Modi only world statesman to stand up to China: Top US expert

November 18, 2017

New Delhi, Nov 18: Prime Minister Narendra Modi is the only world statesman to have stood up to China and their Belt and Road Initiative, even though the US has been silent on the ambitious project till recently, a top American expert on China has said.

During a Congressional hearing, Michael Pillsbury, Director of Center on Chinese Strategy at the prestigious think-tank Hudson Institute, told lawmakers on Friday that PM Modi and his team have been quite outspoken against Chinese President Xi Jinping's ambitious project.

"The only statesman in the world who stood up to it yet is Prime Minister Modi. He and his team have been quite outspoken, partly because the Belt and Road Initiative includes violation of Indian sovereign claims," Pillsbury said.

"But the US government, until now and this is a five-year-old initiative if you count the early part of it, has been silent," he said.

Praising the Trump administration for its new Indo-Pacific strategy, the former Pentagon official said in recent days people have heard more than 50 times by members of the Trump administration including the president himself mentioning a "free and open" Indo-Pacific region.

"The Chinese have already attacked this. They don't like it," said Pillsbury, who is considered an authority on China-related issues.

"The Indians, fairly recently, were joking about we want to make the Indian Ocean the Indian Ocean, by which they meant the purchase of several billion dollars worth of American PA aircraft, which have weapon systems in the back that can sink ships, frankly, and other improvements including maritime situational awareness and a big new center in Delhi where the Indians can keep track of both blue holes and grey holes going through the Indian Ocean," he said.

"The Chinese are very angry about this. They have criticised the Obama administration for its effort to, as they say, boost India, to a higher rank order in comprehensive power than the Chinese believe India deserves," the top American expert on China said in response to a question.

Senator Ed Markey said China's signature Belt and Road Initiative that aims to position China as the uncontested leading power in Asia "may further coerce" and bully its neighbours through loans they cannot repay.

The Belt and Road Initiative aimed at building a vast network of infrastructure projects expanding China's expertise and capital to different parts of the world includes $50 billion China Pakistan Economic Corridor or CPEC over which India has protested as it passes through Pakistan-occupied-Kashmir or PoK.

India boycotted the Belt and Road Forum (BRF) organised by China in May this year to highlight its concerns over Beijing trying to push projects through PoK.

Speaking about alleged theft by China, he said the US companies face the threat of intellectual property theft with reports that China has been stealing cutting-edge research as well as sensitive trade secrets from the United States. And that includes companies working in the clean energy sector who cannot compete with state-backed firms.

Pillsbury also said the Chinese are offering low-interest loans to countries that cannot afford it. "We already saw the example of Sri Lanka, which fell behind in its payments and then was the subject of coercion that if you transfer the main port here in Sri Lanka to Chinese control, we will forgive the debt. The Sri Lankans did it," he said.

There were serious concerns of debt burden brought in by the Belt and Road Initiative projects after Sri Lanka opted for the long-term lease of its Hambantota port for a $1.12 billion debt swap. "...So we are beginning to see what the Belt and Road Initiative may mean," Pillsbury told the lawmakers.

Senator Markey said China is challenging the very underpinnings of the global order that has brought peace and prosperity. China has not lived up to its international obligations to help de-nuclearise the Korean Peninsula, he said.

"No country has greater leverage than China, which is responsible for approximately 90 percent of North Korean trade," he noted.

Markey said, "China is challenging the international system elsewhere as well. It was constructed in violation of international law, military bases on artificial islands and disputed areas of the South China Sea."

"Through economic coercion, Beijing undermined the sovereignty of its smaller neighbours and countries including South Korea and the Philippines face Chinese retaliation for taking legal and sovereign actions in their own defence," he said.

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News Network
June 25,2020

Jun 25: Tencent Holdings Ltd.'s $40 billion surge this week and the recent ascent of Pinduoduo Inc. have reshuffled the ranking of China's richest people.

The country's largest game developer has surpassed Alibaba Group Holding Ltd. as Asia's most-valuable company, with its shares rising above HK$500 in intraday trading Wednesday for the first time. Pinduoduo, a Groupon-like shopping app also known as PDD, has more than doubled this year.

The rallies have propelled the wealth of their founders, with an added twist: Tencent's Pony Ma, worth $50 billion, has surpassed Jack Ma's $48 billion fortune, becoming China's richest person. And Colin Huang of PDD, whose net worth stands at $43 billion, has squeezed real estate mogul Hui Ka Yan of China Evergrande Group out of the top three earlier this year, according to the Bloomberg Billionaires Index.

The coronavirus pandemic has accelerated the digitization of the workplace and changed consumers' habits, boosting shares of many internet companies. Now tech tycoons are dominating the ranks of China's richest people. They occupy four of the top five spots: Ding Lei of Tencent peer NetEase Inc. follows China Evergrande's Hui.

‘Perform Strongly'

Tencent has come a long way since hitting a low in 2018, when China froze the approval process for new games. Since then, the stock has almost doubled, and last month the tech giant reported a 26 per cent jump in first-quarter revenue.

“Tencent's online games segment will probably perform strongly through the Covid-19 pandemic, and most of its other businesses are relatively unscathed,” said Vey-Sern Ling, a Bloomberg Intelligence analyst.

That has been a boon for Pony Ma, 48, who owns a 7 per cent stake in the company and pocketed about $757 million from selling some 14.6 million of his Tencent shares this year, data complied by Bloomberg show.

The native of China's southern Guangdong province studied computer science at Shenzhen University and was a software developer at a supplier of telecom services and products before co-founding Tencent with four others in the late 1990s. At the time, the company focused on instant-messaging services.

It has been a long comeback for Pony Ma. He overtook real estate tycoon Wang Jianlin as China's second-richest person in 2013 and topped Baidu Inc.'s Robin Li as the wealthiest in early 2014. Later that year, Alibaba went public in the U.S., catapulting Jack Ma's fortune.

Bloomberg Intelligence's Ling notes, however, that Tencent's jump this year has lagged behind some internet peers, especially those in e-commerce, games and online entertainment. Just consider: Tencent shares have climbed 31 per cent in 2020, while PDD's American depositary receipts have more than doubled. Alibaba, meanwhile, has advanced just 6.9 per cent.

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News Network
March 30,2020

Geneva, Mar 30: The number of confirmed COVID-19 cases worldwide has reached 634,835, among them 29,957 fatalities, the World Health Organization (WHO) said on Sunday.

Over the past 24 hours, 63,159 people were confirmed to be infected with the novel coronavirus and 3,464 people died, the WHO said.

According to the latest situation report, the majority of the confirmed cases - more than 361,000 - are presently concentrated in Europe, with Italy leading the tally with over 92,000 cases, followed by Spain with over 72,000 cases, and Germany with over 52,000 cases.

Italy and Spain are also the countries that top the worldwide death toll from COVID-19, with 10,023 and 5,690 fatalities, respectively.

The second most affected region is currently the Americas with over 120,000 verified COVID-19 cases, of which the majority - over 103,000 - have been found in the United States. The US is also the country with the highest single tally of COVID-19 cases at the moment.
The WHO declared COVID-19 a pandemic on March 11.

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Agencies
May 19,2020

Washington DC, May 19: US President Donald Trump has threatened to permanently halt funding for the World Health Organisation (WHO) if it did not commit to improvements within 30 days, and to reconsider the membership of the United States in the global health body.

On Monday, Trump wrote a letter to WHO Director-General Tedros Ghebreyesus that read, "If WHO doesn't commit to major substantive improvements within the next 30 days, I will make my temporary freeze of US funding to WHO permanent and reconsider our membership in the organisation."

Trump had temporarily suspended US' contribution to the WHO last month, accusing it of promoting China's "disinformation" about the coronavirus outbreak, although WHO officials denied the accusation and Beijing said that it was transparent and open.

"The only way forward for the WHO is if it can actually demonstrate independence from China. My administration has already started discussions with you on how to reform the organisation. But action is needed quickly. 

We do not have time to waste," Trump said in the letter.

"I cannot allow American taxpayer dollars to continue to finance an organisation that, in its present state, is so clearly not serving America's interests," he added.

On Monday, the WHO said that an independent review of the global coronavirus response would begin at the earliest and it received backing from China, where the virus was first discovered.

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