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Tag: China

  • Indian PM Modi to attend regional summit along with PM Shehbaz

    Indian PM Modi to attend regional summit along with PM Shehbaz

    Indian Prime Minister (PM) Narendra Modi and Pakistani Premier Shehbaz Sharif will take part in Shanghai Cooperation Organisation (SCO) summit which is due to take place on September 15 and 16 in Samarkand, Uzbekistan.

    New Delhi has not yet specified whether Modi would hold bilateral talks with his Pakistani counterpart, Russian President Vladimir Putin or Chinese President Xi Jinping.

    Earlier, in the SCO foreign ministers’ meeting, all of the ministers reiterated that the heads of SCO states would attend the summit.

    Foreign Minister (FM) Bilawal Bhutto, who had attended the meeting in Tashkent, said that a bilateral meeting between the Pakistani and Indian leaders is not scheduled.

    “There are no plans of any meetings between Indian and Pakistani prime ministers in September”, Bilawal revealed, adding that both India and Pakistan are part of the SCO and the two countries are only engaged in the context of the broad-based activities of the organisation.

    The foreign minister had said: “India is our neighbouring country. While one can decide on a lot of things, one cannot choose its neighbours, therefore, we should get used to living with them.”

    Other than this, it has been reported that Russian Putin and Chinese Xi would meet at the summit. China has refused to condemn Moscow’s invasion of Ukraine and has ramped up purchases of Russian oil.

  • PM Shehbaz likely to meet Narendra Modi at SCO summit

    PM Shehbaz likely to meet Narendra Modi at SCO summit

    Prime Minister (PM) Shehbaz Sharif is expected to have a meeting with his Indian counterpart Narendra Modi at the Shanghai Cooperation Organisation (SCO) summit, reports The News.

    The summit is scheduled to be held on September 15 and 16 in Samarkand, Uzbekistan.

    PM Shehbaz is likely to meet the country heads of China, Russia and Iran as well.

    Foreign Minister (FM) Bilawal Bhutto-Zardari attended  a meeting of the SCO FMs on July 28.

  • Pakistan to overcome $4 billion external financing gap soon: SBP

    Pakistan to overcome $4 billion external financing gap soon: SBP

    In the midst of intense pressure on foreign currency reserves, Pakistan will soon close its $4 billion shortfall in external finance with the assistance of friendly nations under IMF conditions, according to Acting Governor of the State Bank of Pakistan (SBP) Dr Murtaza Syed.

    He also acknowledged that inflation will continue to be higher for the ensuing 11 to 12 months, which is why the central bank was aiming for an average inflation target of 18 to 20 per cent for the current fiscal year 2022–2023

    According to The News, acting SBP Governor Dr. Murtaza Syed stated that Pakistan has already met its gross external financing requirements of $34 to $35 billion.

    However, Islamabad is also attempting to secure confirmation of $4 billion in inflows from friendly nations like Saudi Arabia, the UAE, and Qatar. According to him, these extra dollar inflows will be used to boost foreign currency reserves and build a safety net in case of a crisis-like circumstance.

    He resisted providing a specific timeline but assured that the $4 billion finance deficit will be closed quickly. He argued that urgent attempts were being made by the government and IMF high-ups to secure confirmation from their respective nations.

    Denying that the scenario was similar to Sri Lanka, he praised Bangladesh and claimed that nation performed properly, chose to return to the IMF, and also increased utility costs while maintaining enough levels of foreign exchange reserves.

    Speaking of increasing inflation, he believed that supply interruptions abroad had set the way for a global super cycle of commodities, leaving Pakistan with no choice but to concentrate on agriculture productivity in order to secure food security.

    According to Murtaza Syed, people would have to deal with this challenging moment because there is no immediate magic wand to manage increased inflation. He said that while it is a challenging time, there is no alternative way to prevent the country from entering a more challenging situation if nothing was done.

    According to the official, the SBP has loosened the cash margin requirements for opening L/Cs for imports and offers incentives to individuals who do so. According to him, the IMF opposed trade restrictions and took action to prevent the depletion of foreign exchange reserves.

    The current pressure on foreign reserves is now anticipated to end within the next two months. He also promoted energy saving as a way to ease the burden of high import costs.

    The senior official believed that as long as the economy’s structural issues persisted, Pakistan will continue to see boom and bust cycles. He gave a recent example in which the nation’s GDP increased by 6 per cent, indicating that the overheating of the economy led to imbalances known as the budget deficit and current account deficit. Although a recession is not imminent, he continued, the economy must be managed carefully.

  • ‘Pakistan is not going to default’: Miftah Ismail

    ‘Pakistan is not going to default’: Miftah Ismail

    The pressure on the Pakistani rupee will “vanish” in a few weeks, according to Finance Minister Miftah Ismail, who also stated that Pakistan is not going to default.

    He predicted that dollar inflows into Pakistan will exceed dollar outflows soon, creating a “stable exchange rate”. Additionally, he said that within three months, imports will “organically” decline, and exports will soar as a result of the government’s impending strategic plan.

    “It’s no fun going to the world, to the International Monetary Fund (IMF), to the Chinese, to the Saudis, asking for money,” said Miftah Ismail in an interview with Mosharraf Zaidi, CEO of advisory services firm Tabadlab.

    According to Miftah, the IMF loan influx will be completed within weeks.

    “The only thing is that from August 1 to August 15, the directors of the IMF are on vacation. That’s why the meeting is starting a little later than I’d prefer,” he added.

    The finance minister defended the government’s policy of limiting imports to stop the dollar from leaving the country during the discussion. “Nobody is happy with the surgery, but sometimes it’s necessary,” he added.

    Without mentioning the country, Miftah stated that Pakistani authorities had requested a “friendly country” to shore up foreign exchange reserves through dollar-denominated deposits but it turned down Islamabad’s request, saying the latter never returned the deposits.

    The friendly nation subsequently expressed interest in purchasing shares of publicly traded government-owned companies under a buyback arrangement, giving Islamabad the option — but not the obligation — to repurchase the same ownership at a 5 per cent higher price.

    In addition to stating that “there’s not even (a question of) price discovery,” the minister stated that the country “tried to help Pakistan and is giving a great deal”.

    =Earlier today, the Pakistani rupee again fell to a record low versus the US dollar. During intraday trading on Wednesday at 1:00pm, the US dollar reached Rs239.

  • China’s population expected to start reducing before 2025

    China’s population expected to start reducing before 2025

    China’s population is expected to start to shrink before 2025 as the country’s birth data showed that the number of new births in 2021 was the lowest in decades in several provinces. Currently, China is the most populous country with nearly 1.4 billion residents.

    The head of population and family affairs at the National Health Commission said that China’s population is expected to start to shrink in 2021-2025.

    In recent years, the population of the country has slowed significantly. According to the state-backed Global Times, the number of births in central Hunan province fell below 500,000 for the first time in nearly 60 years.

    The change in China’s laws last year that allowed women to have three children has not helped the country in any way. Many Chinese women have argued that the change comes too late and they are facing problems like insufficient job security and gender equality.

    According to a United Nations (UN) report, India will become the world’s most populous country next year, i.e 2023, beating China.

  • Nikon may stop making SLRs to focus on mirrorless models

    Nikon may stop making SLRs to focus on mirrorless models

    Nikkei, a Japanese business journal, stated earlier today that Nikon is going to discontinue producing DSLR cameras and concentrate on mirrorless cameras. Naturally, this news spread throughout the camera community and was covered by numerous popular sites.

    Nikon Inc. posted a statement on its website clarifying that it would keep producing, marketing, and servicing its DSLR camera range.

    According to Nikkei’s initial report, the company has discovered that Nikon will withdraw from the single-lens reflex camera sector and pivot toward digital solutions under rising competition from smartphone cameras.

    To be more precise, Nikkei stated that Nikon “plans to focus resources on mirrorless cameras, which have become widespread items as a result of more advanced digital technologies.”

    Nikkei doesn’t go into further detail about how this information was gathered, and it just adds a brief history of Nikon, its history as a photographer, and the situation of the camera market now to the initial piece.

    It’s interesting to note that Nikkei ends the statement by stating that “Rival Canon likewise aims to follow Nikon and discontinue producing DSLRs within a few years,” but it doesn’t provide any further information on that assertion.

    Soon after, Nikon learned about the piece, but not before the photographic community picked up on Nikkei’s first revelation.

    Nikon Inc. posted the following comment on its website in reaction to the report from Nikkei and the articles from other publications:

    ‘There was a media article regarding Nikon’s withdrawal of SLR development. This media article is only speculation and Nikon has made no announcement in this regards. Nikon is continuing the production, sales and service of digital SLR. Nikon appreciate your continuous support.’

    The statement from Nikon Inc. is clear-cut, but Nikon doesn’t specifically refute the details in the Nikkei report. Nikon just states that “Nikon has not announced in these regards” rather than claiming the news is false.

    Nikon does claim that it will keep up “the manufacturing, sales, and service of digital SLR,” but that’s a somewhat nebulous claim that only applies to here and now.

  • India to become the most populous country in 2023

    India to become the most populous country in 2023

    India will become the world’s most populous country next year i.e 2023, beating China, according to a United Nations (UN) report. Currently, India’s population stands at 1.412 billion, compared to China’s 1.426 billion.

    The findings were released by the UN on July 11 to mark World Population Day.

    The latest projections also suggest the world population is expected to reach eight billion by mid-November 2022, 8.5 billion in 2030 and 9.7 billion in 2050, 10.4 billion people during the 2080s and to remain at that level until 2100.

    India is also among eight countries where the population is expected to be concentrated in 2050. The other seven countries are Congo, Egypt, Ethiopia, India, Nigeria, Pakistan, the Philippines and Tanzania.

    UN Secretary-General António Guterres said, “This year’s World Population Day (July 11) falls during a milestone year when we anticipate the birth of the Earth’s eight billionth inhabitant. This is an occasion to celebrate our diversity, recognise our common humanity, and marvel at advancements in health that have extended lifespans and dramatically reduced maternal and child mortality rates.”

    In a tweet, he added, “On ensuring our world can support our needs and those of future generations. On protecting human rights and the ability of all individuals to make informed choices about whether and when to have children.”

  • Pak-China relations to restrengthen pledges Chinese delegation leader

    Pak-China relations to restrengthen pledges Chinese delegation leader

    Pak-China relations to re-strengthen, pledges Chinese delegation leader
    Chinese politician and Director of China’s Central Foreign Affairs Commission Yang Jiechi pledged to help re-strengthen Pakistan-China relations as he kickstarted his two-day trip to Islamabad with a meeting with Army Chief General Qamar Javed Bajwa on Wednesday.

    “He assured to play his role for further improvement in diplomatic cooperation with Pakistan at all levels,” said the Inter-services Public Relations (ISPR) Director-General (DG) Major-General Babar Iftikhar after the meeting with the army chief at the General Headquarters.

    Yang had a meeting with Prime Minister (PM) Shehbaz Sharif on Wednesday as well. The PM highlighted the significance of Director Yang’s visit in furthering the bilateral relations between the two countries across all domains. In particular, the China-Pakistan Economic Corridor (CPEC) has strengthened the ties between China and Pakistan. The relationship between the two countries would continue to grow and prosper, bringing peace and stability to the region, noted Sharif.

    Yang also met Foreign Minister Bilawal Bhutto-Zardari.

    “The two sides discussed the entire spectrum of bilateral relations and exchanged views on regional and global issues of mutual interest,” the Foreign Office said in a statement.

    The meetings come at a sensitive time as the Pakistan-China relationship seems to be under strain after the April 26 attacks on three Chinese language teachers in Karachi.

  • Nio electric car falls from third floor of office, killing two

    Nio electric car falls from third floor of office, killing two

    Two employees were killed, according to Chinese electric vehicle (EV) manufacturer Nio, when one of its vehicles fell from the third floor of its Shanghai headquarters.

    One staff member and one worker from a joint venture were inside the car as it crash-landed from Nio’s Shanghai office.

    The incident happened on Wednesday at around 05:20 PM, according to the company. As the car fell from the building, those who were inside perished.

    According to Nio, it launched an investigation into the incident right away in collaboration with authorities.

    The third-floor space where the car fell has variously been referred to as a showroom, a testing facility, or a parking lot.

    “Our company has collaborated with public security department to launch the investigation and analysis of the cause of the accident. Based on the analysis of the situation at the scene, we can initially confirm that this was an accident (not caused by the vehicle),” the company said in a statement.

    “We feel very sad about this accident and would like to express our deepest condolences to our colleague and partner employee who lost their lives. A team has been set up to help the families,” it added.

    Within a half-hour, thousands of netizens commented on Nio’s initial Weibo post before it was removed. Social media users reacted angrily to the final clause of the statement, “not related to the vehicle itself.”

    The Chinese business to dominate the electric vehicle market is led by Nio. To allay customers’ worries about needing to charge their cars frequently, it has placed a lot of faith in interchangeable batteries in its vehicles.

    Nio is a rival to the US-based electric car manufacturer Tesla, owned by multi-billionaire Elon Musk, who also operates a manufacturing facility in Shanghai.

  • ‘Rubbish,’ General Bajwa speaks out against claim made by journalist about him

    ‘Rubbish,’ General Bajwa speaks out against claim made by journalist about him

    “Rubbish, totally rubbish,” said General Bajwa in response to an ARY News anchorperson’s claim about China Pakistan Economic Corridor (CPEC) that was attributed to the army chief, reports Ansar Abbasi for The News and Jang.

    ARY News anchorperson Chaudhry Ghulam Hussain claimed that he was told by the army chief, in the presence of a couple of other people, that out of the initial Chinese investment of $19 billion for CPEC projects during the PML-N government, $10 billion were spent on the ground while $9 billion was stolen by contractors, government officials and political governments at the Centre and in Punjab. Ghulam Hussain said that when he asked why no action was taken, he was told by the army chief that the Chinese said they “don’t want to agitate these things in public” and that they will take action against their own people privately after investigating.

    Abbasi reports that whenThe News shared the video clip of the anchor’s claim with a defence source close to army chief General Bajwa, the source said Bajwa responded to ARY’s claim by saying, “Rubbish, totally rubbish.”