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China expounds indigenous way to achieve modernization & innovative growth

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BEIJING, Oct. 17 (Global Times)

China on Sunday expounded the country’s indigenous approach to achieving modernization, as the Communist Party of China (CPC) set its sights on leading national efforts to accelerate the creation of a new development pattern and pursue high-quality development.

Scientific socialism has manifested new vitality in China in the 21st century and the Chinese-style modernization has provided a new option for mankind to realize modernization, Xi Jinping said on Sunday in a report at the opening session of the 20th CPC National Congress.

“From this day forward, the central task of the CPC will be to lead the Chinese people of all ethnic groups in a concerted effort to realize the Second Centenary Goal of building China into a great modern socialist country in all respects and to advance the rejuvenation of the Chinese nation on all fronts through a Chinese path to modernization,” he said.

The keenly watched Chinese path is envisioned to navigate the economy through the bruises and scars – exemplified by the prolonged pandemic, geopolitical tensions and drastic monetary tightening – that have left a mess behind for the Western world, experts said. As the key CPC Congress anchors the country toward greener, fairer, more secured and innovative growth in the years to come, the global economy will hinge its future on a prosperous China more than ever, they stressed.

Novel option for modernization

The Chinese path to modernization, one of the key takeaways from Xi’s report to Sunday’s opening session, almost instantly became a buzz phrase that reverberated across the world.

In his report, Xi reaffirmed that Chinese modernization is the socialist modernization pursued under the leadership of the CPC. Chinese modernization is the modernization of a huge population, of common prosperity for all, of material and cultural-ethical advancement, of harmony between humanity and nature and of peaceful development, he stressed, adding that it offers humanity “a new choice” for achieving modernization.

Tian Yun, former vice director of the Beijing Economic Operation Association, told the Global Times on Sunday that the opening speech flagged Chinese-style modernization for the first time and pinpointed it as the core mission of the CPC on the new journey of the new era.

“The 19th CPC National Congress mapped out a direction Chinese-style modernization was supposed to head but the concept still remains vague. Since it is very hard to materialize modernization in the context of World Bank technical standard, giving the unique situation and characters of Chinese economy, the report delivered on Sunday gives the concept an extension and an upgrade in connotation,” Tian said.

He praised Chinese-style modernization as providing a new paradigm of modernization in a globalized era that eradicated two vicious byproducts associated with Western ways of modernization – hegemony and colonization.

In his remarks to the opening session on Sunday, Xi said that China stands firmly against all forms of hegemonism and power politics, the Cold War mentality, interference in other countries’ internal affairs, and double standards.

China adheres to the right course of economic globalization. It is committed to working with other countries to foster an international environment conducive to development and create new drivers for global growth, Xi said.

The five aspects encapsulated in the definition of Chinese-style modernization lay out the guiding principles of China’s march toward the second centennial goal and when such target is achieved, it could mark an unprecedented achievement in the history of mankind and “a fundamental turnaround in global landscape,” Yao Jingyuan, special researcher of the Counselors’ Office of the State Council, told the Global Times on Sunday.

“China is home to 1.4 billion people, which is more than the combined population of all modernized countries [by current definition]. That means when China reaches its second centennial goal, it will be a modernized economy with the largest population in the world,” Yao said.

Another major difference of Chinese modernization with Western economies is its emphasis on common prosperity, a stark contrast to the modernization path taken by Western countries which led to widening gaps between the rich and poor, and the inequality in social development, Yao noted.

He further said that Chinese-style modernization is characterized by peaceful and green development, “unlike how some modernized countries boom at the tears and bloods of the developing world – through invasion, colonization and exploitation, or at the cost of destroying natural resources and emitting carbon dioxide at sky-high levels that fuels global warming.”

“I believe that the decisions made at the 20th Party Congress will be a worthy response to the challenges of the modern world and will determine the course of China’s socioeconomic development not only for the next five years, but also, as is customary in China, for the longer term,” Belarusian Ambassador to China Yuri Senko told the Global Times over the weekend.

In the five years since the 19th Congress, the socioeconomic agenda in China has undergone quite noticeable changes, which was due to a number of objective reasons – the coronavirus pandemic, the growing competition with developed countries in the field of high technology against the background of geopolitical confrontation with certain Western countries such as the US, the ambassador said.

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IASL is seeks A contractor to refurbish the Maafaru airport terminal

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BY: FATHIMATH LAUZA.

Island Aviation Services Limited (IASL) is looking for a contractor to refurbish the Maafaru International Airport terminal. IASL has asked interested Maldivian enterprises to submit proposals by February 12.

According to General Manager Mumthaz Ali, the goal of the terminal upgrade is to expand the airport’s capacity, add additional Maldives Immigration counters, and develop commercial and VVIP lounges.
He stated that the terminal will be a two-story structure, with the first level housing the VVIP lounge and the second housing the commercial lounge and offices.

Furthermore, the Maldives Transport and Contracting Company (MTCC) is planning to rebuild and enlarge the runway at Maafaru International Airport. The Abu Dhabi Fund for Development has provided a USD27 million grant to the project (ADFD). The expansion of the runway and terminal is projected to greatly boost the airport’s capacity.

The renovation and extension are part of Maafaru International Airport’s second phase of development. MTCC is in charge of extending the runway by 650 meters, enlarging the strip, recovering land, and constructing coastline protection buildings. Other activities include improving the runway pavement, enlarging the taxiway, and modernizing the AGL and power systems.

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State reserve at USD 827.7M by end of last year, a significant improvement

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Statistics publicized Maldives Monetary Authority (MMA) show that the state reserve stood at USD 827.7 million at the end of last year.

The ‘Economic Update’ publicized by MMA on Thursday showed that the gross international reserve, or in other words, the foreign currency reserve of the central bank, increased to USD 827.7 million by the end of last December.

This marks a three percent increase compared to the previous year. At the end of 2021, the state reserve stood at USD 805.8 million.

The reserve significantly improved in December 2022 compared to November 2022 with an addition of USD 223.5 million – marking a 37 percent increase. At the end of November 2022, the reserve stood at USD 604.2 million.

Tourism sector performed significantly well in the last quarter of last year. Statistics by Tourism Ministry showed that Maldives recorded 184,051 tourist arrivals in December alone, marking a 12 percent increase compared to December 2021.

As per MMA, the number of fisheries exports from the Maldives also significantly increased during December 2022. The central bank said that number of total exports had also significantly increased last year.

Economic experts cite the increased tourist arrivals to the Maldives and increased exports from the Maldives as a positive impact on the Maldivian economy.

While statistics from MMA shows Maldivian economy making steady improvements – Finance Ministry had recently announced measures to cut down state expenditure which is currently in force.

Source(s): sun.mv

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OPEC+ committee recommends staying course on oil output policy

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VIENNA, Feb. 1 (Xinhua) — Leading oil officials on Wednesday recommended to maintain the current oil output policy of OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, amid an uncertain global economic outlook.

The OPEC+ agreed in October 2022 to cut production by 2 million barrels per day from the following month until the end of 2023. The cut equals to about 2 percent of the annual global oil demand.

Members of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) “reaffirmed their commitment” to the current output plan at a virtual meeting on Wednesday and “urged all participating countries to achieve full conformity and adhere to the compensation mechanism,” according to an OPEC statement.

The JMMC comprises oil ministers from the OPEC+ countries. It has no decision-making power but provides policy recommendations for the OPEC+ ministerial meeting, the group’s decision-making body. It has also the authority to request additional OPEC+ ministerial meetings “at any time to address market developments,” according to OPEC.

The JMMC has reviewed the oil production data for November and December last year and “noted the overall conformity” for the OPEC+ countries, OPEC added.

The next JMMC meeting is scheduled for April 3. The next OPEC+ ministerial meeting, where the group will formally decide its output policy, is set for June 4.

Source(s): Xinhua

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