Pakistan: We will get Russian oil starting next April

Pakistan: We will get Russian oil starting next April

    Friday, January 27, 2023   No comments

Pakistan's Petroleum Minister Mossadeq Malik announces that Pakistan will start importing crude oil from Russia in April 2023, stating that this "will be beneficial for both countries."

Pakistani Petroleum Minister Mussadeq Malik announced today, Friday, that Pakistan will start importing crude oil from Russia in April 2023, after Moscow and Islamabad ended their negotiations on the terms of supply, including the issue of payment related to the use of a currency other than the dollar.

Malik added, "In March, all trade clauses of the agreement with Russia will be finalized, after which low-cost crude oil will start arriving in Pakistan. It will be beneficial for both countries," according to the Pakistani newspaper News.

Pakistan has also begun to develop a comprehensive energy security plan, which will be completed by the end of 2023, and includes the import of Russian liquefied natural gas (LNG), pipeline gas, and other petroleum products, according to the newspaper's report.

Earlier, Russian Energy Minister Nikolai Shulginov and Pakistan's Economy Minister Ayaz Sadiq held a meeting, where the two sides agreed to agree on all details of oil and gas supplies by March.

Shulginov noted that discussions on oil supplies will not begin until after February 5, after the price ceiling for Russian refined products, introduced by Western countries, comes into effect.

Shulginov added that "Russia may participate in power generation projects in Pakistan, including the modernization and construction of hydroelectric power plants and thermal power plants."

On January 19, Russia and Pakistan announced their readiness to sign the necessary documents for the construction of the "Pakistani Stream" gas pipeline.

The Russian delegation headed by Shulginov arrived in Pakistan, on January 17, to hold bilateral talks for a period of 3 days, within the framework of the work of the joint Russian-Pakistani governmental committee for trade, economic, scientific and technical cooperation.

Western countries have been seeking ways to limit Russia's revenues from oil and gas exports, as well as its dependence on Russian fuel since Moscow launched a military operation in Ukraine on February 24, 2022.

On December 5, the European Union set a ceiling for the price of Russian oil, $60 a barrel, and the G7 countries and Australia joined.

Despite this, Washington and its allies agreed to review the level of the ceiling imposed on the export prices of this oil next March.

Will next week be decisive in determining the fate of the global economy?

Will next week be decisive in determining the fate of the global economy?

    Sunday, January 22, 2023   No comments

Bloomberg Agency presents a reading of the most important global economic changes, and indicates the possibility of a total change in global markets, especially after the Chinese decision to completely abandon the steps to combat Corona.

Next week may show more reasons for hope about the global economy, after bleak months filled with negative signs of a deep recession, as some data could reflect the gradual improvement of business partnerships in most parts of the developed world.

Economists expect purchasing managers' indices for both the United States and the eurozone to rise, while many metrics will still point to contraction, the upward trend of travel could add to optimism, according to a Bloomberg report.

Global Purchasing Managers Activity

Such possibilities are reinforced by China's post-pandemic reopening, evidence of slowing inflation, and the emphatic views of some senior European officials that their economies will not stagnate. International Monetary Fund Managing Director Kristalina Georgieva hinted on Friday that the lender may soon raise its forecasts for this year.

"We have, clearly, the strength of labor markets translating into consumer spending and sustaining the economy, and as China reopens, we expect growth this year to again exceed the global average," Kristalina Georgieva said at the World Economic Forum in Davos, Switzerland.

But prices in the US will also be decisive, and the first estimate of Q4 GDP there, due on Thursday, could be helpful. The economy is expected to show expansion at an annual rate of 2.7% in the last three months of 2022, after a pace of 3.2% in the third quarter.

While this data points to strong growth, recent data, including retail sales, home construction and industrial production, showed that momentum was starting to fade in late 2022.

Economists, polled by Bloomberg, see US gross domestic product falling for two consecutive quarters in the middle of this year as sharp interest rate increases by the Federal Reserve curbed demand.

While Asian momentum could provide a boost to these expectations, the IMF chief noted that there is a risk that its contribution to the global economy could be derailed.

Expert point of view

America's fourth-quarter GDP will be boosted largely by strong consumer spending on services, even as goods decline.

Households continued to benefit from excess savings from the stimulus and benefit from strong wage gains, and tightening monetary policy means that 2023 will see significantly weaker demand.

Elsewhere, multiple interest rate decisions may include a possible eventual BoC hike, and a 12th consecutive rate hike in Colombia.

Australia and New Zealand may report slowing consumer price growth, while Eurozone policymakers have one last chance to speak before they meet the following week.

United States and Canada

Apart from the US PMI and GDP reports, the government is expected to announce on Friday that inflation-adjusted personal spending on goods and services fell in December for the first time in a year.

The data is also expected to show moderate inflation rates on an annual basis, but they will remain high. Fed officials, who are watching ahead of the end-of-month meeting, will take note of signs of a slowing economy and moderate inflation. Other reports are expected to show a decline in new home sales and core capital goods.

Looking north, the Bank of Canada appears to have put a cap on one of the most aggressive tightening campaigns in its history, with what economists and markets expect to be a final 25 basis point increase in borrowing costs on Wednesday.

Policy makers led by Governor Tiff Macklem will likely refrain from announcing a complete halt to hikes, opting instead to keep the benchmark rate at 4.5% while maintaining a hawkish tone while watching how quickly the economy declines.

The decision is complicated by conflicting data. Canada's ultra-tight labor market continues to add jobs with unemployment near a record low, and economic output is set to expand in the fourth quarter of 2022 at twice the pace of the central bank's previous forecast.

Annual inflation remains uncomfortably high at 6.3%, but the underlying pressures are showing clear signs of abating. Meanwhile, heavily indebted Canadian households are feeling the crunch of higher rates and are starting to cut back on their spending.

Asia

Australia and New Zealand reported their latest inflation figures in the middle of the week, as the RBA contemplates halting its tightening cycle and the RBNZ contemplates its next move after a big rally in November.

In South Korea, Thursday's GDP results may show the economy contracting, a result that could reinforce caution in the central bank.

In Japan, Friday's Tokyo CPI data should indicate whether inflation is closer to peaking in the world's third-largest economy.

Two closely watched South Asian economies, Pakistan and Sri Lanka, will decide key interest rates, along with Thailand.

In turn, the Philippines reported the performance of its economy in 2022, which President Ferdinand Marcos Jr. estimated would grow at 7%.

The Thai Ministry of Finance will provide its latest economic estimate later next week. China will be closed all week due to the Lunar New Year holiday.

Europe and Africa

The last window for ECB officials to communicate ahead of the February 2 interest rate decision will close on Thursday. At the same time, Eurozone data may give more indications of the health of the economy.

Officials are scheduled to appear several times before then, including Bank President Christine Lagarde, who pledged to the Davos audience that she would "stay the course" on monetary policy.

In Germany, where Chancellor Olaf Scholz is now convinced a recession will be avoided, Wednesday's Ifo Business Confidence report is expected to show improvement across all measures. Meanwhile, the first estimate of Spain's GDP for the fourth quarter may reveal a slight expansion.

The UK faces a few quieter days than it has lately, with no monetary policy speakers from the Bank of England and the PMI survey and fiscal data among the only items expected.

And in Hungary, the central bank will set the base interest rate at a monthly meeting on Tuesday, as investors eye a possible pivot towards monetary easing at the depository tender two days later. To the east, Ukrainian officials are expected to keep their benchmark unchanged at 25%.

Regarding Africa, the Central Bank of Nigeria is expected to slow its monetary tightening on Tuesday, with an increase of 50 basis points. Inflation slowed unexpectedly in December, but remained well above the policy target, deterring saving.

On Wednesday, Mozambique's policymakers are likely to leave official borrowing costs unchanged for the second consecutive meeting as inflation expectations slow.

Having prepared early for its battle against the worst global inflation shock in a generation, the Reserve Bank of South Africa is also likely to slow its rate hike on Thursday. Investors expect a more than 80% chance of a rate hike of 25 basis points.

Latin America

On Tuesday, consumer price reports are likely to confirm the formidable challenge facing policymakers in the region's two largest economies.

On an annual basis, Brazil may record a gradual move down from the level of 5.9%, while the main and fundamental results in Mexico as a whole remain unchanged from their latest readings at 7.86% and 8.34%, respectively.

In Argentina, GDP data could be disappointing for a third month, with an overvalued peso and near triple-digit inflation threatening deflation in the fourth quarter.

All certainty, the Central Bank of Chile will keep its benchmark rate at a two-decade high of 11.25% for the second consecutive meeting on Thursday. Inflation that has reached 4 times the target as the economy slips into recession puts Central Bank President Rosana Costa in an awkward position.

Observers in Colombia largely expect the central bank to extend a record cycle of interest increases, with 12 consecutive rate hikes to 13%, in the face of the sharpest wave of inflation in a generation.

Surprisingly, Finance Minister Jose Antonio Ocampo, who is a voting member of the bank's board of directors, said on Tuesday that "the bank does not need to raise again and inflation has peaked, both of which contradict the bank's own polls of analysts."

The Jordanian Parliament decided to dismiss Representative Muhammad Al-Fayez, following a letter he addressed to the Crown Prince of Saudi Arabia, Muhammad bin Salman

The Jordanian Parliament decided to dismiss Representative Muhammad Al-Fayez, following a letter he addressed to the Crown Prince of Saudi Arabia, Muhammad bin Salman

    Wednesday, January 18, 2023   No comments

The Jordanian Parliament decided to dismiss Representative Muhammad Al-Fayez, following a letter he addressed to the Crown Prince of Saudi Arabia, Muhammad bin Salman, in which he appealed to him not to send aid to Jordan, so that it would not reach “pockets of corruption and the corrupt,” after he had submitted his resignation from Parliament last month. Past.

And the official Jordanian News Agency, Petra, stated that the House of Representatives decided to dismiss Al-Fayez, noting that “92 out of 110 deputies who attended the session voted on the Legal Committee’s decision related to the dismissal of Representative Al-Fayez.”

The reasons for the decision stated that the representative violated “parliamentary and diplomatic norms, with regard to the manner of addressing and insulting issued by him in a letter addressed to a sister Arab country, and discrediting the Kingdom through it.”

Al-Fayez had sent, in mid-December, a message to Ibn Salman through the ambassador of Riyadh to Jordan, in which he said: “We do not want aid and we do not want donations.

He added, “All your goods reach the pockets of corruption and the corrupt, and the notion that your donations go to pay the bills of all Jordanians, including innocent people, is a lie.” He added, “We hear about aid to the state, but it only goes to a corrupt class that gets richer at the expense of the dignity of the proud Jordanian.”

Al-Fayez, who belongs to the Bani Sakher tribe, one of the largest tribes in Jordan, and many of its members hold leadership positions in the state, submitted his resignation from the House of Representatives on December 22, justifying that by "the parliament's inability to achieve anything."

This comes at a time when Jordan is suffering from difficult economic conditions, which were exacerbated by the “Covid” pandemic. Unemployment rates rose in 2021 to about 25%, according to official figures, while it rose among the youth category to 50%.

The poverty rate rose to 24%, and the public debt exceeded $47 billion, or more than 106% of the GDP.

The Kingdom's economy, which suffers from a scarcity of natural resources, relies heavily on aid, especially from the United States, the European Union and the Gulf states, led by Saudi Arabia.

According to the Jordanian constitution, the parliament has the power to decide whether to accept or reject a request for the resignation of deputies. If it rejects it, the deputy’s membership continues to complete the legal term of the parliament, which is set at four years, even if he does not attend any of the parliament’s sessions. But if it is accepted by the majority of its members, the seat is filled.

Full text of Xi Jinping's keynote speech at China-Arab States Summit

Full text of Xi Jinping's keynote speech at China-Arab States Summit

    Sunday, December 11, 2022   No comments

Chinese President Xi Jinping delivered a keynote speech here Friday at the first China-Arab States Summit. The following is the full text of the speech:

_________

Carrying Forward the Spirit of China-Arab Friendship and Jointly Building a China-Arab Community with a Shared Future in the New Era

Riyadh, 9 December 2022

Distinguished Colleagues,

Friends,

Good afternoon!

At the outset, I wish to thank Saudi Arabia for the warm hospitality and thoughtful arrangement. I am very pleased to join you for the first China-Arab States Summit. The Summit is a milestone in the history of China-Arab relations, and will take us to a more promising future of friendship and cooperation.

China and Arab states enjoy a long history of friendly exchanges. We have come to know and befriend each other through the ancient Silk Road. We have shared weal and woe in our respective struggles for national liberation. We have conducted win-win cooperation in the tide of economic globalization. And we have upheld fairness and justice in the changing international environment. Together, China and Arab states have nurtured the spirit of friendship featuring "solidarity and mutual assistance, equality and mutual benefit, and inclusiveness and mutual learning."

Solidarity and mutual assistance is a distinct feature of China-Arab friendship. We trust each other, and have forged a brotherly friendship. We firmly support each other on issues involving our respective core interests. We work hand in hand and make progress together to realize the dream of national rejuvenation. We brave wind and storms together in fighting the COVID pandemic. The China-Arab future-oriented strategic partnership of comprehensive cooperation and common development is unbreakable.

Equality and mutual benefit is a constant driver for our friendship. China and Arab states have set an example for South-South cooperation in pursuing mutually beneficial collaboration. The two sides have established 17 cooperation mechanisms under the framework of the China-Arab States Cooperation Forum. Over the past decade, our trade has grown by 100 billion U.S. dollars, with the total volume exceeding 300 billion dollars; China's direct investment in Arab states was up by 2.6 times, with the stock of investment reaching 23 billion dollars; over 200 Belt and Road projects have been carried out, benefiting nearly two billion people of the two sides.

Inclusiveness and mutual learning is a key value inherent in our friendship. We appreciate each other's civilizations, and have written a splendid history of mutual learning. We keep drawing wisdom from each other's time-honored civilizations, and jointly promote "peace, harmony, integrity, and truth", the very essence of civilization. We stay true to our principles despite the clamour for "clash of civilizations", advocate together inter-civilizational dialogue, oppose discrimination against particular civilizations, and endeavor to safeguard the diversity of world civilizations.

Colleagues,

Friends,

The world today is in a new period of turbulence and transformation. The Middle East is undergoing new and profound changes. The aspiration of the Arab people for peace and development is much more compelling, and their call for equity and justice is stronger than ever. As strategic partners, China and Arab states should carry forward the spirit of China-Arab friendship, strengthen solidarity and cooperation, and foster a closer China-Arab community with a shared future, so as to deliver greater benefits to our peoples and advance the cause of human progress.

- We should stay independent and defend our common interests. China supports Arab states in independently exploring development paths suited to their national conditions and holding their future firmly in their own hands. China is ready to deepen strategic mutual trust with Arab states, and firmly support each other in safeguarding sovereignty, territorial integrity and national dignity. Our two sides should jointly uphold the principle of non-interference in other countries' internal affairs, practice true multilateralism, and defend the legitimate rights and interests of developing countries.

- We should focus on economic development and promote win-win cooperation. We should strengthen synergy between our development strategies, and promote high-quality Belt and Road cooperation. We should consolidate cooperation in traditional areas including economy and trade, energy and infrastructure development. In the meantime, we should strengthen new sources of growth such as green and low-carbon development, health and medical services, and investment and finance, and expand new frontiers including aviation and aerospace, digital economy and peaceful use of nuclear energy. We should also tackle major challenges like food security and energy security. China will work with the Arab side to implement the Global Development Initiative (GDI) and drive sustainable development of South-South cooperation.

- We should uphold regional peace and strive for common security. China supports the Arab side in promoting political settlement of hotspot and challenging issues with Arab wisdom, and build a common, comprehensive, cooperative and sustainable security architecture in the Middle East. China urges the international community to respect the role of the Middle East people as masters of their own affairs, and add positive energy to the security and stability of the region. China welcomes the Arab side to participate in the Global Security Initiative (GSI), and will continue to contribute Chinese wisdom to promoting peace and tranquility in the Middle East.

- We should increase exchanges among civilizations to enhance mutual understanding and trust. We need to increase personnel exchange, deepen people-to-people cooperation, and promote the exchange of governance experience. We need to jointly oppose Islamophobia, carry out cooperation on deradicalization, and reject association of terrorism with any particular ethnic group or religion. We need to advocate humanity's common values of peace, development, equity, justice, democracy and freedom, and set an example of inter-civilizational exchanges and mutual learning in the new era.

We are pleased to see the decision by the Summit to build a China-Arab community with a shared future in the new era and to formulate the Outline of the Comprehensive Cooperation Plan Between China and Arab States, laying out the blueprint for future China-Arab relations. As the first follow-up step of that decision, China will, in the next three to five years, work with the Arab side to advance eight major cooperation initiatives in areas including development support, food security, public health, green innovation, energy security, inter-civilizational dialogue, youth development, and security and stability. China has briefed the Arab side on the details of the eight initiatives, and will work with the Arab side to promote their early implementation and strive for early harvest.

Colleagues,

Friends,

The Palestinian issue bears on peace and stability in the Middle East. The historical injustices done to the Palestinian people should not be left unattended indefinitely. The legitimate rights and interests of a nation are not up for trade, and the demand to establish an independent state shall not be denied. The international community should stay firm in its commitment to the two-state solution and the principle of "land for peace", make resolute efforts to promote peace talks, provide more humanitarian and development assistance to Palestine, and strive for a just settlement of the Palestinian issue at an early date. Recently, through the efforts of Arab states, important progress has been made in Intra-Palestinian reconciliation. China welcomes these developments. I would like to reiterate that China firmly supports the establishment of an independent State of Palestine that enjoys full sovereignty based on the 1967 border and with East Jerusalem as its capital. China supports Palestine in becoming a full member of the United Nations, and will continue to provide humanitarian assistance to Palestine, support livelihood projects in the country, and increase donations to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA).

Colleagues,

Friends,

Recently, the Communist Party of China successfully convened its 20th National Congress. The Congress laid out the tasks and path of advancing the rejuvenation of the Chinese nation on all fronts through Chinese modernization, and provided a blueprint for China's future development. China will stay committed to upholding world peace, promoting common development, and building a community with a shared future for mankind. China remains firm in pursuing an independent foreign policy of peace and upholding international fairness and justice. China is committed to promoting friendship and cooperation with other countries based on the Five Principles of Peaceful Coexistence, and will work to deepen and expand global partnerships. Acting on a mutually beneficial strategy of opening up, China will continue to promote high-standard opening up and advance high-quality Belt and Road cooperation. By doing so, we wish to create new opportunities for Arab states and all other countries with China's new development.

Colleagues,

Friends,

A great cause begins with a dream and turns into reality through hard work. Let us carry forward the spirit of China-Arab friendship, jointly build a China-Arab community with a shared future in the new era, and usher in an even brighter future for our relations.

Thank you!  

___________

Translation provided by Xinhua

______________________________________________________

In related news; the Chinese president signed the GCC statement which included a reference to Iranina islands UAE wants to annex. Iranian foreign minister issued immediately a statement saying "in all frankness and transparency, Iran will not flatter anyone regarding its territorial integrity." His office then summoned the Chinese ambassador to Tehran, during which Iran expressed its "strong dissatisfaction and protested against China's involvement in the issue of Iran's territorial integrity."

Responding to this objection, China will be sending the Chinese Deputy Prime Minister for a visit to Iran this week perhaps to address what Iran sees as "mistake made by the Chinese president in Riyadh."

A Saudi-Chinese agreement to hold a summit between the two leaderships every two years and to sign agreements worth billions of dollars.. The Saudi Crown Prince affirms the Kingdom’s commitment to the “One China” policy

A Saudi-Chinese agreement to hold a summit between the two leaderships every two years and to sign agreements worth billions of dollars.. The Saudi Crown Prince affirms the Kingdom’s commitment to the “One China” policy

    Thursday, December 08, 2022   No comments

 

A Saudi diplomatic source in Riyadh told the German news agency that “the Saudi and Chinese sides agreed to hold a summit between the two leaderships every two years,” without disclosing further details.

The agreement comes during Chinese President Xi Jinping's visit to the Kingdom, which is the second, and it came at the invitation of Saudi King Salman bin Abdulaziz.

Saudi Crown Prince Mohammed bin Salman said today, Thursday, that Riyadh is firmly committed to the "one-China" principle and supports Beijing in protecting its sovereignty, security and territorial integrity.

  In a meeting with Chinese President Xi Jinping, bin Salman said: “The Kingdom of Saudi Arabia is firmly committed to the principle of ‘One China’, supports China in defending its sovereignty, security and territorial integrity, supports the measures and efforts that China is making to de-radicalize, and strongly opposes external interference in China's internal affairs under the pretext of protecting human rights,” according to China Central Television, according to Sputnik.

Chinese Foreign Ministry spokeswoman Mao Ning said that Chinese President Xi Jinping will attend the summit of the Chinese-Gulf Cooperation Council, in addition to the first-ever Chinese-Arab meeting, and indicated that the summit will be a “milestone” in the development of Chinese-Arab relations.

The Chinese president affirmed his country's readiness to strengthen relations and cooperation with Riyadh in various fields, and to support peace and stability around the world.

Today, the Chinese president held talks with Saudi leaders on the second day of his visit to Riyadh, Thursday, before witnessing the signing of billions of dollars worth of agreements between the two economic powers aspiring to enhance their rapprochement, despite Washington's warnings of the escalation of Beijing's influence.

Crown Prince Mohammed bin Salman shook hands with Chinese President Xi Jinping when he got out of his car upon his arrival at Al Yamama Palace in Riyadh, the official residence of the king and the seat of the royal court, according to footage broadcast by state media.

Later, the Chinese president met with Saudi King Salman bin Abdulaziz, and in the presence of the crown prince, they signed the "comprehensive strategic partnership agreement between the Kingdom and China," according to the Saudi Press Agency. They also agreed to hold a meeting of the leaders of the two countries every two years.

"China-Saudi cooperation has broad future prospects, and the Chinese side regards the Saudi side as an important force in a multipolar world, and attaches great importance to developing a comprehensive strategic partnership with Saudi Arabia," Xi said, according to Chinese state media.

The Chinese president confirmed that Beijing is ready to expand oil trade with Riyadh and will "list Saudi Arabia as an outbound tourism destination" for Chinese citizens.

Xi was awarded an honorary doctorate in management from King Saud University "in recognition of his achievements and great efforts in management and leadership, and in gratitude for the thriving relationship and continuous cooperation between the two friendly countries," according to the agency.

And Saudi government media reported that the visit witnesses the signing of agreements worth about $29.3 billion in several fields, at a time when China wants to strengthen its economy affected by the Corona virus, while the Saudis, historical allies of the United States, seek to diversify their economic and political alliances.

- important partner -

During the visit, the Chinese president will participate in two Gulf-Chinese and Arab-Chinese summits attended by leaders of the countries of the region who have already begun to flock to the Saudi capital, including Egyptian President Abdel Fattah El-Sisi and Lebanese caretaker Prime Minister Najib Mikati.

China, the largest consumer of Saudi oil, is strengthening its trade and political ties with a region that has long relied on the United States for military protection but has expressed fears of a diminishing American presence.

Hours after his arrival on Wednesday, Saudi state media announced 34 investment agreements in sectors including green hydrogen, information technology, transportation and construction.

The official Saudi Press Agency did not include additional details, but said that total trade between the two countries amounted to 304 billion Saudi riyals ($80 billion) in 2021 and 103 billion Saudi riyals ($27 billion) in the third quarter of 2022.

Saudi Crown Prince Mohammed bin Salman believes that China is an important partner in the “Vision 2030” economic reform, as he seeks to involve Chinese companies in huge and ambitious projects aimed at diversifying the economy away from fossil fuels.

These projects include the future city of NEOM, which has an investment value of $500 billion and will rely heavily on facial recognition technology and surveillance.

Saudi Investment Minister Khaled Al-Falih said that Xi's visit will contribute to raising the pace of economic and investment cooperation between the two countries, as the visit provides "returns" to Chinese companies and investors, according to the Saudi Press Agency.

- Interviews with Arab leaders -

Diplomats based in Riyadh reported that the Chinese president may hold bilateral talks Thursday with other Arab leaders who arrived in Saudi Arabia ahead of Friday's summits.

Tunisian President Kais Saied will also arrive in Riyadh on Thursday. The Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, will also attend. Iraqi Prime Minister Mohamed Shiaa Al-Sudani and Moroccan Prime Minister Aziz Akhannouch confirmed their presence.

China's foreign ministry said Xi's program represented "the largest large-scale diplomatic activity between China and the Arab world since the founding of the People's Republic of China."

This was not lost on the eyes of the White House, which warned of "the influence that China is trying to develop around the world."

"We are aware of the influence that China is trying to expand around the world," John Kirby, a spokesman for the National Security Council at the White House, told reporters. The Middle East is certainly among these regions where they want to deepen their level of influence,” he said, adding, “We believe that many of the things they seek, and the way they seek them, are not compatible with maintaining the international order governed by specific rules.”

"We're not asking countries to choose between the United States and China, but as the president has said many times, we believe the United States is certainly in a position to lead in this strategic competition," Kirby continued.

Washington has long been a close partner of Riyadh, but the relationship has recently soured over disagreements over energy policy, US security guarantees to countries in the region, and human rights.

Xi is making his third trip abroad since the COVID-19 pandemic prompted China to close its borders and embark on a series of lockdowns, hurting its giant economy.

Germany: The first cause of Europe's crisis is the rise of Asia, not the Ukraine war

Germany: The first cause of Europe's crisis is the rise of Asia, not the Ukraine war

    Tuesday, November 22, 2022   No comments

German Chancellor Olaf Scholz confirmed that "the past 30 years of low inflation and stable economic growth in Europe were exceptional," stressing that "the conflict in Ukraine is not the main reason for the end of this era, but it has accelerated it."

Today, Tuesday, during an economic forum that brought together representatives of economic companies in Berlin, Scholz said: "Today we are in a new stage of globalization, and over the past 30 years, here in Europe and North America, we have witnessed stable growth, low inflation and high employment rates." And the conflict in Ukraine It hastened the end of this era, but it's not the main reason."

"The real reason is the growth of Asian economies, which compete with Europe in energy, raw materials and technology," Scholz said, warning "once again of a decline in globalization" and calling for "economic diversification."

"The real reason is the growth of Asian economies." German Chancellor Olaf Scholz.

He stressed that "Germany will not make the mistake of entering into an energy dependency, such as the one that has arisen in recent years with Russia with regard to natural gas supplies for the second time," and added, "What I understood after holding a number of talks with representatives of the German economy is that this mistake It won't happen to us again."

During the forum organized by the Bavarian daily "Süddeutsche Zeitung" newspaper, Scholz explained the types of challenges facing the German economy, and his ambition to diversify its sources of energy supply in multiple regions, from now on. He promised the Germans that he would "work so that the German economy and Germany can regain its place as a place for business, and get through the hard times."