The new Government of Sri Lanka announced that it is keen to cancel its participation in China’s Belt and Road Initiative, cancelling the previous’ government’s move to lease the southern port of Hambantota to state-backed China Merchants.
One Belt One Road
By the end of October 2019, China has inked 197 Cooperation documents on Belt & Road Construction with 137 Countries and 30 International organisations, highlighting the progress of the shipping industry in terms of trade relations.
China Maritime Safety Administration (MSA) and Maritime and Port Authority of Singapore (MPA) inked a Memorandum of Understanding (MOU) to cooperate in the issuance, use and acceptance of Electronic Certificates to facilitate port clearance and Port State control inspections.
Deloitte and the Shanghai Municipal Commission of Commerce jointly issued the second Belt and Road Countries Investment Index Report, highlighting the latest trends in Belt and Road Initiative (BRI) investment during 2017-18, and presenting the latest hotspots and changes in BRI countries and areas through comparative analysis.
Powerbridge Technologies launched Powerbridge Big Data Risk Monitoring Platform at Nanning Customs. The latter is considered crucial for the Belt and Road gateway along China’s southwestern border. Powerbridge Big Data Risk Monitoring Platform enables the customs agency to effectively and efficiently monitor and manage, in real time, various regulatory and operational risks, regarding cross-border customs declarations.
China had a tremendous development in every field in the past decades and has done a wonderful job with the port of Piraues, said recently Andreas Potamianos, president of the Greece-China Association. Potamianos, aged 86, has been at the helm of the Greece-China Association since 1987.
China’s trade with countries participating in the Belt and Road Initiative marked a robust growth in the first half of this year, according to data provided by the General Administration of Customs (GAC), on Friday. Chinese trade with BRI countries totaled 4.24 trillion yuan (= USD 617.5 billion) during this period.
CNBC International’s Xin En Lee addresses the Belt and Road Initiative, which she comments marks a huge change in China’s foreign policy. Generally, the Belt and Road Initiative was firstly announced by Chinese President, Xi Jinping in 2013. Its aim is to strengthen trade, infrastructure and investment relations, between China and an estimated 65 other countries.
According to the World Economic Forum, lenders and investors who finance infrastructure projects in the Belt and Road region, hold a great responsibility for the global climate future. Yet, some of them are not aware of the impact they’re generating, still investing in ‘brown’ projects, due to the fact that GHG emissions are still not unregulated in most developing countries and also, as carbon pricing mechanisms are not in place.
China’s foreign trade recorded a steady growth in the first five months of 2019, in spite of increasing uncertainties. Namely, China’s foreign trade of goods grew by 4.1% year on year in the first five months of 2019, reaching 12.1 trillion yuan, according to data from the General Administration of Customs.
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