Spread of the coronavirus
Spread of the coronavirus
Tesla said sorry and back-pedalled on its “no compromise” attitude towards what it called “unreasonable” customer grievance, as it succumbed to pressure on social media by some of its most important buyers and local authorities in the world’s largest market for electric vehicles. The apology, issued late on Tuesday night, came a day after a protest at the Shanghai Auto Show, where a woman wearing a T-shirt emblazoned with the words “brake malfunction” and a Tesla logo jumped on top of the carmaker’s vehicle. She was eventually dragged away by security guards. “We are deeply sorry for the delay in resolving the owner’s issue,” Tesla said on its official account on the Weibo microblog site. “We always try our best to actively communicate with our [customers], look for solutions and we will fulfil our responsibility.”Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. The about-turn in Tesla’s public relations management underscores the importance of China’s market to the carmaker’s sales, and its stock price. Tesla delivered a record 184,800 vehicles worldwide in the first quarter, buoyed by rising demand in China, where the carmaker sold 68,982 vehicles, or 37.3 per cent of global deliveries in the same period. “Users’ complaints about the quality of its Chinese-made cars are sounding an alarm at Tesla,” said Eric Han, a senior manager with the business advisory firm Shanghai Suolei. “It is not enough to knock down Tesla’s sales, but it does damage its image.” For now, Tesla remains the runaway winner in delivering premium electric vehicles in China, priced more than 300,000 yuan (US$46,160) in the mainland’s premium EV segment. Gigafactory 3 delivered 35,478 vehicles in March, more than double the 17,259 electric cars delivered by Tesla’s three New York-listed Chinese competitors NIO, Xpeng and Li Auto. Monday’s protest at the premier trade show of the world’s largest vehicle market was not Tesla’s first run-in against Chinese public opinion. The carmaker was named last December by the online technology media PingWest, which cited unnamed former and current employees in describing its US$2 billion factory a “Giga-sweatshop,” along with claims that Tesla had used substandard components in its locally assembled Model 3 vehicles. Tesla denied the accusations and said it would sue PingWest. Tesla’s executives were hauled before five ministry-level authorities in February, and grilled about the quality of its Shanghai-made Model 3s. The carmaker, which delivered 140,000 Model 3s last year, pledged to “make rectifications,” according to media reports. In the same month, Tesla apologised to China’s State Grid – the state-owned utility – for “misleading consumers” in a war of words over what damaged the inverters on a batch of Model 3 vehicles. Another Chinese Tesla challenger? Geely launches its first electric car Monday’s protest stunt at the Shanghai Auto Show quickly snowballed, as video clips of the yelling woman on the roof of a Model 3 quickly went viral. It did not take long for China’s state media to weigh in on Tesla, after the carmaker maintained on Monday that it would “not compromise” on “unreasonable” customer complaints. “Who gave Tesla the courage to not compromise?” asked a headline on an article published on Tuesday morning by Xinhua News Agency, the Chinese government’s mouthpiece media. Changanjian, the social media account operated by China’s top law enforcement agency, the Central Political and Legal Affairs Commission, beseeched Tesla to “respect Chinese consumers and comply with local laws and regulations.” “Where is Tesla’s responsibility, if the pioneering carmaker cannot provide safe products and cannot provide solutions to users when issues emerge?” according to the blog. Tesla Shanghai’s vice-president Tao Lin, who heads the carmaker’s communications and government affairs, was absent at an April 21 panel discussion about supply chains at the 2021 Boao Forum for Asia conference in Hainan, in which she was originally scheduled to speak. In its response, Tesla said it “respects and firmly complies with decisions of the relevant government departments, respects consumers, abides by laws and regulations, and actively cooperates with all investigations by government authorities,” according to the carmaker’s statement. “Tesla, as always, is grateful for the trust and tolerance given by our consumers, netizens and media friends, and listens attentively to suggestions as well as criticisms.” Additional reporting from Orange Wang at the 2021 Boao Forum for Asia in HainanMore from South China Morning Post:Tesla protest at Shanghai Auto Show 2021 ends with woman dragged off by security after climbing onto car and shoutingTesla drops lawsuit against former engineer, ending theft allegations that dragged in Chinese competitor XpengChinese Tesla rival NIO targets Europe with its smart EVs as it takes a first step towards going globalTesla, recharge: can China’s EV brands dethrone Elon Musk? Start-ups Li Auto, Nio and Xpeng are going global with cheaper electric cars for allTesla’s Chinese rival Xpeng ups the self-driving game with world’s first mass-produced LiDAR in P5 sedan, defying Elon MuskThis article Tesla says sorry to Chinese buyers in U-turn to its ‘no compromise’ on ‘unreasonable’ customer grievances as pressure mounts on social media and state press first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
In two decades orbiting the Earth the International Space Station has become a cutting-edge cosmic laboratory, with astronauts researching everything from black holes to disease and even gardening in microgravity.
Kwa Kim Li, a cousin of PM Lee, faces complaints on her conduct in the preparation of the late Lee Kuan Yew's will.
A police manhunt is under way for a gang of attackers who assaulted two men with bamboo poles on a Hong Kong street in the early hours of Wednesday. A video circulating online shows several assailants beating the two victims with one- to two-metre-long poles as they lay in the road, trying to shield themselves from the blows with their arms. The footage also captured the aftermath of the attack, showing one of the victims lying on the ground with his face covered in blood when police arrived.Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Five students among 22 arrested following illegal drugs and liquor seizure Officers were called to Yee Kuk Street in Sham Shui Po after receiving a report of fighting from a passer-by at 1.41am. One of the victims, a 37-year-old man, suffered injuries to his forehead, right forearm and right knee. According to police, the other man, aged 36, was his colleague, and was experiencing pain all over his body after the attack. The pair were taken to Caritas Medical Centre in the same district for treatment. Officers combed the area, but no arrests were made. Police are searching for eight to 10 men in connection with the attack, according to the force. Elderly man dies in hospital after being rescued from burning flat in Sham Shui Po A police source said the two victims had been heading home after a night of heavy drinking at the time of the attack. “We believe they had had a dispute with the others while on the way home, and then they were assaulted,” the source said. The bamboo poles used in the attack were recovered at the scene, and officers have checked surveillance camera footage from the area to gather evidence. Detectives from the Sham Shui Po criminal investigation unit are handling the case. In 2020, police dealt with 3,514 reports of serious assault across the city. There were 3,902 cases the previous year. This article Hong Kong police seek gang of assailants who attacked pair with bamboo poles in Sham Shui Po first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
Some applauded her friend for censoring bum and exposed skin. This article, Beauty influencer sorry for ‘dragging’ Islamic evangelist in sexy photo-op, originally appeared on Coconuts, Asia's leading alternative media company.
Queen Elizabeth II turned 95 on Wednesday, just days after burying her late husband Prince Philip, in what will be her first birthday without him in more than seven decades.
The South African COVID-19 variant has been detected in Singapore based on unofficial sources but the information has yet to be verified by authorities here, according to the WHO.
President Volodymyr Zelensky on Tuesday invited Russian leader Vladimir Putin to meet in war-torn eastern Ukraine, stressing that millions of lives were at stake from fresh fighting the separatist conflict.
A 90-year-old Hong Kong woman has been conned out of US$32million by fraudsters posing as Chinese officials, police said, in the city's biggest recorded phone scam.
The European Union does not want to see the strategic rivalry between China and the United States develop into a cold war and will seek to cooperate with all parties in the Indo-Pacific region, a senior Brussels official said on Tuesday. On Monday the EU adopted its first joint strategy for the Indo-Pacific, which said that while it was committed to closer cooperation with the US, it also acknowledged the need to engage and work with China on many matters of common interests.Gunnar Wiegand, the managing director for Asia and the Pacific at the European External Action Service, the EU’s diplomatic and defence department, told an online conference that the bloc was adopting a “European approach” to the region and was looking after its own interests.He said Europe had learned many lessons from the Cold War – where many of its members found themselves on different sides of the Iron Curtain – and said: “We certainly have no interest as Europeans to see the world falling back into anything like a cold war [or] a hot war. So we will always promote cooperation over confrontation.” Life after Merkel: Germany’s ties with China head into the unknown He also said many others in the Indo-Pacific region, including the Association of Southeast Asian States, also want to avoid having to take sides.The EU recently introduced sanctions on Chinese officials accused of human rights abuses in Xinjiang – prompting retaliatory measures from Beijing and increasing the uncertainty about whether the Comprehensive Agreement on Investment would be approved by the European Council and Parliament.Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. But Wiegand said this issue was separate from the EU’s Indo-Pacific policy, adding that the deal was in the interests of European companies with interests in China and would leave them better placed to compete with US and Chinese businesses. “I’m not optimistic. I’m not pessimistic. When the right time comes, everybody will have to take their own decisions and responsibility,” he said. Wiegand identified climate change as the key area where the EU wanted to cooperate with China, citing its role as the world’s largest emitter of greenhouse gases, and in tackling plastic waste. He added that Europe hoped for broad-based cooperation with partners in the region on other policy areas, including health and research. EU drops plans to punish China over Hong Kong electoral reform The EU document also implied there would be a greater European naval presence in the region, including the disputed South China Sea, with France, Germany and the Netherlands planning to send or considering sending warships there. Wiegand said the security of maritime supply routes was a vital strategic interest for Europe.More from South China Morning Post:China’s defence minister on Europe mission as US tries to rally NatoWhy US and China’s push to set up rival power blocs are likely to failPhilippine defence officials deny threat to withdraw support from Rodrigo Duterte over South China Sea row with BeijingMerkel backs Xi on need to avoid new cold war, but presses China on human rights, transparencyChina likely to respond in kind to EU sanctions on Xinjiang, observers sayThis article Europe ‘doesn’t want to see a new cold war between China and US’ first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
SpaceX is preparing to carry four astronauts to a crowded International Space Station on Thursday, in the second routine mission since the United States resumed crewed space flight, and the first with a European.
Blackstone Group is seeking to invest in more properties in Singapore after buying the Sandcrawler for S$176 million from Lucas Real Estate.
Pakistan Prime Minister Imran Khan had hoped a fight over cartoons of the Prophet Mohammed would result in an easy win -- placating the ultra-conservative quarters at home while being hailed as a defender of Islam abroad.
Singapore prosecutors on Tuesday filed five additional charges against businessman Ng Yu Zhi in relation to a scheme that allegedly raised at least S$1 billion ($746 million) from investors to fund bogus nickel trades. The alleged fraud, which would be one of the city-state's biggest, follows a string of scandals involving Singapore trading firms that have shaken investor and banker confidence in the sector over the last year when some commodities, including nickel, have rallied strongly. The new charges of cheating against Ng were read out in Singapore's State Court.
The People’s Liberation Army has deployed an advanced long-range rocket launcher to the Himalayas, in a move aimed at reinforcing China’s border defence and acting as a deterrent to India, according to a military mouthpiece and analysts. It is the first time that the PLA has confirmed the deployment of long-range rocket systems to the border with India, after the neighbours last week failed to reach agreement in their latest round of corps commander-level talks over full disengagement along the disputed frontier. An artillery brigade stationed 5,200 metres (17,000 feet) above sea level in Xinjiang military district has intensified its drills using a rocket system during full-wing combat-ready training, a report on the front page of PLA Daily said on Monday.Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. The report did not give the type or firing range of the weapon, but said it was a system with a long-range rocket with precision strike capability, and had entered service in 2019. Last July, reports from Indian media outlets said China had deployed advanced weapons systems to border areas in the high-altitude desert in its northwest, and the Qinghai-Tibet Plateau in its southwest, including the Type PHL-03 multiple launch rocket system (MLRS), which has a firing range of 70 to 130km, and PCL-181 vehicle-mounted howitzers. But experts said the PHL-03 and PCL-181 were not new advanced weapons, with their ranges being too short to pose a threat. “The new weapon system should be a long-range rocket launcher that can carry multiple 300mm [12-inch] or even bigger rockets with more than 100km of firing range,” said military commentator Song Zhongping, a former instructor in the PLA’s Artillery Corps, the predecessor of Rocket Force. “Only a long-range MLRS is powerful enough to act as a deterrent to India, as the Indian troops are also stepping up military deployment along the borders.” The China-India border dispute: its origins and impact Macau-based military observer Antony Wong Tong said the long-range MLRS mentioned by PLA Daily was likely to be the most advanced PHL-16, or the Type PCL-191. “The 42-tonne PHL-03 is too bulky for the high altitude … while earlier reports implied that the new PCL-191 would become the military’s main battle rocket system,” he said. The mysterious Type PCL-191 was debuted in the National Day Parade in 2019, but with its name concealed. The name was disclosed a few months later by Chinese military magazine Modern Ships. The modular rocket system of the PCL-191 is able to carry eight 370mm rockets, each with a range of 350km (220 miles), or two 750mm Fire Dragon 480 tactical ballistic missiles, each capable of flying up to 500km, according to Modern Ships. It is not known how many PCL-191 units China has built, but according to a military source an artillery brigade equipped with the cutting-edge weapon system was in December 2019 deployed to Zhejiang province under the Eastern Theatre Command, which oversees the Taiwan Strait. “All new advanced weapon systems need to be tested and deployed to different areas to make sure functions still work under extreme weather,” Song said.More from South China Morning Post:India and China hold fresh round of border talks after ‘smooth completion’ of pullback from Pangong TsoChina tests drones, new rocket launcher near disputed India border areaWhy did the US conduct a freedom of navigation operation against India, and what will the fallout be?This article China deploys long-range rocket launcher ‘as deterrent to India’ first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
Two witnesses giving evidence against an ex-opposition lawmaker on trial for breaking pandemic social-distancing rules lied about what they saw the defendant do outside a bar in Hong Kong last year, a court heard on Monday. The lawyer for former Civic Party member Tanya Chan also further questioned the credibility of the two witnesses, a man and a woman, by saying that far from meeting Chan by chance that night, they had worked with two others to film the defendant and fabricate evidence against her. Chan was charged alongside former party colleague Gordon Lam Sui-wa with taking part in an illegal group gathering at the HANDS bar on Tai Nan Street in Sham Shui Po on April 2.Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Bar manager Chan Wai-choi faces one summons of knowingly allowing a group gathering prohibited under coronavirus social-distancing measures and another of failing to comply with regulations in relation to a catering business. Who is Tanya Chan? Hong Kong opposition lawmaker’s curtain call on career shifts spotlight to her past The defendants have denied all charges before Magistrate Andy Cheng Lim-chi at Kowloon City Court. According to the prosecution, the manager had served about 40 guests, including Tanya Chan and Lam, at his bar at around 11pm despite a ban on public gatherings of more than four people. The gathering was said to have continued into the early hours of the next day, when a separate directive calling for the closure of all pubs and bars in the city took effect. The prosecution initially relied on the evidence of four witnesses, but police had failed to contact one of them, while another, surnamed Ng, refused to testify, prompting the magistrate to order Ng’s arrest. The court heard the four were friends who met up for a chat on the night in question. But they later decided to split up into two groups, with one eating at the bar and the other having dessert at a shop on the opposite side of the road. Amy Poon Mey-mey, who went for dessert, testified she noticed a large number of people entering the bar and people smoking outside. She said she was “astonished” by people “acting in complete disregard of the law”. Poon then saw Tanya Chan enter the bar but did not see what she did during her 20-minute stay. Former Hong Kong lawmaker Tanya Chan and two others charged over bar gathering prosecutors say broke social-distancing rules Lui Ho-lam, who was with Poon, said he later saw a drunken Chan walk out while being carried by two men, as she “swayed from side to side”. She later got into a taxi and left. But defence lawyer Franco Kuan Bak-on cast doubt on that claim by referring to the 10 photographs Poon took at the scene, some of which showed Chan leaving the bar alone, and which were later published by various media outlets. Kuan further questioned why Poon and Lui would decide against entering the bar with their friends if they had really had intended to meet up for a chat. The lawyer told Lui: “You and Amy were not there to chat. You were there to stalk the defendants, and you have exaggerated your evidence against them.” Lui denied the allegations. The trial continues on Tuesday.This article Prosecution witnesses lied about former lawmaker’s behaviour on night of alleged social-distancing violation, Hong Kong court hears first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
Former Chinese premier Wen Jiabao has published a personal reminiscence about his late mother, saying she taught him to live an honest, thrifty life. Whereas personal memoirs are commonplace among Western politicians, it is unusual for a retired Chinese leader to publish such a personal account because the state maintains rigid controls over all narratives relating to state affairs. In an article originally published in a newspaper in Macau, Wen presented both his mother and himself as people tested by hardship and uncorrupted by power.Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Wen, 78, wrote that his mother, Yang Zhiyun, who passed away in her late 90s at the end of last year, had suffered tumultuous days of war and political purges but maintained high moral standards throughout. He said that even after he was promoted to a central government post in 1985, his mother “never asked for anything from the [Communist Party] organisation” and never used his name to seek favours for the family. Wen, whose parents were both primary schoolteachers in the northern city of Tianjin, wrote: “My mother and father dedicated their lives to the revered course of education and always lived on meagre salaries. They left no property or savings behind.” Wen, who was the head of the government between 2003 and 2013, wrote that his mother had been extremely strict and instilled a strong sense of integrity. “One day I found a one cent coin and put it in my pocket, and it was found by mother,” Wen recalled. “She started to beat me and asked where I got the cent, and she beat me so hard that the broom broke. From that moment on, I knew that I can’t take what isn’t mine, not even a cent. Her teaching during my childhood has benefited me throughout my whole life.” The article was originally published in four parts over the past month in the Macau Herald, a weekly Chinese newspaper in the Chinese special administrative region and former Portuguese colony. The full article was republished by a number of accounts on the social media platform WeChat in mainland China on Saturday night. Users have been banned from sharing the article, with the platform’s owner Tencent citing unspecified violations of the site’s rules, but it can still be read. Chinese state media outlets, including the official Xinhua news agency, People’s Daily and Chinese Central Television, did not republish or report on the article. Macau journalists brace for restrictions on press freedom Wen also mentioned an incident when a man hurled a shoe at him during a speech at Britain’s Cambridge University in 2009. He wrote that his mother, then 88, suffered a cerebral embolism while watching the incident live on television and from that time on had problems with her eyesight, speech and mobility. Wen said he had spent most of the time since his retirement in 2013 with his mother. “I retired after I worked in the Zhongnanhai compound for 28 years, including 10 years as premier,” Wen wrote, referring to the place where Chinese state leaders live and work. “For people like me [from a humble background], it is by accident that I became a senior official. I obeyed orders with the utmost prudence and caution as I walked on thin ice or stood on the edge of a cliff.” At the end of the article, Wen made a brief political statement about the country. “China, in my vision, should be a country of justice and fairness. There’s eternal respect for human hearts, human morality and humanity, and there’s always an air of youth, freedom and hard work. I cried over it and I fought for it,” Wen wrote. “This is the truth I learned from my life, and this is also the gift given by my mother.” Wen also described how his father had suffered during the Cultural Revolution, writing: “My father was detained at his school and frequently suffered from brutal interrogations, verbal insults and physical beating. Cultural Revolution was wrong: party mouthpiece breaks Chinese media silence “At one time, a Red Guard punched my father’s face and my father’s face was so swollen that he could barely open his eyes to see things. My father couldn’t withstand any more and shouted back while pointing to his own chest, ‘Lad, you can punch me here!’” Wen recalled how his mother had also suffered during the massive social upheaval during that time, sending a share of her meagre salary to the school where his father was being held to pay for his food. “She always worried that the money wouldn’t reach my father and insisted the guards give receipts as evidence,” he wrote.More from South China Morning Post:Ex China premier Wen Jiabao states innocence in letter to Hong Kong columnistWen family hits back at 'lies' on hidden fortunePremier Wen chides ChongqingThis article Former Chinese premier Wen Jiabao pays tribute to late mother who ‘taught me not to take what isn’t mine’ first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
The Arab League, United Nations, European Union and the African Union on Tuesday demanded an immediate withdrawal of all foreign forces from Libya.
DBS Group has agreed to buy a 13% stake in privately-owned Shenzhen Rural Commercial Bank Corp (SZRCB) for 5.29 billion yuan ($814.3 million), marking the Southeast Asian lender's biggest acquisition in China. DBS said in a statement on Tuesday that it had received approvals from China's banking and insurance regulator and Singapore's central bank for the investment, part of its plan to accelerate its expansion in China's Greater Bay Area.
China’s top economic planner has warned that the impact of Covid-19 and increased political risks in countries taking part in the Belt and Road Initiative are among the main challenges the multibillion-dollar project faces in the next five years. A report by the National Development and Reform Commission outlining the country’s development over the course of its new five-year plan also identified what Beijing regards as the key problems and tasks the infrastructure project faces. “Belt and road construction is facing an increasingly complex geopolitical environment,” the report said.Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. It identified changes to global governance and trade systems, the ongoing rivalry between China and the US, and growth in emerging markets as the most important factors affecting the project. While China was the only major economy to grow last year, the report said domestic financial and construction companies taking part in the scheme still faced challenges. “Due to the impact of the coronavirus pandemic, the world economy is in recession and under increasing pressure. The foundation of our country’s economic recovery is not yet steady. Some local governments and enterprises have certain difficulties in their economic and financial situation, the resources they can put in to the Belt and Road Initiative will be affected,” the latest document from the NDRC said. “However, the pandemic’s impact on the economy is only short term and is under control overall. This will not change the great development potential,” the document added. “Some BRI countries have long term high geopolitical risks and certain regions have seen an escalation in conflict,” the report said, without specifying which countries. What is China’s Belt and Road Initiative all about? “The pandemic has made these risks greater. International trade conflicts and the pandemic caused countries to compete for strategic materials and the distribution of resources”. The report added that the pandemic has hit trade and investment in some belt and road countries, although the report said this would increase their need to sign up for the project. The initiative, which was first introduced by Chinese President Xi Jinping in 2013, has prompted warnings by Western countries that Beijing is trying to use it to expand its geopolitical influence and catch developing countries in a “debt trap” by lending large sums that will draw foreign governments into Beijing’s political orbit. Beijing has repeatedly denied the debt trap accusation and says it only wants to foster trade and connectivity through global infrastructure building. The project has faced multiple hiccups, however, and the pandemic has adversely affected about 40 per cent and seriously affected about a fifth of belt and road projects, according to a survey last year by China’s foreign ministry. The projects affected include the US$6 billion Jakarta-Bandung high-speed railway extension on the Indonesian island of Java. The line, built by a consortium of Chinese and Indonesian companies, was originally expected to be operational by early next year, but Reuters reported that it has now been delayed by two years. China has overseen more than US$700 billion in contracts and investment in 139 since 2014, according to a Moody’s report published in November. The National Development and Reform Commission said that to meet these challenges the Belt and Road Initiativeshould prioritise existing schemes and increase its relevance to the “international and regional development agenda”. China looks to recreate ancient Silk Road with network of African ports “[There is a need to] push forward the development strategies and strengthen implementation with countries that are comparatively more willing to cooperate, and implement agreements that have been signed,” the report said. The NDRC also said that efforts to internationalise the yuan should continue at a “steady and careful” pace by “steadily pushing forward dual-currency cooperation” with participating countries. The Belt and Road Initiative is seen by China as a useful platform to push forward its long-term goal of turning renminbi into a reserve currency used for international trade, investments and payments, and the project’s massive loan and investments deals also involve currency swap agreements.This article China’s Belt and Road Initiative faces increased political risk in participating countries, report warns first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.