China
Marshall Islands signs new compact with US amid China competition
The Marshall Islands, an archipelago in the militarily strategic western Pacific, on Monday signed a new economic assistance agreement with the United States that underwrites close ties at a time of increased U.S.-China competition in the region.
The Marshall Islands along with Micronesia and Palau, under agreements known as compacts of free association, give the United States military access to their vast ocean territories in exchange for funding and the right for their citizens to live and work in the U.S.
Palau and Micronesia renewed the funding component of their compacts earlier this year but negotiations between the Marshall Islands and the U.S. were more challenging because of the legacy of U.S. nuclear testing in the 1940s and 1950s at Bikini and Enewetak atolls.
The agreements “are critical to all of our countries and to a continued free and open Pacific based on shared values,” said Congressman Ed Case, who attended the signing ceremony in Honolulu. “I was honored to join,” Marshall Islands and U.S. officials, “for the signing of our renewed Compact of Free Association between the U.S. and the RMI,” he said.
Photos that Case posted on his Facebook account showed that Marshall Islands President David Kabua was present at the ceremony along with Foreign Minister Jack Ading and the U.S. chief compact negotiator Joseph Yun.
“All signed,” Yun said, according to a Reuters report. “I hope they [the agreements] will be enacted soon” by Congress, he told the news agency.
The U.S. State Department didn’t immediately respond to a request for comment.
Kabua told the United Nations General Assembly in September that an agreement for a renewed compact with the U.S. was achievable, but only if Marshallese believed the long-term legacy of nuclear testing was addressed.
“As a functioning democracy, we cannot ignore the wishes of our people and as the world’s foremost and pre-eminent democracy, the United States needs to understand this reality,” he said in his speech.
Analysts had said the outcome of the negotiations with the compact states would be an important signal of Washington’s commitment to the Pacific region as China presses for greater influence with Pacific Island states.
Over 20 years, the three countries will receive a combined US$7.1 billion, a substantial increase from their previous agreements, subject to Congressional approval, according to the U.S. government.
Home to about 200,000 people, the three countries comprising dozens of islands are spread across a vast area of ocean between the Philippines and Hawaii and are part of the U.S. military’s capacity to project power in the Pacific and East Asia.
BenarNews is an RFA affiliated online news organization.
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Business
US Enacts New Investment Restrictions on AI and Semiconductor Technologies in China
The US has implemented regulations restricting investments in key technology sectors in China, citing national security risks, particularly concerning AI and semiconductors, following President Biden’s previous executive order.
US Investment Restrictions on Key Technology Sectors
The United States has implemented new regulations that restrict investments in crucial technology sectors in China, including artificial intelligence and semiconductors, driven by national security concerns. The Treasury Department’s announcement marks a significant change in the US stance on foreign investment in critical technologies.
Effective January 2, US citizens, residents, and companies will be barred from transactions involving advanced technologies. Investors must also alert the Treasury about investments in less advanced technologies that pose potential national security risks, reflecting a broader approach to safeguarding American interests.
These restrictions stem from growing worries about China’s technological capabilities and military applications. The move follows President Biden’s previous executive order to prevent US investments from unintentionally benefiting adversaries. As tensions rise, these regulations are expected to impact the global tech industry significantly.
Source : US implements new investment restrictions on AI and semiconductors in China
China
Strengthening Economic Relations Between China and Indonesia: Exploring Trade and Investment Prospects
Indonesia emphasizes green and digital economic development, investing in renewable energy and healthcare. China, its largest trading partner, accounted for 25.24% of Indonesia’s trade in 2022. Although trade declined in 2023, optimism remains for growth in 2024.
The Indonesian government prioritizes the development of emerging sectors such as the green economy and digital economy. Leveraging its natural resources, consumer potential, and labor force, Indonesia has significantly increased its investment and support in renewable energy, electric vehicles, high-value-added downstream mining industries, electronic communications, and healthcare.
Given the complementary strengths of China and Indonesia in resources, production capacity, technological innovation, markets, and industrial chains, there is vast potential for further economic and trade cooperation between the two nations.
As of 2022, China has consistently been Indonesia’s largest trading partner for 10 consecutive years. According to official statistics, China-Indonesia trade accounted for 25.24 percent of Indonesia’s total trade in 2022. China has also been Indonesia’s largest source of imports for 13 consecutive years, with imports from China making up 28.52 percent of Indonesia’s total imports in 2022. Additionally, China has been Indonesia’s largest export destination for seven consecutive years, with exports to China comprising 22.58 percent of Indonesia’s total exports in 2022.
According to Chinese customs statistics, the total trade volume between China and Indonesia reached US$149.09 billion in 2022, a year-on-year increase of 19.8 percent. Of this, China’s exports to Indonesia amounted to US$71.32 billion, up 17.8 percent, while imports from Indonesia totaled US$77.77 billion, up 21.7 percent.
Despite a slight decline in China-Indonesia trade in 2023, with bilateral trade amounting to US$139.42 billion, down 5.9 percent year-on-year, China remains Indonesia’s largest trading partner. This decline is attributed to global commodity price adjustments. The Indonesian Ministry of Trade (Kemendag) is optimistic that exports to China will increase in 2024 due to the government’s efforts to optimize the Two Countries, Twin Parks (TCTP) cooperation project and China’s continued role as a major trade partner, contributing nearly a quarter of Indonesia’s total exports.
Source: General Administration of Customs, China
| This article was first published by China Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, and India . Readers may write to info@dezshira.com for more support. |
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Business
China Real Estate: Sunac’s Luxury Apartments in Shanghai Sell Out in Just 3 Hours
China’s property market is recovering, with all 158 luxury units at Sunac China’s One Sino Park in Shanghai sold in three hours, generating 5.88 billion yuan, amid new government stimulus measures.
Signs of Recovery in China’s Property Market
China’s property market shows signs of recovery as Beijing implements measures to revitalize the sector. Recently, buyers flocked to a luxury residential project in Shanghai, indicating renewed interest in real estate.
Successful Sale of One Sino Park Units
The third batch of Sunac China Holdings’ One Sino Park sold all 158 units within three hours, generating ¥5.88 billion (US$825.8 million). This follows the successful sales of the project’s previous phases, totaling ¥21.5 billion. The luxurious flats in the Huangpu district were priced at ¥172,000 (US$24,150) per square meter, attracting double the number of interested buyers compared to available units.
Investor Perspectives on Real Estate
Shanghai resident Sun, who purchased a sizable apartment, expressed satisfaction in securing an asset that can “maintain its value.” He noted that current market conditions make home buying a more sensible investment compared to other options like the stock market.
Source : China property: Sunac’s Shanghai luxury flats sell out in 3 hours
- US Enacts New Investment Restrictions on AI and Semiconductor Technologies in China
- Strengthening Economic Relations Between China and Indonesia: Exploring Trade and Investment Prospects
- China Real Estate: Sunac’s Luxury Apartments in Shanghai Sell Out in Just 3 Hours
- Cuba Becomes a Focal Point in US–China Rivalry
- China’s interests in Africa are being shaped by the race for renewable energy
- Harnessing Chinese Social Media to Drive E-Commerce Success on Shopify
