China calls on US to lift Trump-imposed trade restrictions, sanctions
February 22, 2021, 11:50 am

China calls on US to lift Trump-imposed trade restrictions, sanctions

Chinese Foreign Minister Wang Yi speaks in Beijing on Feb. 26, 2020. (AP)

China’s top diplomat called Monday for new US President Joe Biden’s administration to lift restrictions on trade and people-to-people contacts while ceasing what Beijing considers unwarranted interference in the areas of Taiwan, Hong Kong, Xinjiang and Tibet. trade restrictions

Foreign Minister Wang Yi’s comments at a Foreign Ministry forum on US-China relations come as Beijing presses the new administration in Washington to drop many of the confrontational measures adopted by former President Donald Trump.

Trump hiked tariffs on Chinese imports in 2017 and imposed bans and other restrictions on Chinese tech companies and academic exchanges as he sought to address concerns about an imbalance in trade and accusations of Chinese theft of American technology.

Trump also upgraded military and diplomatic ties with Taiwan, the self-governing island democracy claimed by China as its own territory, while sanctioning Chinese officials blamed for abuses against Muslim minorities in Xinjiang and a crackdown on freedoms in Hong Kong.

Chinese President Xi Jinping shakes hands with then-US Vice President Joe Biden. (File photo: Reuters)

“We know that the new US administration is reviewing and assessing its foreign policy,” Wang told diplomats, scholars and journalists at the Lanting Forum. “We hope that the US policy makers will keep pace with the times, see clearly the trend of the world, abandon biases, give up unwarranted suspicions and move to bring the China policy back to reason to ensure a healthy, steady development of China-US relations.”

While Biden has pledged reengagement and a more civil tone in US diplomacy, its unclear whether he will make any fundamental changes in Washington’s policies toward Beijing. China faces more opposition than ever in Washington due to its trade record, territorial disputes with neighbors, and accusations of technology theft and spying. Taiwan enjoys strong bipartisan support, as do criticisms of China’s human rights record, especially on Hong Kong, Xinjiang and Tibet.

In his first address before a global audience Friday, Biden said the US and its allies must “prepare together for a long-term strategic competition with China.”

“Competition with China is going to be stiff. That’s what I expect, and that’s what I welcome, because I believe in the global system Europe and the United States, together with our allies in the Indo-Pacific, worked so hard to build over the last 70 years,” the president said in remarks delivered virtually to the annual Munich Security Conference.

As is standard in Chinese foreign policy, Wang put the onus for improving relations squarely on the shoulders of the US and offered no direct proposals for major breakthroughs, even while encouraging increased dialogue.

Wang said China had “no intention to challenge or replace the United States” and was ready to peacefully coexist and seek common development.

Wang urged the US to “stop smearing” the reputation of China’s ruling Communist Party and to “stop conniving at or even supporting the erroneous words and actions of separatist forces for Taiwan independence and stop undermining China’s sovereignty and security on internal affairs concerning Hong Kong, Xinjiang and Tibet.” trade restrictions

China’s State Councilor Wang Yi speaks at the Lanting Forum on “International Order and Global Governance in the Post-COVID-19 Era,” following the COVID-19 outbreak, in Beijing, on September 28, 2020. (Reuters)

He said the US should reactivate all levels of dialogue that he said the US had effectively halted under the Trump administration, and boost cooperation on major bilateral and international issues. The COVID-19 pandemic, climate change and the global economic recovery are the three biggest issues on which the sides can cooperate, he said.

On trade, Wang said China would defend the rights of US companies while hoping the US would “adjust its policies as soon as possible, among others, remove unreasonable tariffs on Chinese goods, lift its unilateral sanctions on Chinese companies and research and educational institutes and abandon irrational suppression of China’s technological progress.”

The US should also lift restrictions on media, educational and people-to-people exchanges to reverse sharp declines in numbers of Chinese studying in the US and visits by Chinese for tourism or business, Wang said. trade restrictions

“I hope that the two sides will work together to steer the giant ship of China-US relations back to the course of sound development toward a bright future with boundless prospects,” he said.

While the tone taken toward the US by high-ranking diplomats such as Wang, senior foreign policy adviser Yang Jiechi and President Xi Jinping himself appears more positive than under Trump, China’s Foreign Ministry spokespeople have remained combative.

At a briefing on Friday, spokesperson Hua Chunying contrasted the freak winter weather striking Texas with the robust social and economic interactions seen in China over the just-passed Lunar New Year holiday, without offering any show of sympathy.

“All this has given us a deeper understanding of what human rights truly mean and how to better protect them. We are more convinced that we are on the right path and have every confidence in the future,” Hua said. trade restrictions

source: The Associated Press

Image source: AP

Levant

Indonesian president warns of forest fire risks, hot spots detected Johnson unveils Covid lockdown exit plan: schools and social contact first

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.