Current Final

Tag: China

  • China’s $700 million loan to boost Pakistan’s foreign exchange reserves

    China’s $700 million loan to boost Pakistan’s foreign exchange reserves

    Pakistan’s Finance Minister Ishaq Dar has announced that the Board of China Development Bank has approved a credit facility of $700 million for Pakistan, and all formalities have been completed.

    This announcement was made through a tweet, and the loan is expected to be received by the State Bank of Pakistan this week, which will help to boost the country’s forex reserves.

    According to Reuters, the credit facility, provided by the state-owned China Development Bank, will increase Pakistan’s forex reserves by about 20 per cent. This comes at a time when the country is in talks with the International Monetary Fund (IMF) to unlock funds from a $6.5 billion bailout. The loan is in addition to other facilities that China has already extended to Pakistan, and a finance ministry official has stated that the money could arrive as early as Thursday.

    China Development Bank did not respond to a faxed request for comment. Currently, China is Pakistan’s largest creditor, and its commercial banks hold approximately 30 per cent of the country’s external debt.

  • Daraz Group to reduce 11% workforce in response to challenging market conditions

    Daraz Group to reduce 11% workforce in response to challenging market conditions

    Daraz Group, an e-commerce subsidiary of Alibaba Group, will be reducing its workforce by 11 per cent in response to the challenging market conditions.

    The CEO, Bjarke Mikkelsen, noted the adverse impact of a war in Europe, significant supply chain disruptions, rising inflation, heightened taxes, and the elimination of crucial government subsidies on the company’s operations, which are in Pakistan, Bangladesh, Sri Lanka, and Nepal.

    Daraz, which was founded in Pakistan in 2012 and acquired by Alibaba in 2018, is the largest e-commerce platform in Pakistan and serves over 100,000 SMEs in the country.

    According to Ehsan Saya, Managing Director of Daraz in the country, Pakistan remains the company’s largest market with the largest number of employees across its markets.

    He adds, “almost one-third of the staff in Pakistan is from regional teams which work with teams in Bangladesh, Nepal, Sri Lanka, Myanmar, Singapore, and China.”

    Ehsan Saya confirmed to Reuters that the 11 per cent reduction in the workforce of Daraz Group will also result in an equivalent cut in its workforce in Pakistan. The group did not provide further details regarding the specific number of employees affected and further details on the restructuring.

    In a letter, CEO Bjarke Mikkelsen stated that Daraz has been able to grow its active shopper base from three million in 2018 to over 15 million currently, with an average order growth of nearly 100 per cent until last year. The company reported having access to 500 million customers in 2021 and a workforce of 10,000 employees. In the past two years, Daraz has invested $100 million in Pakistan and Bangladesh.

  • Fallout of China balloon saga; Blinken postpones visit

    United States (US) Secretary of State Antony Blinken has postponed an official visit to China, scheduled to start on Friday, calling an alleged spy balloon over his country an “unacceptable” violation.

    Blinken said that the high-altitude surveillance balloon flying over the continental US “created conditions that undermine the purpose of the trip”. He informed China’s top diplomat, Wang Yi, in a call Friday morning that he was postponing the trip.

    The decision was made after high-level conversations were held between Blinken, President Joe Biden and other top national security officials.

    White House press secretary Karine Jean-Pierre told reporters that Biden was advised by military leaders not to shoot down the balloon because of the risk to the safety and security of the people on ground.

    China, however, has said that the balloon was a “civilian airship” used mainly for weather research that deviated from its planned course.

  • India invites Pakistani FM Bilawal Bhutto-Zardari to SCO

    India invites Pakistani FM Bilawal Bhutto-Zardari to SCO

    In a surprise move, India has invited Pakistan’s Foreign Minister (FM) Bilawal Bhutto-Zardari to attend an upcoming meeting of the Shanghai Cooperation Organisation (SCO) scheduled to be held in Goa in May, The Indian Express has reported.

    The invitation to the meeting of SCO ministers has been sent by the office of S Jaishankar, the Minister for External Affairs and has been forwarded by the Indian High Commission in Islamabad.

    Were Bilawal Bhutto-Zardari to accept the invitation, the visit would mark the first visit of a Foreign Minister to India in 12 years. The last minister to visit the neighbouring country was Hina Rabbani Khar who travelled to India in July 2011.

    The unexpected development comes a few weeks after Prime Minister (PM) Shehbaz Sharif expressed hope that relations between the two arch rivals will improve. In an interview with a UAE-based media outlet, the Pakistani Premier asked for “sincere and serious” talks with India.

    The SCO moot in Goa will also be attended by China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.

  • India-China border clash: Soldiers from both sides injured

    Indian and Chinese troops clashed at the disputed Himalayan border on December 9.

    Indian Defence minister Rajnath Singh on Tuesday said soldiers of both countries sustained injuries. However, he said that no Indian soldiers had been “hurt or seriously injured” in the clash.

    “PLA troops attempted to unilaterally change the status quo by encroaching on the Line of Actual Control, in the Yangtse area of Tawang sector,” he said while referring to China’s People’s Liberation Army.


    Both sides’ military commanders met right after the clash to maintain peace and stability on the Line of Actual Control (LAC).


    According to reports, an Indian army source mentioned six Indian troops were injured.


    In their last face-off in 2020, at least 20 Indian soldiers were killed in Ladakh Galway Valley.

    According to the BBC, “China and India share a disputed 3,440km (2,100 mile) long de facto border – called the Line of Actual Control, or LAC – which is poorly demarcated. The presence of rivers, lakes and snowcaps means the line can shift. The soldiers on either side – representing two of the world’s largest armies – come face to face at many points.”

  • PM Shehbaz invites Turkey to be a part of CPEC

    PM Shehbaz invites Turkey to be a part of CPEC

    Prime Minister (PM) Shehbaz Sharif has invited Turkey to be a part of China-Pakistan Economic Corridor (CPEC), suggesting that it would be a “wonderful joint cooperation”.

    Shehbaz Sharif reached Istanbul, Turkey on Friday for his two-day visit where at the airport he was received by the city’s deputy governor and other senior officials of the Turkish government.

    Inauguration ceremony for the third of four Milgem Corvette ships

    Following this, the Premier spoke at an inauguration ceremony for the third of four Milgem Corvette ships for the Pakistan Navy at the Istanbul Shipyard.

    The premier said the two countries under Erdogan’s leadership have a “great chance” to move forward in this field.

    Regarding the ship’s launch, PM Shehbaz said Turkey and Pakistan are “deeply engaged” in promoting their defense capabilities for peace to ward off aggression. He said the ship’s launch is for defense purposes instead of aggression.

    The prime minister called on Turkey to further collaborate on their defense production capacities to ensure that peace was restored in the world, adding that the globe was facing “great tensions”.

    Invite Turkey to join Pakistan, China in CPEC

    PM Shehbaz also addressed a joint press stakeout along with Turkish President Recep Tayyip Erdogan and invited Turkey to join the China-Pakistan Economic Corridor (CPEC) to bring about regional prosperity, alleviate poverty and empower people through better education and health facilities.

    “I would suggest that let this be a cooperation between China, Pakistan and Turkey. This would be a wonderful joint cooperation. This is how we can meet the challenges of today,” the prime minister remarked.

    He said that he would be “happy” to discuss the matter with the Chinese leadership if Turkey moved ahead with the idea of joining CPEC.

    Pitch to Turkish entrepreneurs

    Addressing a meeting of the Pakistan-Turkey business council in Istanbul on Saturday, he told the investors that his government was resolved to cut down “very expensive” imports of oil and petroleum products, on which $27 billion was spent last year. “We simply can’t afford this.”

    “It’s not just a paper, or a talk, or a feasibility,” he said about the project today. “I, along with my colleagues, I am committed to this philosophy that we shall implement this scheme with in letter and spirit with our own resources, with investment from Turkey, from China, from Saudia Arabia, from Qatar, from the UAE (United Arab Emirates), from the United States of America, from wherever.”

    He assured the investors that the Pakistan government would create a conducive, enabling and friendly environment for them to invest in the project.

    He also asked the Pakistan ambassador in Istanbul to facilitate the Turkish investors in coming to Pakistan.

    ‘Being in Turkey feels like being home’: PM Shehbaz

    Before reaching Turkey, the premier said that he is leaving at the invitation of my brother Erdogan and that being in Turkey feels like being home.

    He tweeted: “Our bilateral ties have entered a new era of strategic partnership under the leadership of President Erdogan. We are on course to unpack the full untapped potential of relationship.”

  • Chinese-born Canadian pop star sentenced to 13 years in jail for sex crimes

    Chinese-born Canadian pop star sentenced to 13 years in jail for sex crimes

    Kris Wu, a Chinese-Canadian pop artist, has been found guilty of sex offences and sentenced to 13 years in prison.


    The 32-year-old musician and actor was found guilty by a Beijing court of raping three women and assembling a crowd to engage in an orgy.
    Wu was taken into custody after a student accused him of rape on a date.


    Later, 24 more victims came forward to accuse Wu on various charges.

    Wu was also slapped with a fine of 600 million yuan ($83.7m) for evading taxes by massively underreporting his earnings from performances, advertisements and other sources of income.


    On July 31 of last year, he was taken into custody in Beijing after being accused by an 18-year-old Chinese student of pressurising her and other girls, some of whom were minors, into having sex with him.

  • Workers protest, beaten at biggest iPhone factory in China

    Workers protest, beaten at biggest iPhone factory in China

    Workers at the world’s biggest Apple iPhone factory were beaten and detained in protests over pay amid anti-virus controls, as tensions mounted over Chinese efforts to combat a renewed rise in infections.

    Hundreds of workers may be seen marching down a road in daylight in videos posted on Weibo and Twitter that AFP has confirmed. Some of the workers are being confronted by riot police and those wearing hazmat suits.

    A man with blood on his face was shown in a nighttime video as someone off-camera yelled, “They’re striking people, hitting people. Do they possess morals? Geolocation data that displayed recognisable features, such as a building and barricades close to staff housing on the factory compound, helped AFP verify that video in part.

    In another video, testing booths for Covid-19 were destroyed, and a car was on its side.

    In one daytime video, a loudspeaker could be heard stating, “All workers kindly return to their lodging, do not mix with a small minority of unlawful elements,” as multiple fire trucks were parked near residential buildings and were encircled by police wearing hazmat suits.

    Wide swaths of the population in China have grown weary and resentful as a result of the country’s relentless zero-Covid policy; some have spent weeks being locked up in industries and universities or unable to leave their homes.

    By Wednesday noon, the Weibo hashtag “Foxconn riots” appeared to be blocked, but some text posts discussing extensive demonstrations at the factory were still accessible.

    Requests for comment on the most recent unrest from AFP went unanswered from Foxconn or Apple.

    In the place of the fleeing workers, the firm has offered large bonuses and other incentives for employees who stayed as the local government bussed in fresh labourers in a bid to keep the factory afloat.

    Apple this month admitted the lockdown had “temporarily impacted” production ahead of the holiday season at the Zhengzhou factory, the Taiwanese company’s crown jewel that churns out iPhones in quantities not seen anywhere else.

    Foxconn is China’s biggest private sector employer, with over a million people working across the country in about 30 factories and research institutes.

    China is the last major economy wedded to a strategy of extinguishing Covid outbreaks as they emerge, imposing lockdowns, mass testing and lengthy quarantines despite the widespread disruption to businesses and international supply chains.

    The policy has sparked sporadic protests throughout China, with residents taking to the street in several major Chinese cities to vent their anger against snap lockdowns and business closures.

  • CPEC created 190,000 jobs in less than 10 years: Chinese official

    CPEC created 190,000 jobs in less than 10 years: Chinese official

    A Chinese official said on Sunday that the China-Pakistan Economic Corridor (CPEC), a pilot project of the Belt and Road Initiatives, had generated 190,000 jobs in the previous nine years.

    According to Meng Wei, a representative of China’s National Development and Reform Commission, China and Pakistan created the Joint Cooperation Committee (JCC) on the CPEC in 2013 with an emphasis on collaboration in the Gwadar Port, energy, infrastructure, and industries.

    The two parties have recently increased their areas of collaboration to include agriculture, society, people’s livelihoods, and the information technology industries.

    The Gwadar East Bay Expressway project, the Gwadar Seawater Desalination Project, the Carlot Hydropower Station, China’s assistance to Pakistan’s flood-affected areas, and more may be seen as examples of the cooperation’s success, according to the China News Service.

    The spokesman said, “The two sides will next work together to put the leaders’ agreement into action, speed up their cooperation in areas including agriculture, mining, information technology, society, and people’s livelihood, and support the CPEC’s high-quality building.”

    CPEC is kicking off a new age of collaboration and exchanges between the two nations in a variety of fields, including energy, industry, culture, and trade and business.

  • Pakistan to receive $13 billion in financial assistance from China and Saudi Arabia

    Pakistan to receive $13 billion in financial assistance from China and Saudi Arabia

    Ishaq Dar, Federal Minister of Finance, has said that Pakistan’s two closest friends, China and Saudi Arabia, will contribute a multibillion-dollar financial package to assist Pakistan with its shaky economy.

    According to the Finance Minister, both countries will grant Pakistan a $13 billion package.

    According to The News, Dar went on to say that China intends to contribute $8.8 billion in assistance, including loan rollovers, during the current fiscal year, and that it will also roll over $4 billion in deposit returns.

    In addition, Ishaq Dar indicated that it will provide $3.3 billion in commercial loans and $1.45 billion in additional financing.

    Meanwhile, Saudi Arabia is expected to contribute an extra $4.2 billion in aid, including $3 billion in new reserves and a delayed payment oil facility, according to the Finance Minister. He declared that the Kingdom would construct a petrochemical facility in Gwadar.

    Furthermore, the Minister stated that both countries have guaranteed Pakistan’s Prime Minister (PM), Shehbaz Sharif, of their support and will continue to do so till June 2023.

    Furthermore, China has promised that construction on CPEC’s key railway projects, Main Line 1 (ML-1) and Karachi Circular Railway (KCR), will begin shortly.