Latest news with #WTO
South China Morning Post
an hour ago
- Business
- South China Morning Post
Hong Kong's research strength is vital to China's third wave of reform
As Shenzhen approaches 45 years as a special economic zone (SEZ), the importance of opening up in driving China's progress was stressed by none other than Huawei Technologies founder Ren Zhengfei. 'The more open the country becomes, the more it will drive our progress,' he told People's Daily in a recent interview, speaking also of the importance of basic research, education and talent development. Soon after, the government outlined reforms to accelerate the development of hi-tech emerging industries in Shenzhen, highlighting the pioneering and demonstrative role of the reforms to push innovation and opening-up. Shenzhen has long been the vanguard of China's reform and opening-up. The decision to create the Shenzhen SEZ in the first wave of reform was groundbreaking and marked China's entry into global markets. The second wave of opening up kicked off with Deng Xiaoping's 1992 'southern tour' . China seized the opportunities presented by the post-Cold War wave of globalisation, breaking free of sanctions and restrictions. In 2001, China's accession to the World Trade Organization furthered its integration into the global economy, solidifying its position as a key player and laying the foundation for its rise as a major power. Today, however, China needs to enter a new phase of opening up – a third wave – and Shenzhen's latest reform agenda is viewed as a key precursor to this shift. China is facing a more complex and uncertain global environment, characterised by escalating geopolitical tensions, economic decoupling and a fierce technological cold war with the United States. Unlike previously, this new phase will require a strategic recalibration – focusing on technological innovation and talent cultivation.
Yomiuri Shimbun
2 hours ago
- Business
- Yomiuri Shimbun
Japan, Thailand Should Speak Up to U.S. on Tariffs; Emerging Countries Should Diversify Their Markets
BANGKOK — Former Thai Foreign Minister Parnpree Bahiddha-Nukara told The Yomiuri Shimbun that Japan and Thailand should join hands to talk to the United States over the high tariffs sought by the administration of U.S. President Donald Trump. The following text, excerpted from his interview, has been edited for flow and clarity. *** Trump's tariff policy was unexpected. No one thought that the U.S., which has been promoting free trade and capitalism and was the leader in setting up the world order by supporting international organizations like the WTO and IMF after World War II, [would act this way]. The world was peaceful under this world order. Nowadays, the world situation has changed because capitalism grew fast, and even communist countries have to adapt to it. The U.S. thought that under this circumstance, it was at a disadvantage. The other countries could integrate well with the system that the U.S. established, including China. The U.S. used to be the only power, but China silently grew. The labor cost was cheap so everyone invested in China. Trump thought the situation shouldn't continue like this. So, he came up with 'America First,' having economics lead to security. Trump is a businessman. His concept is that 'When we invest in something, we should have a return and profit.' He analyzed what was the U.S.'s strength and weakness. In countries that can't sell goods well, their economies would be weakening, especially in emerging countries, which are export-oriented. [Taking advantage of this situation,] Trump imposed tariffs as a tool to bring the others to the table to lessen what the U.S. lost [in terms of a trade deficit], or even to gain a surplus. Thailand has a good relationship with the U.S. and Western countries. We have established our relationship with China because we want to trade, and we learned that relying on one side could harm the country's [Thailand's] security. I believe that trade is important, but relationships are more essential, which includes economic, security, cultural, social and geopolitics. If the Thai [tariff] negotiation team thinks like me, they should bring other aspects to the table, too. We [Thailand] have to tell them [the U.S.] how important we are [to the U.S.] in this region. ASEAN is one of the U.S.'s targets because we have large trade surplus with the U.S., and we are exporters. The U.S. thought it's not difficult to talk with ASEAN because ASEAN depends on the U.S. market. Now it is a chance for the U.S. to request ASEAN to purchase their goods. Each ASEAN country has a different level of economic growth. Some countries are closer to the U.S., while the others are not. I think it is hard to unite. We should diversify our market to other countries like those in Africa, South America and the Middle East. The U.S. once forced yen appreciation during the Plaza Accord, but it didn't make the U.S. and Japan hate each other. This situation is similar [now in that the U.S. tries to impose high tariffs on its allies]. Thailand exports cars to the U.S. and faces high tariff rates. Japan can speak on Thailand's behalf against collecting high tariffs from Thailand because it would affect both Thailand and Japan. For automobiles, Japan can tell the U.S. how much Toyota, Mitsubishi and Isuzu invest in Thailand. We should join hands to talk to the U.S. because both of us are impacted. Japan is a big economy in Asia and it has louder voice. That could help a lot. — This interview was conducted by Yomiuri Shimbun Correspondent Tetsuya Mizuno. Parnpree Bahiddha-NukaraParnpree studied at Chulalongkorn University in Thailand, the University of Southern California in the United States and elsewhere before holding government positions related to trade and industrial policy. After serving as a member of Parliament, he served as deputy prime minister and foreign minister from 2023 to 2024. He is 67.
Bloomberg
8 hours ago
- Business
- Bloomberg
Swiss Pumps $300 Million into a Geneva Left Reeling from US Cuts
Switzerland plans to invest more than $300 million to help international organizations in Geneva stay afloat after cuts in financing for multilateralism led by the US. Geneva, a historic hub for global diplomacy, is home to 38 international organizations including the World Health Organization, the World Trade Organization and the International Committee of the Red Cross. They employ 29,000 people, spend some $7 billion each year and support around 400 non-governmental organizations.
Reuters
11 hours ago
- Business
- Reuters
Swiss to spend $329 million to support Geneva as diplomatic hub
ZURICH, June 20 (Reuters) - Switzerland will spend 269 million Swiss francs ($329.37 million) to support Geneva as a hub for international diplomacy, the government said on Friday, amid growing financial pressure on global institutions hit by spending cuts and lower donations. The money, which will cover the period of 2026 to 2029, comes as international organisations based in city face increasing competition from other cities to host them. Bern said it was making the funding available to reaffirm the "central role of international Geneva in Swiss foreign policy and its unique role in global governance." Geneva is a hub for global diplomacy, hosting more than 40 international organisations, including the United Nations, World Health Organisation, and the World Trade Organisation. In recent months, cuts in contributions or suspension of payments by individual member states have led to serious liquidity bottlenecks at international organisations. Numerous institutions based in Geneva have been forced to drastically reduce their budgets, cut staff or even consider relocating abroad, the government said. ($1 = 0.8167 Swiss francs)
The Advertiser
12 hours ago
- Business
- The Advertiser
NZ's Luxon praises Xi after rare Beijing bilateral
China President Xi Jinping has acknowledged at-times strained ties with New Zealand during a bilateral meeting with Chris Luxon in Beijing. Mr Luxon secured the meeting with the long-serving leader as part of what he hoped would be a trade-focused trip to China this week. Instead, tensions between his country and the Cook Islands has cast a geopolitical cloud over his meeting with Mr Xi. New Zealand has cut aid to Cook Islands after accusing it of breaching trust for inking secretly negotiated agreements with China that run contrary to a treaty that it must consult with Wellington over defence and security pacts. It's not clear if that was what was Mr Xi was referring to in his welcoming remarks - the only part of their bilateral meeting which was open to media - to Mr Luxon at the Great Hall of the People on Friday. "(In the) 50 years since the establishment of diplomatic ties, the China-New Zealand relationship has experienced many ups and downs," Mr Xi said, according to reports. "But we have always respected each other." On Thursday, China Foreign Ministry spokesperson Guo Jiakun suggested displeasure at New Zealand's response to growing Cook Islands-China ties. "China's co-operation with the Cook Islands does not target any third party, and should not be disrupted or restrained by any third party," he said. New Zealand, which has a formal alliance with Australia and strong defence links with the west, prides itself on maintaining a strong ties with China. Chinese leaders, including Mr Xi, have referred to a "relationship of firsts" with New Zealand. New Zealand was the first western nation to support it joining the WTO in 1997, to designate it a market economy in 2004, to secure a free-trade deal in 2008, and signing on to its Belt and Road infrastructure network in 2017. The bilateral meeting comes amid a furious debate on the direction of foreign policy in New Zealand. Previous leaders, including Helen Clark, argue Mr Luxon's government risks New Zealand's prosperity by aligning too close to the west and over-militarising the Pacific. Mr Luxon leaves such debate for his foreign minister, Winston Peters, who says Ms Clark suffers from "relevance deprivation syndrome" and should stay quiet. Mr Xi met Mr Luxon for the first time last year on the sidelines of the APEC summit, and on Friday, he offered praise for the Kiwi leader. "I remember that you said that you wish to further advance bilateral relations on the basis of our past partnership and friendship," he said. "I appreciate your positive attitude and I'm ready to work together with you for new progress." Mr Luxon also personally praised Mr Xi, president since 2013, for strengthening bilateral ties between the two countries. "The relationship has flourished under your leadership," Mr Luxon said, keeping his eyes on trade. "We have big ambitions to grow the New Zealand economy, and building trade between New Zealand and China is a really important contribution to that." Before his political engagements in Beijing, Mr Luxon spent three days in Shanghai hawking New Zealand's produce and services. His conservative government, which took office in late 2023, has a cornerstone ambition of doubling Kiwi exports within a decade, and China - as the destination for more than 20 per cent of exported Kiwi goods and services - will be essential to reaching that. China President Xi Jinping has acknowledged at-times strained ties with New Zealand during a bilateral meeting with Chris Luxon in Beijing. Mr Luxon secured the meeting with the long-serving leader as part of what he hoped would be a trade-focused trip to China this week. Instead, tensions between his country and the Cook Islands has cast a geopolitical cloud over his meeting with Mr Xi. New Zealand has cut aid to Cook Islands after accusing it of breaching trust for inking secretly negotiated agreements with China that run contrary to a treaty that it must consult with Wellington over defence and security pacts. It's not clear if that was what was Mr Xi was referring to in his welcoming remarks - the only part of their bilateral meeting which was open to media - to Mr Luxon at the Great Hall of the People on Friday. "(In the) 50 years since the establishment of diplomatic ties, the China-New Zealand relationship has experienced many ups and downs," Mr Xi said, according to reports. "But we have always respected each other." On Thursday, China Foreign Ministry spokesperson Guo Jiakun suggested displeasure at New Zealand's response to growing Cook Islands-China ties. "China's co-operation with the Cook Islands does not target any third party, and should not be disrupted or restrained by any third party," he said. New Zealand, which has a formal alliance with Australia and strong defence links with the west, prides itself on maintaining a strong ties with China. Chinese leaders, including Mr Xi, have referred to a "relationship of firsts" with New Zealand. New Zealand was the first western nation to support it joining the WTO in 1997, to designate it a market economy in 2004, to secure a free-trade deal in 2008, and signing on to its Belt and Road infrastructure network in 2017. The bilateral meeting comes amid a furious debate on the direction of foreign policy in New Zealand. Previous leaders, including Helen Clark, argue Mr Luxon's government risks New Zealand's prosperity by aligning too close to the west and over-militarising the Pacific. Mr Luxon leaves such debate for his foreign minister, Winston Peters, who says Ms Clark suffers from "relevance deprivation syndrome" and should stay quiet. Mr Xi met Mr Luxon for the first time last year on the sidelines of the APEC summit, and on Friday, he offered praise for the Kiwi leader. "I remember that you said that you wish to further advance bilateral relations on the basis of our past partnership and friendship," he said. "I appreciate your positive attitude and I'm ready to work together with you for new progress." Mr Luxon also personally praised Mr Xi, president since 2013, for strengthening bilateral ties between the two countries. "The relationship has flourished under your leadership," Mr Luxon said, keeping his eyes on trade. "We have big ambitions to grow the New Zealand economy, and building trade between New Zealand and China is a really important contribution to that." Before his political engagements in Beijing, Mr Luxon spent three days in Shanghai hawking New Zealand's produce and services. His conservative government, which took office in late 2023, has a cornerstone ambition of doubling Kiwi exports within a decade, and China - as the destination for more than 20 per cent of exported Kiwi goods and services - will be essential to reaching that. China President Xi Jinping has acknowledged at-times strained ties with New Zealand during a bilateral meeting with Chris Luxon in Beijing. Mr Luxon secured the meeting with the long-serving leader as part of what he hoped would be a trade-focused trip to China this week. Instead, tensions between his country and the Cook Islands has cast a geopolitical cloud over his meeting with Mr Xi. New Zealand has cut aid to Cook Islands after accusing it of breaching trust for inking secretly negotiated agreements with China that run contrary to a treaty that it must consult with Wellington over defence and security pacts. It's not clear if that was what was Mr Xi was referring to in his welcoming remarks - the only part of their bilateral meeting which was open to media - to Mr Luxon at the Great Hall of the People on Friday. "(In the) 50 years since the establishment of diplomatic ties, the China-New Zealand relationship has experienced many ups and downs," Mr Xi said, according to reports. "But we have always respected each other." On Thursday, China Foreign Ministry spokesperson Guo Jiakun suggested displeasure at New Zealand's response to growing Cook Islands-China ties. "China's co-operation with the Cook Islands does not target any third party, and should not be disrupted or restrained by any third party," he said. New Zealand, which has a formal alliance with Australia and strong defence links with the west, prides itself on maintaining a strong ties with China. Chinese leaders, including Mr Xi, have referred to a "relationship of firsts" with New Zealand. New Zealand was the first western nation to support it joining the WTO in 1997, to designate it a market economy in 2004, to secure a free-trade deal in 2008, and signing on to its Belt and Road infrastructure network in 2017. The bilateral meeting comes amid a furious debate on the direction of foreign policy in New Zealand. Previous leaders, including Helen Clark, argue Mr Luxon's government risks New Zealand's prosperity by aligning too close to the west and over-militarising the Pacific. Mr Luxon leaves such debate for his foreign minister, Winston Peters, who says Ms Clark suffers from "relevance deprivation syndrome" and should stay quiet. Mr Xi met Mr Luxon for the first time last year on the sidelines of the APEC summit, and on Friday, he offered praise for the Kiwi leader. "I remember that you said that you wish to further advance bilateral relations on the basis of our past partnership and friendship," he said. "I appreciate your positive attitude and I'm ready to work together with you for new progress." Mr Luxon also personally praised Mr Xi, president since 2013, for strengthening bilateral ties between the two countries. "The relationship has flourished under your leadership," Mr Luxon said, keeping his eyes on trade. "We have big ambitions to grow the New Zealand economy, and building trade between New Zealand and China is a really important contribution to that." Before his political engagements in Beijing, Mr Luxon spent three days in Shanghai hawking New Zealand's produce and services. His conservative government, which took office in late 2023, has a cornerstone ambition of doubling Kiwi exports within a decade, and China - as the destination for more than 20 per cent of exported Kiwi goods and services - will be essential to reaching that. China President Xi Jinping has acknowledged at-times strained ties with New Zealand during a bilateral meeting with Chris Luxon in Beijing. Mr Luxon secured the meeting with the long-serving leader as part of what he hoped would be a trade-focused trip to China this week. Instead, tensions between his country and the Cook Islands has cast a geopolitical cloud over his meeting with Mr Xi. New Zealand has cut aid to Cook Islands after accusing it of breaching trust for inking secretly negotiated agreements with China that run contrary to a treaty that it must consult with Wellington over defence and security pacts. It's not clear if that was what was Mr Xi was referring to in his welcoming remarks - the only part of their bilateral meeting which was open to media - to Mr Luxon at the Great Hall of the People on Friday. "(In the) 50 years since the establishment of diplomatic ties, the China-New Zealand relationship has experienced many ups and downs," Mr Xi said, according to reports. "But we have always respected each other." On Thursday, China Foreign Ministry spokesperson Guo Jiakun suggested displeasure at New Zealand's response to growing Cook Islands-China ties. "China's co-operation with the Cook Islands does not target any third party, and should not be disrupted or restrained by any third party," he said. New Zealand, which has a formal alliance with Australia and strong defence links with the west, prides itself on maintaining a strong ties with China. Chinese leaders, including Mr Xi, have referred to a "relationship of firsts" with New Zealand. New Zealand was the first western nation to support it joining the WTO in 1997, to designate it a market economy in 2004, to secure a free-trade deal in 2008, and signing on to its Belt and Road infrastructure network in 2017. The bilateral meeting comes amid a furious debate on the direction of foreign policy in New Zealand. Previous leaders, including Helen Clark, argue Mr Luxon's government risks New Zealand's prosperity by aligning too close to the west and over-militarising the Pacific. Mr Luxon leaves such debate for his foreign minister, Winston Peters, who says Ms Clark suffers from "relevance deprivation syndrome" and should stay quiet. Mr Xi met Mr Luxon for the first time last year on the sidelines of the APEC summit, and on Friday, he offered praise for the Kiwi leader. "I remember that you said that you wish to further advance bilateral relations on the basis of our past partnership and friendship," he said. "I appreciate your positive attitude and I'm ready to work together with you for new progress." Mr Luxon also personally praised Mr Xi, president since 2013, for strengthening bilateral ties between the two countries. "The relationship has flourished under your leadership," Mr Luxon said, keeping his eyes on trade. "We have big ambitions to grow the New Zealand economy, and building trade between New Zealand and China is a really important contribution to that." Before his political engagements in Beijing, Mr Luxon spent three days in Shanghai hawking New Zealand's produce and services. His conservative government, which took office in late 2023, has a cornerstone ambition of doubling Kiwi exports within a decade, and China - as the destination for more than 20 per cent of exported Kiwi goods and services - will be essential to reaching that.
