Month: August 2023
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New Development Bank Moves Forward With Local Currency Bonds in Bid to Reduce Dependence on the U.S. Dollar
The Shanghai-based New Development Bank, aka the BRICS Bank, said it is proceeding with plans to issue bonds and lend more money in local currencies as part of a larger effort to reduce reliance on the dollar. “We expect to lend ...
BRICS Summit Kicks Off in Johannesburg
Chinese President Xi Jinping has arrived in South Africa for the BRICS summit, which starts on Tuesday 22 August, in Johannesburg. According to a draft program circulated earlier, the summit will kick off with a session in the afternoon focusing on the BRICS Business Forum, after which ...
Xi Jinping Will Cover Many Bases During His Visit to South Africa
China’s President Xi Jinping's visit to the BRICS summit also includes an official state visit to South Africa on Tuesday. Both governments emphasized their long relationship (this year marks 25 years of diplomatic ties) and said they want to deepen their comprehensive strategic partnership.
Cambodia Must Check Chinese-Sponsored Casinos’ Operations in Sihanoukville
Cambodia’s Sihanoukville Province has seen tremendous growth in infrastructure and development in the past decade, thanks to China’s help. Tourism flourishes, spurring employment opportunities and economic activities. Unfortunately, a majority of that development comes from casinos and gambling businesses, which ...
China’s New, Slimmed-Down Belt & Road Initiative
China's critics contend the Belt and Road Initiative is dead or dying due to a mix of gross mismanagement and hubris. The data, however, reveals a very different story. While lending has definitely decreased considerably from its peak in 2016, the ...
BRICS Leaders Meet in Johannesburg for Summit That Could Reshape the Group
Chinese officials are reportedly pushing for the BRICS bloc, made up of Brazil, Russia, India, China, and South Africa, to present a more frontal challenge to the U.S.-led G7. “If we expand Brics to account for a similar portion of world GDP ...
Possible Xi-Modi Meeting in Johannesburg?
One of the closest-watched interactions at the summit will be between India’s Prime Minister Narendra Modi and China’s President Xi Jinping. Tensions between the two Asian superpowers have been rising due to an ongoing border dispute and larger geopolitical wranglings. There are
Insider/Outsider Politics and Member Country Agendas Are Likely to Shape Summit’s Outcomes
The draft agenda (PDF) of this week’s BRICS summit in Johannesburg reveals an event split between intra-group discussions early on and a wider group of participants on the last day. The first two days are dominated by core BRICS issues, including ...
Chinese Scholars: BRICS Is All About Confronting the West
Many Chinese scholars have weighed in on this week’s BRICS summit, and the framing of the discussion on Chinese-language platforms is revealing. Commentators tend to see the bloc's importance as mostly lying in how it directly confronts Western global primacy. This ...
Chinese Automakers Prominent at BRICS Summit
The BRICS summit is proving a PR bonanza for an unexpected group of stakeholders: Chinese automakers. South Africa, the host of this week’s summit, eschewed the usual fleet of Mercedes Benzes to ferry the delegates between venues. Instead, the Chinese automakers Chery and Haval are providing the official SUVs. ...
Chinese Company Expands Footprint in South Africa’s Energy Sector With New Solar Project
One of China’s biggest companies, the Fortune 500-listed PowerChina, is establishing itself among energy sector players seeking to offer solutions to the crippling blackouts predicted to last until 2027 in South Africa. The country is seeking to transition to ...
The Real Reason to Pay Attention to BRICS
One of the few things about the upcoming BRICS summit in South Africa everyone can agree on is that it’s notable. But no one agrees why. What does the body’s possible expansion beyond its core members of Brazil, Russia, India, China, ...