Multinationals committed to China; Summer Davos showcases China's high-quality development drive

Entrepreneurs and industry experts exchange ideas at the Summer Davos Forum in Tianjin. Photo/Xinhu

BEEFING up their presence in China will only move multinationals forward with stronger growth over the long term, despite rising uncertainties over decoupling and supply chain disruptions, said global business leaders and industry experts on the sidelines of the Summer Davos Forum in Tianjin.

They made the remarks as Premier Li Qiang said at the forum on Tuesday that China has full confidence and the ability to achieve steady economic growth and high-quality development for a long time to come.

The country's economy shows clear rebound and improvement momentum with the first-quarter GDP growing 4.5 percent year-on-year, and is expected to expand faster in the second quarter, Li emphasized, adding that it will offer "a consistent source of dynamism" to global economic recovery and growth.

Joe Ngai, chairman of management consultancy McKinsey China, said: "After looking at the global context we are in right now, there is no other place in the world that has the size and is still growing at the same rates we're seeing in China. The Chinese market has also been a major growth segment for multinational companies. I still believe the next China is China."

Bruce Cameron, chairman of Zespri, a cooperative of kiwi fruit growers in New Zealand, said the economic growth rates in China are still very "impressive" when compared to the rest of the world.

The latest estimates from Boston Consulting Group show that China is projected to contribute at least 25 percent of global economic growth by 2030.

"We are very confident about the Chinese economy and its ability to continue to have a strong presence here. We believe that our company and our presence here take us forward over the foreseeable future with strong growth," he said.

Such a long-term potential for economic growth is inspiring multinationals to ramp up investment, expand their talent lines and chalk up medium-to-long-term plans in the country.

Wang Rui, senior vice-president of US tech company Intel and chair of Intel China, said many international companies attach great importance to the Chinese market, and "Intel will firmly adhere to its development strategy in China".

"The Chinese market has vast opportunities and provides an open business environment. Intel's innovative technology is also in line with the high-quality development demands of the Chinese economy. This is a mutually beneficial relationship," Wang said.

George Xu, CEO of Airbus China, said: "Airbus China plans to expand its recruitment of new energy talent to support its green transformation and sustainable development."

Xu said that in China, even faced with challenges from the COVID-19 pandemic, the company increased its headcount by 15 to 20 percent on a yearly basis.

Faced with external propositions on decoupling and de-risking, Premier Li emphasized at the forum on Tuesday that the world should not and cannot return to a state of seclusion or isolation, and should oppose the politicization of economic issues and work together to keep global industrial and supply chains stable and smooth.

Such a stance was shared by company executives and industry experts at the forum.

Ngozi Okonjo-Iweala, director-general of the World Trade Organization, said during a panel discussion that decoupling and fragmentation are something that the world simply cannot afford to have.

Even with rising decoupling challenges, Wu Chun, managing partner of Boston Consulting Group Greater China, said that the country has demonstrated its resolution to join hands with all other stakeholders to tackle challenges and seek win-win outcomes, thus providing confidence and stability in an uncertain world.

It gives an extra vote of confidence for multinationals to grow in the country over the long term.

"We see China as a very long-term global market. We have no intentions of backtracking or leaving China," Cameron from Zespri said. "We are embedded here." 

Source link

 

 

 Summer Davos showcases China's high-quality development drive

Officials, economists and entrepreneurs attending the Summer Davos in North China's Tianjin have expressed full confidence in China being able to achieve its growth target of around 5 percent for 2023, with some putting an even higher forecast, as the global gathering of business elites acknowledged China's continued role as ...

China passes its first Foreign Relations Law in key step to enrich legal toolbox against Western hegemony

 

Photo:Xinhua

 

 

The foreign relations law puts China's attitude on the table: Global Times editorial

 

Foreign Relations Law a milestone in advancement of China's rule of law in foreign affairs

To some extent, the promulgation and implementation of the foreign relations law demonstrate and strengthen China's strategic transparency. China's diplomacy is open and aboveboard.

 China's top legislature passed the Foreign Relations Law on Wednesday, marking a milestone significance as it is the first basic, fundamental and comprehensive foreign relations law that aims to fix the loopholes in the rule of law in foreign-related affairs amid new challenges in foreign relations, especially when China has been facing frequent external interference in its internal affairs under the Western hegemony with unilateral sanctions and long-arm jurisdiction.

The law will take effect on July 1. Divided into six chapters, the legislation stipulates the guidance and basic principle of foreign relations and specific provisions on the functions and powers of foreign relations, the objectives and tasks of the development of foreign relations, the legal system of foreign relations, and the capacity building and guarantee for the development of foreign relations, according to the approved version.

Some legal experts said that the law inherited China's long-term diplomatic stance and its position on international rule of law, upgrading policies and systems for foreign affairs management to national law, legally interpreting and elaborating on a series of new ideas and initiatives in global governance. With the implementation of the law and the introduction of more legislation on foreign affairs in the future, China's ability to defend its interests and the people through legislations will be continuously improved, they noted.

The National People's Congress (NPC) issued the draft of the law in December 2022, and the Legislative Affairs Commission of the Standing Committee of the NPC says the draft legislation has the support of NPC deputies; members of the advisory body - the Chinese People's Political Consultative Conference; legal experts and the public.

The enactment of the law also came after a report to the 20th National Congress of the Communist Party of China (CPC) last October called to step up legislation in key, emerging, and foreign-related fields and advance the rule of law in domestic and foreign-related affairs in a coordinated manner, so that good laws are made to promote development and ensure good governance.

"In recent years, the changes of external environment have brought new conflicts and challenges for China, and the shortcomings of foreign-related rule of law are gradually revealed," Huo Zhengxin, a law professor at the China University of Political Science and Law, told the Global Times on Wednesday.

On one hand, in the face of some Western hegemony frequently interfering in China's internal affairs by "law" and imposing unilateral sanctions and "long-arm jurisdiction," China has not yet established a comprehensive preparedness system and an effective blocking mechanism, and the "shield" of the rule of law in foreign-related affairs has not been fully established, Huo noted.

On the other hand, in terms of safeguarding China's sovereignty, security and development interests, there is still a shortage of institutional supply in terms of law, and the "spear" of the rule of law in foreign affairs needs to be accelerated, he noted.

While China has been facing growing challenges including export control measures and sanctions, toward which international law has failed to provide adequate remedies, the Foreign Relations Law has also been considered as necessary and a major progress in domestic legal framework to regulate foreign relations, experts said.

Important, necessary step

The Foreign Relations Law stipulates that, on the basis of abiding by the basic principles of international law and the basic norms governing international relations, the country shall strengthen the implementation and application of laws and regulations in the field of foreign affairs, and take law enforcement, judicial and administrative measures in accordance with the law to safeguard China's sovereignty, security and development interests, and protect the legitimate rights and interests of Chinese citizens and organizations.

China has the right to take necessary countermeasures in accordance with the law against acts that violate international law and the basic norms governing international relations and endanger China's sovereignty, security and development interests. The country shall formulate necessary laws, administrative regulations and departmental rules, establish corresponding working systems and mechanisms, strengthen coordination among departments, and establish and implement relevant countermeasures and restrictive measures.

"For the first time, the law states the purpose, conditions and policy orientation of the application of Chinese law in foreign relations, and stipulates principles for the measures to counter and restrictive measures against foreign countries, individuals or organizations," Huang Huikang, a professor of the Institute of International Law of Wuhan University, told the Global Times on Wednesday.

It also establishes corresponding working systems and mechanisms, so as to construct the basic legal system framework for Chinese law in extraterritorial application, Huang said.

The extraterritorial application of domestic law is an important part of the rule of law in foreign-related affairs, and exterritorial application of domestic law is the concrete embodiment of protective jurisdiction and universal jurisdiction recognized by international law, and is a supplement to personal jurisdiction and territorial jurisdiction, the expert noted.

"What we object to is the abuse of so-called 'long-arm jurisdiction'," he said.

The law stipulates that the goal of developing foreign relations includes developing a global partnership and promoting an all-round, multi-level, wide-ranging and three-dimensional external work layout, promoting the coordination and positive interaction among major countries.

The US is the only sanctions superpower in the world. According to the Treasury 2021 Sanctions Review by fiscal year 2021, the number of active US sanctions designations had increased to more than 9,400, according to a report released by the Chinese Foreign Ministry in February on US' long-arm jurisdiction. In recent years, China has been subjected to mounting US sanctions over a series of matters such as high-tech, Xinjiang and Hong Kong as well as the Ukraine crisis.

"The formulation of the Foreign Relations Law is a major legislative measure to accelerate the construction of the rule of law in foreign-related affairs and fix the shortcomings in the field, which also marks an improvement in China's ability to carry out international struggles and safeguard the interests of its country and people through the rule of law," Huo said.

The law also provides a legal basis for the diplomatic struggle against sanctions, anti-intervention and long-arm jurisdiction, and aims to constantly enrich the legal toolbox and develop the ways and means to safeguard national interests, which could also play a role of prevention, warning and deterrence against Western hegemony, experts noted. 

Source link

RELATED ARTICLES

 

China vows legislation focus on tackling foreign interference

China’s top legislature vowed to enrich the country’s legal toolkit and develop a more comprehensive system of laws ...

Collusion of US' anti-China media, elites further poisons bilateral ties

With the help of certain US media acting as loudspeakers, brainless anti-China remarks from pseudo-experts like Gordon Chang create a negative public opinion environment toward China.

Yellen's trip likely motivated by US debt issue; Washington needs more sincere moves in fixing US-China ties

After the long-delayed visit of US Secretary of State Antony Blinken to Beijing last week reopened channel for high-level exchanges between the US and China, US Secretary of the Treasury Janet Yellen is reportedly planning to visit China in July, as business insiders believe that official economic engagement is poised to take center stage amid soured bilateral ties, which is mainly caused by Washington's erroneous perception. 

 

Bullying Empire: US promotes 'digital colonialism' to maintain hegemony, exposes American democracy hypocrisy

In the sixth installment of this series, we invite Lu Chuanying, director of the Research Center for International Cyberspace Governance under the Shanghai Institute for International Studies, to reveal how the US bullied the world through its digital hegemony, harming the national security of other countries while advancing its own ...

 

China Passes Foreign Relations Law With Eye On Countering Sanctions | China Policy News | LIVE

 

Banks to delay fund transfers in latest move to fight fraud

PUTTING THE HEAT ON SCAMMERS

 PETALING JAYA: In its latest move to fight scammers, the banking industry has introduced several safety measures including delaying the movement of “abnormal” funds by 12 hours.

Public Bank introduced the half-day cooling-off transfer period, which would allow people who have been scammed to stop their funds from being moved out. The new policy came into effect from yesterday.

In a statement to customers, it said it was introducing the transaction cooling-off period for abnormal transfers.

A cooling-off period is a precautionary measure that allows banks to review and assess transactions that display “characteristics of abnormal behaviour.”

This additional step was proposed by Bank Negara Malaysia and is designed to minimise the risk of unauthorised transactions and potential fraudulent activities, ensuring the safety of customers’ funds.

“As an added security feature to protect your financial interests, the bank will be introducing a transaction cooling-off period for abnormal transfers with effect from June 22, 2023,” Public Bank said in its statement.

It explained that when the bank detects a transaction deemed to be abnormal, the transaction will be put on hold.

“The bank will notify you of the status of your transaction via SMS, email and push notification.

“Alternatively, you may track your transactions by logging into PBe, clicking ‘Account’ and selecting ‘View Pending Verification’. Any transaction that is undergoing the transaction cooling-off period will be listed here.”

On June 11, in an email reply to The Star, Bank Negara said it would be up to banks to implement cooling-off periods of between 12 and 48 hours.

Meanwhile, Bank Islam Malaysia Bhd has also executed a cooling-off period – a 12-hour waiting interval for any new application or request made on its IB, GO and GO Biz banking apps this week.

It also introduced a new “kill switch” feature allowing customers to protect their funds from online scams and temporarily deactivate access to several Bank Islam Internet banking services.

Last year, Bank Negara announced several measures for banks to implement, including migrating from SMS OTP to more secure forms of authentication, implementing a cooling-off period for first-time enrolment of online banking services and limiting the number of registered devices for authenticating transactions.

It also wanted banks to establish dedicated scam hotlines for victims and to have a “kill switch” for victims to freeze their accounts temporarily to stop the loss of funds.

“In addition, public awareness remains important in preventing online banking fraud,” said Bank Negara.

On May 2, in The Star’s front-page report titled “Fighting chance to beat scammers”, cybersecurity law expert and lawyer Derek John Fernandez mooted the idea of adopting a 48-hour “cooling period” when funds above a certain threshold are transferred to new bank accounts.

This, he said, would give scam victims time to pull their money back from the brink.

Fernandez said that was one way to stop financial scams as victims usually realise they have been scammed after 24 hours.

He had proposed the 48-hour cooling-off period to the government, including Bank Negara and the Malaysia Communication and Multimedia Commission (MCMC).

“During the cooling-off period, if the new bank account seems suspicious or if the bank receives complaints, the accounts can be tracked down by MCMC and action taken.

“If consumers suspect they have been scammed, they can cancel immediately. MCMC can then publish these account numbers to its website to alert others,” Fernandez said in his proposal.

On May 12, MCMC chairman Tan Sri Mohamad Salim Fateh Din said that RM1.2bil was lost to scammers between 2021 and April 2023. 

Source link

 

Dangerous deepfakes 

 

CLICK TO ENLARGE

 PPETALING JAYA: Deepfake technology, which uses artificial intelligence to manipulate videos, has become a tool for scammers.

The celebrity promoting a product may not really be that person. Instead, it could be scammers posing as the celebrity.

Celebrity impostor scams are fake posts using photographs and artificial intelligence (AI) videos of famous people on social media accounts to lure people into making financial investments or buy products.

ALSO READ : Enough warnings given

These days, Facebook, Twitter and Instagram are filled with such fake celebrity accounts set up to deceive devoted fans.

Scammers con the real star’s followers into making donations to charity, buying exclusive tickets or entering into investment deals which will definitely be profitable or a fee to win big prizes.

Cyberlaw expert Derek Fernandez said the scammers now were very clever, pointing out a recent case in China where the latest technology – the new AI face-changing app – was used to defraud the head of a company of 4.3 million yuan (RM2.8mil) in just 10 minutes.

Local scammers are not far behind, he said, as local celebrities and famous people like politicians seem to be popping up on social media accounts urging one to invest or buy currencies.

“Celebrity impostor scammers can be charged under Section 233 of the Communications and Multimedia Act 1988 (Act 588),” said Fernandez.

The Malaysian Communications and Multimedia Commission (MCMC) could even haul up internet service providers (ISPs) and their directors for misuse of their network by scammers.

The MCMC, in a statement, said it was urging all over-the-top (OTT) platforms, like YouTube and Netflix, to cooperate in this regard.

“MCMC will be reminding internet service providers (ISPs) regarding their legal obligations under Section 263 of the Communications and Multimedia Act 1998 (Act 588).

“ISPs are required to use their best endeavour to prevent their network facilities from being used for any illegal activities in Malaysia.

“This includes improving their detection, identification and elimination of scam sites and contents, and cooperating with MCMC in combating such illegal activities.

“MCMC takes a firm stance against any form of scamming and fraud,” it said.

Fernandez said that Section 233 criminalises online content that is obscene, indecent, false, menacing or offensive in character with intent to annoy, abuse, threaten or harass another person.

If convicted, an offender could be fined not more than RM50,000 or imprisonment for up to one year or both.

He also said that, depending on the case details, celebrity impostor scammers can be charged under the Penal Code. 

Source link

Related stories:

The danger of deepfakes

 

Enough warnings given

Real-time deepfakes are a dangerous new threat. How to protect yourself

People ‘over-confident’ they can spot deepfake videos, survey finds