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Saturday, August 19, 2023

Emerging economies having bigger say in global affairs inevitable; G7 resurrection notion stupid: father of BRICS

 New cooperation path

Jim O'Neill, a renowned British economist Photo: Xie Wenting/GT


Editor's Note:

The 15th BRICS Summit will be held in Johannesburg, South Africa, from August 22 to 24, 2023. At this year's meeting, the feasibility of a common BRICS currency, the internationalization of the Chinese Yuan, the growth prospects of emerging economies such as China, and the role of the BRICS in global governance will be the focal points of discussion.

With these questions in mind, Global Times reporters Xie Wenting and Bai Yunyi (GT) recently interviewed Jim O'Neill (O'Neill), a renowned British economist and former commercial secretary to the UK Treasury, who is also known as the "father of BRICS." In 2001, O'Neill first proposed the concept of "BRICS" and predicted that the share of BRICS countries in the global economy would rise significantly, hence earning him his title. In the interview, the British economist told the Global Times that the idea of expecting the G7 to play a greater role in global governance is stupid. Despite facing geopolitical challenges, emerging economies will inevitably have a greater say in global affairs.

GT: You are widely viewed as the "father of BRICS" in China. As the 15th BRICS Summit is set to take place in South Africa, what are your expectations for the upcoming summit? How do you assess the future development of the BRICS?

O'Neill: There has been a lot of discussion about this BRICS Summit for several months. So they have allowed expectations to rise about, in particular, one thing, which is an expansion of the BRICS group into being BRICS plus.

The main issue will be how many countries will actually become members of the BRICS plus. But now it is not clear to me regarding the expansion and what are the [membership] criteria. At the summit, these questions may be addressed.

Sometimes people have said to me: Why did you create this acronym, because they [member countries] don't have anything in common. That's not true. They all have a huge number of people and a lot of challenges with infectious diseases. I think the BRICS countries should enhance cooperation in areas such as public health and climate change.

I am optimistic about the development of the BRICS because of its potential. Over the course of the nearly 40 years that I have been observing China, it usually ends up doing the right thing. Additionally, due to India's remarkable demographics, these two countries emerge as the most crucial components within the BRICS framework.

Ultimately, China's massive economic size looms prominently, being twice as large as the combined total of the others. Thus, the real determinant of aggregate growth performance resides in the trajectories of China and India.

Among the BRICS nations, Brazil, Russia, and South Africa face daunting challenges such as over-reliance on commodities. They must embark on reform initiatives.

GT: De-dollarization is currently a hot topic. How do you view the prospects of a de-dollarization in the world? How do you view the prospect of using RMB in trade settlements between the BRICS countries?

O'Neill: I do think it is the case and this discussion has been had for over 20 years. The world is too dependent on the dollar. Every country in the world has to suffer the consequences of the economic cycle. The Federal Reserve Board is grappling with monetary policy matters, which align with the Fed's responsibilities, given that its mandates pertain to domestic US policy. However, this approach may not always align with the specific domestic requirements of many emerging economies, potentially subjecting them to a cycle that doesn't suit their individual needs.

Hence, the case for having a more balanced monetary system is really quite strong. The obvious contender from the BRICS group to play a bigger role is the RMB. I think the idea of the RMB becoming a more prominent invoicing currency for trade and gaining increased status as a reserve currency within the BRICS holds significant merit. However, the realization of this notion hinges upon the willingness of Chinese policymakers, including the People's Bank of China, to make it happen.

The discussion of the internationalization of the RMB has been around for 20 years, ever since the early days of the BRICS and since China played a crucial role in bringing around the end of the Asian financial crisis in 1998. In fact, I admire the slowness in which the Chinese authorities have allowed the rise of the RMB. You want to make sure that your domestic financial markets are sufficiently developed, especially the interest rate market before you allow your currency to be traded a lot more around the world. China has to allow for the growth of the RMB financial markets based on its own domestic needs.

GT: You once argued that the G7 is a zero. You said that since its creation, the G7 has become increasingly irrelevant in a world of new emerging powers. An institution that excludes the BRICS while still including economic basket cases like Italy cannot possibly claim the legitimacy required to exercise global economic leadership. But some observers have noted that the role of the G7 in global governance is reemerging, while the influence of the BRICS and G20 is decreasing. How do you view this perspective?

O'Neill: I think it's a bit crazy. It is indeed the case that since US President Joe Biden came to power, the US has sought to elevate the role of the G7 among the so-called advanced countries. Therefore, there is greater enthusiasm among certain G7 members regarding their capabilities. They're all democracies, and they're all reasonably developed so they find it easy to meet and talk. However, the G7 faces numerous dilemmas stemming from a central issue: Their diminishing share in the global economy.

Japan and Italy have had hardly any growth for 20 years. Germany also doesn't grow very well. And the UK has hardly grown at all since the financial crisis. In fact, the G7 now is a club increasingly dominated economically by the US. Certainly, when it comes to global issues - be it global economic challenges, climate change, infectious diseases, or any other truly global concern - it is impossible for the G7 to effectively address these matters.

I am very disappointed that the G7 has developed this idea that it has resurrected itself, because it is stupid. What we need to do is to renew efforts to make the G20, which was a fantastic creation of the financial crisis because it has the BRICS and all the G7 in it to be the center of global policy-making again.


An aerial view of Johannesburg, South Africa Photo: IC

GT: Given the current geopolitical challenges, do you maintain your optimism that future organizations like the G20 will incorporate a greater representation of emerging economies and play a more influential role in global governance?

O'Neill: I am more optimistic because I think it's inevitable. If you look at the history of the world over the long term, usually the most important countries are the ones that have the biggest say about global affairs. I am from the UK, and in the century prior to the last 100 years, the UK held the most dominant influence in global affairs, a reflection of Britain's economic history. This shifted when the US grew significantly larger.

As more emerging economies become bigger and bigger, it seems inevitable that they will have a bigger say in global affairs, despite some of the geopolitical challenges that go with it.

GT: Do you believe that emerging economies have the potential to remain substantial drivers of the global economy, both now and in the future?

O'Neill: Yes is the answer. Currently, China holds the position of the world's second-largest economy in nominal terms and the largest in PPP (Purchasing Power Parity) terms. Over the next few years, India is poised to challenge Germany for the fourth-largest spot, having already surpassed France and the UK. The combined growth trajectories of China and India exert the most significant impact on global GDP.

Several other emerging economies, notably Indonesia and Vietnam, are also gaining prominence in Asia. In Latin America, Mexico, and in Africa, though from a significantly lower starting point, countries such as Nigeria, Ethiopia, and Egypt are steadily gaining importance in the global economy. However, among the five BRICS countries, three have not demonstrated strong economic performance for over a decade. I am skeptical that their fortunes will change unless they embark on substantial economic reforms aimed at diminishing their reliance on volatile commodity prices.

GT: What is your perspective on the role that China plays in the advancement of global economic growth?

O'Neill: As China is having grown so rapidly and substantially, the current situation underscores that what happens to China in the upcoming year holds significance for the global economy. Many countries worldwide are greatly influenced by China, from South Korea to developed Western countries like Germany.

I think the confidence of Chinese individuals is not as high as it was for the last three decades. Chinese policymakers need to listen, understand, and take action to specifically enhance the role of consumption. I read that there is discussion regarding additional policies which I hope could happen.

Chinese consumption, as a proportion of shared GDP, remains excessively low. But Chinese savings persist at levels that are disproportionately high. Chinese policymakers must identify the appropriate stimulus to instill greater confidence among the populace, thereby promoting increased spending.

GT: We seem to be entering an era of "tech decoupling" and "technological nationalism," with the US, for example, imposing restrictions on selling certain high-tech products to China. What impacts could this trend have on the global economy?

O'Neill: As an economist, I find it hard to take these populist measures very seriously. We all live on the same planet. The notion that the US and China could entirely decouple from one another is stupid. When considering balance of payments and countries' savings rates, if the US saves too little, it consequently needs to source capital from the international community. This situation inevitably leads to a trade deficit with the rest of the world, as dictated by the accounting identity of the balance of payments.

Consider the following theoretical scenario: If the US were to enact a prohibition on importing anything from China, for instance, the result would be the US importing those same items from other countries. Simultaneously, those other countries would import those goods from China.

In my opinion, the so-called decoupling is merely a populist political notion that lacks any logical basis.

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EXOLORE NEW FERRY ROUTES IN PENANG, PPSB TOLD

 

PPSB told to explore new ferry routes

Ferry operator Penang Port Sdn Bhd (PPSB) has been told to explore new routes between the island and mainland, says Transport Minister Anthony Loke.

Loke said after the official launch of the new ferry service at the Raja Tun Uda ferry terminal in George Town on Thursday (Aug 17).

Loke: We can have a new jetty along the coast in Bayan Lepas

GEORGE TOWN: Ferry operator Penang Port Sdn Bhd (PPSB) has been told to explore new routes between the island and mainland, says Transport Minister Anthony Loke Siew Fook.

He said the matter should be looked into as there are those who live in the mainland but work in the free industrial zone in Bayan Lepas.

“We have proposed to the ferry operator to look at other points between the mainland and island where jetties can be built.

“We can have a new jetty along the coast in the Bayan Lepas area.

“The ministry has proposed the ferry operator do a feasibility study on the possibility of new routes in Penang.

“The ferry services should not be confined to carrying passengers from the Sultan Abdul Halim ferry terminal on the mainland to the Raja Tun Uda ferry terminal on the island and vice-versa only,” he said after the official launch of the new ferry service at the Raja Tun Uda ferry terminal here yesterday.

He said PPSB could also look into working with several operators of privately-owned jetties in the state.

“If there is demand, the ministry will have no problem offering new ferry routes in Penang,” he added.

Loke said the first week had seen about 50,000 passengers and 20,000 motorcyclists using the new ferry service that began on Aug 7.

He added that the new ferry service should also be made available for private charters or tourism purposes.

“PPSB can offer any private companies or corporate sectors that want to rent the ferry for events, or any tour agencies that want to bring their tourists to explore Penang through sea routes.

“The operator can venture into this possibility and turn it into a tourism product for Penang,” said Loke.

He added that there were plans to turn the old ferries that had been decommissioned into tourism products.

The launching of the new ferries was officiated by Penang Governor Tun Ahmad Fuzi Abdul Razak.

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Related:

Penang's new ferry service begins with first passengers | The Star

Penang's new ferry service begins with first passengers | The Star



Thursday, August 17, 2023

PENANG, A YOUNG EXCO TEAM FOR THE FUTURE?

 


Members of the Penang state executive council (exco) took their oath of office today in a ceremony held before the Yang di-Pertua Negeri Tun Ahmad Fuzi Abdul Razak.

BN's Sungai Acheh assemblyperson Rashidi Zinol is the coalition's sole representative in the 11-man executive council line-up, heading the trade and entrepreneurial development, and rural development committee.

Meanwhile, the deputy chief minister I position has been given to PKR's Batu Maung assemblyperson Mohamad Abdul Hamid and Jagdeep Singh Deo has been named as Penang deputy chief minister II.

Penang CM orders state secretary to look into songkok ruling at exco swearing-in ceremony | Malay Mail

Ready for the challenges ahead: Chow (right) with the new Penang state executive council members at Komtar. — Pic provided by Buletin Mutiara


GEORGE TOWN: The Penang state executive council, which was sworn in yesterday, is a young and vibrant team capable of taking the state forward, says Chief Minister Chow Kon Yeow.

The average age of the new line-up is 47, eight years younger than the line-up of 2018.

“They are vibrant young professionals. This line-up is capable of spearheading Pakatan Harapan-Barisan Nasional’s challenge right until the next general election,” said Chow, who will be heading the finance, economic development, land and communications portfolio.

However, there was only one woman in the line-up – Sungai Pinang assemblyman Lim Siew Khim. Before dissolution, there were two women – DAP’s Chong Eng and PKR’s Dr Norlela Ariffin.

On the prospect of facing 11 Opposition members from Perikatan Nasional, Chow said his team was up for the challenge.

“We faced 11 Umno members when we first came to power in 2008, and none of us then had any experience in state administration.

“Yet, we overcame that challenge,” said Chow when asked how his exco line-up, comprising seven new faces, would fare.

He said most of the exco members had served at least one term as elected representatives or worked as city councillors.

“They have experience because they were involved in the party activities. If you are talking about debating in Malay, the new generation definitely has better quality with more Bahasa fluency.

Related video: Chow says new Penang exco will weather the challenges (Dailymotion)

 
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“I am sure they will be well-versed about their portfolios in the next six months.”  

We don’t even know if the Opposition members will be aggressive. We don’t really know them. Let’s see,” said Chow, who witnessed the 10 new state exco members taking their oath in front of Yang di-Pertua Negri Tun Ahmad Fuzi Abdul Razak at Dewan Sri Pinang here yesterday.

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On PKR getting two instead of three exco slots, Chow said this was because the party won fewer seats compared to the last state election.

He said there were plans to offer the Deputy Speaker’s post to Amanah’s Azrul Mahathir Aziz following his victory against Gerakan president Datuk Dr Dominic Lau in Bayan Lepas.

Batu Maung assemblyman Datuk Dr Mohamad Abdul Hamid, who was appointed the Deputy Chief Minister l, is the Islamic development, education and national unity committee chairman.

“Although I may not have political experience, the portfolios suit me well as I have been involved in the education field for years,” he said.

Four-term assemblyman Jagdeep Singh Deo, who was made the Deputy Chief Minister ll, said he was humbled by his appointment.

Jagdeep, the first Sikh to hold the position, will also oversee human capital development, science and technology this time.

“I have been in the government for 10 years. A change from my previous housing and local government portfolio will be refreshing. I always believe in moving forward,” he said.

The others who made the cut are Zairil Khir Johari (infrastructure, transport and digital development), Wong Hon Wai (tourism and creative economy), Lim Siew Khim (social development, welfare and non-Islamic religious affairs), H’ng Mooi Lye (local government, town and country planning), Gooi Zi Sen (youth, sports and health) and Datuk Seri S. Sundarajoo (housing and environment), all from DAP.

Umno’s Rashidi Zinol is trade, entrepreneurial and rural development committee chairman while PKR’s Fahmi Zainol will oversee the agrotechnology, food security and cooperative development portfolio.

The first sitting of the state assembly is scheduled for October and is expected to be an exciting affair between the Pakatan-Barisan pact and Perikatan.


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Honouring manifesto pledges; ‘Shaping Penang into preferred investment destination’

 

An aerial view of the proposed site for the future LRT station which is beside the Sia Boey Urban Archaeological Park near Komtar.


AFTER the euphoric victory with a two-thirds majority in the 15th state elections, Penang Chief Minister Chow Kon Yeow, immediately got back to work.

Chow, who is in his second and final term as the state’s chief executive, has to deliver on promises made by the Pakatan Harapan-Barisan Nasional pact in the Penang Unity Manifesto 2023.

Several grandiose projects planned by the state government are expected to take off while a few will be completed before his term is up.

The following projects are some highlights of the Penang Unity Manifesto.


The Penang South Island Project will be scaled down to just one island (Silicon Island).

Silicon Island

The man-made island project, measuring 930ha and touted as the economic catalyst and new tourism attraction for Penang, is to house the Green Tech Park (GTP) and Heart of the Island (Hoti) business district.

The reclamation effort, in two phases off the southern coast of Penang island, will take between 10 and 15 years to complete.

The GTP will feature research and design facilities, digital technology infrastructure, ecommerce and business process outsourcing.

Hoti, on the other hand, has been planned as a waterfront commercial hub that will serve as the pulse of the island.

Silicon Island Development Sdn Bhd, which is 70% owned by SRS PD Sdn Bhd, has awarded the design, management and construction of the Phase 1 reclamation works of Island A to turnkey contractor SRS TC Sdn Bhd, a wholly-owned subsidiary of Gamuda.

Phase 1 preparatory works commenced on July 1 this year while physical works will only begin once the company secures Environmental Management Plan approval from the Department of Environment (DOE).

Upon completion, the project designed according to environmental, social and governance (ESG) principles, is expected to attract high-impact investments.


. Chow showing a map of Silicon Island during a press conference at Komtar in this file picture.

GBS By The Sea

With a net lettable floor space of about 300,000sq ft, the project in Bayan Lepas is meant to address the rising demand from Global Business Services (GBS) as well as technology and research and development (R&D) companies.

Developed by Penang Development Corporation (PDC), the project comprising a nine-storey office building and a six-storey multilevel carpark is a multi-million ringgit project.

Upon completion in 2024, AMD Global Services will be the major tenant and will occupy about 209,000sq ft for the expansion of its operations.

Chow was quoted by Buletin Mutiara as saying that the project would ensure Penang’s infrastructure could meet the long-term growth of industry players.

Medi-tech City

The project with a RM9.9bil gross development value in Batu Kawan is earmarked to be an integrated, sustainable and high technology medical city and business hub in Penang.

In January last year, Bernama reported that the project occupying a 93ha plot of land in Batu Kawan was slated for completion in 10 years.

Once ready, it will serve as a medical hub providing eco-tourism and global business services with facilities including hospital, medical campus, medical supply hub, corporate suites, rehabilitation centre, retirement village, hotel, wellness centre, sports centre, electrical and electronics sectors, logistics and distribution hub.

Titijaya Land Bhd and Penang Development Corp (PDC) signed a memorandum of understanding (MOU) to develop this project.

Penang Light Rail Transit

The Federal Government has committed to provide funding for the Penang Light Rail Transit (LRT) project which will be undertaken by Mass Rapid Transit Corp Sdn Bhd (MRT Corp).

It was announced that there will also be a major enhancement in the much anticipated project’s first phase.

Instead of just stretching from Bayan Lepas to Komtar, the LRT line will go all the way to Tanjung Bungah, covering a 29km distance and making 27 stations available.

Work packages are expected to be tendered by the year-end and the project is expected to be completed in five years.

Juru-Sungai Dua Elevated Highway

Under the Penang Transport Master Plan, it has been proposed that the Juru-Sungai Dua Elevated Highway project at the Juru Interchange on the mainland is to be upgraded to a “diverging diamond interchange”.

The upgrading project is important to address severe congestion along the North-South Expressway and at the signalised Jalan Kebun Nenas-Jalan Perusahaan T-junction.

Lane widening and synchronising traffic signal timing at the Jalan Kebun Nenas-Jalan Perusahaan T-junction have also been proposed.

Chow said the dedicated bypass from Juru to Sungai Dua toll project would be a long-term traffic dispersal plan.

He said the project should be modelled after the Ipoh Selatan-Jelapang through-traffic stretch, which separates the traffic between the expressway and the slip road to Ipoh city.

Chow was quoted by Buletin Mutiara as saying that the proposed project would be able to address traffic woes in major parts of Penang mainland.

He said traffic congestion in that area (Juru-Sungai Dua) had deeply impacted road users.

This component is still a proposal and subject to approval and changes.

Penang Hill Cable Car

Set to be another iconic tourist attraction, the cable car system will help the tourist-load balancing by complementing the 100-year-old funicular railway from Ayer Itam.

Its lower station will be built near Penang Botanic Gardens. Included are the construction of a public transport station and a multi-storey parking complex.

The system with 43 gondola cabins will have the capacity of 1,000 passengers per hour at a speed of 6m per second.

There will be 15 towers along the line and the journey from the lower to upper station will take 10 minutes.

In June this year, a concession agreement was signed between Penang Hill Corporation and Hartasuma Sdn Bhd, which will own the tourist attraction concession over the next 30 years.

The proposed investment of at least RM245mil by Hartasuma will also include beautification of surrounding areas of Penang Botanic Gardens.

The project is expected to be operational in three years.

Tanjung Bungah-Teluk Bahang Dual Carriageway

The project, popularly known as the North Coastal Paired Road (Package One), is one of the three new roads under the Penang Undersea Tunnel project.

Early reports indicated that the project will be a four-lane road from Teluk Bahang which will end in the L-shaped road bend known to locals as the Vale of Tempe – a two-lane road in Tanjung Bungah.

The North Coastal Paired Road will pass the Batu Ferringhi tourism belt which often experienced gridlock during the holidays.

According to the project’s environmental impact assessment (EIA), the travel time from Tanjung Bungah to Teluk Bahang using the existing road is between 20 and 23 minutes.

The proposed highway will reduce travel time to nine minutes with vehicles travelling at about 70km/h.

The existing federal road that motorists currently use is more than a century old. Sandwiched between private land and public beaches makes the possibility of upgrading and widening it nearly impossible.


The RM851mil (Package Two) bypass measuring 5.7km linking Ayer Itam to Tun Dr Lim Chong Eu Expressway is expected to be completed in 2025. — Filepic

Ayer Itam-Tun Dr Lim Chong Eu Expressway Bypass

The Ayer Itam-Tun Dr Lim Chong Eu Expressway Bypass (Package Two) is one of three road projects that are part of the Penang Undersea Tunnel project.

The 5.7km bypass linking Ayer Itam to Tun Dr Lim Chong Eu Expressway can reduce travel time and bring long-term benefits to Penang residents, especially some 300,000 folk living in Ayer Itam, Bandar Baru Ayer Itam and Paya Terubong.

The toll-free project will stretch 1.8km at ground level while some parts are elevated.

There are viaduct structures (65%), tunnels (20%) and grade sections (15%) on this road.

The entire project is slated for completion in 2025 and is currently 38% complete.

Sungai Bakap Bypass

The 1km bypass will link to Jalan Sungai Bakap from the North-South Expressway (southbound) on Penang mainland.

It is among the initiatives to tackle traffic woes on the mainland via the Seberang Prai City Council Strategic Plan 2023-2030.

Buletin Mutiara reported that the Public Works Department (JKR) had prepared the project’s estimated cost, adding that the department was in the process of coming up with paperwork to be submitted to the Penang government.

The procurement process of appointing a consultant will begin once the project paper is approved by the Penang government.

For now, there are still issues to be resolved with the Malaysian Highway Authority.

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‘Shaping Penang into preferred investment destination’

Based on the manifesto, p-hailing riders are to get personal accident insurance coverage. — KT GOH/The Star

WHILE some believe the “Penang Unity Manifesto 2023” will benefit Penangites, others feel more can be done for lower-income groups.

Property agent Sam Ooi, 43, said Silicon Island development would help boost employment opportunities and attract high-impact investments.

The Medi-tech City and GBS by The Sea projects would benefit the local construction industry, generate employment, and create economic spillover effects, he said.

“The unity manifesto will boost the state’s appeal as the preferred investment destination,” he said, adding that there should also be more affordable housing to help the locals,” he said.

He said Penangites could look forward to high-income jobs and their income would then correlate with their spending.

“With better income, they will be able to buy properties to settle down here.

“The market is slowly picking up post pandemic. Many are buying properties not as investments but to live in.

Maison Martell commemorates the Year Of the Rabbit with a spectacular new limited addition to the Zodiac Edition collection of the LOr De Jean Martell 1715 the Assemblage du Lapin Photos Handout


Ooi: Silicon Island, Medi-tech City and GBS by The Sea projects will be a boost to Penang.

“Younger folk tend to buy small units but with the incentives offered in the manifesto, they may be able to afford bigger units,” he added.

Sundry shop manager Mohd Iqbal Abdullah, 33, said more could be done for the B40 group.

“At a glance, only p-hailing and ehailing drivers, taxi and bus drivers will benefit from monetary incentives and personal accident insurance coverage.

“Such aid should be extended to people under the B40 category, or those earning below a certain amount.

“My basic salary is RM2,500. I am now managing with my wife’s help but we will become parents soon, so money will definitely be tighter.

“Perhaps the state can look into having incentives for new parents besides the one-off payment,” he said when met at an eatery in Tanjung Tokong.

Mohd Iqbal said he was interested in the B40 Affordable Housing scheme, which would be sold between RM100,000 and RM150,000, as well as the rent-to-own units.

“I would love to own a home. It will be nice to settle into a home with the baby coming.

“I hope I am eligible for a unit as it is hard to own a home in Penang,” he said.

S. Raakesh, 27, is disappointed as there are no incentives for youths who are in debt because of student loans like him.

“The incentives seem to cater to certain groups only, and are not for everyone,” said the software quality assurance engineer.

“While the affordable housing pledge is great, I hope all of us qualify and can apply for it.”

Business executive Chew Seak Wei, 42, said the LRT project would help ease traffic congestion.

“Hopefully, during the construction stage, the authorities will manage traffic efficiently to reduce congestion, pollution and noise,” he said.


Tan: Medi-tech City will create high-skilled jobs for Penangites.

Bank loan officer Zoey Tan, 40, said the Medi-tech City project would create high-skilled jobs for Penangites.

“This will help improve the household income and increase purchasing power.

“The project will also, in a way, halt brain drain,” she said.

On Aug 1, the Pakatan Harapan-Barisan Nasional pact launched its manifesto comprising 16 main themes, 15 highlights and 50 manifestos.

The 16 main themes cover the people’s welfare, socioeconomic well-being, essential infrastructure development, rural development balance, human capital development, women and youth employment, food supply security, traffic management initiatives, environmental resilience towards climate change and housing for all.

It also touches on boosting high-skilled employment, upholding the Islamic faith based on the Malaysia Madani principle, strengthening the tourism and service sector, promoting multicultural harmony, upholding democracy and protecting Penang’s rights.

Among the highlights are establishing a State Social Development Fund for the needy through collection of medical health fees from foreigners.

Haj pilgrims from the B40 group will also receive a one-off RM1,000 assistance while aid of RM600 per year will be provided to ehailing drivers besides personal accident insurance for p-hailing riders.

The manifesto also pledged to continue assistance of RM600 per year to taxi and school bus drivers.

For education, the manifesto pledged an RM60mil allocation by 2030.

The pledge also mentioned a target of building 220,000 affordable housing units, of which up to 100,000 units will be offered through the “B40 Affordable Housing” scheme priced at RM100,000 to RM150,000 as well as 22,000 rent-to-own units by 2030.

The manifesto also touched on introducing a Special Rental Housing Scheme for youths or single individuals, a one-off RM500 sum for newly-weds known as Golden Couple Programme, and free laptops for B40 students who receive offers to study at public institutions of higher learning.

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Tuesday, August 15, 2023

International community must take action to oppose the 'new Cold War'

 

Illustration: Liu Rui/GT

If recent developments in the three major areas of politics and diplomacy, international trade and economics, and military in the US are looked at together, there will be a chilling discovery. This week, the leaders of the US, Japan, and South Korea will hold a meeting at Camp David, a retreat of US presidents. This kind of summit is the first in the history of these three countries, and its target against China is no longer concealed. According to reports from Japanese media, Japan and the US will also agree this week to jointly develop an interceptor missile "to counter hypersonic warheads being developed by China, Russia and North Korea." As for the executive order on introducing investment restrictions on China recently signed by US President Joe Biden, its negative impacts are spreading and fermenting.

The actions and policy measures of the US mentioned above are all marked by a strong "new Cold War" color and exhibit a trend of continuity and escalating intensity. Can they be characterized as "new Cold War" thinking or actions? This can be discerned through the following four criteria. First, is it confrontational zero-sum competition or cooperative mutual benefit? Second, does it involve ideological delineation or equal exchange, mutual learning, and peaceful coexistence among different civilizations? Third, does it create cliques and alliances for confrontation or does it promote openness, inclusivity, and the construction of a community with a shared future for mankind? Fourth, does it resort to containment and suppression against perceived competitors, or does it engage in benign competition within the scope of international rules and principles? Upon comparison, the answer becomes self-evident.

Just as the drumbeats of the "new Cold War" are becoming more frequent and the smell of gunpowder more suffocating, prominent figures in the White House, including President Biden, have been emphasizing on various occasions that the US "does not seek a "new Cold War"," that "the US must reject neo-containment," and that "Washington should learn from the lessons of the Cold War and the old Cold War construct of blocs is not coherent." This has created a strange scene where there is not just a departure but even a contradiction between the actions and statements of the US, as well as between US self-assessment and the real impressions of the outside world about it. This issue goes beyond American hypocrisy or lack of self-awareness; it harbors a significant underlying risk.

There are at least two possibilities. The first one is that the US knows it is engaged in a "new Cold War" and is well aware that people all around the world, including Americans, strongly oppose and are deeply concerned about a "new Cold War." In other words, the US realizes that this is a highly risky undertaking and therefore would never admit to it. Instead, it might label its actions with a new term to deceive the world.

The second scenario is that the US has actually initiated a "new Cold War," but it does not really think that it is engaging in a "new Cold War." This will have more serious consequences than the first scenario, because the US not only refuses to make a reflection and change its course, but also will gain a stronger "moral drive" from self-hypnosis. In order to wake the US up from its pretended or genuine sleep, the international community needs to strengthen its resistance and criticism against the US' initiation of a "new Cold War" and take actions.

Regardless of what the US diplomatic strategists say or think, their actions speak louder. When faced with international challenges, especially when dealing with countries that have similar power with the US but different political and cultural backgrounds from the US, they habitually and unconsciously refer to the Cold War experience. They sometimes even directly resort to Cold War tactics, without taking off the "Cold War glasses" to view the world and era that have already undergone tremendous changes, even though they may also know that this is wrong and dangerous.

An article in the American magazine Foreign Affairs points out that Cold War history has become a straitjacket constraining how Americans perceive the world, including making Americans struggle to understand gray areas between friend and foe, making negotiations with rivals appear to carry impossibly high stakes and making it hard for Americans to imagine a less-militarized foreign policy.

The deeper the misunderstandings of history and reality, the stronger the limitations and misguidance of Cold War thinking on American foreign policy decision-makers. Binary thinking makes it impossible to understand the complexity and richness of a multipolar world, and severely lacks imagination for the future. The diplomatic strategies and approaches formulated based on this have distorted international politics.

More specifically, Washington has misunderstood history, misjudged the times, and misunderstood the Communist Party of China and the Chinese people. The destructive power of "new Cold War" is world-class, and the fate of all humanity stands at a crossroads. American political elites may believe that the US was the winner of the Cold War, which is controversial, but it is certain that the US cannot be the winner of the "new Cold War" and must bear historical responsibility for today's choices.

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