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Tunisia to Become Member of AIIB bank to Implement Development Projects in Infrastructure

Africa

Tunis, Nov. 25: Tunisia will become a new member of the Asian Infrastructure Investment Bank (AIIB), a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region. The bank currently has 87 member states from around the world.

'Tunisia’s accession into AIIB will allow the country to benefit from the funding granted by this bank to implement development projects in infrastructure, transport, renewable energy, environment and water resources management,  Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB, said on Wednesday while meeting with Tunisian President Beji Caid Essebsi, in Tunis.

Jin Liqun, who is making a working visit to Tunisia, also stressed the importance that the AIIB attaches to co-operation with Tunisia whose strategic location and different strengths allow it to be a promising regional platform.

Essebsi called for cooperation programs and future financing for the development of inland regions through infrastructure and renewable energy projects.

Tunisia is a North African country bordering the Mediterranean Sea and Sahara Desert.

several Tunisian officials have expressed their willingness to see Tunisia participate in the “Belt and Road” initiative.

Tunisia, enjoying a key position in the Mediterranean between Europe and Africa, is  a privileged tourism destination attracting  Chinese investments in the service sector.

At 2018 Forum on China-Africa Cooperation, Tunisian established “solid partnership” with the China’s Belt and Road Initiative (BRI). The deals included projects to turn Tunisia’s southern port of Zarzis into an economic and trade hub, build a bridge connecting Djerba, Tunisia’s main tourism island, to Djorf in the mineral-rich Medenine region and construct a 140km railway connecting the coastal region of Gabes to Zarzis.

Joining AIIB would help Tunisian business community to diversify their trade and investment.

China Dasheng Bank to Open Doors in Dar e sSalaam, Tanzania, to Tap into Growing Chinese Investment

Africa

China Dasheng Bank is Set to Open Doors in Dar e sSalaam, a Major City and Commercial Port on Tanzania’s Indian Ocean coast , to Tap into Growing Chinese Trade and Investment in Country and Boost Use of Chinese Currency, Yuan. The Initiative Will Help Boost Africa’s Development, Enhance Cooperation, and Increase Financial Connectivity under the Belt and Road, an initiative aimed at revival ancient Silk Road

 

Dare s Salaam, Nov.24 : A NEW commercial bank formed by China's state owned and private enterprises open doors in Dar es Salaam Monday next week to tap into growing Chinese trade and investment in Tanzania and boost use of Chinese currency, Yuan.

China Dasheng Bank Limited, a fully-fledged commercial bank will become the newest entrant in the Tanzania's banking sector and targets to support China funded projects in Tanzania and provide credit for individuals and enterprises doing business with China, according to the Board Chairman Ji Jiaqin.

He told reporters in Dar es Salaam yesterday that with initial capital of 40 million US dollars, the bank would also establish RMB clearing and settlement centre with a focus on the East African region to enable clients to trade directly in Renminbi, the official currency of China.

"There are a large number of Chinese enterprises in Tanzania, including government and private enterprises, he said at the meeting with media personnel.

"We have plans to actively participate in the construction of RMB clearing centre in East Africa, strive to become the RMB clearing/settlement centre in Tanzania and reduce the exchange losses in trading between the two currencies."

Chinese nationals are coming en-masse to Tanzania to do business and work on construction projects funded by the Chinese government and other private enterprises while Tanzanians have been making trips to the Asian country to purchase Chinese merchandise.

The Chairman said in Dar es Salaam yesterday that they provide all round financial services for all kinds of enterprises and individuals in Tanzania as well as enterprises and individuals who work with China.

The bank will provide all usual banking products such as demand, call and time deposit accounts, overdrafts, and loans in local currency and all major foreign currencies, he said.

Additional services to be made available to customers would include trade finance for both imports and exports including letters of credit, bill for collection, foreign exchange dealings and bank guarantees, he said.

Other services would include asset finance, insurance premium financing, treasury products, construction financing and syndicated loans. China is Tanzania's largest trading partner, with bilateral trade amounting to 3.88 billion U.S. dollars in 2 016 .

The Asian global economic powerhouse is also Tanzania's second-largest source of Foreign Direct Investment (FDI) and about 72 4 Chinese companies are registered with the Tanzania Investment Centre (TIC), according to Executive Director, Geoffrey Mwabe in an interview with X inhua.

Chinese investment in Tanzania has increased by more than 40 per cent in recent years, reaching $ 4 billion in 2016 , chief commercial representative at the Chinese embassy, Lin Zhiyong was quoted by media as saying.

China-Africa Development Fund Sponsored 90 projects of $20 billion in 36 African nations since 2007

Africa

Beijing,Aug. 24: The China-Africa Development Fund, CAD Fund, whose role is to finance major Chinese investments in Africa, has so far positively impacted the lives of a million people on the continent since its inauguration in 2007. The institution, which is China’s first and largest equity investment fund with focus on Africa, has in 10 years sponsored 90 projects worth 20 billion US dollars in 36 African nations.

20 billion US Dollars invested in Africa

The disclosure was made in the Chinese capital, Beijing on August 22 during a visit to CAD Fund’s headquarters by 27 African journalists. According to Wang Yong, CAD Fund’s vice president, China’s direct investments in Africa totaled 20 billion US dollars in the past 10 years. Some 2 billion US dollars was generated in local exports, 1 billion US dollars collected as tax revenue, while a million Africans benefitted from the 90 projects.

Wang Yong said his institution was most interested in supporting joint large-scale projects by African and Chinese entrepreneurs. He noted that projects have even been sponsored in African countries that do not have diplomatic relations with China. The CAD Fund vice president said the objective was to boost capacity for self-development in project host countries.

Financing interests

With a capital of 10 billion US dollars, CAD Fund, which is under the China Development Bank, focuses on four main areas – agriculture and livelihoods, energy and minerals, building industrial capacity, and infrastructure development. It has also played a major role in setting up Chinese-driven industrial parks in Africa.

CAD Fund projects are guided by the principle of development finance and are also based on requests by African countries. It offers both financing and consulting services to Chinese companies investing in Africa. “CAD Fund is always more than willing to provide support for projects from governments, institutions and companies in Africa to realize our win-win goals,” Wang Yong stated.

Why Africa?

Jiang Lin, CAD Fund deputy director general in charge of operations management, said the institution was created in June 2007 because of China’s confidence in Africa, the continent’s great potentials, large youth population, consuming middle class numbering 370 million, and annual economic growth of 2 per cent. As Africa’s largest trade partner, Chinese investments on the continent are expected to hit 100 billion US dollars by 2020, Jiang Lin predicted.

In order to ease operations on the field, CAD Fund maintains five regional offices in Africa – Ethiopia, Ghana, Zambia, Kenya and South Africa. Unlike commercial banks that only fund projects, CAD Fund also participates in the management of the projects it finances. Jiang Lin said CAD Fund does not only bring capital, but also foreign enterprises and technology to make projects more sustainable. 

Comprehensive strategic partnership

Chinese President Xi Jinping in 2013 chose Africa for his first foreign trip since coming to power. He used the occasion to present sincerity, real results, affinity and good faith as guidelines for China’s African policy. Premier Li Keqiang in 2014 visited Africa and drew the blueprint for China-Africa cooperation.

At the 2015 FOCAC summit in Johannesburg, South Africa, President Xi proposed that the China-Africa strategic partnership be upgraded to a comprehensive strategic and cooperative partnership. He then put forward China’s cooperation plans, thus marking the beginning of a new phase in China-Africa relations, Wang Yong said.

*Kimeng Hilton Ndukong, a contributor to People’s Daily Online, is Sub-Editor for World News with Cameroon Tribune bilingual daily newspaper in Cameroon. He is currently a 2017 China-Africa Press Centre, CAPC fellow. 

Russian Inventor Makes Turbo Jet Engine -Powered Bicycle Reaching 72kmh

Europe

Moscow, Aug. 2: A Russian inventor tested his limits by designing a homemade turbo jet-powered bicycle. The invention will add new direction to the Russian engineering.Igor Negoda demonstrated his incredible design, which he dubbed a “jet bike,” during a test run in the Rostov Region last weekNegoda mounted the 18kg (39lb) thruster onto the back of the bicycle, and added some extra features such as a GPS system to monitor his speed. He also built in tech to watch the engine’s RPM, thrust and temperature.

As well as mounting various other pieces of core kit such batteries and a power radio receiver to the bike, Negoda carries a mini-fuel tank in his backpack.

The inventor and speed demon first demonstrated the turbo jet’s thrust by clearing the dust and rocks from his surroundings, before taking the jet bike to an open road where he reached speeds of 72kph (45mph).

Russian Inventor Makes Turbo Jet Engine-Powered Bicycle Reaching 72kmh

Baku-Tbilisi-Kars (BTK) Railway to be Commissioned Around September 2017

Europe

Baku, Azerbaijan, July 20: The Baku-Tbilisi-Kars (BTK) Railway to be Commissioned Around September 2017
 
The Baku-Tbilisi-Kars (BTK) railway is expected to be commissioned in late August-early September 2017, Turkey’s Ministry of Transport, Maritime and Communications told Trend.
 
thumbnail Baku Tbilisi Kars BTK Railway to be Commissioned Around September 2017

According to the ministry, this project is important not only for Turkey, but for the whole region.
"The BTK project will ensure transportation of goods from Central Asia to Europe and vice versa.
 
This project is also important in terms of passenger transportation," said the ministry adding that the first passenger transportation has been carried out today.

The ceremony was attended by Chairman of Azerbaijan Railways CJSC Javid Gurbanov, Turkey’s Minister of Transport, Maritime and Communications Ahmet Arslan, CEO of Georgian Railway Mamuka Bakhtadze and President of JSC NC Kazakhstan Temir Zholy (Kazakhstan Railways) Kanat Alpysbaev.

The ministry said also that it is expected that cargo transportation via the BTK can be increased up to 35 million tons after 20 years of the railway’s operation.

The BTK railway project will bring additional revenues to Turkey.

The BTK railway is being constructed on the basis of the Georgian-Azerbaijani-Turkish intergovernmental agreement. The peak capacity of the railway will be 17 million tons of cargo per year. At the initial stage, this figure will be one million passengers and 6.5 million tons of cargo.

Cargo Transportation via Baku-Tbilisi-Kars (BTK) Railway to Increase to 500,000 Containers

Europe

Baku, July 19: An agreement to establish a logistics center was signed in Kars In the framework of the Baku-Tbilisi-Kars (BTK) railway project,  said Javid Gurbanov, the head of Azerbaijan Railways CJSC, during his visit to Kars province of Turkey on July 19, one of the Turkish TV channels reported.

Gurbanov noted that entrepreneurs will annually be able to send 2 million tons of goods with preferences by the BTK railway, further adding that in the future the volume of cargo transportation along the BTK route will be increased.

thumbnail Baku Tbilisi Kars BTK railway project

He went on to say the BTK railway communication project will ensure the development of the region. He also expressed the hope that in the future cargo transportation from Kazakhstan and China via the Baku-Tbilisi-Kars railway will increase to 500,000 containers. The BTK railway is being constructed on the basis of the Azerbaijan-Georgia-Turkey intergovernmental agreement.

The main purpose of the project is to improve economic relations between the three countries and gain foreign direct investment by connecting Europe and Asia.

The project implementation began in 2007 and construction began in 2008. The line is intended to transport one million passengers and 6.5 million tons of freight at the first stage. This capacity will then reach 3 million passengers and 17 million tons of cargo.

Source: AzerNews

China's COSCO Shipping Ports and Abu Dhabi Ports Launch New Terminal at Khalifa Port, UAE

Middle East

Abu Dhabi, Dec. 16: China’s COSCO Shipping Ports (CSP) and Abu Dhabi Ports on Monday inaugurated the new CSP Abu Dhabi Terminal at Khalifa Port to help connect Abu Dhabi to the company’s global network of 36 ports and bolster its role as a hub along China’s Belt and Road Initiative (BRI).

The deep-water, semi-automated container terminal includes the region’s largest container freight station, covering a total area of 275,000 square-metres. The facility also offers facilities for full and partial bonded container shipments and a range of container packing services, warehousing for de-consolidated cargo and connectivity to other terminals in Khalifa Port.

The terminal is also CSP’s first greenfield subsidiary. So far, CSP has invested AED 1.1 billion  ($299.4 million) in capital expenditure on construction and machinery at the facility.

According to Abu Dhabi Ports, the partnership with CSP forms part of a larger effort to strengthen Abu Dhabi’s maritime sector and the emirate’s economic diversification.

Abu Dhabi Ports has earmarked AED 10 billion ($2.72 billion) in investment to increase capacity at Khalifa Port from the current 5 million TEU to 9.1 Million TEU, which includes boosting capacity at Terminal 1 to over 5 million TEU.

The CSP Abu Dhabi terminal, for its part, has a design capacity of 2.5 million TEU and will begin with a handling capacity of 1.5 million TEU.

“The decision by COSCO Shipping Ports to invest in Abu Dhabi is a testament to our strategic location, attractive business environment and supportive regulation,” said Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of the Department of Transport. “We believe that it will open the door to more foreign direct investment.”

Ning Jizhe, Deputy Director of China’s National Development and Reform Commission, said that the CSP terminal is a “major milestone” for China’s Belt and Road Initiative.

“[It is} also a good start for China and UAE’s pragmatic cooperation in other areas,” he said. “The two countries strong determination for cooperation laid a solid foundation for development and deepening of mutual relations, and thus provided promising prospects for cooperation in the future….China and UAE will continue to cooperate in more flagship projects and jointly contribute to the Belt and Road Initiative.

China is currently the UAE’s largest non-oil trading partner, with bilateral trade between the two increasing 15 percent to $53 billion in 2017.

During the same period the UAE accounted for nearly 30 per cent of total Chinese exports to Arab countries and about 22 per cent of total Arab-China trade. Bilateral trade is expected to increase to $70 billion a year by 2020.

The new terminal is also expected to ease the way for companies seeking to establish, expand or enhance their trade by using local manufacturing, warehousing or logistics operations within Abu Dhabi. It will also act as a catalyst for investment by foreign companies to set up in the free zone of Khalifa Industrial Zone Abu Dhabi (Kizad).

Kizad, which comprises 410 square kilometres, has attracted more than 200 tenants and Dh65 billion in investment till date.

A total of 19 Chinese companies have signed lease agreements for land in Kizad with investment surpassing more than $1 billion, officials said earlier this year.

The new terminal is part of Abu Dhabi Ports’ five-year growth strategy to increase Khalifa Port, with its two container terminals, to a combined total capacity of 9.1 million TEUs.

China, UAE agree to Facilitate Cooperation in Energy, Industrial Parks, Ports under Belt and Road Initiative

Middle East

Beijing, July 20: China and United Arab Emirates (UAE) have agreed to facilitate cooperation in energy, industrial parks and ports under the Belt and Road Initiative.  This was stated during meeting of visiting United Arab Emirates (UAE) Minister of State Sultan Ahmed Al Jaber with Chinese Foreign Minister Wang Yi on July 19, 2017. China is confident that Gulf countries have the wisdom to resolve divergence and is willing to play a constructive role to help ease tensions according to the will of regional parties.

China is a good friend of the Gulf countries, said Wang, expressing the hope that the current Gulf crisis can be properly resolved.
 
Wang said that China stands by the principle that the crisis should be resolved through political and diplomatic means and all relevant parties should take due responsibility.
According to Wang, the crisis should be settled within the framework of the Gulf Cooperation Council (GCC) and outside countries should play a constructive role.
 
"Concerned parties should sit down for talks as soon as possible and show flexibility in dealing with each other," Wang said, adding that reaching a consensus on fighting terrorism of all forms is the first priority.
 
Al Jaber said that the UAE is committed to resolving the crisis through political and diplomatic means and has no intention to interfere in the domestic affairs of Qatar or other countries.
The UAE hopes that relevant parties can reach consensus on fighting terrorism and honor the agreements already signed and their commitments already made, he said.
"China is an influential and responsible country," said Al Jaber, adding that the UAE appreciates China's objective and impartial position on Gulf affairs.
Source: Xinhua

Azerbaijani, Turkish and Turkmen Agree to Develop a 2017-2020 Cooperation Roadmap

Middle East

BAKU, July 19 : Azerbaijani, Turkish and Turkmen foreign ministers have agreed to develop a Road Map for Future Cooperation for 2017-2020, Azerbaijan’s FM Elmar Mammadyarov said on July 19, at a briefing held after the meeting with his Turkish and Turkmen counterparts, Mevlut Cavusoglu and Rashid Meredov in Baku.

“We had interesting and fruitful negotiations. The three countries are carrying out numerous regional projects and we have discussed the progress in their implementation,” said the Azerbaijani FM.

He noted that the project for building the Baku-Tbilisi-Kars railway will be completed by the end of 2017, and subsequently great opportunities for cooperation will emerge.

Azerbaijan, Turkey and Turkmenistan also intend to use other ways for cargo transportation, via trunk lines and sea routes as well, Mammadyarov said, adding this issue was today discussed at the trilateral meeting.

“Next year, the work will be completed on expansion of the port in Turkmenbashi, which will increase cargo transportation between the ports of Alat and Turkmenbashi up to 25 million tons per year,” he said.

Azerbaijan’s capital, Baku, today hosted the 4th meeting of the foreign ministers of Azerbaijan, Turkey and Turkmenistan, Elmar Mammadyarov, Mevlut Cavusoglu and Rashid Meredov.

The agenda of the meeting of the three countries’ FMs included the development of cooperation in the political, economic, energy, transport and humanitarian spheres, and the implementation of regional projects.

Source: Trend

HAMBURG, Germany, July 8 (Xinhua) -- Chinese President Xi Jinping and his U.S. counterpart, Donald Trump, met here Saturday to discuss bilateral ties and global hot-spot issues on the sidelines of a Group of 20 (G20) summit.

Xi Trump meet on ties

Xi told Trump that stronger China-U.S. ties are conducive to stability and prosperity and serve the interests of both peoples and the international community in a complex world where various conflicts emerge.

Noting that the two countries have made new progress in bilateral cooperation in many fields since the Mar-a-Lago meeting despite some sensitive issues, Xi urged joint efforts with Trump to keep bilateral ties on track and coordinate in international affairs.

Xi also stressed that the two countries should stick to mutual respect and win-win cooperation, expand practical cooperation in various fields and strengthen coordination on international and regional issues, so as to keep China-U.S. relations healthy and stable.

The two leaders agreed to maintain close high-level exchanges and promote strategic mutual trust.

China and the United States have decided to hold the first round of a comprehensive economic dialogue on July 19, and launch the first round of a law enforcement, cybersecurity, social and cultural dialogue at an early date.

With altogether four high-level mechanisms, the two countries aim to improve mutual understanding and boost practical cooperation.

Noting that the 100-day action plan initiated after the two presidents' meeting at Mar-a-Largo in April has achieved new progress, Xi said the two sides are discussing a one-year cooperation plan.

On advancing military ties, Xi suggested that the two countries' defense ministers carry out an exchange of visits as soon as possible.

He also called for concerted efforts on such affairs as the China visit by the chairman of the U.S. Joint Chiefs of Staff in August, the first dialogue between the joint staffs of the two countries' militaries in November, and the Chinese navy's participation in the U.S.-led 2018 Pacific Rim military drill.


The two countries should respect each other's core interests and major concerns, and properly address differences and sensitive issues, said Xi.

For his part, Trump hailed the "wonderful relationship" with Xi and expressed confidence in the "success" in addressing common problems together with China.

The U.S. president noted that U.S.-China relations are developing well, with China being an important trade partner to the United States and playing an important role in international affairs.

Trump said his country is willing to expand dialogue and win-win cooperation with China in all relevant fields and maintain communication and coordination on major international and regional issues.

The pair also had an in-depth exchange of views regarding the Korean Peninsula nuclear issue.

Xi said China is firmly committed to denuclearizing the peninsula, safeguarding peace and stability on the peninsula, and solving the issue through dialogue and consultation.

China, Xi said, has repeatedly made clear its principled stance that while making necessary responses to the Democratic People's Republic of Korea's violations of UN Security Council resolutions, the international community should also increase efforts in promoting dialogue and controlling the situation.

He also reiterated to Trump that the Chinese side opposes the U.S. deployment of the Terminal High Altitude Area Defense system in South Korea.

The two leaders agreed to continue close communication and coordination on the Korean Peninsula nuclear issue.

They also exchanged views on boosting bilateral coordination and cooperation within the framework of the G20.

Trump was scheduled to pay a state visit to China later this year.

Xi and Trump set a constructive tone for the development of China-U.S. relations during their talks at the Mar-a-Lago resort in the U.S. state of Florida in April. The meeting was the first face-to-face communication between the two heads of state since the new U.S. administration took office.

In Florida, the two presidents spent more than seven hours in in-depth discussions, gained better understanding of each other, cemented mutual trust, reached consensus on many major issues, and built up a good working relationship.

Source by: news.xinhuanet.com

CARACAS, July 8 (Xinhua) -- Venezuela's jailed opposition leader Leopoldo Lopez has been allowed to serve the remainder of his nearly 14-year sentence under house arrest, the Supreme Court of Justice (TSJ) said on Saturday.

Jailed Venezuelan opposition leader granted house arrest

His lawyer Javier Cremades confirmed the decision in a Twitter post, saying:" Leopoldo Lopez is at his home in Caracas with (his wife) Lilian and his children ... He was let out at dawn."

The court said it granted house arrest for humanitarian reasons, citing "information received about his health situation," as well as "irregularities" in the legal process.

Lopez, a prominent leader of the right-wing opposition, was sentenced in September 2015 to 13 years, nine months and seven days in jail, after he was convicted of inciting violence, vandalism, arson and conspiracy to commit a crime.

He served the sentence in a military prison in Ramo Verde, in west Miranda state.Violent anti-government demonstrations broke out in 2014 in Venezuela, which left 43 people dead and 800 injured, as well as caused huge damage to public institutions, according to the Venezuelan News Agency (AVN).

Venezuela's ombudsman Tarek William Saab welcomed the decision to grant Lopez house arrest, as was recommended by the Truth Commission that was set up to investigate the deadly protests.

"It (the decision) is a very clear sign that the democratic institutions of the Venezuelan state are working," Saab said.

Communication Minister Ernesto Villegas called on supporters of the socialist government "to abide by the TSJ's decision, whether we like it or not," especially as the court has often come under fire from the right for allegedly showing bias towards the government.

Defense Minister Vladimir Padrino Lopez said the measure was a "result of national dialogue and President Nicolas Maduro's sustained efforts to maintain peace."

Source by: news.xinhuanet.com

 

The chart above shows the amazing deflation that has taken place in the US for durable goods (vehicles and parts, household furnishing, furniture, household appliances, household utensils, tools and equipment for the house and garden, sporting goods, video/audio/photographic equipment, computers, etc.) over the last several decades. Compared to 1995, durable goods have fallen in price by 35% (measured by the Personal Consumption Expenditures implicit price deflator for durable goods), while services have increased by 75% and nondurable goods have increased by 46%.  Overall, the implicit price deflator for all Personal Consumption Expenditures has increased by 48%.

How to explain the dramatic 35% price decline since 1995 for durable goods? Here’s one very important reason: China. Scott Grannis explains in his recent post “Durable goods deflation is wonderful” (featuring a chart similar to the one above, emphasis added below):

I don’t think it’s a coincidence that the emergence of China as a major exporter of durable goods (e.g., TVs, computers, cameras) coincided with the beginning of a sustained decline in the prices of durable goods. If there’s been an identifiable source of deflation in the US economy, it’s not been the Fed, but the vast increase in the productivity of the Chinese economy, and the vast increase in the volume of imported Chinese goods to the US economy. Thanks to the industrialization of China, the world has been able to produce manufactured goods much more cheaply than ever before.

This has been a boon to just about everyone in the US economy, and the chart above is also proof of that. Consider that the price of “services” is largely driven by wages, and service sector workers are about 86% of total payrolls. What the chart shows is that the earnings of the great majority of US workers have increased 2.7 times more than the price of durable goods. In other words, an hour’s worth of work for the typical American today buys 2.7 times more in the way of durable goods than it did in 1995. When it comes to durable goods, the average American’s purchasing power has nearly tripled over the past 22 years, thanks largely to China.

And China’s total contribution to lower prices in the US isn’t completely captured by the 35% deflation in durable goods because that doesn’t include clothing and footwear (those are classified as nondurable goods), which have also fallen in price over the last twenty years along with durable goods. As the table below of the top US imports from China indicates, Americans purchase a lot of clothing and footwear from China (about $47 billion worth last year), and those consumer items represent three of the top 13 import categories from China (data here). The other 10 items below are durable goods, and would be good examples of the types of goods that have gotten cheaper for Americans since the 1990s due to the emergence of China as a manufacturing superpower.

Bottom Line: We hear a lot about how China “steals” America’s production, jobs, and wealth. According to President Trump, “the money and the jobs China has taken from us is the greatest single theft in the history of the United States.” Here’s another way to look at it: The billions of dollars Americans have saved from buying low-cost products made in China since 1995, and the US jobs that have been created by the additional spending from those savings is one of the biggest transfers of wealth (or “theft” in Trump-speak) in the history of the United States. Instead of continually criticizing our largest trading partner, maybe we should show a little more appreciation to the country that has probably done more to raise America’s standard of living by providing us low-cost durable goods, clothing, and footwear than any country in the history of the United States.

Source by: aei.org

 

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