Mongolia's foreign exchange (forex) reserves have exceeded 4 billion U.S. dollars again, Minister of Economy and Development Chimed Khurelbaatar said Tuesday.

The country's forex reserves stood at 4.124 billion dollars at the end of September, the third straight monthly rise.

Due to the deepening of a current account deficit caused by external and internal economic conditions, the country's forex reserves had shrunk to 2.695 billion dollars at the end of August 2022, hitting the lowest level since 2017, according to the country's central bank.

The country's forex reserves hit an all-time high of 4.892 billion dollars at the end of April 2021.

Chinese authorities have banned a Mongolian theatre production by shutting down the power to the Ulaan Theatre in Hohhot, in China's northern region of Inner Mongolia, where the production was due to be staged.

In addition to shutting down the power, Chinese authorities also blocked 130 production staff from entering the theatre and put the cast under constant surveillance.

Thousands of theatergoers who had purchased tickets to the performance were sent away without any valid reason for doing so. All this played out just 30 minutes before the first performance was set to begin.

The production, titled "The Mongol Khan," is scheduled to open at the London Coliseum next month. The latest ban is part of a growing trend of cultural suppression by the Chinese government.

In recent years, Beijing has cracked down on Mongolian language, culture, and history. This is being done by China in an effort to assimilate the dwindling Mongolian population into the Han Chinese majority.

Beijing's crackdown on Mongolian culture

The Chinese government carries out these acts under the garb of promoting "national unity". But in reality, all that it is trying to seek with the imposition of such bans is to simply trying to erase Mongolian culture and identity.

Ulaanbaatar has been careful to manage its relationship with its superpower neighbour and largest trading partner. The director of "The Mongol Khan," Hero Baatar, has said that he is determined to bring the production to London, despite the the pushback in China.

Mongolian artists and cultural workers have often voiced their concerns and are fighting to preserve their culture.

“The production team of 130 members, including six British nationals, were expelled from the theatre building where £2 million [$3.8 million] worth of set and technical equipment was set up,” the Mongol Khan spokeswoman said adding, “The production team was also banned from wearing traditional Mongolian dress in public.”

Inner Mongolia is an autonomous region in northern China. It borders Mongolia to the north and west. Beijing claims to have improved the region's living and educational standards. Being one of the most populous regions in China, it has experienced double-digit economic growth for the majority of the last two decades.

Mongolia-China relations are marred due to their shared historical background. Genghis Khan, the Mongol leader, conquered Beijing in 1215.

Activists in May asserted Lhamjab Borjigin, a well-known Inner Mongolian author, was deported to China after being captured by Chinese authorities while residing in Ulaanbaatar, the capital of Mongolia. Herders in the Zaruud area were struck by vehicles in June while attempting to stop a Chinese business from occupying their pastures.

Then, in September, it was mandated that all Inner Mongolian schools teaching in Mongolian switch to teaching in Chinese.

At the regular Cabinet Meeting held today Prime Minister Oyun-Erdene Luvsannamsrai ordered to intensify the "Five W" operation to fight corruption in the capital city and pledged that the Government will give all-round support for the fight against corruption in the capital.

The Prime Minister of Mongolia tasked the members of the government and the authorities of ministries and agencies to take actions in the following directions within the plan to solve the problems of the capital in a comprehensive way.

It includes:

1. To intensify the 5 W Operation in the capital and conduct a broad inspection

2. To clarify the legal framework of the capital

3. To make complete structural reforms

4. To update the standard of quality of life in the capital

5. To rectify unplanned land allocation and urban development

Within this goal, the Premier introduced the political decision to appoint Minister of Justice and Internal Affairs Nyambaatar Khishgee as the Governor of the Capital City and the Mayor of Ulaanbaatar.

"The Government will pay special attention to solving the problems that have arisen in the capital," said Chief Cabinet Secretary Amarbayasgalan Dashzegve, Minister of Mongolia and Chairman of the Government of Mongolia.

D.Amarbayasgalan, Chief Cabinet Secretary of Mongolia, reports the decision of today’s cabinet meeting.

- A decision to appoint Kh.Nyambaatar, Minister of Justice, as Governor of the Capital City has been made. The Prime Minister instructed the newly appointed Governor to take steps to solve the problem of traffic jams and reduce air pollution.

Kh.Nyambaatar will perform the duty of the Governor of the Capital city alone after refusing the positions of the Minister of Justice and the Parliament Member. The cabinet made a decision to create the conditions for working as a plenipotentiary.

A board meeting of Mongolian People’s Party will be held today. During the meeting, the issue of nomination for the mayor will be discussed as presented by the Prime Minister. Also, within the framework of authority, the Prime Minister will present names of candidates to be appointed to the positions of the Minister of Justice and Chair of the National Committee on Reducing Traffic Congestion in Ulaanbaatar.

Kh.Nyambaatar will work hard to make major structural reforms to the city, and to create a friendlier environment for the residents of the city.

- Shall D.Sumiyabazar, former Mayor, be left without any charges?

- D.Sumiyabazar explained that he is resigning from his job under ethical responsibility. He clearly expressed his ethical responsibility because of procedural errors in the organization of public transport park reform. There is nothing related to corruption or official crime.

Recently, the citizens are frustrated that 600 buses ordered from South Korea were old. "Zyle Daewoo bus" company director, the manufacturer of the bus, arrived in Mongolia today and gave an explanation from the office of Tenuun-Ogoo LLC.

A.Gankhuyag, executive director of "Tenuun-Ogoo" LLC:

Our company has been working in the field of public transport for 22 years. We have never received any bidding from the state. And we chose Daewoo buses, considering them as the most suitable for our situation for the park renewal of the public transport sector.

We also accept manufacturing errors. Thus, we have submitted a requirement about recalling the buses that don’t meet requirements.

The reason why Daewoo bus was chosen is that Mongolia received 400 buses in 2009, and they have been operating in Mongolia's public transport for 14 years.

Each bus is purchased by MNT 336 million with a 30% discount, and USD 9,800 is transportation cost from the factory in Vietnam to Mongolia.

Next Monday, I will go to the Independent Authority Against Corruption and Police Station, and will have the financial information of the company’s account checked.

I am sure that buses are not old, and agree that there are defects in painting.

The vice president of "Zyle Daewoo bus" company said:

The Daewoo Group of South Korea is apologizing to the government and people of Mongolia. On the way I arrived here, I saw an old Daewoo bus driving by. In 2014, I myself signed a contract with Mongolia to purchase 400 buses.

The bus manufacturing suffered during the pandemic. After the pandemic, contracts were signed with Qatar, Saudi Arabia, Qatar, Sudan, Iraq, and Mongolia for the supply of BS-106 buses.

Later, the United Arab Emirates bought buses from our factory and then ordered 100 more buses. Also, 5000 of our buses are operating in Russia.

Due to tight order from Mongolia, we admit that we made a small mistake with the painting. But this is not a big mistake.

There was bad news about the bankruptcy of Daewoo. Our company has not gone bankrupt and is still producing and assembling buses. If you want, you can visit our factories in Korea and Vietnam. We are open.

There was another false information that the plate number was issued 30 years ago. Our company obtains the VIN number according to the law of South Korea.

Also, I was very surprised when I read about the purchase of old buses. Our company continues to produce the square model bus released in 2012 due to its durability. Also, It is considered a more classic style.

The reason why our company is still in production today is because we maintain our quality and constantly improve it. Other companies may prefer their designs. Although it looks old, people will understand its quality after 4-5 years.

It is false information that black smoke was emitted from the new bus. A new bus may emit black smoke at first. This is related to the quality of Mongolian diesel fuel. It is guaranteed that in the long run, black smoke will stop.

We made a mistake due to pressure from the Government of Mongolia and director A.Gankhuyag. According to the contract, we will recall the buses with defects and correct the mistakes. Misinformation about our manufacture will be taken to the court through the embassy.

- Why did you supply such poor quality buses to Mongolia? Are you disrespecting Mongolia?

- I respect Mongolia. We will never deliberately insult Mongolia. It is true that this time he made a mistake due to pressure. The contract reflects a recall if there is a quality defect. Therefore, the contract will be adhered to and the buses will be recalled.

- It is said that among the shareholders of Tenuun-Ogoo company include politicians such as Z.Enkhbold. Is it true? Did you bribe D.Sumyabazar, the Mayor, and J.Sukhbaatar?

- A.Gankhuyag: Our company has 4 shareholders and was established in 2006. There are no politicians as shareholders.

- Did the Korean director himself see the buses that arrived in Mongolia?

- I checked some buses. Tomorrow, I will check all of them.

- How much payment is transferred as of today?

-A.Gankhuyag: USD 16.8 million, which is 30 percent of the payment for 600 buses, has been transferred. Payment will be transferred according to performance.

Minister of Energy B.Choijilsuren answered journalists’ questions about energy tariffs on October 2. He said, “For many years, we talked about bringing the price of energy in line with market principles and bringing it to the real cost. If the income of the economy, citizens, and enterprises stabilizes in the first half of next year, we will talk about increasing the price of electricity. Otherwise, the loss of the energy sector this year is estimated to be about 200 billion MNT. So, we have no choice but to increase the price of energy. However, we are wary of making such a decision when the income is not stable after the world economy is shaken due to the pandemic and the Russia-Ukraine war.”

The minister also stated, “Mongolia’s energy consumption has exceeded the installed capacity for a long time. This problem cannot be solved in one year. But this winter may be a bit calmer. We are working to install a battery storage system with a capacity of 80 MW at the Songino substation in late November or early December. In the Dornod Power Plant, 50 MW of power will be added. Compared to last year, the consumption will increase by six to seven percent, so it will meet the previous year’s level. The first round of Buuruljuut Power Plant’s 150 MW will be installed in Q4, 2024. We plan to put the next 150 MW block into operation in Q1 and Q2, 2025. In this case, it means that we will have some energy reserves from 2025.”

The operating loss of the energy sector was 45.1 billion MNT in 2010, 18.9 billion MNT in 2015, 88.1 billion MNT in 2020, and 187.3 billion MNT in 2022. Some media reported that Russia may stop supplying energy to Mongolia and other countries from this month or may reduce the amount. When asked, the Minister said, “There was no discussion about stopping the supply of energy to us.”

The World Bank held a presentation for its estimation for East Asia and Pacific (EAP) countries and showed the GDP growth forecast for Mongolia, which was lowered by 0.1 percent from April projections. World Bank also lowered the economic growth projection for 2024 to 6.1 percent.

The report stated that Mongolia, by the end of 2022, had exceeded pre-pandemic levels of output. The outlook for consumption in China is also subject to downside risks. Mongolia is especially exposed to China as a destination for exports of construction materials. Impact on annualized GDP growth in 2024 from a consumption slowdown in China to Mongolia has about negative 0.3 percent. In addition, impact on annualized GDP growth next year from weaker residential investment in China to Mongolia is around negative 0.15 percent.

Increased government spending in the last decade was not matched by higher revenues and government spending as a share of GDP in EAP countries has, on average, been increasing. The interest payment burden has been increasing across the region as interest rates rise and is significant in Mongolia.

Policy priorities differ across EAP economies. In Mongolia, governance of banks and independence of the Mongol bank need to be strengthened as supervision transitions from a compliance-based to a risk-based approach.

As for regional outlook, the World Bank dropped its outlook for developing economies in EAP next year, because of slow economy in China. The bank expects 2024 regional GDP growth as 4.5 percent, compared to the 4.8 percent in April. The bank also mentioned that improving external conditions can lead to 4.7 percent without China next year. If China continues to face persistent domestic difficulties, it will affect the regional outlook, limiting its growth to 4.4 percent in 2024. They also said that potential risks such as international tensions and natural disasters, can further worsen the regional economic situation.

Minister of Road Transport Development of Mongolia Byambatsogt Sandag and Minister of Transport of China Li Xiaopeng held a meeting and signed a protocol of negotiations on road transport between the governments of the two countries.

Mongolian carriers will be able to transport goods within and from the territory of China to third countries using cars registered in Mongolia. Vehicles with a capacity of more than 8 passengers will be able to carry out customized tourist transportation to Beijing, Tianjin, Hohhot and other cities.

Mongolian carriers have the opportunity to transport goods by road from the seaport or to the seaport through Chinese territory.

In particular, transportation will be carried out to European countries through the territory of China, Kazakhstan and Kyrgyzstan. The transportation distance from Kazakhstan, Kyrgyzstan and Uzbekistan to Mongolia will be reduced by approximately 1,200-1,500 km, and delivery costs and prices for consumer goods may decrease.

In a riveting display of skill and strategy, the Chinese Dota 2 team has advanced to the grand finals of the Asian Games Dota 2 Championships after a hard-fought victory over Malaysia in the semifinals, sealing their place in the championship match and securing a silver. This Chinese powerhouse, composed primarily of former PSG LGD Gaming members, has proven to be a formidable force in the Dota 2 professional scene, consistently achieving top 5 placements in multiple The International (TI) championships over the years.

China's Star Studded Dota 2 Roster guaranteed a medal

The Chinese Dota 2 team boasts a star-studded roster, featuring renowned players from the world of Dota 2:

Wang "Ame" Chunyu

Lu "Somnus" Yao

Yang "Chalice" Shenyi

Zhao "XinQ" Zixing

Yu "皮球" Yajun

Xiong "Pyw" Jiahan (Substitute)

Zhang "LaNm" Zhicheng (Coach)

The Malaysian team, highly favored and brimming with potential, fell short in a thrilling three-game series against the Chinese juggernaut.

Game 1 saw Cheng "NothingToSay" Jin Xiang put the Malaysian team on his back as Tinker and pulled off some ridiculous plays to pull of a stunning victory. But China struck back strong in Game 2 and Game 3 with Ame and XinQ proving that they have no rust, despite their absence from the pro scene for around a year. The Chinese secured a 2-1 victory and moved on to the Grand Finals.

Team China will square off against Team Mongolia, whose entire roster hails from IHC Esports, promising an intense showdown for the championship title. The Mongolian roster includes:

Altanginj "423" Bilguun

Sukhbat "sanctity" Otgondavaa

MunkhErdene "11" Battsooj

Batbayasgalan "Ace12" Narankhand

Tugstur "Se" Dashzevge

SparCo* (Coach)

Third Place Match Will See Malaysia go up Against Kyrgyzstan

As a result, Malaysia will now compete against Kyrgyzstan for the bronze medal.

Malaysia's Dota roster includes the following players:

Daniel "Ghost" Chan

Cheng "NothingToSay" Jin Xiang

Thiay "JT" Jun Wen

Ng "YamateH" Wei Poong

Yap "xNova" Jian Wei

Chai "Mushi" Yee Fung (Coach)

Gamebred (Coach)

Meanwhile, Kyrgyzstan's Dota roster comprises the following players:

Kyial "dream`" Tayirov

hina

Bektur "Max" Kulov

Baqyt "Zayac" Emiljanov

awe

Justvik (Coach)

Where to Watch?

Dota 2 enthusiasts and fans can tune in to the live broadcast of the third-place match, scheduled for October 2, 2023, at 14:00 CST, and the highly anticipated grand finals, set to kick off on the same day at 19:00 CST. The clash of titans between China and Mongolia promises to be a spectacle for esports aficionados worldwide, as both teams vie for glory in the Asian Games Dota 2 Championships.