China’s President Xi Jinping on Thursday urged members of the Shanghai Cooperation Organisation (SCO) to resist US trade restrictions on the export of advanced technologies and to ensure supply chain stability.
“Facing the risks of ‘small yard, high fence,’ we need to defend our rights to develop,” Mr Xi said in speech at the Eurasia-focused political and economic group’s two-day summit in Kazakhstan, Bloomberg reported, citing local state media.
Mr Xi encouraged officials from developing nations to collaborate in advancing technological innovation.
The Chinese leader’s comments come as the US tightens restrictions on exports of advanced semiconductors and equipment used to manufacture them to the Asian country.
The move could slow China's progress in chip-making, a crucial technology for military and economic applications.
Meanwhile, Beijing, a leading producer of rare earth elements essential for chip-making, has introduced licensing requirements for their export, potentially restricting access for US companies.
China is also continuing to promote its flagship foreign policy programme – the Belt and Road Initiative (BRI), a mega project launched in 2013 that aims to connect several countries in Asia, Europe and Africa through a network of infrastructure and trade-related projects.
The BRI encompasses about 65 nations and represents 30 per cent of the world's gross domestic product.
The SCO, which was founded by China and Russia in 2001 to address security concerns in Central Asia, added Belarus, Moscow’s closest ally, to the group on Thursday.
It also includes Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan, India, Pakistan and Iran.
Indian Prime Minister Narendra Modi did not attend this year's meeting, sending his foreign minister in his place.
At the summit, the foreign ministers of Russia, China and Mongolia reaffirmed their interest in integrating joint economic projects, the Russian Foreign Ministry was quoted as saying by state news agency Tass.
“We are interested in interconnecting the development of trilateral projects with the activities of the Eurasian Economic Union, with China’s implementation of One Belt – One Road initiative and with Mongolia’s Steppe Road Plan,” Sergey Lavrov, Russia’s Foreign Minister, said in a ministerial meeting.
“This reflects our common interests and will contribute to harmonising various information processes as part of creating the Greater Eurasian Partnership. I expect us to make a contribution into these efforts today,” Mr Lavrov added.
On Wednesday, Mr Xi met Russian President Vladimir Putin, who hailed the Eurasian security group as a force for global stability.
China and Russia have forged a “no limits” friendship since Moscow’s invasion of Ukraine in 2022.
Beijing is now Russia's top trading partner, buying a significant portion of its oil and gas.
“Russia-China relations are at their highest period in history. Our co-operation is not aimed against anyone. We do not create any blocks or unions … we just act in the interests of our nations,” Mr Putin said during a speech at the event.
“[The relationship] is built on principles of mutual equality, mutual benefit, and respect to the sovereignty of each other,” he added.
The US and EU have called on China to leverage its influence with Russia to advocate for a ceasefire and negotiations.
Beijing has publicly called for peace talks while steering clear of directly criticising Russia for its war in Ukraine.
Zayed Sustainability Prize
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Three ways to get a gratitude glow
By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.
- During your morning skincare routine, name five things you are thankful for about yourself.
- As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
- In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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