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Global fund managers expanding in Hong Kong with eye on Greater Bay Area and Belt and Road Initiative

International fund companies are unfazed by the protests that have wracked Hong Kong for more than a month, focusing instead on the potential of the Greater Bay Area and the Belt and Road Initiative.US fund manager Federated Investors, with US$485 billion worth of assets under management as well as its 60 per cent owned British fund house Hermes Investment Management, both plan to continue to expand in Hong Kong as part of their long-term strategy in Asia.Hong Kong has seen many protests since… Source link

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China 

Chinese steelmaker that cooked the books shows struggle to revive rust belt

As officials from China’s northeast report an improved economic performance, one of the region’s biggest state-owned firms has revealed the penalties it received for cooking its books, again throwing a spotlight on the complexity of reviving growth in the country’s rust belt.Shanghai-listed Fushun Special Steel, a “penny stock” company controlled by Dongbei Special Steel, was found to have fabricated its financial numbers on multiple fronts including its inventory, earnings and fixed-asset… Source link

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Economic improvement in China’s northeast rust belt is just skin deep as state firms continue to bleed

When China’s central government chose Shenyang Machine Tool, a state-owned manufacturing behemoth in the northeastern province of Liaoning, to undergo a programme of reform two years ago, it probably imagined it would provide a yardstick for the broader regeneration of the region as a whole.It could not have been more wrong.While the provincial authorities reported growth of 6.1 per cent in the first quarter, which was on a par with the national figure, little of that upturn came courtesy of… Source link

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China 

China must ensure transparency to boost credibility of Belt and Road projects, former US diplomat says

China must ensure transparency surrounding the projects under its controversial Belt and Road Initiative to attract international investors, said Daniel Russel, the vice-president of the Asia Society Policy Institute and a former top US diplomat in Asia.The strategy is the cornerstone of President Xi Jinping’s foreign policy that seeks to build infrastructure projects and improve global trade to connect Asia with Africa and Europe, but it has attracted a barrage of criticisms from China’s… Source link

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China’s promise of responsible belt and road investments is in the hands of its bankers

Over the past few months alone, Chinese banks and corporations have been reinforcing a negative reputation with local people in places like Kenya, Myanmar and Peru, where Chinese-supported projects are taking root. In Kenya, communities have been raising concerns about harm from a coal-fired power project, sending three years of unanswered letters to the Industrial and Commercial Bank of China (ICBC), which is financing it. Kenyan litigation has stalled the project.In Myanmar, officials… Source link

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Opinion | How China’s Belt and Road Initiative could lead Vietnam away from renewable energy and towards coal

A a child on a Saigon waterbus brandishes a pinwheel as he passes Landmark 81, Vietnam’s tallest building, in Ho Chi Minh City on June 6. While Vietnam has enormous potential for wind and solar power generation, funding for coal-power electricity plants under China’s Belt and Road Initiative could derail its renewable energy push. Photo: Reuters Source link

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Money 

Oil is just the start of China’s Belt and Road interest in the Gulf

The Gulf might not appear on the official map of China’s Belt and Road Initiative, but Beijing’s international infrastructure investment plan is being actively realised in the region. Since Chinese President Xi Jinping launched it in June 2014, various actors from China – including companies, banks, and financial institutions – have established a presence in the Gulf.Securing oil and energy resources is an important component of the belt and road plan’s regional aims, as is the construction of… Source link

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China 

Did Japan and India just launch a counter to China’s Belt and Road?

It is hard to overstate the significance of the recent agreement between India and Japan to help Sri Lanka develop its Colombo Port.Under the deal to develop the East Container Terminal, the Sri Lanka Ports Authority will retain 100 per cent ownership of the terminal, while Sri Lanka will hold a 51 per cent stake in the Terminal Operations Company with the India-Japan joint venture retaining the remaining 49 per cent.Both the timing of the deal and its terms are conspicuous. After all, Sri… Source link

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China 

US-China trade war, financial transparency to spur more belt and road projects, says Standard Chartered

The ongoing US-China trade war and Beijing’s commitment to adopt internationally recognised best financial practices will lead to more infrastructure projects in countries covered by the Belt and Road Initiative, according to Standard Chartered.The global bank, which serves Chinese clients’ project financing needs in 45 markets across belt and road, expects continued growth in business this year despite earlier criticism that some projects have mired host nations in “debt traps” because of… Source link

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China has a willing partner in India on the belt and road, but only on fair and open terms

China’s multibillion-dollar infrastructure development plan, the Belt and Road Initiative, straddles three continents, with over 80 countries expressing an interest in the projects. It is estimated that China has already pumped US$200 billion into the initiative. In spite of US misgivings, many of its own allies, including the UK and Italy, have shown a willingness to be part of the initiative. There are indications that more members of the European Union will join.Many Asian nations are part… Source link

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