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Cambodian Official Rejects ‘Debt Trap’ Claims on Belt and Road Initiative

by Priya Shah – Business Editor
written by Priya Shah – Business Editor

Cambodian Deputy Prime Minister Defends China‘s Belt and Road Initiative​ as ‘Lifeline’ for Advancement

HONG ‌KONG – Cambodia‘s deputy ​Prime Minister Sun Chanthol emphatically rejected accusations that China’s Belt and Road Initiative (BRI) constitutes a “debt trap” for developing nations, asserting wednesday that the infrastructure program has been instrumental in ‍his country’s economic advancement. Speaking at the Belt and ​Road Summit in Hong Kong, Chanthol highlighted roads, an airport, an expressway, and a planned canal – all ‍projects funded‌ through ‌the BRI -⁤ as ​beneficial to the​ Cambodian people.

“The ​belt and Road Initiative is‌ not a ⁢debt ​trap. I repeat, ‍it’s not a ​debt trap,”⁤ Chanthol stated ⁢to an audience of ⁤hundreds. “On⁤ the contrary, it is a lifeline for [our] social and economic development. ⁤It is ‍a‍ strategic investment towards Cambodia’s long-term future.” The comments come amid‌ ongoing debate regarding the initiative’s impact ​on ⁤recipient countries and their financial stability.

The Belt and Road Initiative,​ launched ⁢by Chinese ⁢President Xi Jinping, is a ⁤massive infrastructure strategy aimed ‌at ⁣improving regional ⁢connectivity and accelerating trade⁤ across Asia, Africa,‌ and‌ Europe. It has faced scrutiny from Western governments‌ and⁢ media,who allege it saddles participating countries with​ unsustainable debt,potentially leading to⁤ loss of control⁣ over strategic assets.The term “debt-trap diplomacy” gained prominence in 2017, ‍fueled by reports of Sri Lanka leasing its Hambantota port to a Chinese​ company for 99 years after struggling to repay loans used ​for its construction.

In a ​separate statement ‌on Wednesday,​ President Xi Jinping reaffirmed china’s commitment to an “open world economy” and expanding high-level opening-up, according ⁢to state news‌ agency Xinhua, in a letter to the china International Fair for Trade in Services. He pledged to align with international‌ economic and trade rules ⁣and further open China’s ​service market.

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Business

US-China Trade Talks: Fentanyl Issue Set to Return, Analysts Say

by Priya Shah – Business Editor
written by Priya Shah – Business Editor

Fentanyl Focus: US-China Trade Talks Poised for New Front

Washington, DC – The contentious issue of fentanyl precursor trafficking is set to re-enter the spotlight in upcoming US-China trade negotiations, according to analysts. This progress follows two previous rounds of talks that reportedly did not address the critical matter.

the potential inclusion of fentanyl in future discussions was amplified by recent remarks from US President Donald Trump. He acknowledged China’s “big steps” in curbing the flow of chemical precursors across American borders,a move that includes the severe penalty of death for smugglers.

The US initially cited the trafficking of materials used to produce fentanyl as the basis for its tariff escalation against China in March.

Experts suggest that if the fentanyl issue is indeed brought to the table, it could contribute to a further easing of tensions between the world’s two largest economies. This potential de-escalation could occur in August,following a 90-day trade truce agreed upon during talks in Geneva in May.some observers are even more optimistic, anticipating a return to the terms of the 2020 trade deal that temporarily halted the escalating trade dispute.

“It’s reasonable to view the fentanyl issue as a potential ‘third stage’ in US-China negotiations, particularly given how politically salient it has become in Washington,” stated Matteo Giovannini, senior finance manager at the Industrial adn Commercial Bank of China and a non-resident associate fellow at the Center for China and Globalisation.

Giovannini elaborated, “While not traditionally a trade matter, the fentanyl crisis has been elevated to a core national security and public health concern in the US, which means it can be leveraged in broader bilateral talks.”

Fentanyl, a potent synthetic opioid, has tragically become the leading cause of death in the United States for individuals aged 18 to 45, as reported by the US Drug Enforcement governance.

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World

China Exports Surge: June Growth Beats Forecasts Amid US Trade Truce

by Lucas Fernandez – World Editor
written by Lucas Fernandez – World Editor

China’s Exports Surge in June amid Tariff Truce, Exceeding Expectations

By World Today News Staff

July 8, 2024

China’s export sector demonstrated a notable acceleration in June, with outbound shipments rising by 5.8 percent year-on-year. this robust performance surpassed market forecasts, which had predicted a more modest 3.6 percent increase.

The world’s leading merchandise exporter shipped goods valued at US$325.2 billion during the month. This figure represents a critically important uptick from the 4.8 percent growth observed in May.

Analysts attribute this surge to exporters capitalizing on a 90-day tariff truce. this temporary agreement likely encouraged businesses to expedite their shipments to take advantage of favorable trade conditions.

The positive export data offers a glimpse into the resilience of China’s manufacturing and trade capabilities. Understanding these trends is crucial for global supply chain analysis and international economic outlooks.

For further insights into global trade dynamics,explore reports from the World trade Organization. Additional context on economic indicators can be found at the

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