IN FOCUS
By Avishka Ashok
President Xi Jinping addresses UN General Assembly Session
On 21 September, the Chinese President Xi Jinping delivered a video message at the general debate of the United Nations General Assembly's 76th Session. In the speech, President Xi Jinping emphasized the importance of tackling COVID-19 collectively and responsibly in order to restrict the damage caused by cross-border transmission. He urged countries to prioritize the people and their lives before other material achievements and adopting a scientific approach towards tracing the origin of the COVID-19 virus.
President Xi Jinping also stressed upon pursuing a greener and balanced global development. He announced that China would stop the construction of coal-fired power plants in foreign countries and instead help them develop green and low-carbon energy. He highlighted six steps to achieving global development while keeping the climate goals in high priority. First, he urged countries to commit to development and encourage international partnerships to establish multilateral cooperation amongst countries. Second, he emphasized improving the standard of living of the people and adopting a people-centric approach to development and economic growth. He also highlighted the importance of committing providing help and aid to the developing countries and working to benefit all the people in the society. He also focused on adopting an innovation-driven development, propagating harmonious relations between humans and nature and encouraging result-oriented actions.
The Chinese leader proposed a set of guiding principles for international relations in the address to the UN General Assembly. President Xi Jinping proposed to strengthen solidarity between nations, encouraged mutual respect and advocated peace, development, equity, justice, democracy and freedom. He disregarded the idea of zero-sum games in international relations and instead encouraged a win-win approach.
Finally, he touched upon global governance and urged countries to practice multilateralism in its true sense. He stressed the significance of the United Nations in the international system to ensure fairness and equal development and growth for all countries. He urged the international organization to safeguard universal security and share development achievements to help the developing countries with their economic and social growth. He also urged the UN to ensure a stable international order, involving diverse representation and encouraging a lawful international system.
References
IN BRIEF
by Keerthana Nambiar and Juan Mary Joseph
INTERNAL
China issues largest-ever debt restructuring to soothe Evergrande fears
On 22 September, Reuters reported that China's debt-ridden Evergrande agreed to settle interest payments on a domestic bond, soothing fears of an immediate collapse of the real estate giant. The Chinese central bank, the People's Bank of China has also injected 90 billion yuan into the banking system, in what is expected to be one of China's largest debt restructurings. Reuters had earlier quoted that the IMF believes China has the tools to prevent the Evergrande situation from turning into a systemic crisis. IMF Chief economist Gita Gopinath told Reuters that Evergrande's potential default could have implications on China's financial stability as the real estate sector forms a big part of the Chinese economy. (Evergrande domestic debt deal calms immediate contagion concern, Reuters, 22 September 2021)
Chinese Foreign Ministry rebuked the US Customs and Border Protection agency
On 22 September, the Foreign Ministry has accused the U.S. Customs and Border Protection Agency of seizing solar panels from the Chinese PV giant Jinko Solar, claiming that the materials used to manufacture the panels were "forced labor" in Xinjiang Uyghur Autonomous Region. Chinese Foreign Ministry spokesperson Zhao Lijian stated that the so-called forced labor in Xinjiang is a complete lie. China has repeatedly used facts as evidence, and more and more people in the international community have spoken out in support of China. He further added that China will be taking necessary actions to counter and protect the rights of the Chinese firms. ("FM rebuked the US for impounding solar panels from Chinese firms on claims of 'forced labor", Global Times, 22 September 2021)
ECONOMY
China mainstreaming regional economic partnerships and trade agreements
REGIONAL
Taiwan applies to join the Pacific trade pact CPTPP
On 22 September, Reuters quoted the official Central News Agency that Taiwan has formally applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), less than a week after China submitted an application to join the pact. The original 12-member Trans-Pacific Partnership (TPP) was seen as an important economic counterweight to China's growing influence until 2017 when then-President Donald Trump pulled the US from the pact. (Taiwan applies to join Pacific trade pact CPTPP - official news agency, Reuters, 22 September 2021)
INTERNATIONAL
China in the fast lane to realize carbon neutrality says top envoy
On 22 September, Global Times quoted China's top climate envoy Xie Zhenhua that it aims to achieve the world's fastest carbon emission reduction. The envoy was speaking at the "Carbon Neutral, China in Action" seminar hosted by the Renmin University of China on the first anniversary of China's "Double Carbon" goals. China has proposed to hit peak emissions before 2030 and realize carbon neutrality by 2060. (China in the fast lane to realize carbon neutrality, Global Times, 22 September 2021)
Special envoys to Chinese, Russian, and Pakistani visit Kabul
