Photo Credit: Cambodia Daily
Economy, Investment and Trade
Cambodia’s bilateral trade with China shoots up by US$200 million
12 April 2017 – Cambodia’s trade with China has shot up by US$200 million bringing its total trade with China to approximately US$4.8 billion last year. Additionally, China has sent over another US$4.2 billion in grants and loans for development. Cambodia imported US$3.9 billion worth of Chinese goods—including fabrics, machinery and electronics—and exported about $830 million in goods such as rice and rubber.
Source: Nikkei Asian Review (4 April 2017)
Singapore Exchange signs MOU with Chinese bank
12 April 2017 – During the third Singapore-Shanghai Financial Forum the Singapore Exchange (SGX) signed a memorandum of understanding (MOU) with Shanghai Pudong Development Bank (SPDB) to raise the profile of Singapore’s capital markets. SPDB will be able to recommend Chinese companies to raise funds through initial public offerings, listing of Reits and business trusts, and the issuance of offshore renminbi bonds in Singapore’s capital markets. The MOU included training exchanges and knowledge sharing between the two organisations.
Source: Bloomberg (2 April 2017)
China-Thailand railway on track to be approved by mid-year
11 April 2017 – Thai Transport Minister Akhom Termpittayapaisith has announced that his Ministry plans to submit the US$5.2 billion high-speed rail project to Cabinet for approval in June 2017. If the approvals go through, bidding for construction of the first 15km could begin mid-year with groundbreaking and construction taking place in as soon as August 2017. However, the environmental impact assessment for the project is still pending.
Source: Bangkok Post (31 March 2017)
Duterte reverses his position on military reinforcements in South China Sea
10 April 2017 – The Philippines President Rodrigo Duterte has retreated on his previously hardline stance towards China in the South China Sea now saying that he wants peace and friendship with the country. Duterte had initially ordered troops to occupy uninhabited areas in Spratly Islands. However, later the government said that the troops were only sent to shore up existing defences not occupy new islands. Duterte said this was done in preparation of a possible “violent low-intensity war” in the area. While Chinese Foreign Ministry’s spokesperson said that it was hoped that the Philippines could move forward with China and continue to handle such disputes appropriately.
China-Myanmar bilateral ties to be win-win
14 April 2017 – Chinese President Xi Jinping met with Myanmar President U Htin Kyaw in Beijing to discuss bilateral ties between the two nations. The two countries agreed to uphold the principle of mutual respect and win-win cooperation to promote the development of ties in the areas of cooperation in trade, investment, infrastructure, energy, agriculture, water conservation, electricity, finance and border economic cooperation zone. The Chinese Premier said that his country is also willing to contribute to building peace in Myanmar’s domestic sphere. During the visit the two leaders signed nine agreements on cooperation.
Source: The Straits Times (5 April 2017)