Energy News  
TRADE WARS
US warns Pakistan of risks from China infrastructure push
by Staff Writers
Washington (AFP) Nov 21, 2019

The United States on Thursday warned Pakistan that it faced long-term economic damage with little return if China keeps pursuing its giant infrastructure push.

The top US diplomat for South Asia said the China-Pakistan Economic Corridor -- heralded as a game-changer by both Asian countries -- would profit only Beijing and said that the United States offered a better model.

"It's clear, or it needs to be clear, that CPEC is not about aid," said Alice Wells, the acting assistant secretary of state for South Asia.

She noted that the multibillion-dollar initiative was driven by non-concessionary loans, with Chinese companies sending their own labor and material.

"CPEC relies primarily on Chinese workers and supplies, even amid rising unemployment in Pakistan," Wells said at the Woodrow Wilson International Center for Scholars.

The corridor "is going to take a growing toll on the Pakistan economy, especially when the bulk of payments start to come due in the next four to six years," she said.

"Even if loan payments are deferred, they are going to continue to hang over Pakistan's economic development potential, hamstringing Prime Minister (Imran) Khan's reform agenda," she said.

The United States has gone on the offensive against China's Belt and Road Initiative, a signature project of President Xi Jinping which aims to build ports, highways and railways around the world.

But Wells' speech was unusually specific in warning of risks to Pakistan, a historic ally of the United States which has had a turbulent relationship with Washington in recent years over Islamabad's shady ties with Islamist militants.

While acknowledging that the United States could not come to Pakistan with offers from state-run companies, Wells said private US investment, coupled with US grants, would improve the troubled economy's fundamentals.

"There is a different model," she said. "Worldwide we see that US companies bring more than just capital; they bring values, processes and expertise that build the capacities of local economies."

She pointed to interest in Pakistan by US companies including Uber, Exxon Mobil, PepsiCo and Coca-Cola, with the soft-drink makers together investing $1.3 billion in the country.

China's main promises in Pakistan include the development of Gwadar on the Arabian Sea into a world-class port.

Beijing hopes to link Gwadar to the western Chinese region of Xinjiang, giving the world's second largest economy more access to the oil-rich Middle East and reducing reliance on the dispute-ridden South China Sea.


Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


TRADE WARS
China 'not stepping up' in trade talks: Trump
Austin (AFP) Nov 20, 2019
President Donald Trump said Wednesday Beijing so far has not made sufficient concessions in trade talks, making him reluctant to conclude a bargain. "I can tell you this. China would much rather make a trade deal than I would," he told reporters while touring a computer manufacturing facility that produces computers for Apple. "I don't think they're stepping up to the level that I want." Wall Street retreated further from record highs on Wednesday as pessimism mounted among investors about t ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



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

TRADE WARS
New Moon-seeking sensor aims to improve Earth Observations

China launches new remote-sensing satellite

Ozone hole set to close

CloudFerro is contracted by DLR to provide the next stage of CODE-DE

TRADE WARS
Russia to launch glass sphere into space before new year to obtain accurate Earth data

Lockheed Martin GPS Spatial Temporal Anti-Jam Receiver System to be integrated in F-35 modernization

GPS III Ground System Operations Contingency Program Nearing Operational Acceptance

UK should ditch plans for GPS to tival Galileo

TRADE WARS
Romania's forests under mounting threat -- along with rangers

The forests of the Amazon are an important carbon sink

Indigenous leaders urge EU to protect forest homeland

Human activities are drying out the Amazon

TRADE WARS
Researchers design an improved pathway to carbon-neutral plastics

France reverse palm oil tax break after outcry

France's Total faces outcry after winning back palm oil tax break

Scientists create 'artificial leaf' that turns carbon into fuel

TRADE WARS
New hybrid device can both capture and store solar energy

Canadian Solar achieves commercial operation on 53.4 mwp project in Japan

NextEra newest solar plant now powering customers in South Carolina

Airborne delivers final XL panels to Airbus for JUICE solar array

TRADE WARS
Global winds reverse decades of slowing and pick up speed

Superconducting wind turbine chalks up first test success

Breaking down controls to better control wind energy systems

Mainstream Renewable closes $580M wind and solar financing deal in Chile

TRADE WARS
15 killed in north China mine blast

China adds coal power despite climate pledge: report

Planned fossil fuel output swamps Paris climate goals

Asia must quit 'coal addiction': UN chief

TRADE WARS
Anger, guilt stir Hong Kong's white collar rebels; 500 Govt supporters march

HK activist urges Germany to halt Chinese army training

Chinese soldiers leave Hong Kong barracks in rare clean-up cameo

China's Xi warns Hong Kong protesters jeopardise 'one country, two systems'









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - 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. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. 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. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.