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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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China gave huge loans to Belt and Road countries. Now it’s spending billions to bail them out www.cnn.com

Hong Kong CNN For the past decade, China has lent massive sums to governments across Asia, Africa and Europe, growing its global influence through its Belt and Road infrastructure megaproject and becoming one of the world’s biggest creditors.
Now, a new study says Beijing has also become a major emergency rescue lender to those same countries, many of which are struggling to repay their debts.
Between 2008 and 2021, China spent $240 billion bailing out 22 countries that are “almost exclusively” Belt and Road project debtors, including Argentina, Pakistan, Kenya and Turkey, according to the study published Tuesday by researchers from the World Bank, Harvard Kennedy School, Kiel Institute for the World Economy and the US-based research lab AidData.
Though China’s bailouts are still smaller than those provided by the United States or the International Monetary Fund (IMF), which regularly makes emergency loans to countries in crisis, it has become a key player for many developing countries.
Beijing’s rise as an international crisis manager looks familiar: The US has taken a similar strategy for nearly a century, offering bailouts for high-debt countries such as those in Latin America during the 1980s debt crisis, the report said.
“We see historical parallels to the era when the US started its rise as a global financial power, especially in the 1930s and after World War 2,” it said.
But there are differences, too.
For one, China’s loans are far more secretive, with most of its operations and transactions concealed from public view. It reflects the world’s financial system becoming “less institutionalized, less transparent, and more piecemeal,” the study said.
China’s central bank also doesn’t disclose data on loans or currency swap agreements with other foreign central banks; China’s state-owned banks and enterprises do not publish detailed information about their lending to other countries.
The research team instead relied on annual reports and financial statements of other countries that have agreements with Chinese banks, news reports, press releases and other documents to compile their dataset.
“Much more research is needed to measure the impacts of China’s rescue loans – in particular, the large swap lines administered by the PBOC (People’s Bank of China),” said Brad Parks, a co-author of the study, in a blog post by AidData. “Beijing has created a new global system for cross-border rescue lending, but it has done so in an opaque and uncoordinated way.”
China’s loans
In 2010, less than 5% of China’s overseas lending portfolio supported countries in debt distress, according to the report.
By 2022, that figure had soared to 60% – reflecting Beijing’s ramping up of rescue operations and stepping away from the infrastructure investments that had characterized its Belt and Road campaign in the early 2010s, it said.
Most of the loans were made in the last five years of the study, from 2016 to 2021.
Of the $240 billion in total bailout loans, $170 billion came from the PBOC’s swap line network – meaning agreements between central banks to exchange currencies. The other $70 billion was lent by Chinese state-owned banks and enterprises, including oil and gas companies.
Most of the countries drawing from China’s swap lines were deep in financial crisis, with problems exacerbated by the Covid-19 pandemic, the report found.
For instance, Argentina defaulted in 2014 and 2020 after struggling for decades with its national debt. Meanwhile, Pakistan saw its currency crash as foreign exchange reserves dwindled.
Sri Lanka is facing an economic and political crisis. Here's what you need to know
Sri Lanka also borrowed money from China in 2021 – before its economic and political crisis boiled over the following year, with basic goods like fuel and medicine rationed and crowds taking to the streets in violent protests.
But China’s bailouts don’t come cheap. The PBOC requires an interest rate of 5%, compared to 2% for IMF rescue loans, the study said.
And most of the loans are extended to middle-income countries considered more important to China’s banking sector, whereas low-income countries get little to no new money and are offered debt restructuring instead.
“Beijing is ultimately trying to rescue its own banks. That’s why it has gotten into the risky business of international bailout lending,” said study co-author Carmen Reinhart in the AidData post.
Belt and Road Initiative
For a decade, Beijing’s Belt and Road Initiative has poured billions of dollars into infrastructure projects each year: paving highways from Papua New Guinea to Kenya, constructing ports from Sri Lanka to West Africa and providing power and telecoms infrastructure for people from Latin America to Southeast Asia.
First announced in 2013 under Chinese leader Xi Jinping, the initiative has been seen as an extension of the country’s sharp ascent to global power.
As of March 2021, 139 countries had signed up to the initiative, accounting for 40% of global GDP, according to the Council on Foreign Relations, a US think tank. BRI has reached nearly $1 trillion in Chinese investment, according to China’s foreign ministry.
Are the wheels coming off China's Belt and Road megaproject?
But funding shortfalls and political pushback have stalled certain projects, while others have been marred by environmental incidents, corruption scandals and labor violations.
There is also public concern in some countries over issues like excess debt and China’s influence. Accusations that Belt and Road is a broad “debt trap” designed to take control of local infrastructure, while largely dismissed by economists, have sullied the initiative’s reputation.
CNN has reached out to PBOC for comment.
In January, Chinese Foreign Minister Qin Gang rejected the accusations of China creating a “debt trap” in Africa, a major recipient of Belt and Road investments.
In a statement citing Qin, the ministry claimed “China has always been committed to helping Africa ease its debt burden,” and pointed to Beijing’s debt relief agreements with a number of African nations.
Qin defended BRI again earlier this month, calling it a “public good.”
“China should be the last one to be accused of the so-called debt trap,” he said, blaming US interest hikes for worsening debt in developing countries.
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Who is the Mongolian boy named as the new Buddhist Lama? www.trtworld.com

The young Aguidai being named a "reincarnation" by the Dalai Lama invoked mixed emotions among different groups in Mongolia.
The Dalai Lama has named a US-born 8-year-old Mongolian boy Aguidai as the tenth Khakha Jestun Dhampa Rinpoche, the third-highest leader of Tibetan Buddhism.
The Dalai Lama and the eight-year-old kid were photographed together at a ceremony in Dharamshala, Himachal Pradesh, India on March 8. A place where the Dalai Lama, Tenzin Gyatso, 87, currently lives in exile.
“We have the reincarnation of Khalkha Jetsun Dhampa Rinpoché of Mongolia with us today,” Dalai Lama told his community of 600 followers present at the ceremony.
Not being known earlier, the boy now has turned into the centre of a geopolitical “chess game” played between China and Mongolia, said a Mongolian Buddhism expert, Sue Byrne.
The news since then has invoked excitement among Buddhists in Mongolia, contempt among secular nationalists and worry among those in fear of the rage of neighbouring country China.
Since Mongolia has had friendly ties with China for several decades, with Beijing being its largest trading partner, the Dalai Lama's latest move is likely to rub China the wrong way.
Who is the Mongolian boy?
According to local media reports, he is one of a pair of twin boys named Aguidai and Achiltai Altannar. Born in the US in 2015, he has dual nationality, and at least two other siblings.
The family of Aguidia is considered to be one of Ulan Bator’s wealthiest business and political dynasties. His father, Altannar Chinchuluum, is a mathematics professor at the National University of Mongolia.
His mother, Monkhnasan Narmandakh, is chairman and CEO of a large business that is centred on construction and mining.
His grandmother, on the other hand, Garamjav Tseden, was a former member of the parliament.
The family for a long time have been patrons of the Gandan Tegchinlen, one of Mongolia's greatest monasteries in Ulan Bator.
The boy's predecessors were closely connected to the Chakrasamvara Krishnacharya tradition mentioned by the Dalai Lama during the ceremony. “His being here today is quite auspicious,” stated the Dalai Lama during the ceremony.
However, neither the government nor anyone from the Buddhist hierarchy has talked about the representation of the 8-year-old due to its challenging nature concerning Mongolia’s foreign policy.
‘A challenge to China?’
The Chinese government has historically been wary of any religious or political figures who could be seen as promoting Tibetan independence or autonomy, and they have taken a hardline stance against the Dalai Lama and his supporters. Therefore, the Dalai Lama naming a new spiritual leader, especially one from a region that has a history of tension with China, could be seen as a provocative move by the Chinese government.
In 1995, when the Panchen Lama was appointed as the second-most significant Buddhist leader by the Dalai Lama, the Chinese officials quickly detained the child and replaced him with one of their own candidates.
The Buddhist community is concerned that a similar incident might take place following the present Dalai Lama's death.
The current Dalai Lama, Tenzin Gyatso, who was born in 1935 and was recognized as the 14th Dalai Lama at the age of two, fled Tibet in 1959 after a failed uprising against Chinese authorities.
The Dalai Lama is not only a spiritual but also an important political figure, as he was the head of the Tibetan government in exile until 2011 when he relinquished his political authority to an elected leader.
He has been a vocal advocate for the preservation of Tibetan culture and autonomy and has faced political opposition from the Chinese government, which views him as a separatist and a threat to Chinese sovereignty.
In case there is another Dalai Lama chosen by Chinese authorities in the future, besides the one chosen in a “free country”, the chances of people respecting and trusting the latter are slim to none, said the Dalai Lama following the ceremony.
“So that is an additional problem for the Chinese! It’s possible, it can happen,” he added.
Who is the Dalai Lama?
The Dalai Lama is the spiritual leader of Tibetan Buddhism, which is a form of Mahayana Buddhism that originated in Tibet. The title "Dalai Lama" means "ocean of wisdom" and is given to the person who is considered to be the reincarnation of the previous Dalai Lama.
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Mongolia's Democratic Party Elects Gantumur as New Leader with Focus on 2024 Elections www.mongoliaweekly.org

Mongolia's opposition Democratic Party (DP) has elected Luvsannyamyn Gantumur, a former Education Minister and member of the centrist faction, as its new Chairman. The selection process involved extensive internal dialogue and negotiations to reconcile the party's divisions.
Gantumur, a veteran of government and civil society, has pledged to prioritize electoral reform and restore democracy in the country through fair and transparent processes. He is expected to lead the party towards a more moderate, liberal stance and focus on a liberal agenda for the 2024 election in Mongolia.
Fluent in Japanese and educated in Japan, Gantumur also aims to improve Mongolia's relations with Tokyo.
However, Gantumur's selection was not without controversy. His main rival, former Finance Minister Sangajavyn Bayartsogt, was seen as representing big business interests and had ties to multinational corporations. There were also concerns raised about his purported Chinese origin.
In addition, the right-wing faction led by former President Khaltmaagiin Battulga boycotted the leadership contest, leading to rumors that Battulga may split and form a new right-wing political party or alliance based on his motto "Mongols Win."
Former DP leader Erdene called the leadership contest illegal, but the Supreme Court accepted the voting outcome and registered Gantumur as the new opposition leader.
The DP is a center-right political party formed in 2000 from the merger of five pro-democratic political parties. In the 2020 elections, the DP won only 11 seats out of 76 parliamentary seats, despite enjoying the support of almost one-fourth of the voters.
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GS25 opens its store in the State Palace of Mongolia www.news.mn

Korean convenience store chain GS25 opened its outlet in the first floor of the State Palace of Mongolia.
GS25 entered the Mongolian market in May 2021, opening three stores in Ulaanbaatar. It plans to operate 500 branches in the country by 2025.
The parliament palace holds regularly public events, such as meetings, conferences, meetings of standing committees, receptions of foreign representatives. Therefore, catering services should be good. Old restaurants and coffee shops operating in the State Palace complex was closed on December 31, 2022. Therefore, Cabinet Secretariat of Government of Mongolia announced a public tender offer for food and commercial services in the palace.
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Mongolia to ban on washing vehicles with clean water www.news.mn

On the World Water Day falling on Wednesday, Mongolia emphasized the importance of fresh water, urging the public to conserve water as much as possible.
According to Mongolian Ministry of Environment and Tourism, the country will soon impose a ban on washing vehicles with clean water.
On average, cars are washed with 2,000,000 liters of clean water per day in Mongolia.
A national conference on water called “Blue Gold” initiated by Mongolian President is underway from Monday to Friday, discussing water resources of the country and pressing issues in the water sector.
As of 2022, about 77 percent of the country’s total territory has been somehow affected by desertification and land degradation, and more than 360 rivers, streams, lakes and springs in the country have dried up.
 
 
 
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Center for Mongolian Studies Founded in Estonia www.montsame.mn

The Center for Mongolian Studies opened in the Eastern Studies Department of the University of Tartu, which is the oldest and most prestigious university in the Republic of Estonia on March 24.
The opening ceremony was attended by Ambassador T. Janabazar, Rector of the University of Tartu Toomas Asser, Honorary Consul of Mongolia in Estonia Leizi Karindi, Chairman of the National Council for Mongolian Studies; Dean of the School of Arts and Sciences at the National University of Mongolia D. Zayabaatar, and President of the International Association for Mongol Studies Agnes Birtalan.
Ambassador T. Janabazar handed over 100 books and research materials, donated by the Ministry of Foreign Affairs of Mongolia, to the Head of the Center for Mongolian Studies Alevtina Solovyova, and pledged to support and closely cooperate with the Center.
During the opening ceremony, an international Multidisciplinary Conference – “The Mongols: Tradition and Modernity” was held at the Senate Hall, University of Tartu on March 24-26. The conference was dedicated to Mongolian communities and their neighbors facing global and local challenges: strategies, responses, and perspectives.
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THE WEBINAR FOR EXHIBITORS OF MONGOLIA www.mongolianbusinessdatabase.com

"Start your business in Japan at Fashion World Tokyo" 14.00-15.00 April 06.2023 Host: RX Japan
MBD, the Country representative of RX Global is going to host Mongolian exhibitors to 14th “Fashion World Tokyo”, Japan’s LARGEST International trade show in Oct this year
Japan’s LARGEST International trade show, the “Fashion World Tokyo” autumn expo is going to be held at the Big Site Tokyo between 10-12 Oct, 2023 and its main organizer RX Japan is specifically invited Mongolian exhibitors to this brand show.
The exhibitors will have an opportunity to meet the distinguished international trading company representatives, buyers, agents and distributors who regularly attend annually for the B2B deal with more than 900 international exhibitors аnd in particularly Japanese leading trading firms, department stores and boutiques such as Мitsui, Marubeni, Ueni Trading, Mitsubishi, Onward, Yagi Tsusno, Itochu, Toyota Tsusho, Sanyei, Sumitomo, Sojits, Isetan Mitsukoshi, Hankyu Nanshin, Lumine, Takashimaya, Sogo & Seibu, Odakyu, Daimaru, Parco,Tokyu, Keio,Marui, Tobu, Beams, Ships, United Arrows, Nano Universe, Urban Research, Issey Miyake, Sazaby League, Baycrew’s.
The expo will include “Sustainable Fashion, “Fashion Sourcing”, “Textile”, “Fashion Digital Transformation”, “Japan Fashion” and “International Optical Fair” shows.
Japan is the world’s 3rd largest fashion market №1 in upper-middle price ranged market!
Please contact RX Global’s Country Representative office MBD (Mongolian Business Database) for the inquiries. Tel: 976 99066062 and email: contact@mongolianbusinessdatabase.com
(RX Global www.rxglobal.com is UK based international organization which runs over 400 events covering 43 sectors in 22 countries, in-person and online.)
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Twin Memory Athletes Win Super Brain Show www.montsame.mn

“Super-Brain” is one of the biggest memory contests in the world and the most popular TV show in China. Twin memory athletes of Mongolia N. Munkhshur and N. Enkhshur, who are Guinness World Record holders and World Champions accepted the invitation to participate in The Brain (Super Brain) to compete with two Chinese memory athletes.
Specifically, the Athletes are Cheng Zhi Qiang, alias "Brain King," and Xu Yangran, Champion of China Memory Championship – 2022. They have previously defeated many foreign teams, including Germany, Italy, Great Britain, South Korea, and Sweden.
The "Super Brain" show was broadcast on Jiangsu TV on March 24, 2023.
The athletes performed a task, which was memorizing palm prints. The Chinese athletes made a mistake at the end of the competition, and N. Munkhshur and N. Enkhshur were able to get full points and beat China with a score of 5-6.
Currently, N. Munkhshur and N. Enkhshur are studying at Peking University, China.
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E-business platform to obtain 230 permits be opened on April 6 www.gogo.mn

N.Uchral, the Minister of Digital Development and Communications, gave the following information.
- Let's announce the transparent index every month when conducting external evaluations that meet the criteria because the government has decided and there is a part-time council that the government has already decided. Furthermore, the organizations that have made their information transparent will be presented to the government by differentiating them by color.
We consider that external evaluation of disclosed information should be carried out by professionals and NGOs, and an arbitral monitoring council should be established. The council will include representatives of journalists, civil society organizations, professional experts, scientists, and researchers. As a result, we can completely solve the problems related to corruption in today's society.
Citizens will cooperate and create a system that controls the government. Every month, the Ministry of Digital Development and Communications will announce the transparent index.
In the framework, preparations to open a platform called e-business, which provides conditions for obtaining 230 permits electronically, on April 6 are under progress.
- The issue of child allowance has been discussed during the cabinet meeting, and the information on six funds was identified with differences. And we are working to resolve this information discrepancy. Also, we are spending time to ensure the coordination between the common databases to intensify digitalization. 138 laws to be released from the regulatory lock are being prepared for submission in this spring session. By doing this, digitalization will be open to citizens.
 
 
 
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India’s important role in the development of democracy and many institutions in Mongolia www.india.postsen.com

India’s Buddhism and its philosophy have an indelible contribution to the establishment of a democratic Mongolia. Ambassador of Mongolia to India Dambajavin Gambold was the chief guest of concluding session of the fifth edition of the three-day Bodh Gaya Dialogue on Sunday. Expressing his gratitude towards India, he said that the contribution of India’s Ambassador to Mongolia and renowned Buddhist scholar of Ladakh Kushok Lama in this mission is commendable. On the occasion of Buddha Purnima last year, the Minister of Government of India, Kiren Rijiju thanked for attending the celebrations in Mongolia.
He also recalled Prime Minister Narendra Modi gifting him a statue of Lord Buddha and his two disciples Sariputra and Moggalan during his visit to Mongolia in 2015. India’s contribution to the development of democracy, rule of law and various institutions in Mongolia is invaluable. Without the vision of India, we were unable to challenge the hegemony of the Mongols. He said that Mongolia will always be in the role of a partner with the Indira Gandhi International Center for the Arts and the Government of India at all levels to propagate the principles of Buddhism.
Presiding over the closing session of the dialogue, Prof. DC Choubey, in-charge of the Greater India Project of Indira Gandhi International Center for the Arts, said that the Central Government through the Ministry of Culture is committed to beautify the heritage of Bodh Gaya from the perspective of local stakeholders. He said that soon the Bodhgaya chapter of the Kala Kendra would take shape here with the help of the active Deshkal Society, for which the Center’s President Ram Bahadur Rai and Secretary Sachchidanand Joshi have given their consent.
In another important session, there was a discussion on Buddha and his teachings, which was presided over by Vinodanand Jha, former Director of Education, Government of Bihar. He said that Lord Buddha was the greatest teacher and emphasized on active participation of students in education. Buddhist associations are living examples of this. In the session, Dr. Ravikant, Dean of South Bihar Central University, also threw light on various dimensions of learning outcome and talked about adopting the importance of the subject of localism. DIET Nalanda Lecturer Nirmala, Dr. Rahul Kumar, academic representatives were present in the session.
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