Southeast Asia economics thread.


Strangelove

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China and Indonesia to jointly push for major landmark projects on transportation, vaccine: FM

By Global Times Published: Jul 11, 2022 06:14 AM

China Indonesia Photo:VCG

China Indonesia Photo:VCG


China and Indonesia will jointly accelerate cooperation on several major landmark infrastructure projects under the Belt and Road Initiative (BRI), including the Jakarta-Bandung High-Speed Railway and the "Two Countries, Twin Parks," as agreed by both sides at the Second Meeting of the China-Indonesia High-level Dialogue Cooperation Mechanism in Indonesia on Saturday.

Co-hosted by the Chinese State Councilor and Foreign Minister, Wang Yi, and Indonesia's Coordinator for Cooperation with China and Coordinating Minister, Luhut Binsar Pandjaitan, the meeting addressed some of the most concerning world issues, such as food safety, and extended the needs for further strengthening cooperation between China and Indonesia over infrastructure, supply and value chain integration and boosting the world economic recovery. The Indonesian Foreign Minister Retno Marsudi also attended the meeting.

China-ASEAN trade volume hit a new record in 2021 as ASEAN's largest trading partner for 13 consecutive years. Meanwhile, the increase in trade volume between China and Indonesia ranked first among ASEAN countries, up a significant 58 percent year-on-year.

During Saturday's meeting, both sides extended their satisfaction with the fruitful results in bilateral economic and trade cooperation, especially the increase in trade, while pledging to continue to promote more balanced and high-quality development of economic and trade cooperation.

The two sides will speed up the cooperation in landmark BRI projects such as the Jakarta-Bandung High-Speed Railway and the "Two Countries, Twin Parks."

This came just two weeks since the No.1 Casting Yard of the Jakarta-Bandung High-Speed Railway completed the erection of 1,018 box girders on July 27, laying a solid foundation for the completion of the railway project in June 2023, Xinhua News Agency reported.

Anti-epidemic cooperation will also be strengthened. At the meeting, Wang said that China supports Indonesia in building a regional vaccine center and is willing to help Indonesia increase its vaccine production capacity and promote the joint construction of a joint research center for vaccines and genes.

Other cooperation areas will also be expanded and strengthened, such as digital economy green development, agriculture, poverty reduction, and food security.
 

Strangelove

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China, Myanmar ‘steadily’ expand use of yuan in bilateral trade despite ‘setbacks’: source

Settlements carried out as planned despite ‘small setbacks’: source

By GT staff reporters Published: Jul 11, 2022 10:29 PM

rmb File photo:VCG

rmb File photo:VCG


Yuan-denominated settlement in China-Myanmar border trade hit over 500 million yuan ($74.44 million) in the first half of 2022 despite the closure of most border ports in the first three months due to epidemic prevention and control and other "small setbacks," marking a significant achievement since the Myanmar government accepted yuan as an official settlement currency for border trade in December, the Global Times learned.

The transaction volume, which is also in line with a plan that sets the initial target at 2 billion yuan, marks an important step in the yuan's internationalization among ASEAN members, which, analysts said, is facilitated by booming bilateral trade and a growing desire of developing economies to include the yuan to enrich their foreign exchange reserves.

"We stay in tandem with yuan's settlement plans laid out in December despite certain small setbacks, and are steadily expanding the use of the yuan in bilateral trade," a source close to the matter told the Global Times on the condition of anonymity on Monday, adding that 500 million yuan in border trade settlement with Myanmar is a "remarkable achievement."

The Myanmar government accepted the yuan as an official settlement currency for border trade with China - its biggest trading partner and its largest source of foreign investment in December last year. The Global Times reported earlier that the estimated settlement scale in the pilot phase is about 2 billion yuan, which is equivalent to about 30 percent of the value of bilateral border trade via inland routes.

"Our plans to push forward the yuan's settlement in 'big trade' are being carried out as scheduled. Currently, certain exports of seafood and agricultural products to China have been settled in yuan, and relevant banks submit such transactions to Myanmar's central bank case by case," the source said.

"Big trade" refers mainly to containerships carrying big commodities, marine products, machines and equipment.

On July 3, trade and commerce authorities from Myanmar informed the trading zone in Muse, one of Myanmar's main border trade points with China that payments settled in yuan should be switched back to dollars, according to a report on a Chinese-language website in Myanmar.

The source confirmed the news with the Global Times, saying that he has been informed although "has not received a formal notice," adding that the withdrawal of yuan-denominated settlement for certain border trading could only be seen as a small "setback," and would not affect the overall trend.

"The decision mainly aims to increase Myanmar's dollar foreign reserves. But the real impact on Myanmar trade is limited, as most border trade transactions are not processed through financial institutions and banks but through other forms," the source said.

According to the source, the order is applicable to local enterprises but not to financial institutions, which also gives leeway for banks to still settle the border trade in yuan.

Processing settlements in yuan is deemed as an important tool to address Myanmar's chronic shortages of foreign exchange reserves. A spokesperson for the Myanmar branch of Industrial and Commercial Bank of China (ICBC) told the Global Times that the successful expansion of yuan settlement in bilateral trade will help trade companies mitigate exchange losses and inject new dynamics into the virus-hit border trade.

ICBC completed the first yuan-denominated border trade in Myanmar on December 20. ICBC's Yangon branch said that as of June 22, the bank's yuan business has crossed 1 billion yuan and covers more than 90 percent of the yuan-denominated border trade settlement services between China and Myanmar.

More than 40 key enterprises participated in the Belt and Road Initiative in Myanmar have opened yuan accounts with the bank and based on these accounts, commercial banks can provide yuan deposits and loans to these enterprises, the bank said.

The cross-border yuan settlement trial between China and Myanmar is expected to have a demonstration effect and will help expand the scope of yuan settlement in border trade in other neighboring countries, Zhou Rong, a senior researcher at the Chongyang Institute for Financial Studies at Renmin University of China, told the Global Times, adding that there is high demand in Myanmar for trading with China.

The yuan's internationalization comes amid ever-closer economic and trade ties between China and ASEAN as well as rapid regional economic integration and connectivity under the Mekong-Lancang Cooperation (MLC) economic framework.

In 2021, trade between China and countries along the Mekong River reached $398 billion, up 23 percent year-on-year. Since it opened, the China-Laos railway has transported more than 800,000 tons of cross-border cargo of more than 100 types. The MLC special fund has supported more than 600 projects, including solar photovoltaic, the breeding of superior varieties of oil tea and the production of coffee, as the MLC makes important contributions to economic recovery and improvement of people's livelihood among the six Mekong-Lancang countries.

In a meeting between Chinese State Councilor and Foreign Minister Wang Yi and Myanmar's Foreign Minister U Wunna Maung Lwin on July 3, China and Myanmar agreed to speed up the construction of the China-Myanmar Economic Corridor (CMEC), implement well the cross-border power grid agreement, guarantee the operation of China-Myanmar oil and gas pipelines, explore the "CMEC plus" cooperation at a proper time, and elevate the level of bilateral trade and commercial cooperation.
 

Strangelove

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Widodo starts China trip, to focus on trade, mutual coordination on regional affairs

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Published: Jul 26, 2022 12:00 AM

China Indonesia Photo:VCG

China Indonesia Photo:VCG

With President Joko Widodo of the Republic of Indonesia being the first foreign leader to visit China since the Winter Olympics in February this year, the ties between China and Indonesia are set to witness an all-round upgrade after his visit, Chinese observers said on Monday. They noted that both sides are not only eyeing to uplift cooperation on trade and infrastructure, but also inching toward cooperation on building "a community with a shared future for mankind" and upholding multilateralism and fair development for international community.

Observers also said that China has always appreciated Indonesia's determination to stand up against hegemony and to stick to a non-alignment approach. They believe Indonesia's stance and devoted efforts in promoting fair global development will not only win China's support in the upcoming G20 summit, but will also help the country, as well as the whole ASEAN, to choose what is best for them, excluding the US-made cacophony of a so-called China threat.

Lu Kang, Chinese Ambassador to Indonesia, posted on Twitter on Monday afternoon that Widodo started his trip to China.

At the invitation of Chinese President Xi Jinping, Widodo was scheduled to visit China from Monday to Tuesday, Chinese Foreign Ministry spokesperson Hua Chunying announced on Thursday.

During Widodo's visit, Xi will hold talks with him, and Chinese Premier Li Keqiang will also meet with the Indonesian president, Hua said.

When asked about Widodo's detailed schedule in China, Zhao Lijian, spokesperson of Ministry of Foreign Affairs, said at a routine briefing on Monday "it's the first high-level visit we're going to receive after the Beijing Olympic Winter Games, and I would like to say that we have gained useful experience during the Olympics."

Zhao said that China will do its utmost to guarantee a safe and successful visit through effective virus prevention work.

China is the first leg of Widodo's three-country tour of Asia. After Beijing, the Indonesian president will also visit Japan and South Korea for talks with their respective leaders, Indonesian media Jakarta Globe reported.

Being the first foreign head of state to visit China since the Beijing Olympic Winter Games in February, Widodo's visit is seen by experts as symbolizing the significance of bilateral ties between China and ASEAN members.

Indonesian Foreign Minister Retno Marsudi said the focus of the Indonesian president's upcoming visits to China, Japan and South Korea "is to strengthen economic cooperation, especially in trade and investment," Jakarta Globe reported on July 21.

Chinese experts also anticipated trade will top Widodo's agenda during his visit in China. Xu Liping, a research fellow on Southeast Asian studies at the Chinese Academy of Social Sciences in Beijing, told the Global Times on Monday that during his term, Widodo has been looking forward to attracting foreign investment and expanding trade. Also during his term, the trade volume between China and Indonesia doubled, which is a marvelous achievement, said Xu.

Statistics show that the bilateral trade volume between Indonesia and China reached more than $120 billion in 2021, an increase of 58.6 percent compared with the same period last year, despite the onslaught of COVID-19, and the rate of increase tops that of other ASEAN members.

When meeting with visiting Chinese State Councilor and Foreign Minister Wang Yi in Jakarta on July 11, both Widodo and Wang agreed to accelerate cooperation on major landmark projects such as the Jakarta-Bandung High Speed Railway, the regional comprehensive economic corridor and some industrial parks.

Indonesia has obtained massive achievements under the China-proposed Belt and Road Initiative, and it is in the country that the 21st Century Maritime Silk Road was proposed, said Xu. He noted that China may seek to renew the memorandum of pushing forward the initiative and Indonesia's construction of Global Maritime Fulcrum during Widodo's visit.

According to observers, the cooperation between China and Indonesia goes beyond just trade and specific projects and it is diverse and wide-ranging.

Xu said that China has already set up a perfect example of building "a community with a shared future for mankind" with Laos and Cambodia, if state leaders of China and Indonesia can reach a consensus with the same aim, it will be a huge breakthrough.

Experts also hailed Indonesia as a partner standing with China in upholding multilateralism and promoting fair global development.

The 17th G20 Heads of State and Government Summit will take place in October 2022 in Bali, Indonesia. Under the Indonesian presidency, the G20 will focus on the theme of "Recover Together, Recover Stronger."

Xu said that as this year's G20 meeting focuses on economic recovery, Indonesia has also invited many developing countries to participate. "Thus it needs the support and coordination of China, and will rely on China to give a voice representing those developing countries, and to push for equitable growth," said Xu.

The expert also noted Indonesia wishes that the summit won't be overshadowed by the Russia-Ukraine crisis, as the West keeps hyping and blackening Russia's role in G20 talks due to the crisis. US President Joe Biden even called for Russia's removal from the G20 in March, according to the Reuters.

In a recent interview with China Central Television on Friday, Lu Kang said that Indonesia has been insisting that all members of G20 should participate equally, and no country has the power to decide which other countries can participate in the G20. China firmly supports Indonesia in this regard.

Xu noted that Indonesia, being an emerging economy and regional power, plays an important role in coordinating regional affairs, and Widodo's visit can enhance the coordination and cooperation between China and Indonesia, which in turn will help lift the international community out of the global economic downturn caused by COVID-19 and push for regional stability.

US cacophony

While the Indonesian president starts his China tour, the US keeps harping on the "China threat" cacophony in Indonesia. US Army General Mark Milley, chairman of the Joint Chiefs of Staff, said while visiting Indonesia on Sunday that the Chinese military "in the air and at sea, have become significantly more and noticeably more aggressive in this particular region."

In response, Zhao said the US total military expenditure ranks first in the world. On top of that, it has recently submitted a proposed Fiscal Year 2023 Budget request of about $813 billion for defense. The US runs more than 800 overseas military bases globally, and has only not waged wars for 16 years since it was founded.

"Who's been dispatching military vessels and aircraft abroad to flex its muscles? Who's been challenging regional peace, security and stability? And who is more aggressive? The facts speak for themselves," Zhao said.

On Tuesday, the US will host a virtual meeting of officials representing the 14 countries that have joined the Indo-Pacific Economic Framework, as Washington seeks to expand its engagement with Asia. The ministerial meeting will be hosted by US Trade Representative Katherine Tai and Commerce Secretary Gina Raimondo, their offices announced in a statement on Sunday.

The US's intention to rope in Indonesia to its side is evident, given the frequent visits of US officials to the Southeast Asian country by either the US vice president, secretary of state, defense minister or a visiting US general, Xu said.

Despite continuous US moves to woo Indonesia, the country has not been swayed; instead, the country insists on its national policy of being an independent country and taking no sides between China and the US so as to remain neutral.

Indonesia, as one of the advocates and initiators of non-aligned movement, could be seen as a pioneer of anti-imperialism. As one of the organizers of the 1955 Bandung Conference, where non-aligned and newly independent nations gathered to agree on a set of core principles in international relations, Indonesia spoke out against hegemony and declared the its ambition and determination to support the justice on the international stage as China did, Xu explained. "No matter how the US sow discord and create differences between Indonesia and China, Washington won't get anything out of it."
 

ansy1968

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Widodo starts China trip, to focus on trade, mutual coordination on regional affairs

By
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Published: Jul 26, 2022 12:00 AM

China Indonesia Photo:VCG

China Indonesia Photo:VCG

With President Joko Widodo of the Republic of Indonesia being the first foreign leader to visit China since the Winter Olympics in February this year, the ties between China and Indonesia are set to witness an all-round upgrade after his visit, Chinese observers said on Monday. They noted that both sides are not only eyeing to uplift cooperation on trade and infrastructure, but also inching toward cooperation on building "a community with a shared future for mankind" and upholding multilateralism and fair development for international community.

Observers also said that China has always appreciated Indonesia's determination to stand up against hegemony and to stick to a non-alignment approach. They believe Indonesia's stance and devoted efforts in promoting fair global development will not only win China's support in the upcoming G20 summit, but will also help the country, as well as the whole ASEAN, to choose what is best for them, excluding the US-made cacophony of a so-called China threat.

Lu Kang, Chinese Ambassador to Indonesia, posted on Twitter on Monday afternoon that Widodo started his trip to China.

At the invitation of Chinese President Xi Jinping, Widodo was scheduled to visit China from Monday to Tuesday, Chinese Foreign Ministry spokesperson Hua Chunying announced on Thursday.

During Widodo's visit, Xi will hold talks with him, and Chinese Premier Li Keqiang will also meet with the Indonesian president, Hua said.

When asked about Widodo's detailed schedule in China, Zhao Lijian, spokesperson of Ministry of Foreign Affairs, said at a routine briefing on Monday "it's the first high-level visit we're going to receive after the Beijing Olympic Winter Games, and I would like to say that we have gained useful experience during the Olympics."

Zhao said that China will do its utmost to guarantee a safe and successful visit through effective virus prevention work.

China is the first leg of Widodo's three-country tour of Asia. After Beijing, the Indonesian president will also visit Japan and South Korea for talks with their respective leaders, Indonesian media Jakarta Globe reported.

Being the first foreign head of state to visit China since the Beijing Olympic Winter Games in February, Widodo's visit is seen by experts as symbolizing the significance of bilateral ties between China and ASEAN members.

Indonesian Foreign Minister Retno Marsudi said the focus of the Indonesian president's upcoming visits to China, Japan and South Korea "is to strengthen economic cooperation, especially in trade and investment," Jakarta Globe reported on July 21.

Chinese experts also anticipated trade will top Widodo's agenda during his visit in China. Xu Liping, a research fellow on Southeast Asian studies at the Chinese Academy of Social Sciences in Beijing, told the Global Times on Monday that during his term, Widodo has been looking forward to attracting foreign investment and expanding trade. Also during his term, the trade volume between China and Indonesia doubled, which is a marvelous achievement, said Xu.

Statistics show that the bilateral trade volume between Indonesia and China reached more than $120 billion in 2021, an increase of 58.6 percent compared with the same period last year, despite the onslaught of COVID-19, and the rate of increase tops that of other ASEAN members.

When meeting with visiting Chinese State Councilor and Foreign Minister Wang Yi in Jakarta on July 11, both Widodo and Wang agreed to accelerate cooperation on major landmark projects such as the Jakarta-Bandung High Speed Railway, the regional comprehensive economic corridor and some industrial parks.

Indonesia has obtained massive achievements under the China-proposed Belt and Road Initiative, and it is in the country that the 21st Century Maritime Silk Road was proposed, said Xu. He noted that China may seek to renew the memorandum of pushing forward the initiative and Indonesia's construction of Global Maritime Fulcrum during Widodo's visit.

According to observers, the cooperation between China and Indonesia goes beyond just trade and specific projects and it is diverse and wide-ranging.

Xu said that China has already set up a perfect example of building "a community with a shared future for mankind" with Laos and Cambodia, if state leaders of China and Indonesia can reach a consensus with the same aim, it will be a huge breakthrough.

Experts also hailed Indonesia as a partner standing with China in upholding multilateralism and promoting fair global development.

The 17th G20 Heads of State and Government Summit will take place in October 2022 in Bali, Indonesia. Under the Indonesian presidency, the G20 will focus on the theme of "Recover Together, Recover Stronger."

Xu said that as this year's G20 meeting focuses on economic recovery, Indonesia has also invited many developing countries to participate. "Thus it needs the support and coordination of China, and will rely on China to give a voice representing those developing countries, and to push for equitable growth," said Xu.

The expert also noted Indonesia wishes that the summit won't be overshadowed by the Russia-Ukraine crisis, as the West keeps hyping and blackening Russia's role in G20 talks due to the crisis. US President Joe Biden even called for Russia's removal from the G20 in March, according to the Reuters.

In a recent interview with China Central Television on Friday, Lu Kang said that Indonesia has been insisting that all members of G20 should participate equally, and no country has the power to decide which other countries can participate in the G20. China firmly supports Indonesia in this regard.

Xu noted that Indonesia, being an emerging economy and regional power, plays an important role in coordinating regional affairs, and Widodo's visit can enhance the coordination and cooperation between China and Indonesia, which in turn will help lift the international community out of the global economic downturn caused by COVID-19 and push for regional stability.

US cacophony

While the Indonesian president starts his China tour, the US keeps harping on the "China threat" cacophony in Indonesia. US Army General Mark Milley, chairman of the Joint Chiefs of Staff, said while visiting Indonesia on Sunday that the Chinese military "in the air and at sea, have become significantly more and noticeably more aggressive in this particular region."

In response, Zhao said the US total military expenditure ranks first in the world. On top of that, it has recently submitted a proposed Fiscal Year 2023 Budget request of about $813 billion for defense. The US runs more than 800 overseas military bases globally, and has only not waged wars for 16 years since it was founded.

"Who's been dispatching military vessels and aircraft abroad to flex its muscles? Who's been challenging regional peace, security and stability? And who is more aggressive? The facts speak for themselves," Zhao said.

On Tuesday, the US will host a virtual meeting of officials representing the 14 countries that have joined the Indo-Pacific Economic Framework, as Washington seeks to expand its engagement with Asia. The ministerial meeting will be hosted by US Trade Representative Katherine Tai and Commerce Secretary Gina Raimondo, their offices announced in a statement on Sunday.

The US's intention to rope in Indonesia to its side is evident, given the frequent visits of US officials to the Southeast Asian country by either the US vice president, secretary of state, defense minister or a visiting US general, Xu said.

Despite continuous US moves to woo Indonesia, the country has not been swayed; instead, the country insists on its national policy of being an independent country and taking no sides between China and the US so as to remain neutral.

Indonesia, as one of the advocates and initiators of non-aligned movement, could be seen as a pioneer of anti-imperialism. As one of the organizers of the 1955 Bandung Conference, where non-aligned and newly independent nations gathered to agree on a set of core principles in international relations, Indonesia spoke out against hegemony and declared the its ambition and determination to support the justice on the international stage as China did, Xu explained. "No matter how the US sow discord and create differences between Indonesia and China, Washington won't get anything out of it."
@Strangelove IF Indonesia join how we named it BRICIS? when Turkey and Saudi Arabia decided to join then we can call it BRICITS.
 

Strangelove

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@Strangelove IF Indonesia join how we named it BRICIS? when Turkey and Saudi Arabia decided to join then we can call it BRICITS.

Better stick with BRICS Plus or something entire different, as more nations join, Argentina, Iran and Egypt are all likely to join.


Neutralizing Aukus/Australian aggression

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tphuang

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Xi needs to get off his butt to visit other countries. How does he expect to get some of these positive photo ops and deals done while he hides away in Beijing year round?

Indonesia is going to become a major power in the world. Time for china to lock them down as a partner.
 

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