silicon photonics initiatives and to explore necessary amendments to the CCL.
They are also requesting a briefing by December 1, 2024, to discuss the national security threat posed by China’s silicon photonics industry, the current state of the US domestic sector, and the resources needed for effective oversight.
The outcome of these discussions could shape future U.S. policy on technology exports and strengthen domestic innovation in the rapidly evolving silicon photonics sector. (ANI)’
Following the disengagement, both sides will soon start the coordinated patrolling in their respective areas, sources added
The disengagement process between India and China in Depsang and Demchok in Eastern Ladakh was completed today, Indian Army sources said on Wednesday.
Following the disengagement, both sides will soon start the coordinated patrolling in their respective areas, sources added.
“Disengagement between India and China in Desaang and Demchok in Eastern Ladakh is completed. Coordinated patrolling is set to start by both sides soon. Ground commanders will continue to hold talks. Exchange of sweets on Diwali is set to happen tomorrow,” said Army sources.
India has been working towards resolving this long-standing dispute to restore the pre-April 2020 situation, prior to the onset of Chinese aggression in the area.
On Friday, the Chinese Foreign Ministry confirmed that frontier troops of both nations are engaged in “relevant work” in line with the agreement reached on border issues.
During a press briefing, Chinese Foreign Ministry spokesperson Lin Jian stated that this work is progressing “smoothly.”
When asked whether India and China had commenced troop withdrawals from friction points, Lin Jian said, “In accordance with the recent resolutions on border issues, the Chinese and Indian frontier troops are engaged in relevant work, progressing smoothly at present.”
Earlier, Prime Minister Narendra Modi met Chinese President Xi Jinping on the sidelines of the BRICS Summit in Russia, where both leaders welcomed the agreement on patrolling arrangements along the LAC in eastern Ladakh.
The meeting followed an announcement from the Ministry of External Affairs (MEA) regarding the new patrolling arrangements along the LAC in the India-China border areas.
The border standoff between India and China, which began in 2020 in eastern Ladakh along the LAC, was triggered by Chinese military actions and led to a prolonged strain on bilateral relations.
US welcomes move
Meanwhile, the US State Department has welcomed the ‘reduction in tensions’ along the India-China border following the recent disengagement of troops of the two countries, along the Line of Actual Control (LAC).
State Department Spokesperson, Matthew Miller, said that Washington is closely monitoring the situation, and it also discussed with the Indian side on the matter, but also added that, the US has not played any role in the resolution.
“We are closely following the developments and we understand that both countries have taken initial steps to withdraw troops from the friction points along the LAC. We welcome any reduction in tensions along the border,” Miller said in the daily press briefing on Tuesday. “We have talked to our Indian partners and taken a brief on it, but we did not play any role in this resolution,” he added.
‘We can’t change our neighbours’
Defence Minister Rajnath Singh said on Wednesday that the Late Prime Minister Atal Bihari Vajpayee used to say that ‘we can change our friends but not our neighbours’.
“We believe in keeping cordial relations with our neighbours,” the Defence Minister said while referring to the consensus reached between India and China to restore the ground situation in certain areas along the LAC.
He said that sometimes situations arise and one has to ensure the safety and security of the borders.
“Keeping in mind the interests of our forces, the government will take necessary steps in this process of peace restoration,” the Defence Minister said while celebrating the festival of lights ‘Deepawali’ with troops at the 4 Corps Headquarters in Tezpur, Assam.
He added that India and China were in diplomatic and military talks to resolve their conflicts in some areas along the LAC.
“We have reached a consensus following our continuous efforts. We achieved this success due to your discipline and courage. We will continue this process of peace restoration on the basis of the consensus,” he said.
Addressing the soldiers during Barakhana, Singh commended the unwavering spirit, steadfast commitment and remarkable courage of the troops who serve on the frontlines in difficult circumstances, terming them as a true source of inspiration to the youth.
He stated that the nation will forever remain indebted to the soldiers who serve the motherland with unmatched bravery and dedication.
He urged the soldiers to remain alert and ready to deal with threats which may emerge from the ever-evolving global security scenario.
Earlier, the Defence Minister conducted a thorough review of the formation’s operational readiness. He was briefed on the infrastructure development along the LAC and the employment of cutting-edge military equipment and technology to enhance operational efficiency.
He commended the exemplary dedication and outstanding services rendered by all ranks of the Corps under challenging conditions and complimented for the excellent work carried out by the Corps for nation-building in border areas.
Chief of the Army Staff General Upendra Dwivedi; General Officer Commanding-in-Chief, Eastern Command Lt Gen RC Tewari and other senior officials of the Indian Army were present on the occasion.
Hong Kong-raised businessman Desmond Shum identified seven failures of Xi, including political centralization, suppression of civil freedoms, mishandling of COVID-19, and aggressive nationalism. He argues these missteps have eroded confidence in Xi’s leadership.
Recently circulating on social media was a photo of a Chinese soldier wedding his bride. Behind them, an enormous slogan was emblazoned: “Listen to Chairman Xi’s command; Be responsible to Chairman Xi; Let Chairman Xi rest assured.”
These were the kinds of slogans prevalent during the Cultural Revolution of the 1960s, promoting a personality cult for Mao Zedong.
There can be no questioning the centrality of Xi in China but as the country’s economy increasingly struggles, many are questioning the direction Chairman Xi Jinping has taken China.
One who is critical of Xi is Desmond Shum, a Hong Kong-raised businessman who was once married to billionaire businesswoman Duan Weihong. Witnessing the direction Xi was taking China, Shum departed China in 2015 and, six years later, wrote Red Roulette, a book that describes corruption within the Chinese Communist Party (CCP).
In mid-October, he posted public criticism of Xi on social media, saying, “Xi is systematically dismantling the most valuable asset of the CCP: public trust. Over the past few weeks, we’ve witnessed the wreckage of Xi’s financial policies unfolding in real-time.”
Shum continued: “To me, the more pressing issue isn’t merely the financial mishaps but how Xi is eroding the longstanding trust and confidence the Chinese people once had in CCP governance. While this is probably unintentional on his part, it is definitely systematic and far-reaching.”
Xi Jinping visits the site of the Seventh National Congress of the Communist Party of China (CPC) in Yan’an, northwest China’s Shaanxi Province, Oct. 27, 2022. (Xinhua/Yan Yan/IANS)
He said previous Chinese leaders like Deng Xiaoping, Jiang Zemin and Hu Jintao were generally pragmatic. “This created a bond between the CCP and the public, rooted in the belief that the party was steering China towards continued prosperity. However, Xi has systematically undermined this trust through a combination of political centralization, economic clampdowns and a stifling of civil society.
His leadership marks a sharp departure from the more collective and pragmatic governance approach seen in previous administrations.”
Shum highlighted seven specific areas of failure. The first is political centralisation and authoritarianism, as Xi concentrated power to a degree not seen since Mao. Secondly, he has suppressed civil society and freedoms through censorship, crackdowns on non governmental organisations and the treatment of Hong Kong.
Thirdly, Xi’s anti- corruption campaign, initially popular, is now viewed as a political purge that has generated fear without rooting out corruption.
Fourthly, Xi has eroded longstanding institutional norms, such as senior cadre appointments and bureaucratic procedures.
Fifthly, Shum said, Xi is to blame for economic tightening and state control, as his focus on expanding the role of state-owned enterprises came at the expense of the private sector.
Sixthly, Xi grossly mishandled COVID-19, and this was perhaps the most damaging action he ever took. “After years of strict zero-COVID policies that ground daily life to a halt, the sudden reversal in late 2022 shocked the nation.
Particularly among younger generations, many view this as a defining moment of CCP mismanagement.” Finally, Shum identified nationalism and Beijing’s aggressive stance on Taiwan, the South China Sea and the Indian border is a mistake.
Shum concluded: “When Wen Jiabao famously remarked that ‘confidence is more important than gold’ in 2008, it underscored the essential role trust plays in governance. Yet Xi has worked relentlessly–albeit unintentionally–to erode that very confidence.
His COVID management has shaken people’s trust in his societal governance, and the ongoing stock market debacle calls into question his ability to lead China’s economy. As trust in Xi’s leadership falters, the road ahead looks increasingly bleak.”
A Chatham House seminar on 24 September, titled “Can China still Prosper under Xi?” featured several experts, including Dr. Winnie King, Senior Lecturer in Chinese International Political Economy, University of Bristol. Asked about Xi’s performance, she noted, “I think in terms of the international system’s expectations of China, we’re quite disappointed, mainly because there was a lot of hope that he would bring in reform…”
David Lubin, Michael Klein Research Fellow, Global Economy and Finance Programme, Chatham House, also participating in the seminar, said: “I think, if the question is, is he doing as much as he can do for the welfare of Chinese households, The answer is clearly no. But I don’t think that’s the question he’s asking himself. The question he’s asking himself is what can I do to promote the interests of the Chinese nation? And it’s interesting that those two ideas that are so separate in the Chinese context [is] because of the way Xi Jinping feels himself to be encircled geopolitically. So economic policy is oriented around the need to protect China from geopolitical risk. From that point of view, he probably thinks he’s doing quite well, but household welfare becomes a sort of sideshow.”
An economic macro trend is evident. China benefitted greatly from wider access to the global economy when it joined the World Trade Organisation in 2001, but China’s ability to generate structural growth started fading rapidly in the 2010s. Beijing’s solution was to leverage–to borrow funds to buy investments–and so it went on a huge credit binge even whilst the West was deleveraging to repair balance sheets. From 2012-16, the Chinese corporate sector took on much of the burden as companies attempted to level up their business models and expand operations in the West.
Chinese household debt rose quickly at the same time. This was because China’s business model was not about rewarding workers with greater wages, for that would hurt Chinese exports.
Instead, the easiest way for households to join the wealth creation craze was via the real estate market. As more houses were purchased, prices rose, and at last, the average Chinese person felt they were getting richer. In fact, property currently accounts for 62 per cent of Chinese household net worth, compared to just 23 per cent in the US.
However, Xi clamped down on the property sector as he signalled that paper wealth creation should be brought under control and as he promoted “common prosperity.” The results were predictable, as the government could not deleverage a USD50-trillion real estate bubble in an orderly manner. As house prices fell, indebted households and developers sold off properties to fix their balance sheets. In a vicious cycle, fewer Chinese are seeking mortgages and less credit is available, causing prices to further tumble. Interest rates are dropping in China, and pressure on the Chinese yuan is building.
Incidentally, China will lift the retirement age from next year. Beijing listed factors for this, such as a rising life expectancy (78.6 in 2023 compared to 35 in 1949) and average years of education for new entrants in the workforce (14 years of education in 2023, versus eight years in 1982).
However, the real reason forcing this change is an ageing population, a plummeting birthrate and a tighter pension budget. Shum said 2008 was a watershed moment for the CCP when it realised the Western model had failings. Indeed, as the rest of the world reeled, Beijing emerged as something of a hero as the West relied on China to stabilise things. “That’s the moment when the Chinese leadership really decided, ‘Hey, their system is not that great; our system may not be that bad, so we need to find our own way. That’s the moment everything changed,” Shum said, well before Xi assumed the reins of power.
Concurrently, there was a diffusion of power throughout Chinese society, as private companies and wealthy individuals wielded more influence. Of course, this “was a problem for the party. The entire leadership sees that as a problem, but people are not sure what to do about it,” Shum explained. It was at this point that Xi stepped in. Lubin described, under Xi’s leadership, a change in balance of power between state-owned enterprises and the private sector to reduce the latter’s influence.
He related, “Starting in 2015-16, you got this sense that economic policy was emphasising the idea of bigger, better, stronger state-owned enterprises,” and the balance started to tilt towards the state sector from that time on. The crushing of the private sector followed in 2021, which is when “the most important policy phrase or slogan in this context was the struggle against the unrestrained expansion of capital, the idea that the private sector was taking advantage of its position, taking things that were not in the national interest.”
There was even a Chinese proposal in December 2021 to create a traffic light system where the government would decide what investments in both the state and private sectors were good or not. This was a blatant attempt by the party to insert itself into the allocation of resources. Although the policy proposal died a natural death, it did reflect Xi’s thinking about doing whatever it took to keep the CCP in power.
Shum continued, “I think by now probably the whole world is seeing that China is taking a different trajectory since [Xi] came to power a decade ago … It’s amazing how badly he’s played his hand and taken the country in a different trajectory.”
King described Xi as a combination of a Marxist and a nationalist. “…I think the nationalism side is very under-discussed.” She also highlighted the global financial crisis of 2008 as being pivotal in China’s future direction. “The Chinese with their economy [were] facing something fundamentally different than they had envisioned, because they were working within a system that was seen to be quite stable. But the global financial crisis demonstrated to the Chinese that there was actually something that didn’t fit for them.”
Added to that were geopolitical changes–such as Obama’s pivot to Asia, Trump’s stronger line and American efforts to contain China–and this caused Xi to consider “the context of how the Chinese Communist Party was going to legitimise themselves and ensure their regime security.”
Rather than seeing him as a Marxist, Lubin believes Xi is more of a Leninist “in the sense that it seems fairly clear that Xi Jinping is an ideological leader. But the way one needs to understand ideology in this context is to understand it in a Leninist way. In other words, it’s not a pure set of ideas–it’s a set of ideas needed to keep the ruling party in power.
That is quintessentially a Leninist approach, and I think that’s his approach.” Shum, taking part in the same Chatham House seminar, gave this assessment of Xi. “First and foremost, we really need to see him as a man of conviction and belief. He’s a man of conviction and belief; seeing him as a power-hungry dictator is really missing the point.
I think his vision for China is that it needs to be the primary geopolitical power, and rival, of the US. He believes the Chinese Communist Party should be the eternal ruler of China as a nation… You may not agree with his belief and conviction, and some of the worst tragedies of mankind in history happened [because of] people like Mao, like Hitler, like Stalin. Those were men of belief.”
Shum warned: “A man with belief of the wrong kind can do the most damage to humanity, and I tend to believe he’s that sort.” He noted that for Xi, “the party interest comes first,” rather than the people.
He said Xi set himself up for this declining state of affairs. By arresting hundreds of thousands, he was riding a tiger and cannot release his grip on power. As economic conditions worsen, Xi and his party core must increase their stranglehold over society because they are afraid of a backlash. However, Shum does not foresee a “collapse” of the CCP. He believes this is the wrong term; instead, he views it is a “long decline, because the CCP has such a complete hold on the country.”
China has lost its luster for many foreign investors and for many Chinese. This year, China will experience its largest-ever outflow of high-net-worth individuals. In 2024, a record exodus of 15,200 wealthy individuals is expected, greater than the 13,800 who departed in 2023.
Illustrating how Xi’s ideology means nothing to them, many pragmatic Chinese fear their wealth will be appropriated by the government. As Shum himself admitted, “As long as my money is in China, it’s not really my money. The moment my money is out of China; that’s my money!” (ANI)
China cautioned that the sale sends a dangerously misleading signal to separatist forces advocating for Taiwan’s independence…reports Asian Lite News
China strongly condemned the recent $1.988 billion arms deal between the United States and Taiwan, stating that it seriously violates the one-China principle.
China also condemned the arms deal, warning that it severely undermines China’s sovereignty and national security, jeopardises China-US relations and destabilises peace across the Taiwan Strait. It also cautioned that the sale sends a dangerously misleading signal to separatist forces advocating for Taiwan’s independence.
A Chinese foreign ministry spokesperson made the remarks after the US Defence Department announced on October 26 that the State Department has approved $1.988 billion in arms sales to Taiwan, including the “National Advanced Surface-to-Air Missile Systems” and radar systems.
Chinese foreign ministry spokesperson said, “The US arms sales to China’s Taiwan region seriously violate the one-China principle and the three China-US joint communiques, especially the August 17 communique of 1982. The sales seriously undermine China’s sovereignty and security interests, harm China-US relations and peace and stability across the Taiwan Strait, and send a gravely wrong message to “Taiwan independence” separatist forces. China strongly condemns and firmly opposes this and has lodged serious protests with the US.”
The spokesperson added, “The US’s decision to use Taiwan to contain China and help advance “Taiwan independence” agenda by arming Taiwan goes against the US leaders’ commitment of not supporting “Taiwan independence” and the two sides’ effort of stabilising the China-US relations.”
China also issued a stern warning to the US, urging it to stop providing arms to Taiwan and halt actions that compromise peace and stability in the Taiwan Strait. “China urges the US to immediately stop arming Taiwan and stop the dangerous moves that undermine peace and stability in the Taiwan Strait. We will take resolute countermeasures and take all measures necessary to firmly defend national sovereignty, security and territorial integrity,” the spokesperson said.
Notably, US had announced its approval for potential sales of radar systems and surface-to-air missile systems to Taiwan, with a total value of approximately $1.988 billion in order to enhance its defence capabilities amid rising Chinese tensions in the Taiwan Strait.
This marked the 17th instance and the fifth since Taiwan’s presidential and legislative elections on January 13 that US President Joe Biden’s administration has authorised an arms sale to Taiwan, according to Focus Taiwan.
According to a press release from the Pentagon’s Defence Security Cooperation Agency (DSCA), the latest arms sales package to Taiwan features AN/TPS-77 and AN/TPS-78 Radar Turnkey Systems, along with related equipment, at an estimated cost of $828 million.
The DSCA noted that these systems would enhance Taiwan’s ability to address current and future threats by offering multi-mission, ground-based radar solutions for medium- to long-range air surveillance.
The report states that the arms sales package also includes the National Advanced Surface-to-Air Missile System and associated equipment, with an estimated cost of $1.16 billion.
It added that the system will enhance Taiwan’s capacity to defend its airspace, bolster regional security, and improve interoperability with the US. (ANI)
The announcement was made on Saturday, underscoring the fiscal pressures the nation continues to face…reports Asian Lite News
In a bid to address its persistent external financing issues, Pakistan has formally requested a supplementary loan of 10 billion yuan (CNY) (approximately USD 1.4 billion) from China.
The announcement was made on Saturday, underscoring the fiscal pressures the nation continues to face, the Express Tribune reported.
During a meeting with China’s Vice Minister of Finance, Liao Min, Pakistan’s Finance Minister Muhammad Aurangzeb urged the Chinese side to elevate the limits under the Currency Swap Agreement to CNY 40 billion. As stated by the Ministry of Finance, Pakistan has already fully utilised the existing CNY 30 billion (USD 4.3 billion) Chinese trade facility for debt repayment and is now seeking to raise this limit by an additional CNY 10 billion, which translates to USD 1.4 billion based on current exchange rates.
The finance minister’s appeal occurred on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank. If approved by Beijing, the total facility would amount to approximately USD 5.7 billion.
This request is not unprecedented; Pakistan has previously sought increases in its debt limit, but Beijing has declined these appeals in the past. Notably, this request follows closely behind China’s extension of the current USD 4.3 billion (CNY 30 billion) facility for an additional three years. This extension was formalised during the recent visit of Chinese Prime Minister Li Qiang, which also saw the debt repayment period for Pakistan extended to 2027.
Pakistan has fully consumed the existing trade finance facility of USD 4.3 billion under the China-Pakistan currency swap agreement. Although the Ministry of Finance did not specify the reasons behind the new request, reports suggest that uncertainties regarding some pipeline loans have prompted the need for additional financial support.
In a parallel move to fill the financing gap, Pakistan accepted terms for a costly USD 600 million commercial loan. However, this decision raised concerns, leading the IMF to clarify that the loan was not tied to the requirements of Pakistan’s USD 7 billion bailout package. Aurangzeb later informed the National Assembly Standing Committee on Finance that the government secured USD 600 million in financing at an 11 per cent interest rate for IMF program purposes.
The finance ministry confirmed that both ministers reiterated the strength of the all-weather strategic cooperative partnership between Pakistan and China. Originally signed in December 2011, the bilateral currency swap agreement (CSA) aimed to promote bilateral trade, foreign direct investment, and provide short-term liquidity support.
In the fiscal year 2021, the initial limit of the CSA was extended from 20 billion CNY to 30 billion CNY (USD 4.5 billion) for a period of three years, with maturity periods ranging from three months to one year, according to the central bank.
This is not the first instance of Pakistan seeking an increase in its loan limit from China; in November 2022, then-Finance Minister Ishaq Dar also requested an additional 10 billion yuan (USD 1.5 billion) due to delays in loans from other bilateral and multilateral creditors.
Pakistan has primarily utilised the Chinese trade finance facility to repay foreign debts and stabilise its foreign currency reserves, preventing potential market turmoil. The current USD 4.3 billion facility is part of the State Bank of Pakistan’s foreign exchange reserves, which are approximately USD 11 billion. Additionally, China has extended USD 4 billion in SAFE deposits, which are included in these reserves, along with another USD 4 billion in commercial loans. Despite these supports, Pakistan’s foreign exchange reserves remain insufficient to meet its debt obligations to China.
The finance ministry stated that Aurangzeb expressed gratitude to the Chinese government for its unwavering support in Pakistan’s socio-economic development and assistance in securing the IMF’s Extended Fund Facility (EFF).
Furthermore, the finance minister highlighted Pakistan’s eagerness to learn from China’s experience in economic reform and mentioned plans to issue an inaugural Panda bond in the Chinese market to diversify its financing options.
Aurangzeb also assured China of comprehensive security measures for Chinese workers in Pakistan. Both parties emphasised the importance of enhancing online payment settlements and integrating the two nations’ payment systems, marking a collaborative step forward in their economic partnership. (ANI)
Taiwan President reiterated his commitment to maintaining peace and stability while safeguarding Taiwan’s sovereignty, expressing his willingness to engage in dialogue with Beijing….reports Asian Lite News
Taiwan President William Lai has pledged to uphold Taiwan’s self-governing status while marking the 75th anniversary of the victory over communist forces in the Battle of Guningtou, reported Taipei Times.
Speaking during his visit to Kinmen County, he addressed veterans and their families and said that Taiwan cherishes its freedom and democracy, and no “external force” can change its future.
“The Battle of Guningtou makes us realize that democracy and freedom are not something to be taken for granted. We treasure a democratic and free way of life, and we cannot, and will not, allow any external force to change the future of Taiwan, Penghu, Kinmen, and Matsu, right?” Lai said.
Lai told veterans and family members that the October 1949 Battle of Guningtou, when Chinese Nationalist Party (KMT) forces beat off an invasion attempt of Kinmen by the Chinese People’s Liberation Army (PLA), “represents our determination to protect our country.”
Taiwan-China flag
He reiterated his commitment to maintaining peace and stability while safeguarding Taiwan’s sovereignty, expressing his willingness to engage in dialogue with Beijing. “Our insistence on safeguarding a democratic and free lifestyle for generations to come has not changed and will remain unchanged,” he added.
The battle of Guningtou, fought from October 25 to 29, 1949, was a crucial engagement in the Chinese Civil War, where ROC forces successfully repelled a PLA amphibious assault on the offshore islands. This victory was significant for the ROC’s morale, marking one of their last successes before retreating to Taiwan.
The battle is frequently referenced in discussions about current cross-strait relations, underscoring its lasting impact on Taiwan’s defence strategies and geopolitical tensions, reported Taipei Times.
During the final stages of China’s Civil War, the Kinmen battle represented one of the few victories for Chiang Kai-shek’s forces.
This visit marked Lai’s second trip to Kinmen since he took office in May. It followed the Taiwan Defence Command’s inaugural night-time live-fire drills aimed at preparing the military for potential PLA invasions under the cover of darkness.
The exercises took place in the Wude area of southern Penghu County and were designed to simulate responses to a surprise night-time assault by the PLA.
The drills included media attendance and involved comprehensive aerial, naval, and land simulations conducted in darkness. Land exercises utilised CM-21 armoured vehicles and M60A3 tanks, operated by soldiers equipped with night-vision gear.
Live ammunition was discharged along local beaches in preparation for a potential land assault. To address a simulated aerial invasion using drones, the army deployed flares to illuminate the night sky, allowing them to fire 120mm mortars upwards, Taipei Times reported.
The army stated that the naval simulations considered the possibility of the PLA Navy infiltrating Taiwan’s waters disguised as fishermen, prompting the firing of ammunition from land to sea. Before the drills commenced, the Coast Guard Administration alerted local fishermen and boaters about the upcoming live-fire exercise near Wude.
Overall, the drills took place at 18 locations, with over 32,000 rounds of various types of ammunition discharged, showcasing Taiwan’s commitment to its national defence. (ANI)
A pause does not mean that Xi Jinping has abandoned his impossible objective of occupying more territory at the cost of India, writes Prof. Madhav Das Nalapat
Prime Minister Narendra Modi and External Affairs Minister S. Jaishankar know that Xi Jinping has only pushed the Pause button and not the Stop button on aggressive action against India. Despite the agreement on disengagement reached between the two sides at long last after the Doklam incident. PLA soldiers marched into the Bhutanese territory in June 2017 in order to provide cover for a crew that was building a road across it.
Such a move would have severely compromised Indian security, apart from trampling on the sovereign rights of Bhutan, which is why Prime Minister Narendra Modi sent troops into Doklam and stopped the Chinese road construction effort. After that came the Galwan clash between units of the PLA and the Indian Army which began in May 2020. At the cost of twenty precious lives of our jawans, and many times that number on the Chinese side, the effort to forcibly occupy Indian territory was abandoned by the PLA.
What is different now about the China-India Tawang faceoff?
However, clashes took place in 2021 and 2022 as well. While the Chinese side was building roads and creating military infrastructure on the side of the Line of Actual Control (LoAC) occupied by them, Beijing objected to the network of roads, tunnels and bridges that were being built on the Indian side since Prime Minister Modi came to office in 2014. They were not used to such assertiveness on the Indian side, and from that time onwards, saw Prime Minister Modi as an obstacle to their plans of occupying Arunachal Pradesh and parts of other states in India.
2023 saw a pause in such operations, and thus far, so has 2024. An important factor has been resolve on the Indian side to resist any effort at encroachment of national territory. Such a pause does not mean that CCP General Secretary Xi Jinping has abandoned his unwise plan of occupying more territory at the cost of India, but that during that period 2021-23, Xi Jinping saw his own personal popularity slide in the People’s Republic of China. His confidants, most of whom have a partiality for military rather than diplomatic solutions to territorial disputes, have recommended that he work towards de facto control of Taiwan by 2027.
Such an achievement would in their view ensure both a fourth term and a place in history together with Mao. The rationalsations for arguing that Taiwan is part of China have been cooked up by the Chinese side since the CCP took over in 1949, and have no foundation in history. If India were going the way of China under the Chinese Communist Party (CCP) but avoided manufacturing history including through fake maps, vast tracts of land across the western and eastern boundaries of India could have been claimed by India, as during the past, princes from India came to these lands and ruled over them, in the process facilitating the migration of not just Indian culture but Indian people to such locations.
Many such settlers intermarried with the local people, which is why several millions in such lands have a bit of India in their DNA, apart from magnificent monuments built by the local people who were ruled by princes from India. In Tibet, India had long possessed significant rights, as both Indians and Tibetans have many common strands in their culture and history, way more than the Tibetans ever had with China, which has occupied the land since 1950, cutting off most of Tibet into separate provinces into which were settled large numbers of people from southern China. To this day, elements of the population in provinces carved out of Tibet during the 1950s share several features with the people of India. An example is the Naxi people in Yunnan, who are matriarchal in the way segments of the population of India in the south and northeast have been.
After fiascos such as the effort at Zero Covid in 2022 and the economic damage caused by reaction in democracies to PRC efforts at hollowing out their industry and absorbing the same have made Xi unpopular and vulnerable to mass civil unrest. His confidants say that only a military victory would succeed in replenishing the popularity of Xi. Aware that a large-scale military incursion into India may prove a disaster since PM Modi became PM and showed his mettle in Doklam, Xi appears to have changed his focus to Taiwan.
The small but prosperous country famed for its technological prowess is now the target of psychological operations and kinetic encirclement intended to weaken the resolve of the island’s 26 million citizens to resist control by the PRC and making it another Hong Kong, a fully Chinese city in all but name. The name Hong Kong Special Autonomous Region has become an object of ridicule because there is zero autonomy in Hong Kong.
Since the 1990s, Beijing has sought to make Shanghai and other cities within the PRC effective competitors to Hong Kong in foreign investment, and have succeeded. By 2019, Hong Kong was drained of any administrative freedom, and any Hong Kong citizen who dares to seek to restore its past status faces a long spell in prison.
As a consequence of such repression, even those in Taiwan who favoured absorption by the PRC under the One Country Two Systems model used in Hong Kong in 1997 have become opposed to such linkages. At the same time, under President Tsai Ing-wen and now President Lai Ching-te, preparedness among Taiwanese to ward off such aggression is becoming stronger. Despite Xi warning that a vote for Lai in the last Taiwanese election would mean war with China, more than 40% of voters cast aside fear and voted for him and for the Vice-Presidential candidate Bikhim Hsiao.
As a consequence, Xi is having to devote more and more attention and effort in his effort at snuffing out the freedom of the Taiwanese people. Hence the Pause button on India. Should Taiwan fall, India will soon become the next target, as will Japan and the US military presence in much of the waters of the Pacific, which is why the US and Japan have joined Australia to form the Quad along with India. As the leadership in all target countries know full well, Taiwan is a frontline state in the defence of the Indo-Pacific, which is why helping to ensure its freedom is crucial to the security of the rim of the Indo-Pacific.
Chinese Foreign Ministry spokesperson Lin Jian stated that the work is underway “smoothly”….reports Asian Lite News
The frontier troops of both India and China are engaged in “relevant work” in accordance with the agreement reached between the two nations on issues concerning the border, the Chinese Foreign Ministry said on Friday.
Addressing a press briefing on Friday, Chinese Foreign Ministry spokesperson Lin Jian stated that the work is underway “smoothly”.
Being asked whether India and China have started pulling back their troops from friction points, Li Jian said, “In accordance with the resolutions that China and India reached recently on issues concerning the border area, the Chinese and Indian frontier troops are engaged in relevant work, which is going smoothly at the moment.”
Earlier, Indian defence officials had said that the disengagement of troops of India and China has started at two friction points in Demchok and Depsang Plains in the Eastern Ladakh sector.
As per the agreements between the two sides, the Indian troops have started pulling back equipment to rear locations in the respective areas, they said.
On October 21, India announced that it reached an agreement with China on patrolling along the Line of Actual Control (LAC) in eastern Ladakh ending the over four-year-long military standoff.
Speaking at an event in New Delhi on October 24, Defence Minister Rajnath Singh said the two countries had reached a consensus to restore the “ground situation” based on the principles of equal and mutual security.
New Delhi, June 10 (ANI): Chief of the Army Staff, General Manoj Pande is on a three-day visit to Himachal Pradesh and Uttarakhand to review the security situation along the Line of Actual Control (LAC) with China in this sector on Friday. (ANI Photo)
He added that this includes restoration of “patrolling and grazing to traditional areas”.Singh attributed the progress in ties to the “power of engaging in continuous dialogue because, sooner or later, solutions will emerge.”
“India and China have been involved in talks both at diplomatic and military levels to resolve their differences in certain areas along the LAC. A broad consensus has been achieved to restore ground situation based on the principles of equal and mutual security,” he said delivering the keynote address at the second Chanakya Defence Dialogue.
On Wednesday, Prime Minister Narendra Modi met with Chinese President Xi Jinping on the sidelines of the BRICS Summit in Russia and welcomed the agreement reached between the two countries on patrolling arrangements along the LAC in eastern Ladakh.
The meeting between the two leaders came days after the Ministry of External Affairs (MEA) announced that an agreement had been reached between the two nations regarding patrolling arrangements along the Line of Actual Control (LAC) in the India-China border areas.
The border standoff between India and China began in eastern Ladakh along the LAC in 2020, sparked by Chinese military actions. This incident led to prolonged tensions between the two nations, significantly straining their relations.
Foreign Secretary Vikram Misri addressing a media briefing on the sidelines of the BRICS summit in Kazan said that during the meeting of Prime Minister Narendra Modi with President Xi Jinping, the two leaders “welcomed the agreement reached between the two sides through sustained dialogue over the last several weeks in diplomatic as well as military channels.”
“PM Modi underscored the importance of not allowing differences on boundary-related matters to disturb peace and tranquillity on our borders. The two leaders noted that the special representatives on the India-China boundary question have a critical role to play in the resolution of the boundary question and for the maintenance of peace and tranquillity in the border areas,” the Foreign Secretary said.
Misri said the two leaders also reviewed the state of bilateral relations from a strategic and long-term perspective.
“The restoration of peace and tranquillity in the border areas will create space for returning us towards the path of normalization of our bilateral relations. Officials will now take the next steps to discuss enhancing strategic communication and stabilizing bilateral relations by utilizing the relevant official bilateral dialogue mechanisms, including at the level of our respective foreign ministers, ” Misri said. (ANI)
