It is a story about the remarkable transformation that has taken place in the country over the past 40 years and how the UN in China has evolved with it," Nicholas Rosellini, the UN resident coordinator in China, said in his welcome speech. We'll assume you're ok with this, but you can opt-out if you wish. Analysts said that since most belt and road projects involved bricks-and-mortar activities and large numbers of construction workers, there might be a major slowdown in their implementation. Many projects under the Belt & Road Initiative, Chinese President Xi Jinping’s signature project to boost trade and investment across Asia, Africa and Europe are either on hold or receiving minimal works. All rights reserved. Wang stressed that China always supports and practices multilateralism and will continue to firmly uphold the international system with the UN at its core. The Bruegel Newsletter. He attributed this to domestic factors in China regarding the health of its economy, and because of weakened “demand” because of the global economic slowdown and increasing debt burdens. More than anything, the story of the UN's journey in China is one of change. Wang Xiaolong, director general of Department for International Economic Affairs, Ministry of Foreign Affairs, delivered a keynote speech on behalf of the Chinese government at the event. Wang stressed that China always supports and practices multilateralism and will continue to firmly uphold the international system with the UN at its core. Chinese Foreign Minister Wang Yi gave an interview to Chinese state television Saturday in which he credited the authoritarian rule of the Communist Party with defeating the coronavirus pandemic and celebrated the incoming Biden administration in America as a “new window of hope” for relations between the U.S. and China. Current Affairs Correspondent East Asia - Belt & Road News is prone to be the dedicated News, Views & Analyst on Belt & Road Initiative and information organisation, to be recognised globally for its authority, integrity, and accuracy. Get … Last week, Beijing revealed that about a fifth of the Belt & Road Projects had been “seriously affected” by the Pandemic. This category only includes cookies that ensures basic functionalities and security features of the website. While China was the first country to report the . Photo: EPA-EFE. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Further, China’s policy banks including Exim Bank and China Development Bank which fund most of the belt and road projects, are now more cautious in their lending. Wang Chao王超 (Vice Minister) Responsible for Europe, translation and interpretation, and archives, and Party-related affairs. All UN entities in China work in partnership with governmental and non-governmental organizations at various levels to support the government to implement its national development objectives and Internationally Agreed Development Goals, including the Sustainable Development Goals. He explained that Chinese banks made loans to be repaid with interest, “so when they review incoming loan applications, they pay close attention to the revenue generation capacity of their would-be borrowers”. We use cookies to function our website. (Cover: Nicholas Rosellini (L), UN resident coordinator delivers the welcome speech during the celebration of UN Day 2019. This website uses cookies to improve your experience. “I think we’re going to see a significant slowdown in the implementation of [belt and road] projects,” he said. About 40 per cent of the projects were adversely affected, and a further 30-40 per cent were “somewhat affected”, according to Wang Xiaolong, Director General of the Foreign Ministry’s International Economic Affairs Department. China’s Foreign Minister Wang Yi with Democratic Republic of Congo’s President Felix Tshisekedi in Kinshasa last Wednesday . Long Yongtu, former vice minister of the Ministry of Foreign Trade and Economic Cooperation, who was the first Chinese government official seconded to the UN in the 80s, shared how the UN arrived in China, his work experience in the UN development system and his insights on how the partnership can achieve great success in pursuit of the 2030 Agenda. Around 800 people from government agencies, the diplomatic corps, international organizations and the private sector attended the event. Wang said that despite the Coronavirus crisis, trade between China and Belt & Road Countries had risen 3.2 percent and direct investment by China was up 11.7 percent in the first quarter of this year. Along with China's remarkable development progress, the role of the UN has shifted from traditional that of a donor providing assistance for basic needs to a partner providing advanced policy support and sharing international experience. UN in China focuses on poverty reduction and equitable development, improved and sustainable environment, and enhanced global engagement. You also have the option to opt-out of these cookies. For instance, Covid-19 disruptions have affected the US$62 billion China-Pakistan Economic Corridor, Cambodia’s Sihanoukville Special Economic Zone & Indonesia’s Jakarta-Bandung high-speed rail. These cookies do not store any personal information. Chinese State Councilor and Foreign Minister Wang Yi held talks with his Seychellois counterpart Sylvestre Radegonde on Saturday during Wang's official visit to Seychelles. The first UN office was opened in 1979. Ministry of Foreign Affairs Le Yucheng 乐玉成 (Vice Minister) Executive work of the Ministry, General Office, government transparency, and Hong Kong, Macao and Taiwan-related foreign affairs. “Chinese banks will probably try to limit the number of new loans that they issue and focus on minimising the number of non-performing loans in their existing portfolios,” Parks said. It is mandatory to procure user consent prior to running these cookies on your website. On UN Day 2019, the UN China office not only commemorated the creation of the United Nations but also took this special occasion to mark the 40th anniversary of the United Nations' presence in China. He is joined on stage by the UN country team in China, October 24, 2019. But opting out of some of these cookies may affect your browsing experience. The bank has already funded the phases from the coastal town of Mombasa to Nairobi then to Naivasha at US$4.7 billion. They would want to see the commercial viability of projects and financial sustainability before releasing the money. “It is a real test of China’s geopolitical commitment to the continent,” he said. The ministry is headquartered in Chaoyang District, Beijing, the country's primary diplomatic quarter. Chinese Foreign Minister Wang Yi speaks during a joint press conference at the Ministry of Foreign Affairs in Beijing, Thursday, June 29, 2017. Foreign minister Wang Yi, in a video call on Monday (Dec 7) with the board members of the US-China Business Council (USBC), said that the “most … January 12 to 13, 2021, as debt became a major concern for the economy! Usage and our privacy policy click here Contract to two Chinese companies for the website multilateralism and continue! 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