Connect with us

ASIA

Xi Jinping signals support for China’s tech sector in meeting with business leaders

Published

on

Chinese President Xi Jinping met on Monday with the country’s leading entrepreneurs, including Alibaba’s Jack Ma, to revitalize the private sector and drive stronger economic growth.

Premier Li Qiang, Wang Huning, head of China’s top political advisory body, and Vice Premier Ding Xuexiang were also present at the meeting.

Analysts said Xi’s ‘important speech’ at Monday’s forum symbolized Beijing’s desire to show a more positive trend towards the private sector.

‘The purpose of the meeting is to say [to the private sector], ‘We want to support you, we need you to boost technology innovation and consumption,” said Zhang Xiaoyan, a finance professor at Tsinghua University, speaking at the Asian Securities Industry and Financial Markets Association in Hong Kong.

He added that the government wanted to ‘instill confidence’ in Chinese companies.

Amid geopolitical tensions and domestic economic pressures, Beijing is working to improve the business climate in China and strengthen economic growth.

Trivium, a Beijing-based policy research center, described the meeting as a ‘high-risk’ affair.

‘If Xi can convince participants and markets that he is now pro-business, it will go a long way to put the economy on a better trajectory,’ the firm said in a report. ‘But if Xi uses the symposium to emphasize that private companies are developing at the will of the state, this could further dampen sentiment,’ it added.

Other key technology executives present at Monday’s meeting included Robin Zeng, founder and chairman of leading battery maker CATL, and Wang Xing, boss of Meituan. Huawei founder Ren Zhengfei and Xiaomi chairman Lei Jun addressed the top officials, according to state media reports.

Tencent chairman Pony Ma and Wang Chuanfu, chairman of electric vehicle manufacturer BYD, and Wang Xingxing, founder of robotics group Unitree, were also present.

China’s slowing economic growth has put pressure on the private sector, while executives have faced intense scrutiny over corruption allegations and detentions by local authorities.

In past meetings with business leaders, Xi has promised tax cuts and a level playing field with state-owned enterprises.

China’s private investment fell 0.1 percent year-on-year in 2024. Its share of total fixed asset investment fell from 56.42 percent at the end of 2019 to 50.08 percent at the end of last year.

However, the emergence of pioneering artificial intelligence models from start-up DeepSeek helped renew interest in Chinese technology and ignited the market for the country’s technology stocks.

The Hang Seng Tech index, a benchmark of the top 30 technology companies listed in Hong Kong, is up 24 percent since the start of the year as investors responded to DeepSeek’s breakthrough and Beijing’s positive messages for the tech sector.

‘The theme of this symposium is, not surprisingly, strengthening scientific and technological innovation and restoring the confidence of private enterprises,’ said Tang Dajie, a senior fellow at private think tank China Enterprise Institute.

These success stories have become all the more important as a new trade war with the US seems inevitable. After Trump imposed 10 percent tariffs on all Chinese products earlier this month, Beijing retaliated with 10 to 15 percent tariffs on certain products and more export controls on critical minerals.

ASIA

Tokyo court revokes Unification Church’s religious status

Published

on

The Tokyo District Court ruled on Tuesday to strip the Unification Church of its religious corporation status, which allowed it to be tax-exempt, following criticism over its coercive fundraising tactics.

The legal procedure, triggered by the assassination of former Prime Minister Shinzo Abe, concluded after 1.5 years of closed-door hearings.

With the court’s decision, the organization affiliated with the Moon sect, officially named the Family Federation for World Peace and Unification, is expected to be financially impacted as it will no longer be tax-exempt. However, it will be allowed to continue its activities.

Following the decision, the church expressed its disappointment on its website, calling the decision “unjust” and arguing that it would be a major upheaval for religions in Japan.

“Since the assassination of former Prime Minister Abe, a great deal of false information about our organization has been circulating in the media and on social media,” it said, adding, “We sincerely ask that the public not discriminate against our congregation.”

The group said it plans to appeal to the Tokyo High Court.

Judge Kenya Suzuki, the presiding judge who issued the ruling, said that even with the right to freedom of religion in mind, “the decision was deemed necessary and unavoidable.”

The ruling stated that the group revised its internal governance in 2009 to prevent its congregation from using coercive tactics when soliciting donations, but despite this, group members continued to employ similar tactics and harm the public.

Suzuki said, “Damages of an unprecedented magnitude have occurred.”

The Unification Church’s questionable tactics came to light after the suspect who killed Abe in July 2022 blamed Abe for his family’s financial ruin. The suspect was outraged by his mother’s excessive donations to the sect and held Abe responsible for his family’s collapse due to his strong ties with the sect.

Following the shooting, numerous former followers and their families came forward with similar stories. It was determined that the sect had harmed many families.

In October 2023, the Ministry of Education applied to the Tokyo District Court, requesting that the Unification Church’s religious corporation status be revoked.

This is the third instance in Japan where a court has stripped a group of its religious corporation status. Prior to the Unification Church, these sects include Aum Shinrikyo, responsible for the 1995 sarin gas attack on the Tokyo subway, and Myokakuji Temple in Wakayama Prefecture, whose top leader was convicted of fraud.

However, this is the first time a court is making a decision based solely on civil court findings regarding a group’s illegal actions, rather than criminal convictions.

Unlike previous cases, the Unification Church has not faced any criminal charges.

The Tokyo District Court accepted the Ministry of Education’s request based solely on the outcome of 32 civil lawsuits in which various courts recognized the church’s practices as illegal and awarded damages totaling more than 2.2 billion yen ($14.6 million).

The ministry argued that the civil court decisions acknowledging the church’s behaviors as illegal met the criteria for legal violations under the Religious Corporations Act. The church argued that the law only refers to criminal violations and that civil cases, such as torts, should not be considered.

The law also requires that the illegal activities have significantly harmed the public interest.

The ministry argued that the church’s repeated and continuous solicitation of large donations over four decades forced its followers into financial and emotional distress, and therefore met this threshold. In addition to the 32 civil court decisions, the ministry collected testimonies from more than 170 victims to build its case.

The Unification Church argued that donations are part of its religious expression and insisted that it implemented internal compliance measures in 2009. It argued that complaints have greatly decreased since then and that its actions lacked the malice alleged by the ministry.

In a separate case heard earlier this month, the High Court ruled that the Unification Church’s civil violations involving intentional or negligent harm could justify stripping the group of its religious corporation status.

Continue Reading

ASIA

BYD sales surge 29% on robust hybrid demand in China

Published

on

Chinese electric vehicle champion BYD exceeded expectations with a 29% increase in full-year sales, driven by strong demand for plug-in hybrids in its domestic market.

The group’s revenue reached Rmb 777 billion ($107 billion), crossing the $100 billion threshold for the first time. Growing exports also contributed to the sales figures.

Net income rose by 34% to Rmb 40 billion, largely in line with analysts’ estimates of $5.5 billion, according to a Bloomberg survey.

With overseas sales exceeding 400,000 vehicles last year, the Chinese company recently raised approximately $6 billion to finance its expansion plans, setting its sights on further overseas growth.

BYD, which accounted for approximately 16% of cars exported from China in January and February, is building factories in Europe and South America.

The strong figures followed founder Wang Chuanfu’s introduction last week of a new battery charging system that will allow customers to charge electric vehicles in five minutes.

Since the beginning of the year, the Shenzhen-based company has introduced a range of EV technologies, including an advanced driving system called God’s Eye, to make its model lineup more attractive.

BYD’s Hong Kong-listed shares closed up 3% on Monday. The shares have risen more than 50% this year, in stark contrast to Tesla’s 34% decline.

Continue Reading

ASIA

Sadiq Khan’s prompt trip to Kabul; Pakistan is really sidelined on Afghan front 

Published

on

Pakistan’s special envoy to Afghanistan Muhammad Sadiq Khan’s prompt or in “hurry” trip to Kabul could be seen as an act for “immediate” response to US acts ignoring Pakistan in recent developments of establishing direct links with Taliban governing Kabul for the second term since August 15 2021. Prior to Sadiq Khan’s comprehensive trip to Kabul, high powered US officials have made the first ever formal trip to Kabul and held detailed talks with Afghanistan’s foreign minister.

Ironically, both the developments took place soon after high power discussion on National Security issues in parliament, whereas apparently Prime Minister Shehaz Sharif was the most important figure but internally the whole session was dominated by Chief of Army Staff (COAS) Gen. Asim Muneer. First with help from its most trustworthy Qatar, a US team headed by Ambassador Adam Boehlar visited Kabul and got the release and air lifting of George Glezmann, an American airline mechanic to the United States via Qatar Doha. And on the next day, Sadiq Khan, considered most effective and popular in Afghanistan, landed in Kabul for a three day visit.

Though no further details of Sadiq Khan’s engagements in to Kabul is ascertained but a brief statement, is appearing in Rawalpindi-Islamabad controlled media which states, “Pakis­tan and Afghanistan on Saturday vowed to sustain their diplomatic engagement to address ongoing bilateral challenges, including trade, security and the status of Afghan refugees in Pakistan.” Through such statements, Pakistani officials confirmed only Ambassador Muhammad Sadiq’s meeting with Afghanistan’s Acting Foreign Minister, Mawlawi Amir Khan Muttaqi.

Is there any discussion over the prolonged controversial issue of Durand Line

No one can deny the fact that since the return of Taliban into power in mid of August 2021, Pakistan is a head with a stock of confusions. On one hand like of Mullah Muhammad Omar Akhund, his successor Mullah Haibatullah is reluctant to change mind on prolonged controversial issue of Durand Line and on the other the policy makers in Rawalpindi-Islamabad corridors are going towards isolation as the major global players like US, China, Russian Federation and even European Community succeeded in establishing direct links with Kabul. Pakistan is no longer dependent on the global community in handling issues and matters with Kabul.

Soon after his first ever trip to Kabul after August 15th 2021, former US special envoy Zalmay Khalilzad who was part of Ambassador Adam Boehlar has criticized the Pakistan Army. Through this latest statement, Khalilzad cautioned Pakistan’s government and military, emphasizing that time is running out to prevent further turmoil. It is his second criticism against Pakistan after May 9th 2023 whereas he had backed the deposed Prime Minister. Now the situation is very clear as Zalmay Khalilzad’s status in US society especially in the ruling Republic is very clear. Almost all Afghans, especially his (Khalilzad) long time friends and familiars are now very clear about his next assignments or agenda.

Another stressful issue is the Torkham crossing for trade in Central and South Asian countries

Besides soon after US team’s trip to Kabul, Pakistan has not only ordered reopening of Torkham border, considered most important corridor between the two neighbouring countries but Sadiq Khan in Kabul and Khyber Pakhtunkhwa Governor Faisal Karim Kundi in Peshawar received joint delegations of traders involved in bilateral trade. A report from Kabul revealed, “officials of the Chamber of Commerce and Investment have met with Pakistan’s Special Envoy for Afghanistan Muhammad Sadiq and Obaidur Rahman Nizamani, the head of the Embassy of the country in Kabul and discussed bilateral trade relations and the problems in this area. According to the Chamber of Commerce and Investment Newsletter, Muhammad Younis Momand, Deputy Chief of the Chamber, stressed the importance of the Torkham route for trade in Central and South Asia, which route can connect with other countries in the region like Afghanistan and Pakistan. They have created an increase in grants and by the way, the lockdown can also cause a big loss to the economy of both countries.”

On certain issues, especially Afghans maltreatment, frequent closure of Torkham, imposition of taxes on transit and bilateral trade. Controversial Durand Line and others, Islamabad and Kabul are at loggerhead with each other. 

Though nothing in detail regarding Pakistan’s stance on the issue of terror during his talks with Foreign Minister Mutaqqi appeared in media but Governor Faisal Karim Kundi in his chat with traders repeated, “terrorists are incurring from Afghanistan into Pakistan. 

Afghanistan not only explored alternate trade routes but its sitting rulers made more friends and sympathizers like the US, China and Russian 

Compared to other civil-military officials, Sadiq Khan has long had a realistic approach towards issues with Afghanistan. He believes in talks and dialogues. Unfortunately, high ups occupying important offices in the Rawalpindi-Islamabad corridor are stuck to British colonial rulers’ inherited expansionism based policies towards Afghanistan. Unless and until honouring the importance of talks and consultations and remaining neutral in intra Afghan issues, it could be hard to earn the hearts of Afghans which is a must for tackling the situation that erupted with direct jumping of US and others in the region.

Compared to the past, the regional situation is different. Earlier Pakistan was dealing matters with Afghanistan like a landlocked and under developed country wholly solely depending on Karachi sea port. But now Afghanistan has not only explored alternate trade routes but its sitting rulers made more friends and sympathizers like the US, China and Russian Federation. After the empowerment of Donald Trump, now Washington is making ways and means for converting long time hostilities in friendship with Russia. Similarly growing influence of terror, especially presence of IS-Daesh militants in certain parts of the country, especially along the Pak Afghan border is also much more harmful to the very interests of Pakistan. Instead of remaining hostile to its failed “STRATEGIC Depth” policies inherited by successive military generals, Pakistan must follow the realist politico-diplomatic approaches towards Afghanistan and other neighboring countries.

Continue Reading

MOST READ

Turkey