Subscribe free to our newsletters via your
. Earth Science News .




TRADE WARS
Chinese leader seeks to woo Latin America
by Staff Writers
Brasilia (AFP) July 17, 2014


China picks site for BRICS bank: reports
Shanghai (AFP) July 17, 2014 - China has already chosen a site for the future Shanghai headquarters of the BRICS development bank, state media said Thursday just two days after its creation.

At a summit in Brazil, the BRICS group of emerging economic powers -- which also includes Russia, India, China and South Africa -- on Tuesday created the New Development Bank to finance infrastructure projects.

After drawn-out negotiations over the bank's location, BRICS leaders agreed to put its headquarters in China's commercial hub of Shanghai, which is seeking to become an international financial centre.

Shanghai will place the headquarters in the former site of the 2010 World Expo in the city's premier Pudong development zone, in the section where the old China Pavilion -- now an art museum -- was located, along with those of several Asian and Middle Eastern countries, local television reported.

The city cleared a five-square-kilometre (two-square-mile) site for the six-month expo and large plots are now unused, though some of the area has been redeveloped.

Chinese state media said the BRICS bank aims to reduce Western dominance of the global financial system, while criticising multi-lateral agencies like the World Bank and the International Monetary Fund.

"The old pattern in which the World Bank and the International Monetary Fund dominated the field will face competition from now on," the Global Times newspaper said in an editorial on Thursday.

"The launch of the BRICS bank with Shanghai as its headquarters is a testament to China's national strength, diplomatic capabilities and strategic position," said the newspaper, known for its nationalistic editorial stance.

The Chinese government took a less strident tone. China's finance ministry said the bank would help the global recovery and drive long-term economic growth, according to a report by the official Xinhua news agency.

The BRICS grouping will base an Africa Regional Centre in South Africa, after Johannesburg lost out to host the headquarters.

Chinese President Xi Jinping presses a charm offensive with Latin American leaders on Thursday, highlighting Beijing's growing interest in a resource-rich region traditionally considered the backyard of the United States.

Brazilian President Dilma Rousseff will give Xi red-carpet treatment during a state visit to Brasilia before a summit with the CELAC group of Latin American and Caribbean states.

Xi arrived in Brazil this week for a summit of the BRICS group of emerging powers -- Brazil, Russia, India, China and South Africa -- and South American presidents.

"China is willing to combine efforts with Brazil and other countries in the region to become good friends and allies in a shared destiny, and walk in sync," Xi said in a speech to Brazil's Congress on Wednesday.

The visit is Xi's second to Latin America since taking office last year, when he toured Mexico, Costa Rica and Trinidad and Tobago.

This week, the BRICS countries agreed to launch a New Development Bank to fund infrastructure projects in developing nations and an emergency reserve, drawing praise from South American presidents who see them as an alternative to Western-dominate financial institutions.

- Alternative to US -

After bilateral talks with Rousseff, Xi will launch the China-Latin America Forum with the CELAC, a 33-nation grouping that will be represented Thursday by Cuba, Ecuador, Costa Rica and Antigua and Barbuda.

Cuba's communist leader Raul Castro is expected to attend the summit along with leftist Ecuadoran President Rafael Correa.

With the visit, Xi is presenting China as an alternative to the United States in the region, analysts said.

"China is an option that matches with the leftist political sympathy that it has with some countries in the region," said Rubens Figueiredo, foreign relations professor at Sao Paulo University.

"It is looking for a different economic role from that of the United States and Europe," he said.

China's massive purchases of commodities and exports of manufactured goods to the region have boosted its two-way trade with Latin America to a total of $261.6 billion last year, according to China's customs.

The world's second largest economy has overtaken the United States as Brazil's top trade partner.

"China has arrived in Latin American because the United States did not have the strength to protect this market," said Andre Perfeito, chief economist at Gradual Investimentos consultancy.

During a preparatory visit in April, Chinese Foreign Minister Wang Yi said Beijing want to invest more in the region, including in energy and infrastructure projects.

Last October, a multinational consortium with Chinese participation won rights to develop Brazil's biggest oilfield.

For its part, Brazil wants to diversify its exports to China, with iron ore, soybean, oil and paper representing 80 percent of it.

Brazilian officials also want to complete the sale of several Embraer planes and convince Beijing to lift a ban on Brazilian beef that was imposed after an isolated case of mad cow disease in 2012.

Rousseff said last week Brazil was looking to collaborate with China in the construction of railways in the continent-sized South American nation.

After Brazil, Xi will head to oil-supplier Venezuela, long-time political ally Cuba and Argentina -- a key source of soybeans for China.

China commerce minister chastises US after WTO victory
Beijing (AFP) July 17, 2014 - China's commerce minister hit out at the United States on Thursday, urging it not to be a "rule-breaker" after the World Trade Organization (WTO) handed Beijing initial victory in a trade dispute.

Gao Hucheng's comments came after a panel at the Switzerland-based body on Monday ruled Washington was wrong to slap punitive duties on a host of Chinese goods from paper to wind turbines.

"I strongly urge the US to look squarely at the fact of the long-term, systematic violation of WTO rules in its legislation and practices in the trade remedy area," Gao said in a statement.

He called on Washington "to honestly execute the ruling of the WTO trade dispute settlement body, to correct in a timely and comprehensive manner its wrongdoings of abusively using trade remedy measures... and to not become a negative example of a rule-breaker".

The US imposed extra import tariffs on several products -- including paper, steel, tyres, magnets, chemicals, kitchen fittings, flooring and wind turbines -- arguing they were being "dumped" on its market at below-cost prices to help Chinese companies snap up business.

But the WTO dispute settlement panel, made up of independent trade and legal experts, said the duties were "inconsistent" with global rules.

"We recommend that the United States bring its measures into conformity with its obligations," it added.

China filed a complaint to the WTO over the measures in 2012. Beijing has said the annual export value of the affected products was around $7.2 billion.

The WTO polices global trade accords in an effort to provide its 160 member economies with a level playing field.

China, the world's largest trader in goods and the second-largest economy after the United States, became a member in December 2001.

Washington has the right to appeal against the ruling, which was the first in the case. The WTO disputes settlement process can last for years, with appeals, counter-appeals and compliance assessments.

.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








TRADE WARS
BRICS bank will reduce Western dominance: China media
Shanghai (AFP) July 16, 2014
Chinese media on Wednesday hailed the creation of the BRICS development bank, to be based in Shanghai, blaming Western countries and multilateral agencies for flaws in the global financial system. At a summit in Brazil, the BRICS group of emerging economic powers - which also includes Russia, India, China and South Africa - on Tuesday created the New Development Bank to finance infrastruct ... read more


TRADE WARS
Italy cruise ship wreck set to rise from waves

China gave $14.4 bln in foreign aid in three years

AW139 helicopters to perform emergency medical missions

Accidents raise safety questions on Hong Kong waters

TRADE WARS
No-wait data centers

French minister opposes Australian firm's plan to ship waste

Hollow optical fibres for UV light

Uncertainty gives scientists new confidence in search for novel materials

TRADE WARS
Tailored water the latest in lawn care

Rainwater discovered at new depths

Water everywhere for DR Congo city yet scarcely a drop to drink

Damage assessment of runaway barges at Marseilles lock and dam

TRADE WARS
Tech woes menace Canada's Arctic maritime traffic: union

Shark teeth offer new look at Arctic climate change

Japan shipping giant plans first regular Arctic route

Changing Antarctic winds create new sea level threat

TRADE WARS
World interest in research work on the benefits of the Okra plant

Gene discovery offers better soybean varieties for northern US

A-maize-ing double life of a genome

First snapshots of water splitting in photosynthesis

TRADE WARS
Ancient town under water as downpours hit central China

Three missing, thousands flee as typhoon hits eastern Philippines

Satellites reveal possible catastrophic flooding months in advance

Philippines braces for first major storm of the season

TRADE WARS
France ends Mali offensive, redeploys troops to restive Sahel

South Africa rhino poaching toll jumps

Somali capital one step short of famine: UN

Clash between army, 'tribal gunmen' leaves 65 dead in Uganda

TRADE WARS
Study cracks how the brain processes emotions

Neandertal trait raises new questions about human evolution

Low back pain? Don't blame the weather

Virtual crowds produce real behavior insights




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.