Tag: china

  • China, an adversary of U.S., says Pentagon

    The U.S. Department of Defence has declared that China “is certainly an adversary of the United States,” highlighting China’s military developments and also addressing the arch adversary government approach to competition.

    Pentagon, in a report to Congress, which detailed China’s growing military, economic power, examined the trends in Chinese military development.

    It, however, added that “China is not an enemy.’’

    Congress mandated the report entitled:  ‘Military and Security Developments Involving the People’s Republic of China’.

    Pentagon said: “China’s economic development is fueling extraordinary changes in relationships it maintains around the world.

    “ On the face of it, China’s ‘One Belt, One Road’ initiative sounds benign – it looks to build infrastructure for developing countries and Chinese neighbours.

    “Chinese leaders have funded serious projects as far away as Africa under the initiative.

    “ They have built roads in Pakistan and made major inroads in Malaysia. China has a major stake in Sri Lanka. Kazakhstan, Mongolia, Laos and Djibouti also are involved.

    “The Chinese government seeks to overturn the established international order that has kept the peace in the region since World War II and allowed Asian countries to develop.

    “But ‘One Belt, One Road’ money and projects come with strings. The “one road” leads to China, and nations are susceptible to Chinese influence on many levels – political, military, and especially, economic.’’

    Pentagon said China in 2017 used its economic clout in South Korea as a bludgeon to get Seoul to not allow the United States to deploy the Terminal High-Altitude Area Defense system in the country as a counterweight to North Korea’s nuclear missile programme.

    “The Chinese government informally lowered the boom on South Korea economically to influence the THAAD decision,” it said.

    According to the Pentagon, South Korean cars and other exports were embargoed.

    It also said that about a quarter of all goods South Korea exports go to China, adding that this had an immediate effect on the economy.

    In addition, tourism suffered as nearly half of all entries to South Korea were from China, and South Korean retail stores in China were crippled, the report said.

  • Oil heads for rise as traders eye Iran, China

    Oil futures climbed yesterday, on track for a three-day winning streak, with United States (U.S.) sanctions on Iran contributing to concerns over tighter global oil supplies. Trade tension between the U.S. and China is however dulling demand outlook.

    The global benchmark, October Brent crude LCOV8, +0.68 per cent rose 49 cents, or 0.7per cent, to $72.32 a barrel on the ICE Futures Europe exchange. Brent logged a 1.3 per cent weekly loss at the weekend.

    West Texas Intermediate crude for September delivery CLU8, +0.61 per cent  on the New York Mercantile Exchange was up 27 cents, or 0.4 per cent, at $66.18 a barrel following gains over the past two sessions. The contract, which expires at the end of Tuesday’s session, logged a 2.5per cent decline last week.

    Emerging-market and Chinese demand worries had rippled through the market last week, sending oil prices down for a third week in a row.

    A surprise jump in U.S. crude inventories last week also nicked prices, while overall strength in the U.S. dollar underlined concerns about global energy demand, sending prices lower. Still, late-week relief came the bulls’ way on news the U.S. and China prepared to resume trade talks, though expectations for a breakthrough remained low.

    Fears of broader damage to emerging markets as a result of Turkey’s currency crisis sent shock waves through commodity markets last week, led by a selloff for industrial metals. The ICE U.S. Dollar Index DXY, -0.20 per cent which measures the U.S. unit against a basket of six major rivals, hit a 14-month high last week on haven-related demand.

    The emerging-market worries were compounded by signs of slower growth in China, where the trade dispute with the U.S. has dimmed the economic outlook for the world’s second-largest economy and its thirst for oil.

  • France 2018: Ajibade’s goal sends Falconets to Q/finals

    Falconets

    The Super Falconets of Nigeria had the last smile of the crunch encounter with China on Monday despite the opponents early lead.

    Th Falconets got a stoppage-time goal from captain Rasheedat Ajibade to earn a highly dramatic 1-1 draw to advance to the quarter-finals of the ongoing FIFA U-20 Women’s World Cup France 2018 from Group D.

    China PR were the more dangerous side in the first half at the Stade du Clos Gastel. Mengyu Shen had the first chance of the match in the 25th minute when she hit the Nigeria crossbar. A few minutes later, captain Linlin Wang headed over the target from close range.

    China PR’s breakthrough came four minutes before half-time, as the diminutive Linyan Zhang turned her Nigerian marker in the box and stroked the ball past a diving Chiamaka Nnadozie to give the Asians the lead at the break.

    The Super Falconets pushed hard to find an equaliser in the second half, but found the China PR backline and goalkeeper Huan Xu in resilient form until the end of the contest.

    Ajibade became Nigeria’s hero when she converted the Aishat Bello’s 95th minutes cross at the near post to set up a quarter-final fixture against Spain on Thursday 16th August.

    The goal sparked a church-like Halleluyah celebrations from the West Africans at the full-time whistle.

  • ‘China key to future oil market’

    The first half of this year turned out to be a very successful period for the Organisation of Petroleum Exporting Countries (OPEC) and its allies. The alliance of OPEC and other non-OPEC producers, better known as OPEC+, was about to celebrate its triumph in June and declare that the job of rebalancing the oil market was done.

    China’s oil imports in the first six months of 2018 increased by 5.8 per cent from the same period a year ago. That was more than enough to absorb all the extra crude that some members of OPEC+, who weren’t fully committed to the pledged cuts, put in the market.

    A major force in Chinese oil demand is the small independent refiners known as teapot refineries who make up around 40 percent of China’s total refining capacity. China’s teapots are reducing imports and cutting operations as they profit under pressure from the weakness of the Chinese Yuan, the increase in crude oil prices, and the new tax measures introduced by the government.

    The teapots face higher tax bills after authorities closed a loophole that had allowed them to declare fuels such as gasoline and diesel — which are subject to a levy — as other oil products that don’t attract a consumption tax.

    Almost 40 per cent of the teapots may be running at a loss, Bloomberg reported, citing Pang Guanglian, Beijing-based senior economist at the China Petroleum and Chemical Industry Federation, whose members include state-run companies as well as teapots.

  • China defends Iran business ties after Trump threat

    China’s business ties with Iran are open, transparent and lawful, its foreign ministry said on Wednesday, after U.S. President Donald Trump said companies doing business with Iran would be barred from the U.S.

    New U.S. sanctions on Iran have taken effect in spite pleas from Washington’s allies.

    Iran dismissed a last-minute offer from the Trump administration for talks, saying it could not negotiate while Washington had reneged on a 2015 deal to lift sanctions in return for curbs on Iran’s nuclear programme.

    Trump decided this year to pull out of the agreement, ignoring pleas from the other world powers that had co-sponsored the deal, including Washington’s main European allies, Britain, France and Germany, as well as Russia and China.

    Beijing has cultivated close commercial links with Tehran, especially in the energy sector.

    “China has consistently opposed unilateral sanctions and long-armed jurisdiction,” the Chinese foreign ministry said in a faxed statement responding to the new U.S. sanctions and Trump’s threats on firms doing business with Iran.

    “China’s commercial cooperation with Iran is open and transparent, reasonable, fair and lawful, not violating any UN Security Council resolutions,” it added.
    “China’s lawful rights should be protected.”

    China, Iran’s top oil customer, buys roughly 650,000 barrels a day of crude oil from Tehran, or seven per cent of China’s total crude oil imports.

    At current market rates, the imports are worth some 15 billion dollars a year.
    State energy firms CNPC and Sinopec have invested billions of dollars in key Iranian oil fields such as Yadavaran and North Azadegan and have been sending oil to China.

    European countries, hoping to persuade Tehran to continue to respect the nuclear deal, have promised to try to lessen the blow of sanctions and to urge their firms not to pull out.

    But that has proven difficult, and European companies have quit Iran, arguing that they cannot risk their U.S. business.
    Few American companies do much business in Iran so the impact of sanctions mainly stems from Washington’s ability to block European and Asian firms from trading there.

    Among large European companies that have suspended plans to invest in Iran are France’s oil major Total and its big car makers, PSA and Renault.

    NAN

  • U.S., China trade wars push up oil prices

    The escalating trade conflict between China and the United States, among other pressing financial matters, has pushed up oil prices.

    Stocks across Asia advanced yesterday as China’s efforts to stop sharp declines in its currency and capital flight supported wider sentiment in the region while oil rises.

    Brent crude increased to $73.62. U.S. crude oil rose to $68.82 a barrel.

    Analysts rued blatant oil pricing manipulation.

    Brent sweet crude oil was supposed to be at least $100.

    At the weekend, China raised the reserve requirement on some foreign exchange forward positions, making it more expensive to bet against the Chinese currency.

    The move helped pull the yuan away from 14-month lows.

    It boosted the Australian dollar, which is often played as a liquid proxy for the yuan.

    The Aussie came off two-week lows to climb as high as 0.7412 dollars after the announcement and was last at 0.7403 dollars.

    Yesterday, MSCI’s broadest index of Asia-Pacific shares outside Japan leapt 0.9 per cent – the biggest jump in a month and its second straight session of gains.

    Japan’s Nikkei edged up 0.4 per cent, while Australian shares added 0.75 per cent.

    Chinese shares were positive too, with the blue-chip share index up 0.5 per cent while Hong Kong’s Hang Seng index gained 1.3 per cent.

    On Friday, the Dow climbed 0.54 per cent, the S&P 500 gained 0.46 per cent and the Nasdaq Composite added 0.12 per cent.

    They were helped by strong corporate earnings, although gains were capped by worries over the escalating trade tensions.

    The trade dispute remains a live issue for markets with China proposing tariffs on the 60-billion-dollars worth of U.S. goods on Friday.

    A senior Chinese diplomat cast doubt on prospects of talks with Washington to resolve the bitter trade conflict.

    At the same time, U.S. President Donald Trump said his strategy of placing steep tariffs on Chinese imports is “working far better than anyone ever anticipated’’, citing losses in China’s stock market.

     

  • China invites Nigerian students to global IT contest

    The China Association of Science and Technology has reached out to three secondary school students to represent Nigeria at the upcoming World Adolescent Robotics Competition in China.

    The students Tawakalitu Giwa, Oluwaseun Omotayo and Ayomide Adetunji were members of Team Nigeria to the First Global Robotic Olympics in Washington DC, United States (US.) last year, sponsored by Aramex and Doculand Nigeria.

    The students were picked based on their outstanding performance at the First Global Robotic Olympics where Nigeria placed 25th out of the 163 teams from 157 countries, emerging third of the 41 African countries in attendance.

    Similarly, five students will be representing Nigeria at the next First Global Robotic Olympics coming up in Mexico City this  month.

    Founded by philanthropic inventor Dean Kamen to inspire a passion for science and technology leadership and innovation among the world’s more than two billion youths, FIRST Global provides the framework for an Olympics-style robotics event that drives home the importance of obtaining the science, technology, engineering, and mathematics (STEM) skills needed by future leaders to overcome the greatest challenges facing our world – today and tomorrow.

    National Coordinator of the programme Mrs. Remi Willoughby, CEO, Roboglobal Educational Consulting said: “Without any doubt, Nigeria is slowly but gradually establishing herself on the map of technology developed nations. This may not be presently evident, however, it is an indication that progress is being made.”

    According to her, “we have the right talents to compete successfully on the global stage and move Nigeria to a technology advanced nation, but we need the right support and encouragement and to do this, we need to quickly address the evident deficit in science, technology, engineering and mathematics in our educational system.”

    Aramex  and Doculand Nigeria  Managing Director and co-sponsor of the First Global Project in Nigeria, Faisal Jarmakani said: “These children are building the foundation blocks for a technology advanced nation and in the next few years will become global icons paving the way for other children to follow. If they keep getting the right support and encouragement, without any doubt, we will soon join other countries of the world where science and technology have become the backbone of their economic development.”

  • Africa and China’s 40 years of reform

    The successful practice of the Chinese people is a proof that there is more than one path leading to modernization. With the right direction and with unremitting efforts, all roads will take us to Rome.” – President Xi Jinping

    At the turn of the 21st century, American political scientist, Francis Fukuyama published a well-regarded book, the “End of History,” which attracted considerable attention. He argued then, that “remarkable consensus concerning the legitimacy of liberal democracy as a system of governance had emerged throughout the world,” and as such “liberal democracy may constitute the end point of mankind’s ideological evolution and the final form of human government,” and therefore “constitute the end of history.”

    But China’s then, little internationally known reform and opening up which was in full throttle was making steady progress. But, far from the then, euphoria of Fukuyama’s “remarkable consensus concerning the legitimacy of liberal democracy,” China’s modernization effort consisting in reform and opening up was decidedly and staunchly, “socialist”, with Chinese characteristics.”

    China’s then preeminent leader, Deng Xiaoping who was convinced that “economic reform is the only way to develop the productive forces,” has however categorically made clear that “in the course of reform, it is very important for us to maintain our socialist orientation.”

    In the huge task of “carrying out our modernization,” Deng exhorted that “the programme must proceed from Chinese realities, adding that “both in revolution and in construction, we should also learn from foreign countries and draw on their experiences but warned that “mechanical copying and application of foreign experience and models will get us nowhere.” He, therefore, charged that “we must integrate the universal truth of Marxism with the concrete realities of China, blaze the path of our own and build a socialism with Chinese characteristics,” and summarized that “this is the basic conclusion we have reached after reviewing our long historical experience.”

    Forty years since China took the path that corresponded to her national realities, the myth of Fukuyama’s “remarkable consensus that liberal democracy constitute the end point of mankind’s ideological evolution,” and therefore, the “end of history,” has been exploded by the fact that “the successful practice of the Chinese people is a proof that there is more than one path leading to modernization.”

    Even though, opening up and reform, according to President Xi Jinping is a strategic decision made by China based on its need for development as well as a concrete action taken by China to move economic globalization forward in ways that benefits people across the world, the lessons and experiences in staying in the arduous  course of reform and opening up constitute critical and strategic resource materials from which vital insights can be gleamed in driving the course of sustainable and inclusive development in Africa.

    Africa development trajectories have serially suffered hiccups not for want of courage or persistence but in the deficit of grasping the existential realities and specific conditions of each African country and the contradictions it generates, from which any meaningful and realistic outlines and policy ramifications can be drawn. China’s basic outline in reform has consisted essentially in understanding the severity of her existential realities and national condition at any particular time and the huge exertions and toils that must be deployed to engage it. And that this trajectory of ceaseless engagement with contradictions does not brook complacency, laxity or even a momentary relaxation.

    Forty years of relentless reform and opening up in China has demonstrated amply and very clearly, the prospects of human capacity to transform its conditions, despite the severity of its challenges and, this speak boldly to the Africa’s possibilities and the difficult choices it must decide to make by itself. Despite that China’s experience is not repeatable; it however, offers very instructive lessons.

    In his widely acclaimed monograph, published in 2004, “The Beijing consensus,” Joshua Cooper Ramo noted that “China is marking a path for other nations around the world who are trying to figure out not simply how to develop their countries, but also how to fit into the international order in a way that allows them to be truly independent, to protect their way of life and political choice.” Ramo who claimed to have discovered a “new physics of power and development,” and called it, “Beijing Consensus,” which he contrasted with “the widely discredited Washington consensus, an economic theory made famous in the 1990s for its prescriptive, Washington-knows-best approach.” Continuing, he said, “the Washington Consensus” was a hallmark of end-of-history arrogance, which left a trail of destroyed economies and bad feelings around the globe.”

    Noting that “China’s path to development and power is, of course, unrepeatable by any other nation,” the main lesson which is, however, “about using economics and governance to improve society” will ultimately resonate and make story impressions in Africa.

    Forty years ago, not many Nigerians and Africans can tell where and what is Guangzhou, now the famous commercial and capital city of China’s  coastal Guangdong province,  a business hub  where most Nigerians and their African peers throng for lucrative businesses. Actually, 40 years ago, Aba and Kaduna in Nigeria, just to mention but few in Africa, were the hub of leather and textile business in West Africa and were on their way to integrating to the all-important global industrial value chain that gives a country a significant niche in global business. But not anymore. Guangzhou has prospered and soared to an international commercial hub while Kaduna and Aba are currently littered with rusting and long abandoned industrial machines but can rise surely rise again.

    The revolution and national liberation in 1949 re-founded the modern Chinese State, giving the Chinese people, an exclusive prerogative for the first time in their long history to decide their destiny. They did but 1978 was the moment of significant national introspection, difficult choices and bold decisions.

    The leadership of the governing party, the CPC made the decision to move away from the comfort zone of easy revolutionary rhetoric, took economic modernization as central task, launched reform and opening up and travelled the difficult terrain of “groping through the river by feeling the stones.”

    Will Africa and her various countries make the difficult choice of moving away from the comfort zone of endlessly reclining in received wisdom, of foreign political systems, orthodox economic models that have got her nowhere, and began the hard task of relentlessly interrogating her own realities and extracting its outcomes in forging her institutional and policy frameworks and enjoy the valid lessons of China’s initiated maxim that “practice is the sole criterion for truth.”

    Aba, Kaduna and other numerous cities, potential industrial outposts in Africa will rise again if Africa seeks renaissance and reforms that is rooted in her own realities and added to an unprecedented international partnership of a massively regenerated China, willing and able to productively and respectfully engage Africa, the continent’s famed potentials is definitely on the cusp of actual realization.

     

    • Onunaiju, is director, Centre for China Studies, (CCS) Abuja.
  • Five year old Nigerian is ‘world’s most beautiful girl’

    Angelic five-year-old Jare from Nigeria has been dubbed the world’s “most beautiful girl” as snaps of her sent the  social media into a frenzy after photographer shared  her portraits on Instagram.

    Wedding photographer Mofe Bamuyiwa, who is based in Lagos, posted  series of striking snaps of the little girl to her page as part of her latest project.

    Bamuyiwa shared three stunning portraits of the girl on her Instagram account last week, describing the youngster as an “angel” in her posts,  UK-based Daily Mail, Daily Sun and Metro said.

    The pictures received tens of thousands of likes, with hundreds of comments on Jare’s incredible natural beauty.

    The images see the child posing in a simple setting showcasing her enormous eyes and perfectly smooth skin as well as her impressive head of hair.

    Captioning one photo,  Mofe writes: “Oh yes she’s human! She’s also an angel! ‘J A R E’.

    “I want to portray the interception between her childhood and adulthood,  so both stay timeless!

    Read Also: Guys, stop confusing girls with “I love you!”

    “I could have made her smile and make her laugh out loud but I put her in their natural moments for us to see through their eyes !

    “Posing them as adults! Was my trick to create it a timeless portrait! J A R E , when you clock 21,  remember to do same pose and style.”

    Fans have been quick to praise Mofe’s portraits of the child with the first of the three images amassing 16,000 likes.

    Commenting on the photo, Instagram user serenaqueen22 wrote: “The most beautiful girl in the world”.

    Another user, igeyj added: “This is what you call the most beautiful girl in the world. Wow”.

    Agreeing, another added: “This beautiful child has broken the internet”.

    The second two portraits also received plenty of praise from followers who were captivated by the child’s looks.

    Little is known about Jare but Mofe has revealed that she is not a professional model, according to the reports.

    The five-year-old lives with her two sisters – Jomi, 7, and Joba, 10, who also pose on their own Instagram account The J3 Sisters.

    Mofe surprised some of her followers while describing her process behind the photograph, admitting she wanted the child to look “more adult”.

    Captioning the first portrait she said: ‘The opportunity came and I had to take a bold step to express my ideas of how I want to take portraits of kids…”

    Report says Mofe inspired the children’s mother to launch the Instagram page, where they already have more than 5,000 followers, according to reports.

    Jare follows on from other youngsters whose appearances on social media saw them earn the title of ‘the most beautiful girl in the world’.

    In December, Anna Pavaga, 8, was hailed as the world’s most beautiful girl after a successful modelling career starting at the age of three.

    She appeared in fashion campaigns for dozens of campaigns all over the world, including in China, as well as the glossy pages of Vogue Enfants, a supplement of French Vogue.

    Earlier the same month, six-year-old Anastasia Knyazeva from Russia  hit the headlines earlier this month, after being hailed ‘the most beautiful girl in the world’.

     

    NAN

  • Trump accuses China of targeting U.S. farmers, being ‘vicious’

    U.S. President Donald Trump on Wednesday accused China of targeting American farmers in a “vicious” way and using them as leverage to get concessions on trade.

    “China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S. They are being vicious in what will be their failed attempt.

    “We were being nice – until now!” Trump wrote on Twitter.

    Farmers have been a particular target in the current clash over trade policy as other countries seek to retaliate for U.S. duties on Chinese goods as well as on steel and aluminum imports from the European Union, Canada and Mexico.

    Read Also: Trump, Iran’s president trade words over nuclear deal

    The affected countries have in turn targeted U.S. agricultural products, including soybeans, dairy, meat, produce and liquor.

    The U. S. exported 138 billion dollars in agriculture products in 2017, including 21.5 billion dollars of soybeans, the most valuable export.

    China alone imported 12.3 billion dollars of U.S. soybeans last year, according to the U.S. Department of Agriculture.

    On Tuesday, the Trump administration said it will use a Great Depression-era program to pay up to 12 billion dollars to help U.S. farmers weather the growing trade war.