BEIJING // China should not back down in the face of a greater US military presence in the Asia Pacific, Chinese media said yesterday.
The strong words came a day after the US president, Barack Obama, announced Washington would step up defence commitments in the region while cutting the overall size of American forces as the country leaves conflicts in Afghanistan and Iraq. The Global Times said "the US cannot stop the rise of China" and insisted Beijing must not "give up its peripheral security".
"Dealing with the US containment attempts should be one of China's diplomatic strategic goals," the newspaper said in an editorial.
The paper has said often that the US is trying to limit China militarily and economically.
The newspaper, linked to the Communist Party's People's Daily, said China had "become a firm strategic target of the US" as the two countries were "carrying out competition unprecedented in history".
Washington's renewed interest in the region became evident in November when the US pressed ahead with plans with eight other nations to set up a pan-Pacific trade pact, an agreement leaders hope to finalise this year.
Also that month, Washington announced a security agreement with Canberra for warships, aircraft and up to 2,500 marines to be stationed in northern Australia over the coming years.
At the time, Mr Obama stressed the US, which is maintaining bases in South Korea and Japan, was not looking to encircle China, yet the Chinese news agency Xinhua branded the move "aggressive".
The Chinese military has enjoyed double-digit increases in defence spending almost every year for the past two decades, and these have funded ambitious warship-building programmes and the strengthening of missile capabilities. The Pentagon document highlighted concerns over this expansion.
"The growth of China's military power must be accompanied by greater clarity of its strategic intentions to avoid causing friction in the region," the Pentagon said in its strategic review released on Thursday.
Over the past two years there has been a perception among some countries in the Asia Pacific that China has become more assertive, highlighted by spats with Japan over the East China Sea, and Vietnam and the Philippines over the South China Sea.
China's claims over the South China Sea conflict with those of five other nations, some of which have pressed ahead with oil and gas exploration in the area.
The US secretary of state, Hillary Clinton, has previously angered Beijing by insisting the US has a key strategic interest in the South China Sea, through which a third of seaborne trade and half the world's oil and gas traffic passes.
While Chinese media yesterday railed against what they saw as continued efforts by the United States to limit China's influence, moderate voices cautioned against overreacting to Washington's defence realignment.
Jia Qingguo, a professor in Peking University's school of international studies, said the US tilt towards the Asia Pacific had been exaggerated, since it was coming in the context of a wider aim by Washington to limit defence spending.
"Certainly the US has been attaching more importance to the Asia Pacific, but how much does that amount to a strategy to contain China? That's a question mark," he said.
"Of course the relationship between China and the US is ... a bit more uncertain than a couple of years ago, but there are many ways in which the countries are still co-operating. I don't think they are giving up on each other in terms of cooperation."
Analysts say there have recently been signs China is trying to lower the temperature. The City University of Hong Kong regional political analyst Joseph Cheng said Beijing was keeping a "lower profile" and avoiding further tensions, after its maritime disputes caused concerns to increase among its neighbours and the US.
"China understands that, yes, it would like to be able to eventually catch up with the US, but this will take a long, long time. China will certainly like to maintain a lower profile to avoid provoking the US."
dbardsley@thenational.ae
The five pillars of Islam
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What is hepatitis?
Hepatitis is an inflammation of the liver, which can lead to fibrosis (scarring), cirrhosis or liver cancer.
There are 5 main hepatitis viruses, referred to as types A, B, C, D and E.
Hepatitis C is mostly transmitted through exposure to infective blood. This can occur through blood transfusions, contaminated injections during medical procedures, and through injecting drugs. Sexual transmission is also possible, but is much less common.
People infected with hepatitis C experience few or no symptoms, meaning they can live with the virus for years without being diagnosed. This delay in treatment can increase the risk of significant liver damage.
There are an estimated 170 million carriers of Hepatitis C around the world.
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
BABYLON
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Emergency
Director: Kangana Ranaut
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Rating: 2/5
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Why are you, you?
Why are you, you?
From this question, a new beginning.
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For you are a world, and a meeting of worlds.
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separated by history.
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Ben Okri,
Keane on …
Liverpool’s Uefa Champions League bid: “They’re great. With the attacking force they have, for me, they’re certainly one of the favourites. You look at the teams left in it - they’re capable of scoring against anybody at any given time. Defensively they’ve been good, so I don’t see any reason why they couldn’t go on and win it.”
Mohamed Salah’s debut campaign at Anfield: “Unbelievable. He’s been phenomenal. You can name the front three, but for him on a personal level, he’s been unreal. He’s been great to watch and hopefully he can continue now until the end of the season - which I’m sure he will, because he’s been in fine form. He’s been incredible this season.”
Zlatan Ibrahimovic’s instant impact at former club LA Galaxy: “Brilliant. It’s been a great start for him and for the club. They were crying out for another big name there. They were lacking that, for the prestige of LA Galaxy. And now they have one of the finest stars. I hope they can go win something this year.”
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
The specs
AT4 Ultimate, as tested
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ARGENTINA SQUAD
Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez
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UAE currency: the story behind the money in your pockets
The specs
Engine: 3-litre twin-turbo V6
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Killing of Qassem Suleimani
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster with a decades-long career in TV. He has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others. Karam is also the founder of Takreem.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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