Events
| Name | organizer | Where |
|---|---|---|
| MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK | MBCCI | London UK Goodman LLC |
NEWS
Copper price correction in full swing www.mining.com
Belt and Road Initiative seeks world economic rebalancing, inclusive globalization www.chinadaily.com.cn
BEIJING - Industrial capacity cooperation has become a significant part of the Belt and Road Initiative and will serve as a crucial element of the global economic rebalancing as well as the extension of globalization towards its "land subsidence."
When it comes to the economic background of the Belt and Road Initiative, Western media frequently mention the issue of China's excess industrial capacity, claiming that China is trying to dumping its redundant industrial capacity to countries along the routes.
However, such criticism is a total neglect of the "double circulation," a trend of the world economy brought up by Chinese scholars, namely, the "developed economies-China" circulation and "the China-developing economies" circulation.
In a manner of speaking, within the "double circulation" system, China has gradually become the glue that holds the global economy together.
Along with its economic transformation and industrial upgrading, China is climbing up the global industrial chains to the middle and high ends while transferring some of its relatively lower-end production capacity into other economies, which is a natural progress in accordance with laws of economics.
For countries within the Belt and Road area, the pursuit of carrying forward their own industrialization and modernization is perfectly matched with China's "going abroad" strategy for the enormous industrial capacity accumulated for years.
The complementation between the two sides, creating new demand by enhancing effective supply, is certainly contributing to rebalancing the world economy.
The currently imbalanced global economy is partially a side effect of globalization. For a long period of time, globalization has not gone quite globally as it was expected to.
Most of the Belt and Road countries have been stuck in the "land subsidence" of globalization deep within the Eurasia continent, left forgotten and far behind in the course of economic globalization which has been flourishing along the ocean lanes across the world.
Nevertheless, things are about to change now. Economic ties between China and developing countries are growing increasingly stronger and closer, which is beneficial to the further development of economic globalization.
Over the last three years, for instance, China has signed industrial capacity cooperation agreements with more than 20 Belt and Road countries and built 52 economic and trade cooperation regions in 18 such countries.
It is fair to say that the realization of the Belt and Road Initiative is not only boosting the industrialization of the countries within the area, but also getting them on the map of economic globalization via the China bridge.
It is clear that by pushing forward the Belt and Road Initiative, China is seeking rebalance of the global economy, underlining "inclusive globalization" instead of "fragmented globalization" that used to prevail.
...
Exclusive: U.S. proposed $5 billion - 7 billion penalty on Credit Suisse on toxic debt - source www.reuters.com
Mongolian State Great Khural and UAE’s Federal National Assembly ink cooperation MOU www.mongolia.gogo.mn
Softbank to invest $1 bil. in US satellite startup www3.nhk.or.jp
China's Thunder Software buys Finnish car software company www.chinadaily.com.cn
Putin Says Assassination of Russian Ambassador in Turkey Was a ‘Provocation’ www.themoscowtimes.com
Ukraine's biggest lender PrivatBank nationalised www.bbc.com
World's oldest bank launches share offer as Italy prepares possible bailout www.rt.com
China's famous elevated bus is now just a giant roadblock www.cnn.com
After seizing the world's attention over the summer, China's futuristic elevated bus appears to have reached the end of the line.
Video of the road-straddling bus cruising over the top of cars during a test run spread like wildfire on social media back in August. But the quirky vehicle now sits idle at the test site in northern China, where it has become a hulking eyesore.
Billed as a potential answer to China's crippling traffic problems, the elevated bus is now the source of bottlenecks in the port city of Qinhuangdao. Cars traveling in both directions have to crowd together on the other side of the road to avoid the test tracks and the 26-foot-wide bus.
"The road is narrower, of course it affects traffic," said Wang Yimin, a local mechanic who was one of several residents who grumbled about the inconvenience.
China elevated bus abandoned 2
The cavernous space bellow TEB's elevated compartment.
To host the test drive, the city built special tracks for the giant electric-powered vehicle, which is 72 feet long and 16 feet high. The company behind the bus, TEB Technology, was supposed to restore the 330-yard-long test site to its original state by the end of August, according to China's official state news agency Xinhua.
But that never happened.
"The tracks are still there and we're aware that it causes transportation problems," said a Qinhuangdao government official, who declined to be identified by name because he wasn't authorized to speak publicly.
"I don't know much about TEB's future plans or what we will do with the tracks," the official said, adding that residents have been calling to complain.
Shortly after the test run in August -- in which people rode in an elevated compartment as the vehicle straddled a two-lane highway -- Chinese state media began questioning the legitimacy of the project.
They raised concerns that the whole thing was a publicity stunt funded by a peer-to-peer lending program, a loosely regulated form of investment that has resulted in scams in China.
Some local news outlets reported that TEB's backers were in financial trouble after promising investors overly ambitious returns.
Repeated phone calls to TEB went unanswered. When CNN visited the company's Beijing office one afternoon last week, most of the lights were off. Inside, a miniature version of the elevated bus was circling around a scale model of the capital city.
China elevated bus abandoned 4
The TEB bus and specially-built station take up half of the road, cars need to crowd onto the other side to drive past.
An employee who was there said he didn't know what the company's future plans were for the elevated bus or any other projects.
The vehicle tested in Qinhuangdao was just a prototype, he said, and TEB planned to have a real bus ready by the middle of next year.
"But with all this money cutting off now, the company can't do anything," the employee said, declining to be identified by name because he wasn't authorized to speak to the media. His business card identified him as TEB's director of development.
The company appears to be "a good example of the risks that are involved" in peer-to-peer lending, said Zennon Kapron, the founder of Shanghai-based financial market research firm Kapronasia.
China elevated bus abandoned 3
The TEB bus sits idle, next to a station built just for the road test in August.
Experts also expressed doubts about the practicality of ever introducing the bus into Chinese cities.
The concept was originally unveiled in China in 2010. But it's not the first time a huge road-straddling vehicle has been suggested.
new york magazine elevated bus
The Landliner concept was featured in New York Magazine in 1969.
A pair of architects proposed a similar idea in 1969. The "Landliner" would have glided between Washington and Boston at 200 mph. The concept was featured as the cover story of New York magazine at the time.
But while that proposal faded into history, Qinhuangdao residents have to squeeze past the remains of TEB's concept every day.
-- Justin Robertson contributed to this report.
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