Kamis, 23 September 2021
China says it opposes Taiwan's bid to join CPTPP trade pact - CNA
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2021-09-23 13:44:13Z
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Why the AUKUS, Quad and 'Five Eyes' pacts anger China - CNA
WHAT IS THE QUAD
It brings the US, Japan, India and Australia together in an informal alliance of democracies with shared economic and security interests that span the Pacific and Indian Oceans.
Formed to coordinate tsunami relief efforts, it lay dormant for years afterward until 2017, when it was revived under then-US President Donald Trump as his administration sought to challenge China from every angle.
Trump’s successor, Joe Biden, organised the first-ever gathering of the Quad leaders in March, at which they pledged to accelerate production of COVID-19 vaccines and distribute them across Asia.
Although their statement does not mention China, the talks came amid a flurry of US diplomacy designed to build a common approach to dealing with Beijing.
WHAT IS FIVE EYES
It is a decades-old intelligence-sharing arrangement among the US, the UK, Canada, Australia and New Zealand.
It is so good at keeping secrets that its existence was not publicly revealed until the mid-2000s.
It is not clear how much intelligence is shared, but most of whistle-blower Edward Snowden’s vast 2013 dump of classified US National Security Agency data, for instance, was marked FVEY, meaning it was available to other Five Eyes members.
Advocates say the collaboration was used to positive effect in the Afghanistan war as well as in counter-terrorism operations in the Philippines and East Africa. Snowden attacked it as unanswerable to democratic oversight by national governments.
Cracks emerged this year over China, when New Zealand distanced itself from moves to broaden the group’s remit and take positions on issues such as Beijing’s human rights record.
WHY SO MUCH FOCUS ON CHINA
Its rise has steadily become one of the biggest foreign policy challenges not just for the US, but for almost every Chinese neighbour and democracies around the world.
China’s rapid military development is a particularly acute threat to neighboring countries such as India and the Philippines, which have active maritime or border disputes. But it also threatens the US military presence that has underpinned Asia’s security architecture for decades.
Researchers at the University of Sydney, for example, warned last year that China’s growing missile arsenal could wipe out America’s bases in Asia during the “opening hours” of any conflict.
China’s global economic reach has also greatly expanded as state-owned companies buy up strategic assets such as ports around the world that could be harnessed in times of war.
Its statecraft - spearheaded by “wolf warrior” diplomats - has also grown more aggressive, particularly throughout the COVID-19 pandemic.
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2021-09-23 11:05:00Z
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Evergrande chairman seeks to soothe Chinese investors as payment looms - The Straits Times
BEIJING – The world’s most indebted developer Evergrande Group said it will prioritise its home buyers and retail investors as it faces payment on some of its offshore bonds on Thursday (Sept 23).
Investors and markets are watching closely to see how regulators in China will respond to the Chinese developer’s liquidity crisis.
Evergrande chairman and founder Hui Ka Yan stressed in an internal meeting late on Wednesday night the importance of resuming construction on its stalled projects, and to be responsible towards helping Chinese wealth investors redeem their products.
The comments by Mr Hui, also known in Mandarin as Mr Xu Jiayin, come as some US$83.5 million (S$113 million) in interest payments are due on Thursday for China’s No. 2 property developer on its March 2022 notes. A failure to pay will set off a 30-day clock before the bond defaults.
Evergrande has another US$47.5 million due next Wednesday for its March 2024 notes. Another 30-day countdown will start if Evergrande does not pay up as scheduled.
Analysts say a default on its bonds may be the final blow in Evergrande's fight to stay afloat as the embattled company, which had 1.97 trillion yuan (S$410 billion) in liabilities as at June 30, is likely to enter into debt restructuring.
"With time having run out for Evergrande, an imminent default followed by a long, painful restructuring is the most likely way forward," Dr Zafar Momin, an MBA lecturer at the Nanyang Business School, told The Straits Times.
BlackRock, UBS Group, HSBC Holdings and Ashmore Group, a London-based money manager that specialises in buying emerging-market debt, are among Evergrande's biggest debtors, according to Bloomberg.
Evergrande also reportedly missed interest payments to two of its largest bank creditors on Monday, even as it said on Wednesday that it would make a coupon payment on its domestic bonds due the following day.
It did not, however, specify how much of the 232 million yuan interest would be paid, or when.
Its statement to Shenzhen stock exchange did not mention whether it will make payment on its offshore bonds.
Evergrande's stock surged as much as 32 per cent on the Hang Seng Index on Thursday amid debt repayment hopes. Property stocks in China and Hong Kong also rallied.
Will Beijing intervene?
The uncertainty surrounding Evergrande's payments has raised questions on whether and how Beijing will intervene if the conglomerate defaults on its bonds.
Regulators' silence on Evergrande's problems so far has increased contagion risk to financial markets, said Dr Tommy Wu, lead economist at Oxford Economics, in a note on Tuesday.
The People's Bank of China (PBOC) has been injecting liquidity into its banking system to avoid a squeeze on funding amid Evergrande's debt crisis and a seasonal demand increase for financing, but the government has yet to make public its plans for the beleaguered property firm.
Professor Mak Yuen Teen at the National University of Singapore Business School said that "PBOC is closely monitoring the situation and will make the necessary intervention to prevent contagion" by encouraging lenders to continue financing firms with the additional liquidity.
"It's unlikely that there will be bail-out," he added.
Investors are hoping that the government will step in to help the company restructure and plan its refinancing, analysts said.
Analysts have largely dismissed the notion that an Evergrande collapse could trigger a financial crisis the way the Lehman Brothers' bankruptcy did in 2008.
But, even if Beijing does come up with a rescue plan for Evergrande, regulators are expected to orchestrate the restructuring as inconspicuously as they can.
"The government would not want to be seen as bailing out the firm or its corporate creditors" amid its campaign to reduce moral hazard, Dr Wu said, referring to how high-flying firms have been borrowing and splurging recklessly and counting on the government to bail them out if they default.
State media has been adamant that Evergrande's liquidity problems will not spread to other parts of the economy - a key consideration for Beijing on whether or not an Evergrande bail-out is on the cards.
Global Times editor Hu Xijin said on his social media account last week that Evergrande should not bet on a government bail-out.
Evergrande has been trying to rein in its ballooning debt since last year when Beijing introduced curbs on highly leveraged developers that had been borrowing money to fuel their growth.
"Borrowing for large Chinese companies such as Evergrande had never been a problem in the past," said Professor Michael Pettis at Peking University's Guanghua School of Management.
"Local governments and regulators were expected always to step in at the last minute to restructure liabilities and recapitalise the borrower if necessary," he added in an article on Monday for US-based think-tank Carnegie Endowment for International Peace.
What Beijing does about Evergrande will be a test of its commitment to its campaign against moral hazard, analysts added.
What's next for Evergrande?
Evergrande's fate hangs in the balance, as regulators weigh options for the beleaguered corporate behemoth.
To stave off bankruptcy, Evergrande has been trying to sell its apartments at massively reduced prices and has promised high returns of up to 12 per cent on its wealth management products to raise funds.
The company said on Saturday it has begun repaying investors in its wealth management products with real estate, and investors interested in redeeming the products for physical assets should contact their investment consultants or visit local offices.
Analysts said that Evergrande faces political pressure to prioritise home buyers and retail investors in any restructuring, given Beijing’s intolerance for social unrest.
About 70 investors had gathered near the company's Shenzhen headquarters last Tuesday as staff handled their complaints in a cafeteria.
The wealth management products that these investors bought rode on Evergrande's reputation as one of China's "too big to fail" firms, and attracted more than 70,000 retail investors with promises of up to 12 per cent in annual yield rates.
Earlier this month, more than 100 disgruntled customers who had bought homes with Evergrande staged a protest in Guangzhou, after construction work on the projects stalled, and urged the local government to intervene.
"The Chinese government will be particularly sensitive about the impact of (an Evergrande restructuring) on ordinary citizens... and would probably look to protect the interests of the ordinary man in the street as a priority," said Prof Mak.
Local suppliers and contractors are likely to be next in line, followed by Chinese banks and other Chinese creditors, "with external currency creditors probably bringing up the rear", Prof Pettis said.
"A surge in lawsuits as these foreign creditors claim unfair discrimination can be expected," he added.
Dr Momin said: "Any restructuring that follows may include the government... having a seat at the table."
The government will not want "good real estate projects to be abandoned and people to be deprived of their future homes", he added.
The government having a say in Evergrande's restructuring will "provide oversight and support... while preventing frenzied fire sales," Dr Momin added.
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2021-09-23 02:02:18Z
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Taiwan says 'risk' to its Trans-Pacific trade pact application if China joins first - CNA
TAIPEI: There is a "risk" to Taiwan's application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) if China joins first, Taiwan's government said on Thursday (Sep 23), flagging a potential political roadblock.
Taiwan formally applied to join on Wednesday, less than a week after China, the world's second-largest economy.
Taiwan is excluded from many international bodies because of China's insistence that it is part of "one-China" rather than a separate country.
Taiwan's chief trade negotiator John Deng told reporters that China always tries to obstruct Taiwan's participation internationally.
"So if China joins first, Taiwan's membership case should be quite risky. This is quite obvious," he said.
Underscoring the pressure Taiwan faces from China, the island's defence ministry reported 19 Chinese air force planes flew into Taiwan's air defence zone on Thursday, including two nuclear-capable H-4 bombers. Taiwan's air force scrambled to intercept and warn them away.
China's air force flies almost daily in Taiwan's air defence zone, angering Taipei.
TAIWAN DEMOCRACY
Taiwan has been keen to win greater support from other democracies, including in its trading relations.
Deng pointed to Taiwan having a different "system" from China, including Taiwan's democracy, rule of law, transparent laws and respect for personal property.
However, he said, there was no direct connection between Taiwan's decision to apply and China's.
"How mainland China comments on this is a matter for them," Deng said.
When asked about Taiwan's application to the trade pact, Chinese foreign ministry spokesman Zhao Lijian reiterated a long-standing position that Taiwan is part of China.
"We are firmly opposed to any country having official ties with Taiwan, and to Taiwan entering into any official treaty or organisation," Zhao said.
Deng said that Taiwan, a major semiconductor producer, has applied to join under the name it uses in the World Trade Organization (WTO) - the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu. Taiwan is a member of the WTO and Asia-Pacific Economic Cooperation (APEC) grouping.
"I stress that Taiwan is a sovereign, independent nation. It has its own name. But for trade deals the name we have used for years is the least controversial," Deng said.
The CPTPP application was made to New Zealand's government, which handles the paperwork.
Deng said he was not able to predict when Taiwan may be allowed to join the CPTPP, noting that Britain's application was proceeding the fastest at present.
Britain began negotiations in June.
The original 12-member agreement, known as the Trans-Pacific Partnership (TPP), was seen as an important economic counterweight to China's growing influence.
But the TPP was thrown into limbo in early 2017 when then-US President Donald Trump withdrew the United States.
The grouping, which was renamed the CPTPP, links Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
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2021-09-23 09:22:54Z
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Rabu, 22 September 2021
French envoy to return to US after fence-mending Biden-Macron call - CNA
PARIS/WASHINGTON: The US and French presidents moved to mend ties on Wednesday (Sep 22), with France agreeing to send its ambassador back to Washington and the White House acknowledging it erred in brokering a deal for Australia to buy US instead of French submarines without consulting Paris.
In a joint statement issued after US President Joe Biden and French President Emmanuel Macron spoke by telephone for 30 minutes, the two leaders agreed to launch in-depth consultations to rebuild trust, and to meet in Europe at the end of October.
They said Washington had committed to step up "support to counter-terrorism operations in the Sahel conducted by European states" which US officials suggested meant a continuation of logistical support rather than deploying US special forces.
Biden's call to Macron was an attempt to mend fences after France accused the United States of stabbing it in the back when Australia ditched a US$40-billion contract for conventional French submarines, and opted for nuclear-powered submarines to be built with US and British technology instead.
Outraged by the US, British and Australian deal, France recalled its ambassadors from Washington and Canberra.
"The two leaders agreed that the situation would have benefited from open consultations among allies on matters of strategic interest to France and our European partners," the joint US and French statement said.
"President Biden conveyed his ongoing commitment in that regard."
White House spokeswoman Jen Psaki described the call as "friendly" and sounded hopeful about improving ties.
"The president has had a friendly phone call with the president of France where they agreed to meet in October and continue close consultations and work together on a range of issues," she told reporters.
Asked if Biden apologised to Macron, she said: "He acknowledged that there could have been greater consultation."
The US, Australian and British security partnership was widely seen as designed to counter China's growing assertiveness in the Pacific but critics said it undercut Biden's broader effort to rally allies such as France to that cause.
Biden administration officials suggested the US commitment to "reinforcing its support to counter-terrorism operations in the Sahel" meant a continuation of existing efforts.
France has a 5.000 strong counter-terrorism force fighting militants across the Sahel.
It is reducing its contingent to 2,500-3,000, moving more assets to Niger, and encouraging other European countries to provide special forces to work alongside local forces. The United States provides logistical and intelligence support.
Pentagon spokesman John Kirby said the US military would continue to support French operations, but declined to speculate about potential increases or changes in US assistance.
"When I saw the verb reinforce, what I took away was that we're going to stay committed to that task," he told reporters.
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2021-09-22 22:29:59Z
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Uncharted waters for South-east Asian nations after Aukus - The Straits Times
A new trilateral defence pact between Australia, the UK and the US, known as Aukus, will lead to greater uncertainty for South-east Asia, but analysts say the region could gain from having a counterbalancing force against an increasingly assertive China.
The reaction has been wide-ranging in the region.
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2021-09-22 12:39:31Z
CBMiY2h0dHBzOi8vd3d3LnN0cmFpdHN0aW1lcy5jb20vYXNpYS9zZS1hc2lhL3VuY2hhcnRlZC13YXRlcnMtZm9yLXNvdXRoLWVhc3QtYXNpYW4tbmF0aW9ucy1hZnRlci1hdWt1c9IBAA
Australia sets conditions for China joining Pacific pact - Yahoo Singapore News
China must end a freeze on contacts with senior Australian politicians if it hopes to join a trans-Pacific trade pact, Canberra's trade minister said Wednesday, setting de facto preconditions for accession.
Dan Tehan linked China's bid to join an 11-nation trading alliance with steps to improve bilateral relations that are at their lowest ebb in decades.
China formally applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) last week, and is lobbying to gain the consensus support of members including Australia.
This comes after a war of words between the two countries, a string of sanctions on Australian goods and a months-long freeze on senior-level government contacts.
"When I became trade minister, I wrote to my Chinese counterpart in January setting out how we can work more closely together. I am still waiting for a reply," Tehan said in a Monday speech.
"One of the most important things about negotiating the accession process of any country into the CPTPP is that you have to be able to sit down at ministerial level, look your economic partner in the eye, and talk about that accession process."
Tehan also indicated China would have to resolve disputes at the World Trade Organization (WTO) stemming from a slew of politically driven sanctions on Australian imports.
"All parties will want to be confident that any new member will meet, implement and adhere to the high standards of the agreement as well as to their WTO commitments and their existing trade agreements," he said.
"It's in everyone's interests that everyone plays by the rules."
- 'Economic coercion' -
Australia this month asked the WTO to rule against China's imposition of crippling tariffs on Australian wine exports, after initial consultations failed to resolve the dispute.
Wine sales by Australia to China plummeted from over Aus$1 billion ($840 million) to a virtual trickle after Beijing imposed the tariffs, according to industry figures.
Australia is also challenging Chinese tariffs on barley at the WTO and has objected to sanctions on a string of other goods, which Canberra describes as "economic coercion."
The measures are widely seen in Australia as punishment for pushing back against Beijing's operations to impose influence in Australia, rejecting Chinese investment in sensitive areas and publicly calling for an investigation into the origins of the coronavirus pandemic.
But the Chinese embassy in Australia this month lobbied Canberra to join the CPTPP, telling an Australian parliamentary inquiry that China's accession "would benefit all CPTPP members and the rest of the world."
Signed by 11 Asia-Pacific countries in 2018, the partnership is the region's biggest free-trade pact and accounts for around 13.5 percent of the global economy.
arb/al/gle
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2021-09-22 08:54:14Z
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