https://www.scmp.com/rss/512778/feed Ananta Agarwal previoulsy joined the Post as an intern in June 2022. She is a journalism student at The University of Hong Kong. Her work has also appeared on NBC News, AFP Fact Check and FairPlanet. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com As Ecuador and China move closer towards sealing a free-trade agreement, concern is mounting in Washington that the United States is losing influence in Latin America. Ecuadorean President Guillermo Lasso said early in December that negotiations with China on a bilateral free-trade deal (FTA) were “practically closed”, some 10 months after talks started. The deal is expected to boost the value of Ecuadorean exports to China to US$1 billion, while offering Chinese firms access to an array of raw... https://www.scmp.com/economy/article/3205085/us-frets-about-erosion-influence-china-and-ecuador-move-closer-free-trade-deal?utm_source=rss_feed https://www.scmp.com/economy/article/3205085/us-frets-about-erosion-influence-china-and-ecuador-move-closer-free-trade-deal?utm_source=rss_feed Fri, 30 Dec 2022 15:00:08 +0000 A new government initiative promises to help Indian toymakers scale up production capacity to compete internationally, further shrinking China’s share in the domestic market. The Indian government will “very soon” announce a Production Linked Incentive (PLI) scheme for the toy industry, with a proposed outlay of US$424 million, said Ajay Aggarwal, president of the Toy Association of India. “We have appointed a committee for consultation with the government to finalise the PLI draft,” said... https://www.scmp.com/economy/article/3202996/indias-toy-industry-poised-challenge-china-new-delhi-readies-new-subsidy?utm_source=rss_feed https://www.scmp.com/economy/article/3202996/indias-toy-industry-poised-challenge-china-new-delhi-readies-new-subsidy?utm_source=rss_feed Mon, 12 Dec 2022 21:00:12 +0000 Despite Beijing’s recent relaxation of coronavirus controls, Indian traders remain worried about disruptions to production in China and the dim prospects of a recovery in the world’s No 2 economy any time soon. Indian traders have begun importing products from China weeks in advance amid lingering concern that authorities will continue with snap lockdowns to contain outbreaks, which may hit production of key inputs. In the past week, major Chinese cities Beijing, Shanghai and Guangzhou have... https://www.scmp.com/economy/global-economy/article/3202264/chinas-covid-shift-fails-ease-deep-concern-india-about-supply-chain-problems?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3202264/chinas-covid-shift-fails-ease-deep-concern-india-about-supply-chain-problems?utm_source=rss_feed Wed, 07 Dec 2022 01:00:13 +0000 A US report has moved to dispel the narrative of a so-called Chinese debt trap around Beijing’s signature Belt and Road Initiative despite confirming China holds more Sri Lankan debt than widely believed. China held 19.6 per cent of Sri Lanka’s US$37.6 billion external debt at the end of 2021, higher than the often cited figure of 10-15 per cent, according to the China Africa Research Initiative at the Johns Hopkins University School of Advanced International Studies. Sri Lanka’s US$7.4 billion... https://www.scmp.com/economy/global-economy/article/3201680/chinas-belt-and-road-initiative-debt-trap-narrative-dispelled-us-report-reveals-more-sri-lankan-debt?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3201680/chinas-belt-and-road-initiative-debt-trap-narrative-dispelled-us-report-reveals-more-sri-lankan-debt?utm_source=rss_feed Fri, 02 Dec 2022 02:00:23 +0000 A new trade deal with Australia could help India pave the way to a reduced reliance on China for critical minerals while also providing the Oceanic country with an emerging market for its wine exports, which plummeted following Canberra’s trade dispute with Beijing. Ratified by Canberra last week after being signed in April, the Australia-India Economic Cooperation and Trade Agreement (ETCA) is poised to eliminate tariffs on more than 90 per cent of Australian goods exported to India by value,... https://www.scmp.com/economy/china-economy/article/3201407/india-australia-trade-deal-could-chip-away-chinas-mineral-monopolies-boost-wine-exports?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3201407/india-australia-trade-deal-could-chip-away-chinas-mineral-monopolies-boost-wine-exports?utm_source=rss_feed Tue, 29 Nov 2022 22:30:09 +0000 As Western nations become increasingly concerned about over-reliance on China, few countries stand to gain more than India. In her first visit to New Delhi as US Treasury secretary earlier this month, Janet Yellen described India as an “indispensable partner” in the US’ quest to diversify its supply chains. A day later, former Australian prime minister Kevin Rudd expressed a similar sentiment. “As someone who’s dealt with India for the last 20 years, for the first time, I became convinced that... https://www.scmp.com/economy/global-economy/article/3201002/us-led-diversification-push-tests-indias-potential-china-supply-chain-alternative?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3201002/us-led-diversification-push-tests-indias-potential-china-supply-chain-alternative?utm_source=rss_feed Sun, 27 Nov 2022 00:00:13 +0000 Cotton-yarn imports into China plunged this year to their lowest level in a decade, sending exporting countries such as India on a hunt for alternative destinations. China is the world’s largest importer of cotton yarn from the likes of India, Vietnam, Pakistan and Uzbekistan, as its own spinning mills do not produce enough to feed its apparel and textile industry. However, the value of China’s cotton-yarn imports declined by 33.2 per cent in the first nine months of this year to US$2.8 billion,... https://www.scmp.com/economy/china-economy/article/3200142/china-trade-decade-low-import-cotton-yarn-reflects-global-slowdown-clothing-demand?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3200142/china-trade-decade-low-import-cotton-yarn-reflects-global-slowdown-clothing-demand?utm_source=rss_feed Sat, 19 Nov 2022 04:30:13 +0000 Pakistani Prime Minister Shehbaz Sharif’s first official visit to China has put renewed emphasis on Pakistan’s desire to increase its agricultural exports to China and tackle a ballooning trade deficit with its strategic partner. As the China-Pakistan Economic Corridor (CPEC) enters its second phase, agricultural cooperation between the two partners has been gaining momentum over the past few years, after both countries established a joint working group on agriculture in 2018. After Sharif’s... https://www.scmp.com/economy/china-economy/article/3199550/china-pakistan-trade-deficit-focus-after-prime-ministers-visit-beijing?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3199550/china-pakistan-trade-deficit-focus-after-prime-ministers-visit-beijing?utm_source=rss_feed Mon, 14 Nov 2022 14:30:11 +0000 Chinese engineers could soon begin work on a US$1 billion project to revive Bangladesh’s Teesta River after progress on the megaproject stalled, casting doubt on an initiative that Dhaka regards as crucial to meeting food security goals. China’s ambassador to Bangladesh Li Jiming visited the river last month, saying engineers from the Power Construction Corporation of China (Power China) were carrying out an inspection of the work area. “I hope that we’ll be able to start the Teesta megaproject... https://www.scmp.com/economy/china-economy/article/3198483/china-backed-revival-teesta-river-shared-bangladesh-and-india-moves-forward-amid-geopolitical?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3198483/china-backed-revival-teesta-river-shared-bangladesh-and-india-moves-forward-amid-geopolitical?utm_source=rss_feed Sat, 05 Nov 2022 10:30:10 +0000 India’s trade with China is thriving despite efforts to reduce reliance on its neighbour and bolster its own manufacturing base. China’s exports to India increased by 31 per cent to US$89.6 billion in the first nine months of this year, compared to the same period in 2021, according to data from China’s General Administration of Customs. Indian exports to China – its largest trading partner, according to Beijing – declined by 36.4 per cent in the same period, falling to US$13.9 billion between... https://www.scmp.com/economy/china-economy/article/3198145/india-wants-loosen-import-reliance-china-its-becoming-worse?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3198145/india-wants-loosen-import-reliance-china-its-becoming-worse?utm_source=rss_feed Wed, 02 Nov 2022 12:00:15 +0000 Bangladesh is broadening its use of China’s yuan as an alternative to the US dollar in international transactions, but economists say the shift is unlikely to shake the southern Asian nation’s reliance on the dollar. Earlier this month, Bangladesh’s central bank allowed so-called authorised dealer (AD) banks – which are licensed to buy and sell foreign currencies – to settle trade deals with China in the yuan. This expands on its 2018 decision to allow such local banks to open foreign-currency... https://www.scmp.com/economy/china-economy/article/3194430/even-bangladesh-bolsters-yuan-trade-its-dependence-us-dollar?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3194430/even-bangladesh-bolsters-yuan-trade-its-dependence-us-dollar?utm_source=rss_feed Fri, 30 Sep 2022 13:00:12 +0000 Anayat Ali, a fourth-year PhD student at Tongji University in Shanghai, is finally set to return to China after being stranded in India for almost three years due to the strict coronavirus border controls. It is a long overdue journey that comes with the heaviest price tag he has ever paid for a flight. Ali will transit to China via Hong Kong on October 7 as there are no direct flights from India. The journey, which includes a four-day stopover in Hong Kong to comply with quarantine and testing... https://www.scmp.com/economy/global-economy/article/3193136/chinas-zero-covid-policy-still-creating-headaches-overseas?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3193136/chinas-zero-covid-policy-still-creating-headaches-overseas?utm_source=rss_feed Tue, 20 Sep 2022 22:00:22 +0000 An ambitious multibillion dollar rail link between China and Nepal must address daunting technical challenges and questions over economic feasibility before construction can finally get under way, experts say. Chinese Foreign Minister Wang Yi and his Nepali counterpart Narayan Khadka agreed in August to fund a feasibility study for the enormous infrastructure project and Beijing said it would send experts this year to conduct surveys for the railway. Once built, the railway would run from... https://www.scmp.com/economy/global-economy/article/3191957/china-and-nepals-rail-line-must-traverse-mountains?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3191957/china-and-nepals-rail-line-must-traverse-mountains?utm_source=rss_feed Sun, 11 Sep 2022 07:00:16 +0000 In June, when Mahendra Pratap began planting his rice paddy fields in Kannauj, a district of India’s Uttar Pradesh state, he was hoping for a good harvest. The year before torrential rain had destroyed his crops and he did not receive any help from the government. But during the recent monsoon season, he encountered just the opposite problem: too little rain. By August, 90 per cent of his crop had wilted. “This year the land is barren and again we did not get help from the government,” Pratap... https://www.scmp.com/economy/global-economy/article/3191136/india-and-china-farmers-fret-drought-and-heat-threaten-rice?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3191136/india-and-china-farmers-fret-drought-and-heat-threaten-rice?utm_source=rss_feed Mon, 05 Sep 2022 03:00:26 +0000 China’s zero-Covid policy is proving a major obstacle to the resumption of two-way trade with Nepal, with border closures causing a sharp decline in Nepalese exports to the world’s No 2 economy and losses for merchants. China has kept its borders tightly sealed even as much of the world has reopened over the past year, leaving a backlog of trucks and mounds of rotting fruit stuck at some checkpoints it shares with neighbouring countries, such as Vietnam and Myanmar. Nepal’s 1,389km-long border... https://www.scmp.com/economy/china-economy/article/3189908/chinas-zero-covid-policy-turns-nepal-border-towns-dead-zones?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3189908/chinas-zero-covid-policy-turns-nepal-border-towns-dead-zones?utm_source=rss_feed Wed, 24 Aug 2022 00:15:17 +0000 India is making progress in efforts to bolster its pharmaceutical sector and reduce the nation’s dependence on medication from China, by expanding the scale of domestic production and reducing costs – an ambitious goal that has been given greater impetus amid the pandemic. Despite being the third-largest manufacturer of medicines by volume, India relies on China to supply almost 70 per cent of active pharmaceutical ingredients (APIs) – chemicals that are responsible for the therapeutic effect of... https://www.scmp.com/economy/china-economy/article/3188733/india-needs-china-critical-medicine-ingredients-ambitious?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3188733/india-needs-china-critical-medicine-ingredients-ambitious?utm_source=rss_feed Sun, 14 Aug 2022 00:00:26 +0000 Shahroz Khan was in his third year at Nantong University College of Medicine when the coronavirus pandemic first struck China and he decided to fly back to India. Over the next two and half years, for complex, senior-level courses such as surgery, orthopaedics, and ophthalmology, online demonstrations replaced hands-on, practical learning in clinical laboratories and hospitals. “Of course we feel this loss,” said 23-year-old Khan from Delhi. “We should have been there and we should have been... https://www.scmp.com/economy/global-economy/article/3188289/indias-tired-depressed-stranded-students-desperate-return?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3188289/indias-tired-depressed-stranded-students-desperate-return?utm_source=rss_feed Wed, 10 Aug 2022 03:00:18 +0000 US scrutiny of Chinese solar products from Xinjiang could create “viable opportunities” for India’s domestic solar industry, but establishing an integrated supply chain in the South Asian country is still years away, experts say. Solar companies are increasingly looking to diversify production, especially for polysilicon that is used in solar panels, away from China, which accounts for most of the world’s solar manufacturing. India, with an installed solar power capacity of 49.3 gigawatts (GW),... https://www.scmp.com/economy/article/3187083/us-scrutiny-solar-products-chinas-xinjiang-could-create-opportunities?utm_source=rss_feed https://www.scmp.com/economy/article/3187083/us-scrutiny-solar-products-chinas-xinjiang-could-create-opportunities?utm_source=rss_feed Fri, 29 Jul 2022 12:30:14 +0000 For garment manufacturers in South and Southeast Asia, a sweeping United States ban on all Xinjiang products – including cotton – may initially seem like a windfall, given its smothering effect on China’s role as the world’s top textile maker. But the reality is far more complicated, as the global textile supply chain is so deeply intertwined that what looks to be a potential boon could instead be a crushing burden. The concern came into the spotlight as the Bangladesh Garment Buying House... https://www.scmp.com/economy/china-economy/article/3186664/beyond-china-us-xinjiang-cotton-ban-has-far-reaching?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3186664/beyond-china-us-xinjiang-cotton-ban-has-far-reaching?utm_source=rss_feed Tue, 26 Jul 2022 22:00:25 +0000 Less than one year from now, India’s population could overtake that of China and claim its centuries-held distinction as the world’s most populous country, according to the United Nations’ latest projections. Yet, jobs are declining across India at a rapid rate, setting off alarms about what the future might hold if unemployment continues to rise. In June, employment fell in India by 13 million, from about 404 million in May to 391 million, reaching the lowest level since last July, according to... https://www.scmp.com/economy/china-economy/article/3186296/can-india-follow-chinas-path-labour-intensive-manufacturing?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3186296/can-india-follow-chinas-path-labour-intensive-manufacturing?utm_source=rss_feed Sun, 24 Jul 2022 04:00:11 +0000 Over US$32 billion of “ineffective” Trump-era tariffs imposed on consumer technology imports from China stalled growth in production and employment in the United States, hurting both businesses and consumers, according to a report. US President Joe Biden is considering whether to remove import duties on some of the US$370 billion worth of Chinese goods currently subject to tariffs in an attempt to ease 40-year-high inflation. The Consumer Technology Association report released on Tuesday found... https://www.scmp.com/economy/global-economy/article/3185958/trump-era-tariffs-chinese-tech-imports-cost-us-firms-us32?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3185958/trump-era-tariffs-chinese-tech-imports-cost-us-firms-us32?utm_source=rss_feed Wed, 20 Jul 2022 14:15:17 +0000 US companies in China have reported marginal improvements in business conditions, but inconsistent coronavirus restrictions across the country continue to pose a challenge to supply chains and production, the American Chamber of Commerce in China (AmCham China) said on Thursday. China has stepped up efforts to placate a frustrated foreign business community over the past two months, streamlining communication, easing interprovincial travel restrictions and, this week, reducing quarantine for... https://www.scmp.com/economy/china-economy/article/3183675/us-firms-china-praise-quarantine-cut-coronavirus-restrictions?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3183675/us-firms-china-praise-quarantine-cut-coronavirus-restrictions?utm_source=rss_feed Thu, 30 Jun 2022 09:16:02 +0000 Among all countries, China has been most affected by the United States’ shift toward protectionism in recent years, and this in turn has resulted in Chinese citizens being less supportive of open trade, according to a new study by the Peterson Institute of International Economics (PIIE). The findings are said to suggest that Beijing’s policy response in its tit-for-tat trade war with Washington has been influenced by public attitudes, at least to some extent. With an emphasis on “the world’s... https://www.scmp.com/economy/china-economy/article/3183533/us-protectionism-hits-china-hardest-and-chinese-are-more?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3183533/us-protectionism-hits-china-hardest-and-chinese-are-more?utm_source=rss_feed Wed, 29 Jun 2022 20:30:31 +0000 China and India’s relationship has long tread the line between competition and cooperation, but following the deadly Galwan Valley border clash in June 2020 which left 24 soldiers dead, observers said the latter is increasingly waning. Beijing is keen for the border issue not to affect other aspects of its relationship with New Delhi, but for India, normal ties cannot be resumed until a solution is found. Amid heightened security concerns, India has carried out a strategy dubbed by some as... https://www.scmp.com/economy/global-economy/article/3182957/hows-china-india-economic-relationship-changed-2-years?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3182957/hows-china-india-economic-relationship-changed-2-years?utm_source=rss_feed Sat, 25 Jun 2022 12:00:20 +0000 The future of the World Trade Organization (WTO) will face a test of credibility during the four-day 12th Ministerial Conference (MC12), which starts on Sunday in Geneva. It takes place against the backdrop of the global coronavirus pandemic, rising food and energy prices, the protracted war in Ukraine, geopolitical tensions and the ongoing threat of climate change. Trade ministers from member countries are set to gather for the first time in four years, after the conference – originally... https://www.scmp.com/economy/global-economy/article/3181396/what-agenda-wtos-12th-ministerial-conference-geneva?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3181396/what-agenda-wtos-12th-ministerial-conference-geneva?utm_source=rss_feed Sun, 12 Jun 2022 08:00:25 +0000 After being closed for more than a month, the Universal Beijing Resort will partially resume operations at a reduced capacity on June 15 while “adhering strictly” to China’s pandemic-control measures. The resort had closed on May 1 as the capital city was reporting an increased number of coronavirus cases. “Some venues may be temporarily unavailable in the early phase when we resume operations,” the world’s largest Universal Studios theme park said in a statement on Tuesday. Upon reopening, the... https://www.scmp.com/economy/china-economy/article/3180755/chinas-universal-studios-partially-reopen-after-six-week?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3180755/chinas-universal-studios-partially-reopen-after-six-week?utm_source=rss_feed Tue, 07 Jun 2022 13:30:23 +0000