Space Travel News  
TRADE WARS
New UN chief at Davos seeks allies in business
by Staff Writers
Davos, Switzerland (AFP) Jan 19, 2017


China to curb foreign investment by state-owned firms
Shanghai (AFP) Jan 19, 2017 - China said it will ban or closely monitor overseas investments by state-owned firms in certain sectors, the latest move in a government fight to stem capital flight and what it has called "irrational" spending abroad.

The state-assets watchdog, which manages the country's 102 state-owned giants, plans to draw up a list of sectors that will either be off-limits to investment by SOEs or under strict supervision, according to a government statement Wednesday.

The notice by the State-Owned Assets Supervision and Administration Commission gave no details on what sectors would be singled out, nor any timing.

But the state-run China Daily reported Thursday that the list would include heavily polluting industries or those vulnerable to global commodity price fluctuations, such as business related to energy, mining, real estate and the oil sector.

It quoted the commission's vice-chairwoman Huang Danhua as saying the government would, however, seek to encourage SOE overseas investment in sectors including high-speed rail, roads, telecommunications, and nuclear power.

Overseas direct investment surged 44 percent to 1.13 trillion yuan (now $165 billion) in 2016, surpassing inward investment of 813.2 billion yuan, according to the government, as Chinese companies went on a worldwide spending spree across a range of sectors.

In one of the largest moves, ChemChina made a $43 billion bid for Swiss seed giant Syngenta that is awaiting approval by EU regulators.

The tide of outgoing investment has alarmed authorities, who are grappling with slowing domestic economic growth, capital flight, and the weakening yuan, which is close to eight-year lows against the dollar.

Chinese authorities have responded by urging domestic companies to avoid "irrational" overseas investments and tightening screening of such plans while also announcing a number of measures aimed at attracting more foreign investment into China.

UN Secretary-General Antonio Guterres used his first address at the World Economic Forum in Davos on Thursday to push for a new partnership with business to help fight climate change and reduce poverty.

Guterres took over from Ban Ki-moon on January 1 with an ambitious plan to reform the United Nations at a time when it is struggling to raise funds for its humanitarian work and to address global crises.

The UN chief singled out business as the "best allies" to shield the Paris climate deal from "the possibility of less supportive action of some governments", in a veiled reference to US President-elect Donald Trump.

Trump, who takes office on Friday, has expressed skepticism about climate change, raising fears that he will withdraw the United States from the Paris deal on combating global warming.

"I would say that the best allies of all those who want to make sure that the Paris agreements are implemented, the best allies today in the world are probably in the business sector and it is very important to fully mobilize them," Guterres said.

Businesses are leading the way by investing heavily in the new green economy, he argued, putting their money behind the Paris agreement's goal of moving the world away from fossil fuels.

The former Portuguese prime minister, who lead the UN refugee agency for a decade, described an "alignment" between business and the "strategic goals of the international community."

The United Nations is pushing a new development agenda that calls for the end of extreme poverty by 2030, along with improving education, health and the environment worldwide.

The so-called Agenda 2030, however, will require trillions of dollars in investments from governments, aid donors and businesses.

In his pitch for private sector support, Guterres said that implementing Agenda 2030 could generate 30 billion dollars per year in returns on investment.

"I believe that there is now an opportunity for a new platform of partnership, at a higher level," he told the gathering of the world's elite.

This partnership could help the United Nations push its new development agenda and address challenges in the future, he said.

Guterres cited genetic engineering, artificial intelligence and cyber-space as examples, arguing that cooperation with business could "allow for a fantastic increase in the well-being of people".


Comment on this article using your Disqus, Facebook, Google or Twitter login.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
Global Trade News






Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
TRADE WARS
China-backed trade pact gains as Trump threatens to ditch TPP
Davos, Switzerland (AFP) Jan 19, 2017
Asia will push ahead with a Chinese-supported free trade agreement if Donald Trump follows through on pledges to ditch the Trans-Pacific Partnership (TPP), global leaders in Davos were told Thursday. Speaking at the World Economic Forum, a panel of regional experts said Asia must be prepared for a world in which the United States will take a back seat in global trade while China assumes a bi ... read more


TRADE WARS
Russia to face strong competition from China in space launch market

Vega And Gokturk-1A are present for next Arianespace lightweight mission

TRADE WARS
Opportunity Continues Its Journey South Along Crater Rim

New Year yields interesting bright soil for Opportunity rover

HI-SEAS Mission V crew preparing to enter Mars simulation habitat

Hues in a Crater Slope

TRADE WARS
Eugene Cernan, last man to walk on moon, dead at 82

The moon is older than scientists thought

New map of the Moon under creation in China

How the Moons That Came Before Collided to Form the Moon

TRADE WARS
Lowell Observatory to renovate Pluto discovery telescope

Flying observatory makes observations of Jupiter previously only possible from space

How a moon slows the decay of Pluto's atmosphere

York U research identifies icy ridges on Pluto

TRADE WARS
Looking for life in all the right places with the right tool

Could dark streaks in Venusian clouds be microbial life

VLT to Search for Planets in Alpha Centauri System

Hubble detects 'exocomets' taking the plunge into a young star

TRADE WARS
Ruptured oxidant tank likely cause of Progress accident

Next Cygnus Mission to Station Set for March

Japan aborts mini-rocket mission shortly after liftoff

SpaceX launches, lands rocket for first time since Sept blast

TRADE WARS
China's first cargo spacecraft to leave factory

China launches commercial rocket mission Kuaizhou-1A

China Space Plan to Develop "Strength and Size"

Beijing's space program soars in 2016

TRADE WARS
How the darkness and the cold killed the dinosaurs

Successful Deep Space Maneuver for NASA's OSIRIS-REx Spacecraft

NASA's Newly Announced Mission Could Solve the Mystery of Water on Asteroid Psyche

Asteroid sleuths go back to the future









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.