China takes moral high ground in face of US power play

The Sino-US trade dispute is not only a game between representatives of the two countries at the negotiating table, but also a contest between the two sides in the field of international public opinion. In this dispute, which may evolve into a protracted confrontation, China has no choice but to take international justice and law as the criterion. While striving to safeguard its own core interests, China is also committed to international morality.

Over the past year and more, the tactics used by China and the US in the trade war have drawn a sharp contrast, highlighting the new trend of the strategic game between emerging powers and already existing powers in the new era.

China is actively opening to the outside world to reduce trade restrictions, while the US frequently imposes tariffs on other countries. China never threatens other countries, but seeks common interests through negotiations. The US frequently resorts to a maximum pressure approach. China respects the international system and acts in accordance with the principles of justice. The US does not obey rules, and uses what is appropriate and discards what is not. China respects each other's concerns about economic interests, while the US only considers its own interests. China has resolutely defended and safeguarded the basic principles of the WTO and put forward a reform plan. The US threatened to withdraw from the WTO to act according to its will. 

Welcome to America Illustration: Liu Rui/GT

Uncle Sam, which prides itself on international justice, has arrogantly put "America First" above international justice and law. Closing the door for selfish gain, Washington is slipping from the moral high ground. China adheres to principles, is calm and rational, pursues fairness and justice, opens the door to common prosperity and cooperation, and presents itself as a responsible major country. 

Theodore Roosevelt once said, "If we are to be a really great people, we must strive in good faith to play a great part in the world." The use of unilateralism to force opponents to surrender has caused the biggest blow to the international free trade system since the end of the Cold War.

At this time, it has become the common responsibility of the international community to work together to consolidate and improve the existing international economic and trade system so that it is fairer and more reasonable and not hijacked by the US.

It appears that the US is decoupling with China, in fact, the US is decoupling with the world. As the largest developing country and the world's No. 2 economy, China has the responsibility and wisdom to play a bigger role in promoting globalization.

The conflict between China and the US tests the level of political governance, the potential of economic development, the unity of the people and the global influence of the two sides. The future depends more on who can be a positive force for world peace and development.

China's economic and trade links with the rest of the world have never been so extensive and deep as they are today. The further development of globalization and the progress of the world political and economic governance system need China's contribution.

China is an emerging power. The rise of any big country in history will not be smooth. A great power that can truly stand firm on the world stage may start out lonely, but in the end, it becomes more and more cohesive. The trade war has put China through the test that a rising power must endure. It has strengthened our confidence to firmly occupy the international moral high ground.

China's past success lies in its ability to accurately grasp the convergence between China's "potential" and the world's "potential." China's sustainable development in the future depends on how we take advantage of the trend of world development to develop ourselves, and use our own reform and opening-up to promote world development.

Source link 

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China, US should work out square deal From a long-term perspective, China and the US will not persist with confrontational trade policies.

• Trade relations depend on respect

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China takes moral high ground in face of US power play

The Sino-US trade dispute is not only a game between representatives of the two countries at the negotiating table, but also a contest between the two sides in the field of international public opinion. In this dispute, which may evolve into a protracted confrontation, China has no choice but to take international justice and law as the criterion. While striving to safeguard its own core interests, China is also committed to international morality.

Over the past year and more, the tactics used by China and the US in the trade war have drawn a sharp contrast, highlighting the new trend of the strategic game between emerging powers and already existing powers in the new era.

China is actively opening to the outside world to reduce trade restrictions, while the US frequently imposes tariffs on other countries. China never threatens other countries, but seeks common interests through negotiations. The US frequently resorts to a maximum pressure approach. China respects the international system and acts in accordance with the principles of justice. The US does not obey rules, and uses what is appropriate and discards what is not. China respects each other's concerns about economic interests, while the US only considers its own interests. China has resolutely defended and safeguarded the basic principles of the WTO and put forward a reform plan. The US threatened to withdraw from the WTO to act according to its will. 

Welcome to America Illustration: Liu Rui/GT

Uncle Sam, which prides itself on international justice, has arrogantly put "America First" above international justice and law. Closing the door for selfish gain, Washington is slipping from the moral high ground. China adheres to principles, is calm and rational, pursues fairness and justice, opens the door to common prosperity and cooperation, and presents itself as a responsible major country. 

Theodore Roosevelt once said, "If we are to be a really great people, we must strive in good faith to play a great part in the world." The use of unilateralism to force opponents to surrender has caused the biggest blow to the international free trade system since the end of the Cold War.

At this time, it has become the common responsibility of the international community to work together to consolidate and improve the existing international economic and trade system so that it is fairer and more reasonable and not hijacked by the US.

It appears that the US is decoupling with China, in fact, the US is decoupling with the world. As the largest developing country and the world's No. 2 economy, China has the responsibility and wisdom to play a bigger role in promoting globalization.

The conflict between China and the US tests the level of political governance, the potential of economic development, the unity of the people and the global influence of the two sides. The future depends more on who can be a positive force for world peace and development.

China's economic and trade links with the rest of the world have never been so extensive and deep as they are today. The further development of globalization and the progress of the world political and economic governance system need China's contribution.

China is an emerging power. The rise of any big country in history will not be smooth. A great power that can truly stand firm on the world stage may start out lonely, but in the end, it becomes more and more cohesive. The trade war has put China through the test that a rising power must endure. It has strengthened our confidence to firmly occupy the international moral high ground.

China's past success lies in its ability to accurately grasp the convergence between China's "potential" and the world's "potential." China's sustainable development in the future depends on how we take advantage of the trend of world development to develop ourselves, and use our own reform and opening-up to promote world development.

Source link 

RELATED ARTICLES:

• Amid debilitating trade war, silent majority key to stabilizing China-US ties
• The US trade war against human rights
• Beijing’s response to escalating trade war needs to focus on long-term needs
•  China must stay firm for negotiations China-US negotiations will have twists and turns.
•  China's semiconductor industry will come out stronger from US crackdown Painful lessons have taught us time and again that strength is the only thing that matters. 
• China to sit tight during US election This is also China's warning to the outside world: Do not imagine you can use maximum pressure to defeat China.  
• World looks with hope at Xi's North Korea visit This is a big event on China-North Korea relations. North Korean leader Kim Jong-un has visited China four times since last year. Xi's return visit makes bilateral ties robust at the highest levels. 
• Causes of China-US tensions go beyond trade

• China, US should work out square deal From a long-term perspective, China and the US will not persist with confrontational trade policies.
  

• Trade relations depend on respect

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Apple explores moving 15-30% of production capacity from China

Malaysia among countries eyed by Apple to move production capacity

The countries being considered include Mexico, India, Vietnam, Indonesia and Malaysia. India and Vietnam are among the favorites for smartphones, Nikkei said, citing sources who did not want to be identified as the discussions are private.

https://youtu.be/mgh3vpa5bBE

https://youtu.be/2__TCPfES08

TOKYO: Apple Inc has asked its major suppliers to assess the cost implications of moving 15%-30% of their production capacity from China to Southeast Asia as it prepares for a restructuring of its supply chain, according to a Nikkei Asian Review report on Wednesday.

Apple's request was a result of the extended Sino-U.S. trade dispute, but a trade resolution will not lead to a change in the company's decision, Nikkei said, citing multiple sources.

The iPhone maker has decided the risks of depending heavily on manufacturing in China are too great and even rising, it said.

Earlier this month, credit rating agency Fitch said it views Apple, Dell Technologies Inc and HP Inc as potential blacklist candidates if China blacklists U.S. companies in retaliation for restrictions on Huawei.

Key iPhone assemblers Foxconn, Pegatron Corp, Wistron Corp, major MacBook maker Quanta Computer Inc, iPad maker Compal Electronics Inc, and AirPods makers Inventec Corp, Luxshare-ICT and Goertek have been asked to evaluate options outside of China, Nikkei reported.

The countries being considered include Mexico, India, Vietnam, Indonesia and Malaysia. India and Vietnam are among the favorites for smartphones, Nikkei said, citing sources who did not want to be identified as the discussions are private.

Last week, Foxconn said it had enough capacity outside China to meet Apple's demand in the American market if the company needed to adjust its production lines, as U.S. President Donald Trump threatened to slap further $300 billion tariffs on Chinese goods.

Analysts at Wedbush Securities said in a best case scenario Apple would be able to move 5%-7% of its iPhone production likely to India in the next 12 to 18 months.

Given the complexity and logistics involved, brokerage said, it would take at least 2-3 years to move 15% of iPhone production from China to other regions.

"We believe this is all a poker game and Apple will not diversify production out of China overnight and certainly a long-term US/China trade deal is key for Cook & Co to sleep well at night," Wedbush analysts said.

China is a key market for Apple as well as a major production center for its devices. The company got nearly 18% of its total revenue from Greater China in the quarter ended March.

Earlier in June, Trump met with Apple Chief Executive Officer Tim Cook to discuss trade and other hot-button issues facing the tech company as Trump deliberates whether to make good on his threat to hike tariffs on imports from China.

A group of more than 30 people from Apple's capital expense studies team have been negotiating production plans with suppliers and governments over monetary incentives that could be offered to lure Apple manufacturing, the report said.

A deadline has not been set for the suppliers to finalize their business proposals, Nikkei said, adding that it would take at least 18 months to begin production after choosing a location.

Apple and Foxconn did not respond to requests for comment. - Reuters

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Apple explores moving 15-30% of production capacity from China

Malaysia among countries eyed by Apple to move production capacity

The countries being considered include Mexico, India, Vietnam, Indonesia and Malaysia. India and Vietnam are among the favorites for smartphones, Nikkei said, citing sources who did not want to be identified as the discussions are private.

https://youtu.be/mgh3vpa5bBE

https://youtu.be/2__TCPfES08

TOKYO: Apple Inc has asked its major suppliers to assess the cost implications of moving 15%-30% of their production capacity from China to Southeast Asia as it prepares for a restructuring of its supply chain, according to a Nikkei Asian Review report on Wednesday.

Apple's request was a result of the extended Sino-U.S. trade dispute, but a trade resolution will not lead to a change in the company's decision, Nikkei said, citing multiple sources.

The iPhone maker has decided the risks of depending heavily on manufacturing in China are too great and even rising, it said.

Earlier this month, credit rating agency Fitch said it views Apple, Dell Technologies Inc and HP Inc as potential blacklist candidates if China blacklists U.S. companies in retaliation for restrictions on Huawei.

Key iPhone assemblers Foxconn, Pegatron Corp, Wistron Corp, major MacBook maker Quanta Computer Inc, iPad maker Compal Electronics Inc, and AirPods makers Inventec Corp, Luxshare-ICT and Goertek have been asked to evaluate options outside of China, Nikkei reported.

The countries being considered include Mexico, India, Vietnam, Indonesia and Malaysia. India and Vietnam are among the favorites for smartphones, Nikkei said, citing sources who did not want to be identified as the discussions are private.

Last week, Foxconn said it had enough capacity outside China to meet Apple's demand in the American market if the company needed to adjust its production lines, as U.S. President Donald Trump threatened to slap further $300 billion tariffs on Chinese goods.

Analysts at Wedbush Securities said in a best case scenario Apple would be able to move 5%-7% of its iPhone production likely to India in the next 12 to 18 months.

Given the complexity and logistics involved, brokerage said, it would take at least 2-3 years to move 15% of iPhone production from China to other regions.

"We believe this is all a poker game and Apple will not diversify production out of China overnight and certainly a long-term US/China trade deal is key for Cook & Co to sleep well at night," Wedbush analysts said.

China is a key market for Apple as well as a major production center for its devices. The company got nearly 18% of its total revenue from Greater China in the quarter ended March.

Earlier in June, Trump met with Apple Chief Executive Officer Tim Cook to discuss trade and other hot-button issues facing the tech company as Trump deliberates whether to make good on his threat to hike tariffs on imports from China.

A group of more than 30 people from Apple's capital expense studies team have been negotiating production plans with suppliers and governments over monetary incentives that could be offered to lure Apple manufacturing, the report said.

A deadline has not been set for the suppliers to finalize their business proposals, Nikkei said, adding that it would take at least 18 months to begin production after choosing a location.

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Minds without borders: A coffee with Huawei Ren: We will be reborn by 2021

https://youtu.be/7_kKAiHjJyY

They say a good conversation could be just like drinking a cup of black coffee and as stimulating as it is hard. Today's conversation is certainly stimulating intellectually and thought-provoking. The panelists on stage are trailblazers in their respective fields and certainly very outspoken about the challenges that we are facing today. First up, Ren Zhengfei, the founder and CEO of Huawei. Next, Catherine Chen, the senior vice president and director of the board of Huawei. Also on stage are George Gilder, a tech guru and futurist and Prof. Nicholas Negroponte, a tech visionary who's the co-founder of the MIT Media Lab.

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Category:  News & Politics

Read more:

 Amid debilitating trade war, silent majority key to stabilizing China-US ties

With trade disputes and Huawei row in the forefront of ties, China-US relations have seen unprecedented tensions.

China's semiconductor industry will come out stronger from US crackdown

Painful lessons have taught us time and again that strength is the only thing that matters.

The US trade war against human rights

If the trade war goes on, it will exert an overwhelming impact on the world industrial chain. The US cannot remain unaffected. Its supply and marketing network, which plays a significant role in American people's living standards, will be hit hard. 

Tariffs to wipe out US profits

Proposed US tariffs on Chinese imports will hurt US companies and consumers more than they might imagine and will damage an industrial chain that connects the world's two largest economies, industrial representatives from both China and the US said on Tuesday

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A phoenix has risen from the ashes - THE RISE OF CHINA

The oppression of a civilization:

The world was turned into an ocean of colonies of subject people during the few centuries of ‘friendly’ European conquest. The Africans were turned into slaves, the natives of both Americas massacred. The ancient civilization of China was crippled and dismantled into pieces. After the Western powers brought down the decadent Qing Dynasty with the might of modern firearms, the Chinese civilization was turned into a pariah race of nothingness by the invaders in their country. The foreigners did not bring anything good but oppression, bullying and raiding China ’s wealth and dignity by all kinds of barbarian and deceptive means, and by the barrel of the gun. The Japanese joined in and even thought of conquering and ruling the whole of China as their colony.

There was a moment of salvation when Japan attacked Pearl Harbour and declared war on the Western power. China and its peasant soldiers were needed to open another front to sap the fighting power and resources of the Japanese. A large part of the Japanese Imperial Army was held down in China by the peasant soldiers. History would not be the same if the Japanese could run through China without resistance and conquer the whole of Asia .

After the war there was a brief moment of equality for China as a key member of the Allied Forces that fought against the Japanese. Chiang Kai Shek was seated with the Allied leaders like Churchill, Stalin and Roosevelt in Potsdam and Cairo to divide the world among the victorious Allied Powers. China was lucky to have its lost territories back. But Chiang was more like a flower vase and inconsequen-tail, would not be deserving of any war loot. His presence among the leaders of the big powers was a consolation that gave China a little recognition as a big nation.

This little moment of dignity did not last long when Mao Zedong defeated Chiang and China adopted communism as a state ideology. This turn of event led to a renewed and concerted Western effort to brand and condemn the Chinese civilization as peasants, rogues, dumb, uncivilized, aggressive and the pariahs of the human race, a good for nothing race that was lack of talent, unproduc-tive and unimaginative, and unfit to join the advanced nations of the West.

This was the hopeless China painted by the West. They kept repeating the misinfor-mation daily in all western media, like they are doing to North Korea today, that the whole world simply believed so. Chinese are useless, Chinese are lame, Chinese are bad.

Cold Wars, containment policies, encirclement, depriving China of its rightful seat in the UN, blocking China from joining international organizations like the WTO and the Groupings of rich nations, were history now. In the last 40 odd years, China came storming back on its own despite all the sanctions and barriers and threats against its rise as a nation and the Chinese people as a civilization, old, ancient, but not useless and remote of talents.

Throughout the two hundred years of Western oppression and suppression, the Chinese civilization was not allowed to surface, no opportunity to break out and be the equals of other nations. The Chinese civilization was down and out, the Chinese in despair. Many Chinese had doubts in themselves, and were ashamed to be Chinese. The Westerners reinforced this belief by sneering at them, contributing negative literature furiously to debase the Chinese, discriminated against them in practically every human endeavour and industry. In the USA there were racist laws forbidding the Chinese from higher skill jobs. The image and perception of useless and untalented Chinese became a self fulfilling prophecy. The Chinese civilization was a joke, a condemned race that was lacking in industry and innovation.

On its own, slowly and steadily the Chinese rebuilt their nation and their civilization, with little foreign talents and assistance, China has overtaken Japan and is closing in on the US as the number Two world power, economically and militarily. They have proven that they could match the West in every field of industry. The oppression and suppression of a civilization have failed, and a revitalized China has assumed its rightful place as a proud nation among nations. The Chinese civilization is no longer to be spitted at, to be kicked around by the Western powers or by teeny weeny little Asian states. It is now a force to be reckoned with and to be respected on its own merits.

The tag of being the Sick Man of Asia, a semi colony of the West, a broken country with nothing, no inventions, no modern industries, no talents except poverty and all the trappings of a poor and backward third world country vanished over a few decades. There is renewed pride as a people, a nation and a civilization in the new China. A phoenix has risen from the ashes. There is no turning back. The Chinese have found their way back and will leap frog over the West in science and technology and in all things, while the West are still trying to restrain their advances by hook and by crook.

Today, the overseas Chinese are also starting to rediscover themselves, their pride and dignity as a respectable people. They too find some renewed confidence that they are not rubbish and useless as the West wanted to hole them in, to be bullied by even little third world people, to be told to go home in western countries. They too share the pride of an ancient civilization seeking a second chance in renaissance, to achieve in whatever they seek to do, to be a respectable people and civilization on par with the best in the world. They no longer lower their heads in shame as they go about their lives. They are standing tall, heads and shoulders to the Western civilization with the knowledge that they are just as good if not better. The Chinese civilization is reviving and will no longer be oppressed and suppressed again.

After reading this, you can now benefit from a short history lesson of mankind and their actions on earth and the generations to come....DONT BE DECEIVED ANYMORE BY THE WEST…

Minds without borders: A coffee with Huawei Ren: We will be reborn by 2021

https://youtu.be/7_kKAiHjJyY

They say a good conversation could be just like drinking a cup of black coffee and as stimulating as it is hard. Today's conversation is certainly stimulating intellectually and thought-provoking. The panelists on stage are trailblazers in their respective fields and certainly very outspoken about the challenges that we are facing today. First up, Ren Zhengfei, the founder and CEO of Huawei. Next, Catherine Chen, the senior vice president and director of the board of Huawei. Also on stage are George Gilder, a tech guru and futurist and Prof. Nicholas Negroponte, a tech visionary who's the co-founder of the MIT Media Lab.

Subscribe to us on YouTube: https://goo.gl/lP12gA

Download our APP on Apple Store (iOS): https://itunes.apple.com/us/app/cctvn...

Download APP on Google Play (Android): https://play.google.com/store/apps/de...

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Weibo: http://weibo.com/cctvnewsbeijing
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Douyin: https://www.youtube.com/redirect?q=ht...
Category:  News & Politics

Read more:

 Amid debilitating trade war, silent majority key to stabilizing China-US ties

With trade disputes and Huawei row in the forefront of ties, China-US relations have seen unprecedented tensions.

China's semiconductor industry will come out stronger from US crackdown

Painful lessons have taught us time and again that strength is the only thing that matters.

The US trade war against human rights

If the trade war goes on, it will exert an overwhelming impact on the world industrial chain. The US cannot remain unaffected. Its supply and marketing network, which plays a significant role in American people's living standards, will be hit hard. 

Tariffs to wipe out US profits

Proposed US tariffs on Chinese imports will hurt US companies and consumers more than they might imagine and will damage an industrial chain that connects the world's two largest economies, industrial representatives from both China and the US said on Tuesday

Huawei founder:We will be reborn by 2021 - Business News

US companies fight against Trump's tariffs - Business News

• China will not dump US Treasuries until forced by absolute necessity: analysts 
•  
• US tariffs to slow down its economic recovery

 
Related post:

Why does the West fail to understand China? The West misreads, China is rising, said Cambridge Prof 

 

A phoenix has risen from the ashes - THE RISE OF CHINA

The oppression of a civilization:

The world was turned into an ocean of colonies of subject people during the few centuries of ‘friendly’ European conquest. The Africans were turned into slaves, the natives of both Americas massacred. The ancient civilization of China was crippled and dismantled into pieces. After the Western powers brought down the decadent Qing Dynasty with the might of modern firearms, the Chinese civilization was turned into a pariah race of nothingness by the invaders in their country. The foreigners did not bring anything good but oppression, bullying and raiding China ’s wealth and dignity by all kinds of barbarian and deceptive means, and by the barrel of the gun. The Japanese joined in and even thought of conquering and ruling the whole of China as their colony.

There was a moment of salvation when Japan attacked Pearl Harbour and declared war on the Western power. China and its peasant soldiers were needed to open another front to sap the fighting power and resources of the Japanese. A large part of the Japanese Imperial Army was held down in China by the peasant soldiers. History would not be the same if the Japanese could run through China without resistance and conquer the whole of Asia .

After the war there was a brief moment of equality for China as a key member of the Allied Forces that fought against the Japanese. Chiang Kai Shek was seated with the Allied leaders like Churchill, Stalin and Roosevelt in Potsdam and Cairo to divide the world among the victorious Allied Powers. China was lucky to have its lost territories back. But Chiang was more like a flower vase and inconsequen-tail, would not be deserving of any war loot. His presence among the leaders of the big powers was a consolation that gave China a little recognition as a big nation.

This little moment of dignity did not last long when Mao Zedong defeated Chiang and China adopted communism as a state ideology. This turn of event led to a renewed and concerted Western effort to brand and condemn the Chinese civilization as peasants, rogues, dumb, uncivilized, aggressive and the pariahs of the human race, a good for nothing race that was lack of talent, unproduc-tive and unimaginative, and unfit to join the advanced nations of the West.

This was the hopeless China painted by the West. They kept repeating the misinfor-mation daily in all western media, like they are doing to North Korea today, that the whole world simply believed so. Chinese are useless, Chinese are lame, Chinese are bad.

Cold Wars, containment policies, encirclement, depriving China of its rightful seat in the UN, blocking China from joining international organizations like the WTO and the Groupings of rich nations, were history now. In the last 40 odd years, China came storming back on its own despite all the sanctions and barriers and threats against its rise as a nation and the Chinese people as a civilization, old, ancient, but not useless and remote of talents.

Throughout the two hundred years of Western oppression and suppression, the Chinese civilization was not allowed to surface, no opportunity to break out and be the equals of other nations. The Chinese civilization was down and out, the Chinese in despair. Many Chinese had doubts in themselves, and were ashamed to be Chinese. The Westerners reinforced this belief by sneering at them, contributing negative literature furiously to debase the Chinese, discriminated against them in practically every human endeavour and industry. In the USA there were racist laws forbidding the Chinese from higher skill jobs. The image and perception of useless and untalented Chinese became a self fulfilling prophecy. The Chinese civilization was a joke, a condemned race that was lacking in industry and innovation.

On its own, slowly and steadily the Chinese rebuilt their nation and their civilization, with little foreign talents and assistance, China has overtaken Japan and is closing in on the US as the number Two world power, economically and militarily. They have proven that they could match the West in every field of industry. The oppression and suppression of a civilization have failed, and a revitalized China has assumed its rightful place as a proud nation among nations. The Chinese civilization is no longer to be spitted at, to be kicked around by the Western powers or by teeny weeny little Asian states. It is now a force to be reckoned with and to be respected on its own merits.

The tag of being the Sick Man of Asia, a semi colony of the West, a broken country with nothing, no inventions, no modern industries, no talents except poverty and all the trappings of a poor and backward third world country vanished over a few decades. There is renewed pride as a people, a nation and a civilization in the new China. A phoenix has risen from the ashes. There is no turning back. The Chinese have found their way back and will leap frog over the West in science and technology and in all things, while the West are still trying to restrain their advances by hook and by crook.

Today, the overseas Chinese are also starting to rediscover themselves, their pride and dignity as a respectable people. They too find some renewed confidence that they are not rubbish and useless as the West wanted to hole them in, to be bullied by even little third world people, to be told to go home in western countries. They too share the pride of an ancient civilization seeking a second chance in renaissance, to achieve in whatever they seek to do, to be a respectable people and civilization on par with the best in the world. They no longer lower their heads in shame as they go about their lives. They are standing tall, heads and shoulders to the Western civilization with the knowledge that they are just as good if not better. The Chinese civilization is reviving and will no longer be oppressed and suppressed again.

After reading this, you can now benefit from a short history lesson of mankind and their actions on earth and the generations to come....DONT BE DECEIVED ANYMORE BY THE WEST…

Trade war spurs 1,360% investment jump in Malaysian state of Penang

https://www.bloomberg.com/news/videos/2019-06-11/trump-says-he-s-holding-up-trade-deal-with-china-video

The Malaysian state of Penang is winning from global investors’ search for safe havens, amid the U.S.-China trade tensions.

Foreign direct investments into its manufacturing sector surged 1,360% to 8.47 billion ringgit (US$2 billion) in the first quarter from a year ago, more than for the entire 2018. The state stands to gain from changes in the global supply chain as it’s well-connected with a strong talent pool and supportive public policies, Penang Chief Minister Chow Kon Yeow said in a Wednesday statement.

The state, already home to companies from Intel Corp. to Dell Technologies Inc., makes up 42% of Malaysia’s manufacturing FDI. Recent investments in Penang include U.S. semiconductor company Micron Technology Inc's new solid-state drive assembly and testing centre, and Florida-based Jabil Circuit Inc's purchase of 20 acres of land to expand its facility.

“Malaysia is reaping benefits from business relocation, as well as trade and investment diversions caused by the trade war,” Finance Minister Lim Guan Eng said in a Thursday statement, adding that the rise in investments as well as industrial production signal “healthy” economic growth in the second quarter.

Chow is wary of the near-term outlook and cautions that the investment surge may not be repeated in the second or third quarters. While some companies benefit from the trade war, others are negatively affected as their customers take a wait-and-see approach, he said. Penang’s investment outlook remains “on the right track” over the medium to long term, Chow said.

The state had moved quickly to court investors amid the trade war, signing a cooperation deal with China Chamber of International Commerce, giving subsidized rental rates for small businesses and setting up a seed fund for technology start ups.- Bloomberg

Penang bags big jump in investments 

More than RM8bil recorded in the first quarter of the year

Penang Chief Minister Chow Kon Yeow and State Tourism Development, Arts, Culture and Heritage Committee chairman Yeoh Soon Hin speaking during a press conference at KOMTAR. - LIM BENG TATT/The Star

THE state recorded RM8.85bil in total approved manufacturing investments in the first quarter of 2019, exceeding the RM5.78bil it received for the whole of last year.

Chief Minister Chow Kon Yeow said the investments in the first quarter were 768% higher than the investments in the same period in 2018.

“Penang garnered 41 projects at the start of this year,” he said at a press conference held at his office in Komtar.

“They amount to RM8.85bil and will bring in more than 10,000 jobs.

“The state is a key contributor to the country’s foreign direct manufacturing investment (FDI), representing 42% of the country’s total FDI.”

Chow highlighted the many attractions of Penang for investors.

“We boast a robust supply chain, strong talent pool, well-established infrastructure and support services to investors.

‘The combination of all these advantages makes Penang a preferred destination for investments.”

He was quoting the latest data from the Malaysian Investment Development Authority (Mida).

However, Chow was more cautious about the business climate later this year.

He said that while Penang could remain a preferred investment destination in the mid to long run, the US-China trade war would have a huge impact in the coming two quarters of the year.

“We believe the meeting between Presidents Donald Trump and Xi Jinping later this month will be crucial.

“We feel our stellar performance in the first quarter might not be repeated in the second and third quarters of this year.

“Nevertheless, Penang’s investment outlook is on the right track over the medium to long term.

“The state government will continue to focus on bringing in high quality investments that can create high-value jobs and suit the state’s industry profile,” he said.

Penang's approved manufacturing investments rise more than seven-fold in 1Q19

Penang attracted approved investments worth RM8.8 billion in the manufacturing sector in the first quarter (1Q) of 2019, up 763% from RM1.02 billion in the same period last year.

Chief Minister Chow Kon Yeow said despite the intensifying trade and technology disputes between the United States and China that created uncertainties in the global trade and economic outlook, Penang remained a favoured investment destination.

"According to the Malaysian Investment Development Authority (MIDA), from January to March this year, Penang successfully garnered 41 projects amounting to RM8.85 billion, which represented 35% of Malaysia's total approved investments in manufacturing," he told a press conference here today.

The approved manufacturing investments in 1Q19 had already surpassed the full-year approved investment figure of RM5.8 billion in 2018, he said, adding that they were expected to create 10,073 job opportunities in Penang.

Of the total investments approved in the quarter under review, foreign direct investment accounted for RM8.47 billion while the rest was domestic investment, Chow said.

"The optimal combination of robust supply chain, strong talent pool, well-established infrastructure and the state's support services to investors makes Penang a preferred destination for investments," he said.

However, Chow, who is also the chairman of the Penang Strategic Investment Advisory Council, said while Penang could be a preferred investment destination in the middle to long run, he was cautiously optimistic on the near-term outlook due to the latest trade war development.

He said there was a truce in the trade war in 1Q but the situation had worsened since.

"US President Donald Trump has threatened to slap tariffs on another US$300 billion of Chinese exports to the US, and the meeting between Trump and China's leader Xi Jinping later this month is crucial," he said.

He also cautioned that the superb investment performance in the manufacturing sector in 1Q might not be repeated in the second and third quarters; however, Penang's investment outlook would be on the right track over the medium to longer term.

"Through InvestPenang, the Penang government will continue to focus on bringing in high quality investments that would create high value jobs and suit the state's industry profile," he said.- The Edge Market.


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