US President Joe Biden recently made his most explicit declaration about American support for Taiwan in the event that China attempted to forcibly reclaim the island. When asked if US armed forces would rush to Taiwan’s defence, he replied “yes”. It was a startling answer given that the US’s long-standing policy was one of “strategic ambiguity”, whereby it provided the island with arms but left it open as to whether American soldiers would fight on its behalf.
Some will welcome this as Mr Biden championing a plucky little democracy. But try looking at it from Beijing’s perspective. China views Taiwan as a renegade province, and as Mr Biden also maintained that he stood by the US’s “One China” policy, which “acknowledges that all Chinese on either side of the Taiwan Strait maintain there is but one China and that Taiwan is a part of China”, he was not advocating for independence. Neither is US support for Taiwan based on the fact that it is a democracy. America took the island’s side when it was an authoritarian state for decades because it was non-communist.
So Mr Biden is prepared to risk a catastrophic conflagration for an island he has no treaty obligation to defend, all to stop it being ruled by the Chinese Communist Party. Given that he tacitly concedes that Taiwan is still part of China, whose CCP leadership is internationally recognised, Beijing may well feel entitled to ask: who is the aggressor here?
The western failure to try to understand – not necessarily agree with – China’s point of view is at the heart of an intriguing new book. ChinaPhobia – A Wasted Opportunity, by Karim Alwadi and Mohammad Kheir Alwadi, looks at what, it is easy to forget, is a fairly recent phenomenon. It was only in 2015, after all, that the then British prime minister David Cameron described UK-China relations as being in a “golden era”.
Both sides frequently misunderstand each other. But the demonisation is one-sided
Since then Nato has declared China a strategic priority for the first time, saying the country challenges the alliance’s “interests, security and values”. Mr Biden has been trying to create an “alliance of democracies”, which many view as an anti-China bloc. And the breathlessly hawkish new UK Prime Minister, Liz Truss, is reported to be considering labelling China a “threat” to national security.
The book’s two authors are father and son. The elder Mr Alwadi is a former Syrian ambassador to China, while the younger was educated and still lives in China, where he holds academic positions and has a Chinese wife. This gives them a perspective less heard, and a valuable one, as they are not in thrall to what they call the American insistence that “their beliefs and principles … are inalienable rights for all the peoples of the world”. They acknowledge that there are other value systems, and that China’s has millennia-old roots.
They are sympathetic to the new confidence apparent in China in the 21st century, reflecting the huge strides it had made economically, lifting 800 million people out of poverty, and culminating, as one former leader tells the authors, “when the American leadership resorted to asking our assistance to overcome the difficulties of the financial crisis that afflicted America in 2007".
China under President Xi Jinping no longer felt the need to “hide your strength and bide your time”, as the former paramount leader Deng Xiaoping counselled. Beijing’s comparative assertiveness over, for instance, its claims in the South China Sea, led to pushback and the firm conviction in Washington, according to the authors, that China wanted to take the mantle of global leadership from the US. Not so, they say, arguing that China has neither the capacity nor the desire to take on such a role. What most Chinese want, they write, in a future when their economy overshadows that of the US, is for the China-US relationship to be “characterised by equality”.
Some may think that naive, but the authors’ case that if China has become a US adversary, it is “an adversary that insists on the path of peaceful development and peaceful advancement”, is backed by the facts. As they write: “China is the only major power that had no war in the last 40 years … while rejecting the policy of alliances, axes and global military confrontations.”
No one has been able to substantiate the claim that Beijing is trying to force its governance model on other countries. No sovereign nation fears invasion by the People’s Liberation Army. No country has had predatory loans thrust upon them by the Belt and Road Initiative; in fact, many have benefitted from the subsequent infrastructure projects. Mr Alwadi senior even argues that due to intense competition among Chinese companies for BRI contracts, profits on such projects have fallen from about 30 per cent to less than 10 per cent.
Yet in its own neighbourhood, China faces the US deployment of the Terminal High Altitude Area Defence system in South Korea; Japan is moving to a more outward-facing defence policy and is due to increase spending significantly; and Australia, the UK and the US announced a new trilateral security pact, Aukus, last year. Against whom could all these enhanced capabilities be used, one wonders?
America’s trade war, say the authors, is also seen as unfairly targeting China in a manner reminiscent of the 19th-century Opium Wars, with the goal of both being “to prevent China from catching up with global industrial revolutions”.
If everything China does is seen through the lens of suspicion by the West, the authors concede that the country is not good at projecting soft power, and that clarity about its objectives is often missing. Both sides frequently misunderstand each other. But the demonisation is one-sided. US hawks disappointed that China’s economic liberalisation was not followed by political liberalisation need to get over themselves; that is not going to happen. That does not mean that the peaceful rise of a country that has never sought global dominion should be feared. That, as Chinese Foreign Minister Wang Yi said in 2019, would be “a strategic miscalculation and reflects a lack of self-confidence … Neither of our two countries can replace the other.”
The Alwadis have particular reasons for wishing to avoid conflict between the two powers. “As Syrians, we have been living through the devastating costs of war firsthand,” the father writes. “That is why we hope the US and China can avoid escalating their current tensions, and respect can replace growing ChinaPhobia.” Amen to that.
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UAE currency: the story behind the money in your pockets
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Al Jazira's foreign quartet for 2017/18
Romarinho, Brazil
Lassana Diarra, France
Sardor Rashidov, Uzbekistan
Mbark Boussoufa, Morocco
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
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
Babumoshai Bandookbaaz
Director: Kushan Nandy
Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami
Three stars
The specs: 2018 Infiniti QX80
Price: base / as tested: Dh335,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 400hp @ 5,800rpm
Torque: 560Nm @ 4,000rpm
Fuel economy, combined: 12.1L / 100km
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
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The Gandhi Murder
- 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
- 34 - Nationalities featured in the film The Gandhi Murder
- 7 - million dollars, the film's budget
Leaderboard
63 - Mike Lorenzo-Vera (FRA)
64 - Rory McIlroy (NIR)
66 - Jon Rahm (ESP)
67 - Tom Lewis (ENG), Tommy Fleetwood (ENG)
68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)
69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)