Photo Credit: Xinde Marine News
Economy, Investment and Trade
China-Myanmar pipeline carries 8.9 million tonnes of crude oil to China
(8 June 2018) According to the pipeline operator of China’s Yunnan Province, a total of 8.9 million tonnes of crude oil have been carried to China through the 1,420km China-Myanmar crude oil pipeline since June 2017. Also, a second pipeline that connects between China and Myanmar has carried over 18 billion cubic meters of natural gas from Myanmar to China since July 2013. Kunming customs stated that the value of oil and gas imported from the pipelines contributed 23.4 percent to Yunnan’s total imports in 2017. The oil and gas pipeline project is a state-operated partnership between China, Myanmar and international commercial partners which aims to safeguard the energy security of the world’s second-largest economy.
China-funded irrigation project starts construction
(8 June 2018) The Chico River Pump Irrigation Project, a China-funded project worth around US$83.89 million will be implemented by the National Irrigation Administration (NIA) of the Philippines in the northern Philippines. This is the first infrastructure project funded by Chinese soft loan under the Philippines President Rodrigo Duterte’s leadership and is expected to create 14,784 jobs during its construction and more than 8,000 permanent jobs will remain when operations start. Once completed, around 9,000 hectares of agricultural land will receive stable water supply in Kalinga and Cagayan with 4,350 farming families and 21 villages in Luzon set to benefit from the project.
Vietnam applauds G7 for supporting ASEAN on South China Sea dispute
(10 June 2018) Vietnam’s Prime Minister Nguyen Xuan Phuc has applauded G7 members for supporting viewpoints of ASEAN countries with regards to the South China Sea dispute, which is also known as East Sea in Vietnam. ASEAN requested a peaceful settlement for the disputed waters and concerned parties to appreciate diplomatic as well as legal processes that push for peace, stability, and cooperation in the region and the world. Vietnam also requested further support from G7 and larger global community to expand the country’s capacity and manage Mekong River’s resources in a sustainable manner.