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Shell en Geely doen samen onderzoek

Gepubliceerd op 7 jun 2018 om 08:30 | Views: 1.668

Royal Dutch Shell A 17:35
29,80 +0,36 (+1,22%)

DEN HAAG (AFN/BLOOMBERG) - Olie- en gasbedrijf Shell gaat samen met de Chinese autobouwer Geely onderzoek doen naar nieuwe energie, autoracen en digitale sectoren. De twee bedrijven zijn een strategische samenwerking aangegaan in het Verenigd Koninkrijk, stelt het Chinese persbureau Xinhua.

Volvo-moeder Geely wil nog dit jaar een ontwerpcentrum in Groot-Brittannië beginnen. Het bedrijf wil ook een onderzoekscentrum elders in Europa openen. Financiële details van de overeenkomst zijn niet bekend.
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Chinese steel exporters chase new buyers in Africa and South America - Report

Reuters reported that Chinese steelmakers are seeking new export destinations in Africa and South America as shipments to their biggest overseas buyers in Southeast Asia fall by double digits, with new US trade actions threatening to kill off some markets entirely. Steven Yue, sales manager at Hebei Huayang Pipeline Co, a Chinese exporter of steel pipes, said “The Southeast Asian market is getting crowded. More and more people are seeking to find new markets, especially in South American and African countries. We plan to work harder to develop the South American and African market from the second half of this year.”

South America and Africa accounted for a combined 8 percent of China’s steel exports last year, and shipments to some nations there have surged this year. Southeast Asia accounted for a quarter of China’s exports last year, but were down 45 percent from the year before, and slipped by a third in the first quarter of 2018

While China’s steel exports hit an eight-month high in April, shipments for the first four months of the year dropped by 20 percent, although falling only 2.5 percent in value. Shipments to China’s top markets, including Vietnam and South Korea, have dropped by double digits since last year, reflecting stiffer competition from other suppliers like Russia. Anti-dumping duties imposed by Southeast Asian buyers like Thailand, Vietnam, Indonesia and Malaysia on Chinese steel exports have also slowed shipments from Beijing.

Last month, the US Commerce Department slapped heavy import duties on steel products from Vietnam it says originated in China, hitting China’s No 2 export market after South Korea, and a major outlet for sales by Chinese mills that own warehouses in Vietnam. Vietnam said its steel companies would likely stop buying the metal from China to avoid having their shipments to the United States penalized.

Source : Reuters
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US DoC issues affirmative final AD on stainless steel flanges from China

The US Department of Commerce (Commerce) announced the affirmative final determination in the antidumping duty (AD) investigation of imports of stainless steel flanges from China. Commerce determined that exporters from China have sold stainless steel flanges in the United States at 257.11 percent less than fair value. As a result, Commerce will instruct U.S. Customs and Border Protection (CBP) to continue collecting cash deposits from importers of stainless steel flanges from China based on this final rate.

In 2017, imports of stainless steel flanges from China were valued at an estimated $21.8 million.

The petitioners are the Coalition of American Flange Producers and its individual members: Core Pipe Products Inc (Carol Stream, IL) and Maass Flange Corporation (Houston, TX).

The U.S. International Trade Commission (ITC) is scheduled to issue its final determination on or around July 19, 2018. If the ITC makes an affirmative final injury determination, Commerce will issue an AD order on the subject merchandise from China. If the ITC makes a negative final determination of injury, the investigation will be terminated and no order will be issued.

Source : Strategic Research Institute
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23 miners rescued after 11 killed in China iron ore pit blast

South China Morning Post reported that rescuers pulled 23 workers out of a mine in northeast China on Wednesday, hours after they were trapped underground by an explosion that killed 11 and left two others missing. Six miners were lifted out of the shaft at 5.20 am on Wednesday and 17 others were pulled up about two hours later, Xinhua reported. The rescued were all described as being in good condition. Nine other workers who were above ground were injured in Tuesday’s blast at the iron ore mine in Benxi in China’s northeastern province of Liaoning which borders North Korea.

The search was still underway for the two missing miners and the mine’s electricity, ventilation systems and hoisting system were back online

The explosion at the mine owned by Huamei Group, a subsidiary of China National Coal Group, happened when miners were sending explosives down a 1km (3,280-feet)-deep shaft, destroying the pit’s hoisting system.

Source : South China Morning Post
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NMDC produce 4.5 million tonnes of iron ore in 2 months

State owned miner National Mineral Development Corporation said that it produced 4.53 million tonne iron ore in the first two months of the ongoing fiscal year 2018-19. The company has produced 3.09 million tonne iron ore from its mines in Chhattisgarh and 1.44 million tonne in Karnataka.

NMDC said in a BSE filing that it sold 4.53 million tonne iron ore in the last two months. Production and sales figures of iron ore are provisional.

NMDC is the country's single largest iron ore producer, with about 30 million tonne annual output from three fully mechanised mines, according to company's website.

Source : Strategic Research Institute
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China exporteert meer

(ABM FN-Dow Jones) De export in China is in mei verder gestegen. Dit bleek vrijdag uit cijfers van de Chinese douane.

De uitvoer van Chinese goederen nam afgelopen maand, gerekend in yuan, met 3,2 procent toe. De import steeg zelfs met 15,6 procent.

Gerekend in dollars steeg de export in mei met 12,6 procent op jaarbasis, na een stijging van 12,9 procent een maand eerder. Economen hadden voor mei gerekend op een toename van 10,6 procent.

De import trok in dollars aan met 26,0 procent, na een toename van 21,5 procent in april.

China had hierdoor vorige maand een handelsoverschot van 156,5 miljard yuan, of bijna 25 miljard dollar. In april was dit nog een overschot van met geen 29 miljard dollar.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.
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Betaalreus Ant harkt weer miljarden binnen

Gepubliceerd op 8 jun 2018 om 09:46 | Views: 1.628

HANGZHOU (AFN/RTR) - Iedereen in Nederland kijkt naar de aanstaande beursgang van de Amsterdamse betalingsverwerker Adyen, maar ondertussen harkt branchegenoot Ant Financial in China weer even 14 miljard dollar binnen. Dat is de grootste investeringsronde van een niet-beursgenoteerd bedrijf ooit en ongeveer even veel geld als de waarde van twee Adyens bij elkaar.

Ant Financial is het fintechpareltje van miljardair Jack Ma, het brein achter de Chinese webwinkelgigant Alibaba. In Nederland heeft bijna niemand van Ant gehoord, maar met een geschatte waarde van 150 miljard dollar is het bedrijf grofweg 20 keer meer waard dan Adyen, dat als een van de meest veelbelovende Europese technologiebedrijven wordt gezien. Het Chinese bedrijf is nu ook meer waard dan een gerenommeerde Amerikaanse bank als Goldman Sachs.

Ant is het bedrijf achter Alipay. Dat is inmiddels de grootste online en mobiele betalingsdienst ter wereld, al ondervindt het bedrijf in eigen land grote concurrentie van WeChat Pay, van techbedrijf Tencent. Beide bedrijven bieden ook diensten aan voor Chinese reizigers in Europa en andere delen van de wereld. Chinezen kunnen daarmee met hun smartphone in hun eigen valuta betalen in winkels.

De opbrengsten van de financieringsronde zullen onder meer gebruikt worden voor verdere expansie en voor technologische vernieuwing. De consumentenmarkt in China is nu nog nauwelijks gereguleerd, maar omdat dit wellicht gaat veranderen richt Ant Financial nu ook het vizier op de zakelijke markt. Zo kunnen banken gebruikmaken van de technologische vondsten van het bedrijf.
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Chinese company to construct South Asia's tallest building in Colombo

MENAFN reported that Chinese company is to construct South Asia's tallest building in Colombo, which is expected to be completed by 2021. One Transworks Square (Pvt) Ltd together with Zhong Tian Ding Hui (ZTDH) Company announced that it will transform Colombo's skyscape with South Asia's tallest building, rising to a height of 376 meters in 92 floors by 2021.

The triad of towers called THE ONE located at Transworks Square Colombo 1 will also house The Ritz-Carlton and The Ritz-Carlton Residences.

The Developer of The ONE is One Transworks Square (Pvt) Limited and the contractor is the award winning Zhongtian Construction Group Company Limited based in China, which has to-date completed over 800 high-end projects.

THE ONE comprises a combination of offices and residences, a luxury retail mall, multiple storeyed car parks, a banquet hall, a collective of dining experiences including a Sky Bar, business offices and a helipad atop THE ONE to complete the canvas of opulence in the sky.

The 80 storeyed 326 meter Ritz-Carlton Tower will house the Ritz-Carlton Hotel and The Residences, while the third tower, which stands at 291 meters covers 77 floors.

Speaking to the media, General Manager of ZTDH Investment Company Mr Sam Hu stated that THE ONE is surely 'Where Legacy Resides' as its tagline states. 'With Colombo being home to South Asia's tallest skyscraper, this region will experience not only opulence and exclusivity at its optimum but also the embodiment of contemporary architecture. These three iconic gleaming glass edifices covering 4.5 million square feet and located on prime real estate is surely a landmark achievement for the country. We have combined homes in the sky with services and facilities from the world's finest hotels, unending luxuries embedded in every detail, unparalleled views and unique living experiences.'

Expanding on the lifestyle of privacy and lavish comfort that will be the quintessence of The Residences, Hu also stated that with THE ONE including the most iconic of all hotel brands featuring branded residences, 'the heritage of legendary service and exclusivity becomes synonymous here. It's about having a home defined by sophisticated style and luxurious finishes that's all about attention to detail.'

He further expanded on the contemporary luxuries that are guaranteed to make living at THE ONE an experience that's elite, exclusive and ultra-luxurious.

Source : MENAFN
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Versnelling Chinese producentenprijzen zet door

(ABM FN-Dow Jones) De Chinese producentenprijzen zijn in mei opnieuw in een hoger tempo gestegen. Dit bleek dit weekend uit cijfers van het Chinese bureau voor de statistiek.

De producentenprijzen namen in mei met 4,1 procent toe. In april was er een stijging van 3,4 procent en in maart was dit 3,1 procent. Daarmee maakte april een einde aan een groeivertraging van vijf maanden.

Op maandbasis was er in mei sprake van een stijging van het prijspeil met 0,4 procent, na twee maanden op rij van dalingen van 0,2 procent.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.
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Chinese inflatie onveranderd

(ABM FN-Dow Jones) De Chinese consumentenprijzen zijn in mei op jaarbasis in een zelfde tempo gestegen als een maand eerder. Dit bleek dit weekend uit cijfers van het Chinese bureau voor de statistiek.

De consumentenprijzen stegen afgelopen maand met 1,8 procent op jaarbasis, net als in april en conform de verwachtingen van economen. In maart bedroeg de inflatie nog 2,1 procent en in februari was dit zelfs 2,9 procent.

Op maandbasis daalden de consumentenprijzen in mei opnieuw met 0,2 procent.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved
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Techreus Xiaomi noteert fors verlies

Gepubliceerd op 11 jun 2018 om 16:27 | Views: 811

PEKING (AFN/BLOOMBERG) - De Chinese technologiegigant Xiaomi heeft in het eerste kwartaal van dit jaar omgerekend 1 miljard euro verlies geleden. Dat meldde de maker van onder meer smartphones in aanloop naar zijn beursgang in Hongkong.

Het kwartaalverlies werd genoteerd op een omzet van ruim 4,5 miljard euro. Xiaomi verkoopt naast smartphones allerlei consumentenelektronica van actiecamera's tot stofzuigrobots en drones, maar ook elektrische scooters. Die alternatieve inkomstenbronnen waren goed voor bijna een derde van de omzet.

Xiaomi is in Europa nog betrekkelijk onbekend, maar timmert in eigen land en in India zo stevig aan de weg dat het bedrijf nu inmiddels op een waarde van 100 miljard dollar wordt geschat. Die waardering komt voort uit de beursgang, waarmee het zo'n 10 miljard dollar wil ophalen.

Dit jaar heeft Xiaomi voor het eerst aan Europa gesnuffeld door winkels te openen in onder meer Parijs en Barcelona. Het bedrijf heeft ook Amerikaanse ambities en wil met zijn relatief goedkope smartphones de concurrentie aangaan met Apple.
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World first EPR nuclear reactor begins work in China

Dailyexcelsior reported that a third generation EPR reactor in China carried out its first nuclear chain reaction , an initial start up which is a world first for the much-delayed European technology.The European Pressurised Reactor in Taishan, southern China “carried out its first chain and therefore it has started,” tweeted Xavier Ursat, head of new nuclear projects for EDF, which has a 30 percent holding in two reactors under construction in the city.

He added that “This is excellent news for the entire nuclear industry.” With EPRs in Finland and France facing setbacks, the Taishan 1 reactor is the first of its kind.

Taishan 1 will undergo further testing and commercial operations are still many weeks away. Taishan 2 is expected to enter service next year. The dates for both reactors to start working have been pushed back several times.

“Local defects” were found last year in Taishan 1’s deaerator, a device used to remove oxygen from water circuits, according to China General Nuclear Power Corporation which manages the project alongside French state utility EDF.

The two reactors under construction in Taishan, in Guangdong province, are 51% owned by CGN, 30% owned by EDF and 19% owned by the region’s electrical utility firm.

Last September Britain gave the green light, with conditions, to EDF and CGN to build another such reactor at Hinkley Point in southwest England, after a heated debate which included worries over China’s involvement.

That reactor is not expected to be completed until the mid 2020s.

Source : Daily Excelsior
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Chinese government directs steelmakers to raise US coking coal imports – Report

Platts reported that Chinese government has told several large steel mills to increase their year on year import volumes of US met coals, as part of the country's attempts to narrow its significant trade deficit with the US. Sources told S&P Global Platts ministry of Commerce officials have approached at least two steelmakers that have previously procured US met coal and instructed them to procure more US exports, sources close to the matter said. The mills were told that their annual imports of met coal cannot fall below volumes imported in 2017.

The mills have said that maintaining such volumes would not be a problem. The Chinese Ministry of Commerce could not be reached for comment. A market source said that "I think that there is a lot of substance in the US and China coal collaboration.”

The source indicated that there were signs "that coal will be part of the resolution of the trade dispute," referring to escalating trade tensions between the two countries.”

Responses from market sources were mixed. Many were surprised, and expressed skepticism that such state intervention would have traction if met coal prices were to fall into the low USD 100 short per tonne CFR China.

However, one source said the idea that the Chinese government could intervene and compel end-users to buy more US coal was not surprising at all. He said that "I don't know why many people are shocked.”

The source indicated that the likelihood of spot prices falling to around or even below USD 100 per tonne CFR China was low in the next few years given a likely tight market supply balance.

Most steelmakers surveyed indicated, however, that without any supporting clauses, such as providing subsidies to encourage import volumes when prices are not conducive to bilateral trade, the government's request would be difficult to execute. One mining source said it was ridiculous to compel steelmakers to buy unless there were enforceable clauses that compelled buyers to buy and sellers to sell even when the price doesn't make sense for one party or the other.

Without such clauses there would be "loopholes," the source said, adding that tax rebates would be one potential way to try and enforce this. Met coal buyers are "very practical" with regards to coking coal imports, a large steelmaker said, describing the US-Chinese met coal relationship as based "mostly on price."

Source : Platts
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Rosatom to build 4 nuclear power units in China

REUTERS reported that Russian state nuclear company Rosatom has signed deals to build four nuclear power units in China. It said that Rosatom will construct two units each at the Xudabao and Tianwan nuclear plants.

All four units will feature Russia's latest Gen3+ VVER-1200 reactors. The reactors and all other necessary equipment will be developed and supplied by Russia. Rosatom did not provide an estimate of the cost.

Source : Reuters
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China solar firms urge govt to rethink capacity cap and subsidy cut

Reuters reported that Chinese solar panel makers have urged Beijing to delay surprise subsidy cuts and relax a cap on new projects, according to a letter reviewed by Reuters, protesting that the policy will damage a sector already struggling financially. In a letter first sent to Xinhua news agency this week, executives from 11 Chinese solar firms said the surprise move to withdraw support, announced on June 1, had come far too soon. They said the sector had racked up huge debts to ensure it could compete with traditional power generators, and still needed another three to five years of government backing.

The policy shift by China's state planner, the National Development and Reform Commission, sent solar stocks into freefall, prompting analysts to lower forecasts for global installations this year amid expectations that a glut of excess panels would send prices tumbling.

Immediate implementation of the policy would affect plants under construction, according to the letter from executives at firms like Sungrow Power and Canadian Solar , calling for "a certain grace period" for those that need it.

They said that "There are people who believe the Chinese photovoltaic market has grown too quickly. In fact, photovoltaic power generation occupies just 1.7 percent of the total."

China's National Energy Administration said after the letter was first publicised, that it had met solar industry representatives on Wednesday and promised to speed up the launch of a quota system forcing regions to buy more renewable power.

The NDRC said on June 1 it would add just 30 gigawatts of capacity this year, down from a record 53 GW in 2017, as it tried to "optimise" the pace of construction. It would not approve new solar plants that required subsidies, and would cap smaller-scale "distributed generation" on rooftops at 10 GW, half of last year's rate.

Surging solar capacity has left China's power grids creaking, unable to build sufficient transmission infrastructure. The finance ministry has also struggled to find billions of yuan in subsidies owed to new projects.

The cap on DG projects also garnered mixed reactions from developers.

Mr Thomas Lapham, chief executive of Asia Clean Capital, which invests in Chinese DG projects said that "It will cause a dramatic reduction in DG development in the second half of 2018.”

Source : Reuters
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Coal prices up as heatwave fires up China demand

Bloomberg reported that prices of Newcastle coal are at the highest level since 2012 after surging 24% since mid April to USD 112.05 a metric tonne on Thursday as China maintains robust demand during unseasonably hot weather. Despite measures imposed by the top user to cool soaring domestic prices, international miners are on a roll after a five-year downturn that shuttered mines and cost jobs.

China’s power producers have been challenged by extreme weather in 2018, from a cold snap in January to a heatwave in May, draining stockpiles. The nation has boosted coal imports by 8.2% to 121 million tons in the first five months this year even as policy makers imposed restrictions on some shipments. Australian cargoes bound for China jumped to an all-time high in April.

The rally is proving to be a headache for Chinese authorities. The government has put in place a string of measures, including boosting output from efficient mines, to try and rein in domestic prices, with little success so far. Benchmark prices at Qinhuangdao port are trading well above a target of 570 yuan a ton, which officials have reportedly set with a June 10 deadline in mind.

That’s giving producers a reason to rejoice, though, as the 38% rally in Newcastle coal over the past year has helped to boost shares. Australia’s Whitehaven Coal Ltd. has risen to the highest since April 2012, while Glencore in London has climbed about 36% in the last 12 months. It’s not just thermal prices that are strong; the variety used in steel-making has averaged about $211 a ton so far in 2018, and if maintained throughout the remaining months, would be the highest average in at least six years.

With improving coal price comes a flurry of dealmaking. Eight transactions worth USD 4.4-billion this year have put M&A in the sector on pace for the best year since 2011, according to data tracked by Bloomberg.

Source : BLOOMBERG
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Mongolia open to Russia building gas pipeline through its territory to China - Mr Putin

According to Russian President Mr Vladimir Putin, Mongolia is interested in letting Russia build a pipeline to China through their territory. “We generally support the idea. But, of course, as always in such cases, you need to thoroughly work out the feasibility,” Putin said during a trilateral meeting with the heads of the People’s Republic of China and Mongolia in Qingdao, China.

Mongolia has been offering its territory for transit of Russian gas to China for a number of years, pointing to security and length of the way. Meanwhile, all the ways of supplying gas to China discussed and implemented by Russia’s Gazprom are direct pipelines from Russia to China without transit states from Blagoveshchensk, Vladivostok, and Altai.

Russia is China’s largest supplier of oil, while the latter is the largest buyer in the world. “Last year, we supplied more than 50 million tons of oil. By April, this number increased by another 26 percent,” the Russian president said at a press conference in Beijing after meeting China’s president, Xi Jinping.

Mr Putin added that work on the construction of the Eastern Route pipeline from Russia to China is on schedule, and companies from both countries are participating at Russia’s USD 27 billion LNG plant in Yamal.

Source : RT
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Chinese ports see fall in volume growth by 4.1pct in Q1 2018

While major international ports have witnessed a surge of 3.4 per cent in cargo throughput in the Q1 (January-March) of this year compared to the same period of 2017, Chinese ports, on the hand, have seen volume growth fall by 4.1 percentage points to 3.1 billion tonnes.

According to the Shanghai International Shipping Institute’s (SISI) latest Global Port Development Report for Q1 2018, throughput growth at Chinese ports was the lowest since the fourth quarter of 2016. Among the segments, domestic trade was relatively worst hit, falling 5.8 percentage points as policy adjustments and a high base from the robust growth in the first three quarters of last year weighed on the figures.

Source : Strategic Research Institute
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New insights into Chinese Maritime Silk Road

It is a concept which could boost global seaborne trade by assisting economic progress in many countries. China’s 21st Century Maritime Silk Road has attracted great interest internationally, intensified by other possible impacts of the plan. During the past twelve months there has been progress, as well as setbacks, and the main features have become clearer.

Together with its land-route counterpart the Silk Road Economic Belt, the Maritime Silk Road forms part of China’s Belt and Road Initiative (B&RI), formerly referred to as One Belt One Road. This grand project has huge economic and strategic implications for the numerous countries involved. Just over a year ago interest was amplified by a conference of nations and organisations, hosted in Beijing by the Chinese government to explain and discuss the B&RI and encourage involvement. Since then there have been many news items about various aspects.

Assisting evaluation of the continuing process, two new analyses were published recently. These look specifically at the Maritime Silk Road part of the B&RI and cast a fresh light on how it is evolving, its effects and implications regionally and globally:

China’s Maritime Silk Road, Strategic and Economic Implications for the Indo-Pacific Region
Center for Strategic & International Studies (CSIS), Washington DC, March 2018, Nicholas Szechenyi (editor), Michael J Green, et al

Blue China: Navigating the Maritime Silk Road to Europe
European Council on Foreign Relations (ECFR), Policy Brief, London, April 2018,
Mathieu Duchatel and Alexandre Sheldon Duplaix

These analyses are offered by reputable think-tanks, featuring scholarly research. Although influenced by and reflecting to varying extents, respectively American and European viewpoints, valuable insights coupled with thought-provoking ideas and assessments are contained.

The principal rationale for the Belt & Road Initiative, as promoted by the Chinese government, is to improve connectivity between China and a broad band of Eurasian territory, mainly by upgrading and expanding transport and other infrastructure. Along the Maritime Silk Road, a route or routes extending from China through Southeast Asia, Oceania, the Indian Ocean, Middle East and East Africa into the Mediterranean Sea, enhancing port facilities is a particular focus. Previous studies have highlighted the need for greater investment in such infrastructure in many developing and emerging economies in this area.

Contrasting perceptions
Plans to strengthen connectivity are not the only aspect of the Maritime Silk Road attracting much attention. Political and strategic issues and implications are considerations for many countries involved or affected.

The CSIS analysis underlines the “growing questions about the economic viability and the geopolitical intentions behind China’s proposals” and asks whether port and other projects in the Indo-Pacific region are economic or military in nature. It concludes that MSR projects are neither purely military nor purely commercial and that China’s approach is “probably evolving”. A broadly international viewpoint is adopted in this evaluation; an overtly American perspective is not prominent in the report.

By contrast the ECFR study, as implied by its title, places a European perspective centrally. The tone is set at the outset when it is declared in the summary that “China’s Maritime Silk Road is about power and influence…” The study’s introduction section contends that “economics may be its main driver, but the Maritime Silk Road is also about naval power and international influence and forms part of (president) Xi Jinping’s broader national strategy”. This theme is pervasive throughout the report.

Perceptions of a European reluctance to endorse China’s project are emphasised in the ECFR study. According to the authors, the “romance of the Silk Road has won over few players in Western Europe”. Scepticism in Europe is explained as reflecting three influences: (a) an unconvincing argument by China about shared prosperity, (b) a prevailing sense that Europe will derive limited advantages from the MSR, and (c) divided European opinion about the entire Belt & Road Initiative. These influences have led to “passive scepticism”. The report does question whether this attitude is justifiable, but contends that the B&RI “is designed to help China tilt the global balance of power in its favour”.

Prominent infrastructure projects
Included in the CSIS report are detailed evaluations of three major port infrastructure projects sponsored by China along the Maritime Silk Road – Kyaukpyu (Myanmar), Hambantota (Sri Lanka) and Gwadar (Pakistan). Another major project on the same route – Chabahar (Iran), sponsored by India – is also examined because it is in close proximity to Gwadar and is often viewed as a manifestation of strategic competition between India and China.

Below are brief descriptions of the projects, derived from the CSIS study and from other sources.

At Kyaukpyu, a coastal town in Myanmar’s Rakhine State, Chinese companies have agreed to develop a deep-sea port and adjacent industrial area. Already this location is the terminus for twin pipelines to Kunming in China’s Yunnan Province. The gas pipeline, completed five years ago, carries gas from Myanmar’s offshore Shwe field, while the parallel oil pipeline which became operational last year carries imported crude oil to a new refinery in Kunming. The project enables China to reduce dependence on the sea route via the Straits of Malacca, seen as a chokepoint vulnerable to disruption. When new road and rail connections are finished, this route may assist development of China’s inland western provinces.

The port of Hambantota on Sri Lanka’s southern coast was a small fishing village until a few years ago when the previous national government, with Chinese financing, began transforming it into a deep-sea port. It is situated close to the long-established major port of Colombo, which has not reached capacity and has plans for major expansion, complicating Hambantota’s progress from an under-utilised facility at present. As a consequence of the need to reduce the country’s high indebtedness, in July 2017 a controlling equity share plus a 99-year operating lease was acquired by a Chinese port operator, China Merchants Port Holdings.

In Pakistan the port of Gwadar on the Makran coast west of Karachi has been developed in recent years as a gateway to the China-Pakistan Economic Corridor (CPEC). Projects within CPEC will be facilitated by road links through Pakistan to Kashgar in China’s Xinjiang Province, and there are plans for rail and pipeline links. Gwadar is located near the junction of the Arabian Sea and Gulf of Oman close to international shipping routes. Its transformation from small fishing villages into a major port being extended in phases began over a decade ago. In 2013 it became effectively a Chinese port when a new operator, China Overseas Port Holdings, obtained the management contract, and a 40-year lease has been agreed.

A port which is relevant to, but not part of the MSR project is Chabahar in Iran. The relevance stems from its geographical position along the same stretch of coast and in close proximity to Gwadar, less than two hundred kilometres distant. Of particular significance is that India is assisting Iran to develop Chabahar, reflecting the Indian Government’s infrastructure investment strategy and intention of gaining access to Central Asia. The upgraded port is expected to be operational by the end of 2018, and India has committed to building a free trade and industrial zone and new rail connections.
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Deel 2:

Economic arguments
The CSIS study attempts to rigorously gauge the economic significance of the Maritime Silk Road. Although the Chinese government contends that the purpose of the Belt & Road Initiative is to enhance regional and global integration and boost economic well-being and macro-economic growth in connected countries, motivations for port investments are often challenged

Three criteria for assessing the economic viability of port infrastructure projects are adopted in the CSIS analysis: proximity to shipping lanes; proximity to existing ports; and hinterland connectivity or connections to larger developments inland. The conclusion is that the three MSR projects reviewed are not entirely aligned with economic objectives, especially connectivity. According to the authors of this chapter “Hambantota, Gwadar, and Kyaukpyu are all advertised as engines of development for historically underdeveloped areas. As rural areas, they are less connected to broader transportation networks.”

Other aspects of Chinese port investment along the MSR routes are discussed in the ECFR analysis. The authors of this paper suggest that “operating port terminals is a source of predictable and stable return on investment for Chinese conglomerates…” This characteristic of profitability provides an incentive for investing directly in port development projects, and also into port and terminal operations and management. Port and terminal management is a prominent feature in Hambantota and Colombo, Gwadar, Djibouti and Piraeus.

During 2016 and 2017 there was a surge in Chinese companies acquiring equity stakes in port management companies around the world. Some were within the MSR as usually defined, while others were elsewhere. Among notable investments of this type were Rotterdam container terminal, container terminals in Valencia and Bilbao, Vado Ligure and Khalifa Port.

Implied consequences
Strategic objectives are sometimes deduced, anticipating use of ports for naval activities related to security operations. There have been many suggestions that all three ports within the MSR reviewed above could become bases for the Chinese navy or, at least, could be used for this purpose in times of conflict.

Apart from brief visits by individual Chinese navy warships, a common practice in numerous ports around the world, evidence validating the theory has been limited. However, the CSIS study contends that “there is no question that the infrastructure is being created with dual-use purposes in mind”. The ECFR study concurs, suggesting that “it is…a matter of the right conditions being met rather than of whether China will proceed to build new ‘overseas logistical facilities’ for its navy”.

A concern for the international community and for the host country is the leverage potentially gained by China when it finances B&RI port and other infrastructure. Heavy indebtedness may enable more pressure to be exerted on the government of a B&RI partner, possibly resulting in economic dependency which could be exploited for strategic purposes. This perception has been seen to cause political unrest or, at least, opposition within host countries.

In one prominent case where debt became overwhelming, China acquired the assets. As already mentioned, Sri Lanka’s government has allowed ownership of Hambantota to be transferred to a Chinese state-owned company, which has acquired a controlling equity stake in the port and an extended operating lease.

Focusing on trade between China and the European Union, the ECFR study suggests that it is beneficial for Europe to create conditions for continuous growth in trade movements. However, the authors argue that Chinese investment in port infrastructure involves risks for recipient countries. A possible positive aspect is reducing the cost of trade for all parties. But a potential negative aspect in the long term may be Chinese companies’ ability to set prices and control the terms of economic exchange with trade partners (selecting business partners).

A shipowning dimension
One activity closely linked to the Maritime Silk Road is not usually discussed as part of the scheme, because it is not promoted as formally related. The China-owned fleet of merchant ships of all types – especially tankers, bulk carriers and container ships – has grown strongly over the past twelve months, following earlier rapid expansion. Many of these ships are employed on MSR trade routes, although not necessarily exclusively (as geographically flexible patterns are a feature of some vessels’ employment), while others are employed on associated routes.

According to data compiled by Clarksons Research, the China-owned merchant ship fleet was comprised of 7,567 ships totalling 159.3 million gross tonnes (a common measure of capacity) at the beginning of June 2018. The total had grown by 13.2m gt or 9 percent since the same point a year earlier. An indication of future fleet growth is provided by the volume of ships for which definite orders have been placed at shipbuilding yards. Currently owners based in China have 22.9m gt on order, equivalent to over 14 percent of the existing fleet, a large proportion of which is scheduled for delivery this year or in 2019.

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