PM Narendra Modi, Xi Jinping meet in Wuhan for 'heart-to-heart' summit

Agencies
April 27, 2018

Wuhan, Apr 27: Prime Minister Narendra Modi and Chinese President Xi Jinping on Friday exchanged views on "solidifying" the India-China relationship as they began an unprecedented two-day informal summit here during which they will have a series of one-on-one conversations focussing on bilateral, global and regional issues.

Prime Minister Modi who arrived here in the central Chinese city early today for the informal summit began talks soon after President Xi hosted a grand welcoming ceremony for him.

The summit in Wuhan - the favourite holiday spot of revolutionary Chinese leader Mao Zedong - is being seen as an effort by India and China to rebuild trust and improve ties that were hit by the 73-day-long Dokalam standoff last year.

"And the much awaited Informal Summit gets underway! PM @narendramodi warmly welcomed by Chinese President Xi on his arrival at Hubei Provincial Museum in Wuhan. The two leaders had a one-on-one meeting during which they exchanged views on solidifying our bilateral relationship," . Ministry of External Affairs spokesperson Raveesh Kumar tweeted.

Kumar said they will review the developments in the bilateral relations from a strategic and long-term perspective during their meetings.

Modi and Xi shook hands and posed for photographs before witnessing a cultural programme at Hubei Provincial Museum in Wuhan.

"PM @narendramodi was welcomed at the Hubei Provincial Museum with an impressive cultural performance. India and China cultural connect go back many centuries and is reflected in present times through the popularity of Bollywood, Yoga and other aspects of Indian culture," Kumar tweeted.

During their one-on-one coversation, Modi told Xi that when he was the Gujarat chief minister, he had an opportunity to visit Hubei Province on a study tour to learn about the Three Gorges Dam.

"The speed with which you constructed this dam and its scale inspired me. So I came on a study tour and spent a day at dam," Modi said.

As the world's largest hydropower project, the Three Gorges project is a multifunctional water control system on the mighty Yangtze river. It comprises a dam stretching 2,309 meters long and 185 meters high, 32 hydropower turbo-generators, a five-tier ship lock and ship lift system.

The two leaders later visited an exhibition of Marquis Yi of Zeng Cultural Relics & Treasure at the Hubei Provincial Museum.

"Spending time together! In a special gesture, Chinese President Xi took PM @narendramodi on a tour of the exhibition of Marquis Yi of Zeng Cultural Relics and Treasure displayed at the Hubei Provincial Museum," Kumar tweeted.

The museum has a large number of state-level historic and cultural relics.

Officials said Modi and Xi would focuss on global, regional and bilateral issues.

The two leaders will later hold delegationb-level talks accompanied by six top officials from each side. The two leaders will have one-on-one dinner at a state guest house by the famous East Lake.

They will resume their one-on-one interaction tomorrow at 10 a.m (local time) with walks by the lake side, boat ride and wind up their talks over lunch, official sources here said.

The two leaders began their informal meetings way back in 2014 when Xi was hosted by Modi at the Sabarmati Ashram of Mahatma Gandhi in Gujarat. They have met and interacted with each other in about a dozen international meetings since then.

But this will be their "heart-to-heart" informal summit. There will be no agreement signed or a joint statement issued.

It is a summit, according to the officials, to forge consensus to resolve the issues with follow up actions by officials than announcing any agreements. This is something the leaders of the two countries have never tried so far, they said.

This is fourth visit of Modi to China after he came to power in 2014. He is again due to visit China to take part in the SCO summit to be held at Qingdao city on June 9-10.

China's state media said the informal Xi-Modi meeting heralds new chapter in Sino-Indian relations, an article in the state-run Global Times said.

"The Xi-Modi meeting in 2018 following the 2017 Dokalam standoff will without doubt promote mutual trust and reciprocity between the two countries, and will be a cornerstone of a stable long-term relationship between China and India," the article said.

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News Network
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

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News Network
January 24,2020

Davos, Jan 24: Pakistan Prime Minister Imran Khan claimed that he met with a “brick wall” when he approached Indian Prime Minister Narendra Modi with a peace proposal, soon after assuming office.

In an interview to Foreign Policy magazine on the sidelines of WEF 2020 here, Khan also said he told Modi that Pakistan will act firmly if it was given evidence of any involvement in the Pulwama terror attack, but India instead “bombed” Pakistan.

Tensions have escalated between the two countries, following India withdrawing the special status of Jammu and Kashmir in August 2019. Even since, Khan has been trying to seek global intervention to de-escalate the tensions between the two countries.

On Thursday, India's External Affairs Ministry spokesperson Raveesh Kumar categorically ruled out any third party role on the Kashmir issue, asserting that any issue between the two countries should be resolved bilaterally.

In the interview, Khan said that he is a firm believer that military means are not a solution to ending conflicts. “After assuming office, I immediately reached out to Prime Minister Modi. I was amazed by the reaction I got, which was quite weird.

The subcontinent hosts the greatest number of poor people in the world, and the best way to fight poverty is to have a trading relationship between the two countries rather than spending money on arms. This is what I said to the Indian Prime Minister. But I was met by brick wall,” Khan said.

Khan took charge as Prime Minister in August 2018. Referring to the suicide attack in Pulwama, Khan said he immediately told Modi ,“if you can give us any actionable intelligence (that Pakistanis were involved), we will act on it. But rather than do so, they bombed us.”

Noting that the both countries are not close to conflict right now, Khan said that it is important that the UN and the US act.

When asked about US President Donald Trump’s close relationship with Modi, Khan said the relationship is understandable because India is a huge market. “My concern is not about the US-India relationship. My concern is the direction in which India is going,” Khan said.

Khan also sought to compare the events in India to what happened in Nazi Germany.

“Between 1930 and 1934, Germany went from a liberal democracy to a fascist, totalitarian, racist state. If you look at what is happening in India under the BJP in the last five years, look where it's heading, you'll see the danger. And you're talking about a huge country of 1.3 billion people that is nuclear-armed,” he said.

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News Network
June 30,2020

Beijing, June 30: China said on Tuesday it was concerned about India’s decision to ban Chinese mobile apps such as Bytedance’s TikTok and Tencent’s WeChat and was making checks to verify the situation.

Chinese foreign ministry spokesman Zhao Lijian told reporters during a daily briefing that (the Prime Minister Narendra Modi-led government of) India has a responsibility to uphold the rights of Chinese businesses.

India on Monday banned 59, mostly Chinese, mobile apps in its strongest move yet targeting China in the online space since a border crisis erupted between the two countries this month.

The apps are “prejudicial to the sovereignty and integrity of India, the defence of India, the security of state and public order", the ministry of information technology said in a statement, which came two weeks after 20 Indian Army personnel were killed in a violent clash on the India-China border in Ladakh.

The companies have been invited to offer clarifications before a government panel, which will decide whether the ban can be removed or will stay.

The move also came ahead of military and diplomatic talks between India and China scheduled this week.

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