Stay updated with breaking news from Overseas economic. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
China’s overseas industrial parks are positioned to play a greater role in outbound direct investment in and international development cooperation with other countries. ....
According to news from the website of the Ministry of Commerce on the 11th, the Ministry of Commerce and the People's Bank of China jointly issued the "Notice on Further Supporting Foreign Economic and Trade Enterprises to Expand the Cross-border Use of Renminbi to Promote Trade and Investment Facilitation". The notice emphasizes that local commercial authorities and branches of the People's Bank of China must thoroughly study and implement the spirit of the 20th CPC National Congress and the Central Economic Work Conference, fully understand the positive role of cross-border RMB business in serving the real economy and promoting trade and investment facilitation, and timely identify and coordinate According to the needs of industry and enterprises, targeted measures should be taken in light of local conditions to create a good environment for the cross-border use of RMB. ....
Sri Lanka is in a conundrum. its present governance has approved China’s extra-jurisdictional Special Economic Zone (SEZ) in Colombo Port City, right next to its commercial port. The Colombo Port City is a microcosm of how China has rapidly gained an economic foothold in many nations, swaddled within the Belt and Road Initiative (BRI). SEZ or Overseas Economic and Commercial Cooperation Zones (OECCZ) are the primum principium of ”, according to Lin Yifu, Chief Economist and former Senior Vice President of the World Bank. It was Lin Yifu who convinced former Ethiopian President Meles Zenawi and submitted a report to Omar Guelleh, the President of Djibouti to follow the OECCZ model. Has all these Chinese OECCZ in Africa and elsewhere considered the host countries’ needs? The 20 zones already established (Refer to Table) raise a question on the degree of contribution to the host nation. ....
Since the return of the Rajapaksa brothers to office as president and prime minister in Sri Lanka, Colombo’s relations with China have improved dramatically. Earlier in the week, the Sri Lankan Parliament decided to postpone a debate on the controversial Colombo Port City Economic Commission Bill that was scheduled for the middle of the week. The bill was seen as supporting China’s interests, and tantamount to ceding control over Colombo Port City. It triggered a domestic political storm. Officials reportedly told the media that, “All party leaders in the House agreed that the debate should be rescheduled as the Supreme Court’s determination on the constitutionality of the bill had not yet reached Parliament.” ....