1st LD Writethru: China’s non financial ODI up 12.4 pct in first eight months


China’s non-financial outbound direct investment (ODI) increased 12.4 percent year on year to 94.09 billion U.S. dollars in the first eight months of the year, data from the Ministry of Commerce showed on Thursday.

The data showed that Chinese companies’ non-financial ODI in Belt and Road partner countries reached 20.51 billion U.S. dollars, up 2.2 percent from the previous year.

During the same period, the turnover of contracted overseas projects by Chinese companies amounted to 97.34 billion U.S. dollars, an increase of 5 percent, and the value of newly signed contracts rose 21.1 percent to 149.5 billion U.S. dollars.

The turnover of contracted overseas projects undertaken by Chinese companies in Belt and Road partner countries stood at 78.47 billion U.S. dollars during the period, up 3.6 percent year on year, while the value of Chinese companies’ newly signed contracts in these countries reached 123.21 billion U.S. dollars, up 18.8 percent, the data showed.

Source: The Namibia News Agency

Cambodian experts continue to restore laterite wall of Angkor Thom temple in Angkor park


Cambodian experts are currently engaged in the restoration of a 25-meter portion of the Angkor Thom temple’s laterite wall in the famed Angkor Archaeological Park, said an APSARA National Authority (ANA)’s news release on Thursday.

ANA technical officer Mao Sokny said the wall of the Angkor Thom’s Dei Chhnang Gate had suffered damage due to age and environmental factors.

“Over the past eight months, experts have focused on reinforcing the foundation of the lower three layers of the wall, addressing issues such as erosion, vegetation growth, and stone separation that led to its deterioration,” he said.

Sokny said this restoration effort marked the sixth phase of an ongoing project aimed at preserving Angkor Thom’s walls.

“Previous phases have successfully repaired five other sections of the wall,” he said.

Sokny said prior to the restoration work, the team had conducted excavations to analyze the wall’s structure and identify the causes of its collapse.

Built in late 12th century by King Jayavarman VII,
the Angkor Thom is one of the major temples in the 401-square-km Angkor Archaeological Park in northwest Cambodia’s Siem Reap province.

The ancient park, which was inscribed on the World Heritage List of the United Nations Educational, Scientific and Cultural Organization (UNESCO) in 1992, is home to 91 ancient temples, which had been built from the ninth to the 13th centuries.

The park attracted 651,857 international tourists during the January-August period of 2024, earning a gross revenue of 30.3 million U.S. dollars from ticket sales, according to the state-owned Angkor Enterprise.

Source: The Namibia News Agency

Blasts jolt western Ukrainian city


Blasts rocked the city of Starokostiantyniv in Ukraine’s western Khmelnytsky region on Thursday morning, said authorities.

Several blasts were heard in the city, which is home to a major military airfield, public broadcaster Suspilne reported, citing the city’s mayor Mykola Melnychuk.

The Russian military launched at least two hypersonic air-launched Kinzhal ballistic missiles against Starokostiantyniv, said the Ukrainian Air Force.

There were no immediate reports of casualties or damages caused by the attack.

Source: The Namibia News Agency

Thailand’s industrial output shrinks in August


Thailand’s industrial output contracted in August due to decreased auto production, higher production costs and flooding in the north, official data showed on Thursday.

The manufacturing production index (MPI) fell 1.91 percent last month from a year earlier, reversing from a revised 1.63 percent increase in July and marking the steepest decline since March, according to the Ministry of Industry.

For the first eight months of 2024, the MPI dipped 1.55 percent year-on-year as pressures from high household debt and interest rates weakened consumer spending, while rising energy prices and competitively priced imported goods continued to affect the Thai industrial sector, said the ministry’s Office of Industrial Economics Director-General Warawan Chitaroon.

Industrial output is expected to continue falling in September, partly owing to floods and strong local currency Thai baht. However, the index could improve slightly in the final quarter of the year as the tourism sector enters its peak season, Warawan tol
d a news conference.

The ministry adjusted its MPI projection to decrease between 1 percent and 0 percent this year, from the rise between 0 percent and 1 percent expected earlier.

Source: The Namibia News Agency

Interview: China’s views on global relations reasonable, promising: former Slovenian president


China holds the “most reasonable and promising views” on the international situation, global relations and the state of international community, Slovenia’s former President Danilo Turk said.

“China is one of the most important states in all aspects, not only politically, but also in terms of economy, technology, science and more,” Turk said in a recent telephone interview with Xinhua.

Turk, a professor of international law, served as Slovenia’s president from 2007 to 2012.

He mentioned his upcoming participation in the China International Friendship Conference next month, where he looks forward to engaging in interesting discussions and exploring new ideas.

China has launched three significant global initiatives focused on development, security, and global civilization, Turk noted. However, he emphasized that some of China’s ideas are not fully understood in all parts of the world, underscoring the need for further discussion and dialogue to enhance understanding of these initiatives.

China is at the ce
nter of global developments in many ways, as it introduces “constructive, interesting, and potentially successful” ideas, he said.

China’s initiative to build a community with a shared future for mankind is one of the cornerstone principles of Chinese foreign policy and a key pillar for the future organization of the international community, he added.

He described the initiative as offering an alternative to the numerous conflicts currently affecting the world, presenting instead “a world of shared future” and reflecting the idea that “the future is something that is being built together.”

The 75th anniversary of the founding of the People’s Republic of China demonstrates that the Chinese population has an unbelievable power, which has enabled it to grasp the circumstances and the need for development over the past decades, allowing reforms to yield rapid results, he said.

Following a phase of widespread industrialization that established China as “the main factory of the world,” the country is now enteri
ng another stage of development where quality takes precedence over quantity, he added.

“Quality demands technological advancement and innovation in all areas, including environmental protection, where China is now leading the way,” Turk said, adding that the results demonstrate the success of Chinese leadership.

He said China is capable of establishing clear and well-considered priorities. “The Communist Party of China has demonstrated an ability to recognize new realities, understand the New Era, and guide development from intensive production towards a more technological, innovative, and environmentally sustainable path,” Turk said.

Based on observations from abroad, “China’s orientation is clear and promises further results,” he added.

According to Turk, China’s initiative of rejuvenation of the Chinese nation to the world demonstrates its openness.

Supporting China’s idea of opening up to international tourism, he said people need to see and have contacts with China,by visiting the country, particip
ating in its education programs, setting up business connections and attending professional conferences — essentially anything that encourages communication.

Source: The Namibia News Agency

1st LD Writethru: Chinese shares close higher Thursday


Chinese stocks closed higher Thursday, with the benchmark Shanghai Composite Index up 3.61 percent to 3,000.95 points.

The Shenzhen Component Index closed 4.44 percent higher at 8,916.65 points.

The combined turnover of stocks covered by the two indices stood at around 1.16 trillion yuan (about 164.88 billion U.S. dollars), surpassing 1 trillion yuan for the second consecutive day.

The Political Bureau of the Communist Party of China Central Committee held a meeting Thursday to analyze and study the current economic situation and make further arrangements for economic work.

It was noted at the meeting that the fundamentals of the Chinese economy, and favorable conditions such as a vast market, strong economic resilience and great potential remain unchanged.

The country should effectively implement existing policies, step up efforts to roll out incremental policies, further make policy measures more targeted and effective, and strive to accomplish the targets and tasks for this year’s economic and social
development, according to the meeting.

The ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, gained 4.42 percent to close at 1,714.14 points Thursday.

Source: The Namibia News Agency