Vietnam exports to China, S.Korea surge in Q1Le Hoang The first quarter of the year has seen Vietnam’s exports to key markets, especially China and South Korea, soaring - PHOTO: LE ANH HCMC – Vietnam’s exports to key markets, especially China and South Korea, have grown sharply in the first quarter of the year, according to a report by the General Statistics Office. In January-March, Vietnam has exported US$54.31 billion worth of goods, up 22% over the same period last year. Of which, domestic firms have contributed US$14.97 billion and foreign direct investment (FDI) enterprises US$39.34 billion including crude oil, up 18.9% and 23.2% respectively. China has spent US$9 billion on imports from Vietnam, up a strong 46% over the first quarter of last year. Revenues from phones and phone parts, vegetables and electronics-computers-accessories shipped to the northern neighbor have surged a staggering 674.4%, 56% and 31.7% respectively. Meanwhile, South Korea has … [Read more...] about Vietnam exports to China, S.Korea surge in Q1
Japanese Prime Minister Shinzo Abe has sent a ritual offering to the Yasukuni Shrine, seen by critics as a symbol of Japan's past militarism, angering both South Korea and China on Monday and putting regional ties under further strain. The court said the company had failed to pay compensation stemming from a wartime contractual obligation. China's Foreign Ministry said the disagreement was a normal commercial dispute. Japan said the ship seizure, apparently the first time the assets of a Japanese company have been seized in a lawsuit concerning compensation for World War Two, was "extremely regrettable". [ID:nT9N0N604R] "It is inevitable that this will have an adverse impact on Japanese companies in China," said Chief Cabinet Secretary Yoshihide Suga. "We strongly urge the Chinese government to make the proper response." The spat over the ship was a "regular business contract dispute", China's Foreign Ministry spokesman Qin Gang said, adding that the government would … [Read more...] about Japan PM makes offering to Yasukuni Shrine, angers China, S.Korea
A tanker carrying Iranian oil and run by the country’s top oil shipping firm was ablaze and spewing cargo into the East China Sea on Sunday after colliding with a Chinese freight ship, leaving the tanker’s 32 crew members missing, the Chinese government said. Thick clouds of dark smoke could be seen billowing out of the Sanchi tanker, engulfing the vessel as rescue efforts were hampered by bad weather and fire on and around the ship, Mohammad Rastad, head of Iran’s Ports and Maritime Organisation, told Iranian television. The Sanchi, run by the country’s top oil shipping operator, collided with the CF Crystal about 160 nautical miles off the coast near Shanghai and the mouth of the Yangtze River Delta on Saturday evening, the Chinese Ministry of Transportation said in a statement. The Panama-registered tanker was sailing from Iran to South Korea, carrying 136,000 tons of condensate, an ultra light crude. That is equivalent to just under 1 million barrels, worth … [Read more...] about Iranian oil tanker burns, 32 missing after collision off China’s coast
The U.S. Senate on Tuesday passed a controversial currency bill which threatens to punish China for so-called "currency manipulation" with retaliatory tariffs, despite strong opposition from China and many U.S. business groups. Video grab of C-SPAN shows the U.S. Senate passed the currency bill in Washington, the United States, Oct. 11, 2011. The U.S. Senate on Tuesday passed a controversial currency bill which threatens to punish China for so-called "currency manipulation" with retaliatory tariffs, despite strong opposition from China and many U.S. business groups. The Currency Exchange Rate Oversight Reform Act was passed in a vote of 63-35 at the Senate. (Xinhua Photo) The Currency Exchange Rate Oversight Reform Act, sponsored by Senators Charles Schumer, Sherrod Brown and other Democratic and Republican Senators, was passed in a vote of 63-35 at the Senate. The bill is especially directed at China's currency, the yuan, which the U.S. claimed is undervalued to make Chinese … [Read more...] about U.S. Senate passes controversial currency bill amid China’s strong opposition
- At the Stonecutters Island army base in Hong Kong, camouflage-clad Chinese soldiers lunge forward with fierce yells, making stabbing motions with their daggers. There's a communal shout of admiration from the crowd watching the display on the army's home territory, which is opened up once a year to the public as a goodwill gesture. "We've done a lot of work on our image in Hong Kong," says sailor Yu Bin, as he helps visitors clamber up onto a warship. "I don't think people should be scared, because after all, we're here to defend the country." Beijing has long argued its army is primarily defensive, aimed at safeguarding China's territorial sovereignty. But the speed of China's military development is unnerving its neighbors and the United States. Senior Chinese officers insist China's People's Liberation Army, or PLA, is decades behind the U.S. Army, thus justifying 20 years of almost continuous double-digit hikes to the military budget. Many Chinese agree, like Lai Pau Mok, … [Read more...] about China’s growing military muscle: A looming threat?