On September 21, 2021, President Xi Jinping attended the general debate of the 76th session of the United Nations (UN) General Assembly in Beijing via video link and delivered an important speech titled "Bolstering Confidence and Jointly Overcoming Difficulties to Build a Better World". Xi Jinping pointed out that this year marks the centenary of the Communist Party of China. It is also the 50th anniversary of the restoration of the lawful seat of the People's Republic of China in the UN, a historic event which will be solemnly commemorated by China. We will continue our active efforts to take China's cooperation with the UN to a new level and make new and greater contributions to advancing the noble cause of the UN. Xi Jinping stres...
October 2, 2021 at 11:51 am | Economic Affairs
AgenciesSINGAPORE, Oct. 1 - US dollar started last quarter of year near its highest levels, headed for its best week since June as investors expected a hawkish-sounding Federal Reserve to lift U.S. interest rates sooner than its major peers.Markets in Hong Kong and China are closed on Friday. Later in the day, traders are awaiting U.S. personal spending and core consumption deflator data and nervously watching for any progress on the debate over raising the U.S. debt ceiling.The dollar index stood at 94.287, having gained 1.1% so far this week, the largest weekly rise since late June.The euro was steady on Friday at $1.1578, but has fallen about 1.3% during the week, and through major support around $1.16, to touch its lowest levels since ...
October 1, 2021 at 1:58 pm | Economic Affairs
TOKYO, Oct. 01 - growing inflation risk sentiment pushed Asian equities Friday to follow Wall Street, sharply lower and bonds rallied.Japan’s Nikkei tumbled 2.52% to the lowest level since Sept. 3, while Australian stocks slumped 2.02%, South Korea’s Kospi lost 1.50%, and Taiwan’s benchmark dropped 2.18%.An MSCI index of Asia-Pacific stocks slid 1.33% to its lowest since Aug. 24.Chinese markets are closed for a week from Friday for the Golden Week holiday.“You can argue whether it’s really stagflation or not, but the whole growth-inflation backdrop seems to have just tilted to a less favorable one,” said Rob Carnell, Asia-Pacific head of research at ING in Singapore.“Whether or not this is actually going to get imbedded and c...
October 1, 2021 at 11:45 am | Economic Affairs
TOKYO, Oct 01 - September marked Asia’s manufacturing activity lacklustre following slowing Chinese growth and factory shutdowns, surveys showed on Friday.China’s waning economic momentum dealt a fresh blow, with the official Purchasing Manager’s Index (PMI) on Thursday showing the country’s factory activity unexpectedly shrank in September due to wider curbs on electricity use.Factory activity in September resto in Malaysia and Vietnam, and grew in Japan at the slowest rate in seven months, as chip shortages and supply disruptions added to the woes of a region still struggling to shake off the pandemic’s hit.While the private Caixin/Markit Manufacturing PMI fared better than expected after slumping in August, growing signs of we...
October 1, 2021 at 11:32 am | Economic Affairs
China is world’s fourth largest net importer of agricultural products. Agriculture and food products exports to China accounts for 8% of the Pakistan’s total exports of Agriculture and food Products to the world. The first phase of CPEC has been completed. In this phase, Pakistani Government completed around $15.70 billion worth of infrastructure and energy projects. Chinese investment in energy and infrastructure related projects enabled us to overcome the power shortage and road connectivity challenges within Pakistan. However, productive employment opportunity for the young population is still a distant dream. First phase of CPEC also identified areas such as political commitment and confidence for better coordination an...
September 30, 2021 at 10:26 pm | Economic Affairs
China is a lucky country and blessed with sincere, loyal and capable leaders whose contribution is well recognized amongst the public and the globe. The People’s Republic of China was established on 01 October 1949. Every year, on this Day, China celebrates National Day. It is a mega festival in China. Grand ceremonies are organized on an official level as well as the public. Although it is a two-day gazette holiday, usually, they combine with weekends and people enjoy longer holidays. Many people travel to other destinations, either inside China or abroad, and enjoy the festival. At the time of the liberation of China, it was facing many problems, like poverty, social divide, and lack of unity, etc. the Visionary leadership of...
September 30, 2021 at 10:13 pm | Economic Affairs
The Long March enabled the Communist Party of China to build ‘social revolution’by winning over the hearts and minds of the population, prior to attempting to take over the destiny of the society and state. By Syed Hasan Javed At a time when the Chinese people are celebrating seventy-two years of their National Day, it is important to remember that the Chinese People’s Revolution on 1st October 1949 marked a historic milestone not only in Asian history, but in global history too. Chairman Mao Zedong declared at the Tian Anmen Square that ‘the people of China have stood up’. This was a loud and clear message to show that China is back, after being a victim of exploitation, loot and plunder at the hands of Imperial and Europe...
September 30, 2021 at 9:54 pm | Economic Affairs
In the last seven decades of its establishment, the Beijing led by the Communist Party China has left a blazing trail of remarkable achievements in all walks of human endeavours. By Naghmana A. Hashmi The 2021 is a very special year. This year Pakistan and China are celebrating 70 years of glorious cooperation and friendship between two iron brothers. The Communist Party of China celebrated 100 years of its creation and China proudly achieved the first centennial goal of the elimination of extreme poverty, perfected 5G technology, landed a rover on the Mars and the dark side of the moon, won the war against Covid 19 and emerged as the only country with a strong bounce back of economy showing impressive positive growth. As China Ce...
September 30, 2021 at 8:13 pm | Economic Affairs
China’s economic development owes much to physical infrastructure which now connects the entire length and breadth of this vast country, courtesy an investment of about $600 billion in this sector between 1990 and 2015. By Masood Khalid The 70 years of Pakistan-China relations is a story of an unparalleled journey traversed together to build an enduring partnership. Clichés are used to explain this friendship, which by all accounts is unique and special, but not fully understood. History bears witness that this relationship has endured solely because both countries have strictly adhered to the principles of peaceful coexistence, mutual respect and mutual trust. Both have a convergence and an abiding interest in the peace and st...
September 30, 2021 at 5:01 pm | Economic Affairs
A full-fledged Koh-e-Suleman Development Authority has been created, which is tasked to develop the areas in Koh-e-Suleman mountain Range of Dera Ghazi Khan. Koh-e Suleman has a long history famous for its highest peak called Takht-e-Sulaiman, 11,440 ft above sea level, which was given name by famous historian and travelor Ibn-e-Batuta. It is one of the longest mountain ranges of the world starting from Ghazni in Afghanistan passing through Zhob in Balochistan to Dera Ghazi Khan through Darazinda area of Dera Ismail Khan ending up in Jacobabad Sindh. With the induction of Usman Buzdar as chief minister Punjab, the prospects of tourism in Dera Ghazi Khan, especially in famous Koh-e-Suleman are brightened. The area has a lot of potenti...
September 29, 2021 at 3:33 pm | Economic Affairs
By Prof. Engr. Zamir Ahmed Awan Tourism is regarded as one of the major contributors towards promoting economy, culture, international harmony, understanding, peace, stability and prosperity. Pakistan is one of the very blessed countries with unique natural beauty, landscape, high altitudes, snow-covered peaks, deserts, beaches, and coastal areas. Pakistan is an ancient civilization, with a history of several thousands of years. Home to many religions like Hinduism, Buddhism, Sikh, and then Islam. A large community of Christians is living in Pakistan since colonialization of Sub-Continent. The rich customs, diversity of culture, variety of ethnicity, excellent climate, and strong traditions, makes Pakistan an ideal destinati...
September 29, 2021 at 3:00 pm | Economic Affairs
Gold prices crawled up on Wednesday as US Treasury yields slightly eased, but held close to a seven-week trough on growing expectations of a quicker-than-expected US rate hike that pushed the dollar to a multi-month high.Spot gold rose 0.4% to $1,740.19 per ounce by 0330 GMT. On Tuesday prices fell to their lowest level since Aug. 11 to $1,726.19.US gold futures edged 0.2% higher to $1,740.50 per ounce."What you're seeing this morning is just a technical bounce … There is a very little bullish case for gold right now," said OCBC Bank economist Howie Lee."We see gold at around $1,500 by the end of 2022, especially with tapering having completed its course by then and the Fed looking to start raising its interest rates."The dollar index ho...
September 29, 2021 at 2:13 pm | Economic Affairs
By Naghmana A. Hashmi Today, tourism has become one of the most vibrant and growing sectors in the global economy and the key to sustainable socio-economic development. Tourism has become one of the most vibrant and growing sectors in the global economy of modern times. Tourism industry has emerged as a key force for sustainable socio-economic development globally. It has become quite evident that an increase in tourism can bring positive economic dividends to the nations, be they developed or developing, especially in gross domestic product (GDP) and employment opportunities. Tourism is also recognized as an important pillar of the Sustainable Development Goals (SGDs), particularly Goals 1 (no poverty), 5 (gender equality), 8 (de...
September 29, 2021 at 2:10 pm | Economic Affairs
Fighting Spirit, Grit & Heroism Shattered Indian Dream By Usman Saeed The outstanding performance of PAF, Artillery in Support of our infantry formations deserves highest recognition, honor and place in our national history. Historical Perspective: India and Pakistan fought four wars since partition that have roots entrenched in the history of the sub-continent and partition of India. History of animosity dates back to Arab Muslim Army invasion of India and conquest of Sindh under Muhammad Bin Qasim (712-715 AD). Thereafter, successive invasions by Mahmud Ghaznavi (999-1030), Shahab Ud Din Gauri (1173-1206), Babar (1526 -1530), and Ahmad Shah Abdali/Durrani (1747-1769) shattered the myth of invincibility of Hindu Em...
September 29, 2021 at 1:48 pm | Economic Affairs
HONG KONG, Oct. 28— Cash-strapped China Evergrande Group leaves its offshore bondholders to pay interest on a bond coupon due Wednesday despite agreeing to settle debt with a Chinese bank in a $1.5 billion stake divestment deal.Evergrande said in an exchange filing that it would sell a 9.99 billion yuan ($1.5 billion) stake it owns in Shengjing Bank Co Ltd to a state-owned asset management company.The bank, one of Evergrande’s main lenders, demanded all net proceeds from the sale go towards settling the developer’s debts with Shengjing. As of the first half last year, the bank had 7 billion yuan in loans to Evergrande, according to a report by brokerage CCB International, citing news reports.The move underscores how Evergrande, once ...
September 29, 2021 at 12:48 pm | Economic Affairs
By Ahmad Farooq Pakistan is blessed with the benedictions of time and nature but we have rather failed to capitalize upon its immense tourism potential. Pakistan is a wonderland, not known to the world and hardly even to its own people. It’s a country with three out of the fourteen highest peaks in the world, including the 2nd highest and the most difficult to conquer K-2. Pakistan houses great glaciers, like Siachen; roaring rivers; breath taking lakes like Saif-ul- Maaluk; deserts with unending expanse and unfathomed mysteries of nature and over 990 miles of sea-coast, most of which is still virgin and untouched by the spoils of modern life. Besides, Pakistan is history embodied in a piece of land, with layers and layers of it...
September 29, 2021 at 12:19 pm | Economic Affairs
Pakistan Rupee Exchange Rate