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Friday, March 26, 2021

China aid offers Covid-19 vaccine assistance to 80 countries

The first batch of Chinese-donated COVID-19 vaccine doses is unloaded from a plane at Robert Mugabe International Airport in Harare, Zimbabwe on Feb 15, 2021. Photo/Xinhua] 

Vaccine assistance is first large-scale effort of its kind

China is providing and will offer vaccine assistance to 80 countries and three international organizations, the first large-scale assistance of its kind, the country's International Development Cooperation Agency said on Friday.

The vaccines are being donated to a wide range of countries from five continents in a timely and orderly manner, including 26 in Asia and 34 in Africa, the agency's spokesperson Tian Lin said in an interview.

The country also offered vaccine doses to the African Union, the Arab League and the United Nations Peacekeepers, Tian said.

China has acted swiftly to donate the vaccine doses, he said, adding that the nation is also providing injection devices to countries facing difficulties.

So far, over 60 countries have authorized the registration or emergency use of Chinese vaccines, and many foreign politicians have been inoculated with Chinese vaccines, including the president and prime minister of Hungary, the Pakistani president and Chile's president, which Tian said is a vote of confidence in the security and effectiveness of Chinese vaccines.

China applies the strictest quality control measures with regard to its vaccines and ensures the timely delivery of high-quality vaccines, he said.

The moves aim to implement the promise made by President Xi Jinping at the opening of the 73rd session of the World Health Assembly via video link last year that COVID-19 vaccine development and deployment in China, when available, will be made a global public good.

The ongoing assistance is provided to ensure developing countries have fair and timely access to vaccines, and is based on the pandemic situation and the specific needs of related countries, he said.

China provides the assistance to help developing countries save lives, to which it attaches no political strings and has nothing to do with geopolitics, he said.

China is not a savior, but tries to be a friend in need, a sincere partner to be counted on in times of difficulty, he added.

Tian called for efforts to promote the fair distribution of vaccines around the globe. He noted that while high-income countries have quickly acquired a large number of vaccine doses, there are fewer opportunities for poor nations to obtain vaccines.

He said that China firmly opposes selfish behavior such as hoarding, monopolies and "vaccine nationalism", and hopes the international community will do more that is conducive to global cooperation in combating the pandemic.

Vaccine assistance will not affect domestic inoculation, he said, adding that China always offers foreign aid according to the principle of doing the utmost within its capabilities.

- China Daily/ANN/The Star 

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Sunday, March 21, 2021

Bitcoins, Cryptocurrencies under fire

 

Bitcoins


 India and China come down hard due to concerns of financial market stability, illegal fundraising

N THE latest twist involving the world of cryptocurrencies, India’s government plans to impose a massive ban on the asset class.

Reports have indicated that the Indian government plans to pass a bill that would ban just about every activity involving cryptocurrencies, including the possession, issuance, mining, trading and the transferring of crypto-assets.

Once passed, this would make it one of the world’s strictest policies on cryptocurrencies. Government officials have said that the move is because they believe cryptocurrencies threaten the stability of financial markets, tend to fund unlawful activities and even resemble ponzi schemes.

The move by the Indian government falls in line with the school of thought that cryptocurrencies could increasingly suffer bans by governments around the world.

In India’s case, the move comes after an earlier ban two years ago. But last year, the courts in India overturned the decision, citing the ban as “disproportionate” after cryptocurrency exchanges filed a lawsuit against the central bank’s ban.

The strong stance against cryptocurrencies has also been shown by China’s government. More than three years ago, China was the first country to ban initial coin offerings (ICOs), calling it “illegal fundraising”.

Since then, the Chinese government has accelerated efforts to clamp down all businesses involved in cryptocurrency operations, including bitcoin miners.

China’s government says its stance is based on investor protection, money laundering concerns and the unnecessary consumption of energy due to crypto mining activities.

Last month alone, there were plans to ban new cryptocurrency mining projects and shut down existing ones in China’s Inner Mongolia region.

As one financial analyst puts it, “the problem with cryptocurrencies is that while it thrives to work in an unregulated world, it is bound to come under the scrutiny and regulation of governments, which are mostly afraid of its misuse and potential negative impact to financial markets. Perhaps somewhere in the future, a balance will be struck but that is anyone’s guess”.

While governments have a tendency to ban cryptocurrencies, many are embracing blockchain technology with the intention of issuing state-backed digital currencies.

This is essentially an electronic version of notes or coins which would replace physical cash entirely and dubbed central bank digital currencies or CBDC.

China is one of the leading countries for this and has already passed a law to legalise its own official digital currency. Similarly, India is an example of another country that is considering having its own digital currency. Interestingly, India’s move to pass the bill to ban cryptocurrencies comes soon after the mother of all cryptos, namely, bitcoin has hit its all-time high past US$60,000 (RM246,449) for the first time earlier this week.

The world’s biggest currency rally was driven by speculative demand, increased adoption by firms and institutional investors that see bitcoin as a store of value. Last month, Tesla bought over a billion dollars worth of bitcoins.

The electric car maker said it plans to accept the digital coin as payment for its products. Mastercard has also said it would also soon accept bitcoin as a form of payment.

Asset manager BlackRock and payment companies Paypal and Square have also recently backed cryptocurrencies.

Back home, the question remains whether the government, central bank or the Securities Commission (SC) would take a stronger stance against cryptocurrencies.

Malaysia’s regulators have held the view that digital assets are not legal tender and have warned investors to be cautious when dealing with cryptocurrencies.

SC chairman Datuk Syed Zaid Albar tells StarBizWeek that “investors must understand that unregulated, offshore investments are not protected under Malaysian securities law”.

“The SC has put in place a regulatory framework for such new emerging investment channels to provide certainty to issuers and investors who are keen to explore these new instruments.

“For example, our regulatory framework has tried to address issues such as putting investors’ money in trust accounts, accurate disclosures, cooling-off periods and conflict of interest situations are also regulated, ” Syed Zaid explains.

The country’s central bank, Bank Negara, also echoes a similar view, explaining that digital assets lack the characteristics of money and suffer from several limitations such as price volatility and risks of cyber threats.

“Digital asset activities are also subject to anti-money laundering and counter-terrorism financing regulations administered by the respective authorities, ” the central bank reported in its annual report in 2019.

Malaysia is also one of the countries studying the feasibility of issuing its own digital currency. “The bank is no exception, and we continue to engage closely in discussions surrounding CBDC with other central banks, ” it said.

More collaborations among central banks around the world are taking place to study the impact of a digital currency for financial stability and the monetary policy of a country.

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Saturday, March 20, 2021

China-US high level strategic dialogue: Chinese diplomats deal vigorous counterblows to condescending US representatives; common ground hard to reach on contrasting logics



中美高层战略对话在即 美不行待客之道 中方严正回应! 20210319 |《今日关注》CCTV中文国际


  
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Alaska summit spat: What's China's take on the US? | DW News




  US-China talks in Alaska: Beijing threatens "firm actions" against "US interference"




美中高層阿拉斯加會談 觸及香港貿易問題?(原音呈現)|20210319|TVBS新聞|LIVE 


















 
Unsurprisingly and without any greetings, the world closely watched the China-US Alaska talks turn into an intense back-and-forth within minutes of opening, but the two sides' hardline stances were still beyond the expectations of observers.

Two days of difficult talks were expected to be the best opportunity for the Chinese and US administrations to get to know each other; so far, the US’ aggressiveness and disregard for diplomatic protocol, and rapid and sharp counterattacks by the Chinese delegation, have made the world take notice. Chinese observers said continuing talks despite the intense argument is why this dialogue is so significant.

The US delegation attending the China-US Alaska high-level meeting unjustifiably attacked and accused China's domestic and foreign policies and seriously prolonged its opening remarks, the Chinese delegation said after the meeting's first session.

"This is neither hospitable nor good diplomatic etiquette. China has made a stern response to this," the Chinese delegation said.

The Chinese delegation was invited to Anchorage to have a strategic dialogue with the US side with sincerity and was ready to conduct the dialogue in accordance with the procedures and arrangements agreed upon by the two sides.

The Chinese delegation made the remarks after the first session of China-US talks in Alaska concluded on Thursday local time.

Yang Jiechi, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and director of the Office of the Central Leading Group for Foreign Affairs, stated China's position at his opening remarks, saying China hopes this dialogue is sincere and honest.

We thought too well of the US; we thought the US would follow the necessary diplomatic protocol… In front of the Chinese side, the US side is not qualified to speak to China from a position of strength, Yang said.

Chinese State Councilor and Foreign Minister Wang Yi said that China-US relations have encountered unprecedented difficulties as China's legitimate rights and interests have been unreasonably suppressed. It harms the interests of the peoples of the two countries as well as world stability and development, Wang said, adding that the situation "should not be continued."

"The old habit of the US hegemonic behavior of willfully interfering in China's internal affairs must be changed," Wang said.

The US launching new sanctions against China just a day before the Chinese delegation's departure to Alaska was not hospitality and only proved its weakness and inability, Wang said, noting that "it will in no way affect China's legitimate position or shake the will of the Chinese people."

At the invitation of the US, top Chinese diplomats and other delegates led by Yang and Wang, the first foreign delegation to visit the US since the inauguration of US President Joe Biden, started "high-level strategic dialogue" with US Secretary of State Antony Blinken and National Security Advisor Jake Sullivan on Thursday in Anchorage, Alaska, one of the coldest places on US soil with a freezing temperature of minus 19 degrees Celsius.

As agreed by both sides, the officials will hold three meetings from Thursday to Friday, local time, media reported.

The opening remarks of the two sides were described by American media as "combative," as China stated firmly its core interests while the US continued to make unwarranted accusations about China's human rights situation and internal affairs about Hong Kong, Xinjiang and Taiwan.

Chinese analysts said that both the Chinese and US delegations were under huge pressure, and China's firm stance was setting the tone for the high-level dialogue.

Lü Xiang, a research fellow on US studies at the Chinese Academy of Social Sciences in Beijing, told the Global Times on Friday that Chinese delegates' opening remarks clearly expressed China's resolute position on its core interests, which was telling the US and the world that no matter how long the dialogue will last, China's position will not change.

After the Chinese delegates' opening remarks, Blinken, who had finished his opening remarks before Yang, held journalists in the room for his further remarks, according to Reuters.

According to the agreed protocol, the opening remarks of the two sides were to be eight minutes altogether, but afterward, Blinken held journalists to give further US remarks and then immediately requested them to leave.

Chinese delegates asked journalists to stay to witness China's further response, according to a reporter with Phoenix TV. Opening remarks ended up lasting about 90 minutes.

Yang Xiyu, a former Chinese diplomat and senior research fellow at the China Institute of International Studies in Beijing, told the Global Times that Blinken made extra remarks out of concerns that he would be lashed out fiercely by his domestic audiences if he did not.

Whether he made a further response or not will not affect the dialogue, but he needed it considering domestic pressure and domestic political interest, Yang Xiyu said.

The "combative" opening remarks, which took place amid the increasingly complicated conflicts of two countries, were rather as expected, but the dialogue in the following sessions will not only discuss what the two sides argued about but will also explore the areas that the two sides could cooperate in to stabilize bilateral relations, Yang Xiyu said.

In his extended remarks, Blinken said US allies also raised concerns about China, with Chinese analysts saying this did not show the US' sincerity, as the issues between China and the US should be dealt with by the two parties, instead of forming cliques or pressuring allies.

Yang Xiyu said that China and the US made their opening remarks based on different standards and international rules, and China's were based on peaceful coexistence and noninterference in internal affairs, while the US' were based on putting human rights over sovereignty.

Thus, the two countries should set up a new rule-based communication means rather than the rules established during the colonial period to make future talks effective, He said.

For example, Blinken accused China of espionage, but the US failed to offer any solid evidence. The two sides should also set up rules on cybersecurity issues, including actions and criteria recognized by both on investigating evidence, Yang Xiyu said. 

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The root of the matter: shame - shamefulness and shamelessness