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China blames US for 'stalemate' in relations, as face-to-face talks begin

According to the AP, China came out swinging at high-level face-to-face talks with the United States on Monday, blaming the U.S. for a “stalemate” in bilateral relations and calling on America to change “its highly misguided mindset and dangerous policy.”
Vice Foreign Minister Xie Feng accused the administration of President Joe Biden of trying to contain and suppress China’s development, according to an official summary of his remarks to visiting U.S. Deputy Secretary of State Wendy Sherman.
The fundamental reason why relations between the two face serious difficulties is because some Americans portray China as an “imagined enemy,” the Foreign Ministry quoted Xie as saying.
Sherman, America’s No. 2 diplomat, is the highest-ranking U.S. official to visit China since Biden took office six months ago. She was having separate meetings with Xie, who is in charge of U.S.-China relations, and Foreign Minister Wang Yi at a closed-off resort hotel in the city of Tianjin.
Relations between the countries deteriorated sharply under Biden’s predecessor, Donald Trump, and the two sides remain at odds over a host of issues including technology, cybersecurity, human rights and other issues.
Xie said China wants to seek common ground while shelving differences.
The Biden administration has said it will cooperate in some areas but confront China in others, such as human rights, describing the relationship as collaborative, competitive and adversarial.
In an interview Saturday, Wang accused the U.S. of adopting a superior attitude and using its strength to pressure other countries.
“China would never accept any country that claims to be superior to others,” he told China’s Phoenix Television. “If the U.S. has not learned to treat other countries equally, China and the international community have the responsibility to help the U.S. learn how to do this.”
Biden administration officials have said the goal of the talks is not to negotiate specific issues but to keep high-level communications channels open. The U.S. wants to ensure that guardrails are in place to prevent competition between the countries from becoming conflict, they said.
A possible meeting between Biden and Chinese President Xi Jinping is expected to be on the agenda, possibly on the sidelines of the G-20 summit in Rome at the end of October.
Sherman, who arrived Sunday evening from Mongolia, tweeted “heartfelt condolences (from the United States) to those who have lost loved ones” in severe storms and flooding last week that killed at least 63 people in Henan province.
Her meetings follow an initial and highly contentious meeting in March in Anchorage, Alaska, where Wang and veteran Chinese diplomat Yang Jiechi flew to meet Secretary of State Antony Blinken and national security adviser Jake Sullivan.
John Kerry, the Biden administration’s special climate envoy, traveled to Shanghai for meetings with his Chinese counterpart in April.
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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