The Chinese president praised his Belt and Road Initiative at its 10-year anniversary forum, saying it is the ‘right path forward’.
Chinese President Xi Jinping has warned Western states against “decoupling” from his country’s economy, insisting amid declining foreign investment that China’s development should be viewed as not a threat but an asset.
Xi’s caution came as he opened the Belt and Road Initiative (BRI) forum in Beijing on Wednesday. He also used his speech to laud the scheme, which was launched 10 years ago with the professed aim of building infrastructure and energy networks to link Asia, Africa and Europe.
“We stand against unilateral sanctions, economic coercion, decoupling, and supply chain disruption,” Xi said, hitting back at perceived Western efforts to hamper China’s growth.
“Viewing others’ development as a threat or taking economic interdependence as a risk will not make one’s own life better or speed up one’s development,” he added. “China can only do well when the world is doing well… When China does well, the world will get even better.”
Attracting investment
As part of China’s efforts to attract more foreign investment, one measure of which hit a 25-year low earlier this year, Xi also pledged to ease investment restrictions and facilitate better trade ties.
“We will comprehensively remove restrictions on foreign investment access in the manufacturing sector,” while opening up “cross-border trade and investment in services and expand market access for digital products,” Xi said.
He added that China plans reforms for state-owned companies, as well as the digital economy, intellectual property rights, and government procurement.
At the same time, China will continue to pour billions of dollars into the economies of developing countries as it builds on the BRI, the Chinese president pledged.
Who’s attending the forum?
Leaders and representatives of over 130 countries are attending the forum, which celebrates the 10-year anniversary of Xi’s ambitious scheme, which he has called the “project of the century.”
Prominent guests include Russian President Vladimir Putin, Indonesian President Joko Widodo, Serbian President Aleksandar Vucic, Egyptian Prime Minister Mostafa Madbouly, and Pakistani Prime Minister Anwaar-ul-Haq Kakar.
Xi met with Putin, whom he calls a “dear friend,” before the forum, and reaffirmed their strong partnership.
“The political mutual trust between the two countries is continuously deepening,” Xi said, according to the state news agency Xinhua, hailing their “close and effective strategic coordination”.
Western scepticism
European leaders largely stayed away from the event, with Hungary’s nationalist-populist Prime Minister Viktor Orban the sole European Union head of state in attendance.
Russian President Vladimir Putin shakes hands with Hungarian Prime Minister Viktor Orban during a meeting ahead of the Belt and Road Forum in Beijing, China, October 17, 2023 [Grigory Sysoyev/Pool via Reuters]
Western leaders have come to view China’s BRI with suspicion, seeing it as a tool to amplify Beijing’s global influence and reach. Many Western countries are seeking to diversify supply chains to reduce reliance on China, which is the world’s second-largest economy.
‘Right path forward’
Going forward, Xi said the Belt and Road Initiative would move towards addressing issues of artificial intelligence and climate change, including through intensified cooperation in “green infrastructure, energy, and transportation”.
The Chinese president added that the BRI has put it on the right side of history, according to China’s Xinhua state news agency. “It represents the advancing of our times, and it is the right path forward.”
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
