Xi Jinping vows to 'stabilise' global supply chain as tensions with US escalate

As the United States pledged to economically isolate the world’s No. 2 economy, its adversary, China's President Xi Jinping on Tuesday pledged to safeguard the supply chain security in the face of the rampant Western sanctions, particularly on Beijing's semiconductor industry. Jinping acknowledged China's critical role in the global economy as tensions with Washington escalated over its attempts of boosting sales of American technology that hit the $550 billion semiconductor manufacturing market. 

"The 'stability and resilience' of the global supply chain is vital for the world economy," China's president stressed in a letter addressed to the International Forum on Resilient and Stable Industrial and Supply Chains, as seen by SCMP newspaper. 

The technology-related event was hosted by China’s industry ministry, economic planning agency, transport ministry, the State Council’s research centre, and the provincial government in Hangzhou, the capital of eastern Zhenjiang province. The forum aimed to underscore China’s importance in the global supply chain, but also addressed the challenges with respect to Beijing's stringent  'Zero-COVID' policy that left many cities and technological hubs under lockdown. The summit was the first such hosted by the Chinese government. The idea was proposed by Xi in his virtual speech during the Group of 20 leaders summit last October, according to the paper. 

Credit: AP

Russia seeks to expand security ties with China

China and its ally Russia have been planning to further strengthen the security ties as it remains the two nations' top policy goal, a top Russian security official said. Nikolai Patrushev, secretary of the National Security Council chaired by Russian President Vladimir Putin, told the media briefing that “strengthening of comprehensive partnership and strategic cooperation with Beijing as an unconditional priority of Russia’s foreign policy.” 

Putin's close ally reiterated that during the talks in the Chinese city of Nanping both the nations agreed to “expand information exchanges on countering extremism and foreign attempts to undermine the constitutional order of both countries in order to derail independent policies of Russia and China serving their national interests." Further speaking alongside his Chinese counterpart, Guo Shengkun, Patrushev said that China and Russia emphasized that they would expand cooperation in areas of cybersecurity and will strengthen links with respect to law enforcement agencies in fighting terrorism.