This July, China National Offshore Oil Corp. (CNOOC), the state-owned giant that dominates exploration and production off China's coast, announced the $15.1 billion acquisition of Nexen, a Canadian oil company with assets in the United States and around the world. The announcement made surprisingly few waves in the United States, given that, if successful, this transaction would be the largest foreign acquisition by a Chinese company anywhere in the world. But that may be changing as American lawmakers eager to prove their nationalist bona fides get a closer look.
Beijing: The Ministry of Foreign Affairs on Tuesday established the Department of International Economic Affairs to serve economic diplomacy, which is increasingly important in China’s diplomatic blueprint. The move shows that Beijing has recognized its increasing power in the economic field and is moving forward to make better use of it, Chinese experts said. A rapidly growing number of international business disputes intertwined with political factors forced the Foreign Ministry to set up the new body to protect national economic security, they added.
Brussels: The European Commission has delayed a trade case against two Chinese telecom equipment makers also under scrutiny in the United States, easing tensions between the European Union and its second-biggest trading partner. A U.S. congressional report said on Monday that Huawei Technologies Co Ltd and ZTE Corp - the world's second- and fifth-largest makers of wireless telecoms gear - were potential security risks and should be shut out of the U.S. market. In Europe, where the two have had greater success in selling equipment and the concern is over prices rather than security, they can expect some respite - probably until the middle of next year, EU diplomats and trade experts say.
Seoul: Last month, China unveiled its first aircraft carrier, and is gearing up to challenge the United States in the South China Sea. By initiating a plan to internationalize its currency, China is similarly seeking to challenge the dollar on the international stage. In carving out a global role for the renminbi, Chinese policymakers are proceeding deliberately. In the words of the venerable Chinese proverb, they are “feeling for the stones while crossing the river.”
New York: Whatever happened to the reassuring view that expanding trade ties make for a safer and more prosperous world? This idea has been long present in US strategies toward China, even before being concretized in Robert Zoellick’s notion of integrating China into the world financial and commercial systems as a way of promoting “responsible stakeholdership.” The Chinese had a parallel concept - that promoting economic interdependence with America would counter Washington’s natural tendency to block China’s rise as an alternative power.
Johannesburg: Relations between the European Union (EU) and SA have soured since the government indicated last month that it was cancelling bilateral investment treaties with the bloc's member states. The government argues that the treaties restrict its ability to transform SA's economy. But its largest trade and investment partner says cancelling them will raise the cost of investment in SA. The EU fears it is a victim of political bias, and feels shunned by SA's growing relationship with China and other Brics nations.
Beijing: Poor negotiation used to be a “headache” for the Aviation Industry Corporation of China (AVIC) because of the lack of financial management experts who were familiar with international rules. “The situation has changed since we introduced overseas training programs,” AVIC’s executive vice president Gu Huizhong told Xinhua in an exclusive interview. Since 2009, the AVIC started to send its financial department executives on a one-year Executive Option MBA program given by the U.S.-based Missouri State University.
New York: Taking the podium at the United Nations General Assembly today, China’s Foreign Minister Yang Jiechi stressed the need to ensure that international relations are based strictly on the principle of non-interference in each other’s affairs. “Mutual respect and equality are basic norms governing international relations. All countries, big or small, strong or weak, rich or poor, are equal members of the international community,” Mr. Yang said at the 67th Assembly’s General Debate at UN Headquarters in New York.
I. The Role of the United Nations (UN): The international situation continues to undergo complex and profound changes. Multi-polarity and economic globalization are deepening. New breakthroughs in scientific and technological revolution are in the making and the impact of information technology is on the rise. Countries are more closely linked and interdependent. Emerging economies and developing countries are becoming stronger. Peace and development remains the theme of the times. Exchanges, dialogues and cooperation between countries are deepening.
Brussels: High Representative of the Union for Foreign Affairs and Security Policy Catherine Ashton in her capacity as Commission Vice-President, Zhang Ping, Chairman of the Chinese National Development and Reform Commission and Fu Shuangjan, Vice Minister of the State Administration of Industry and Commerce, have signed today in Brussels a Memorandum of Understanding to increase cooperation between the European Commission's competition department and China's antitrust authorities.