China Current Affairs

China pledges $60 billion of financial assistance to Africa

China has pledged $60 billion of financial assistance to Africa bolster industry, counter hunger, and enhance security in the continent. It was announced by Chinese President Xi Jinping in his inaugural address at third Forum on China-Africa Cooperation (FOCAC) held in Beijing.

FOCAC is an official forum between China and all states in Africa (except Eswatini). It was started as Ministerial Conference in 2000 in Beijing and since then it is held triennially in China and Africa alternatively.

2018 FOCAC Highlights

Focal areas: Eight focal areas of funding were mentioned that would premise emergence of China-Africa community with shared future in the new era. Energy, transport, telecommunications and tapping cross-border water resources will be China’s priority in this next phase of Africa’s infrastructural forays.

Economic and trade cooperation: China’s will also help to set up additional economic and trade cooperation zones to promote industrialisation in Africa. It will also encourage local currency settlements, instead of hard currency usage to settle transactions. It will also support Africa to achieve general food security by 2030.

Security: China also flagged its intent to bolster security in the continent. It will set up peace and security fund in partnership with Africa. It will also support countries in Sahel region and others bordering piracy-ridden Gulf of Aden and Gulf of Guinea apart from providing military aid to African Union.

50 China-Africa security assistance programmes will be launched under flagship Belt and Road Initiative (BRI).  China has already established naval base in Djibouti on the edge of the strategic Gulf of Aden, which links the Red Sea and Arabian Sea

Environment Protection: China-Africa Green Envoys Programme will be launched to strengthen Africa’s capacity for environmental management, pollution prevention and control, as well as green development. China-Africa environmental cooperation centre will also be set up where research on environmental issues will be conducted.

Financing Mechanism: For financing, China will nudge African countries to tap new multilateral lenders such as Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB) of emerging economies as well as Silk Road Fund marshalled by China.

Out of $60 billion offered, China will disburse $15 billion as aid, interest-free loans and concessional loans, $20 billion as credit line, channel $10 billion into special fund for China-Africa development and $5 billion special fund will be set up only for African imports.

Month: Categories: International Current Affairs 2018

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18th Asian Games concludes in Indonesia

18th Asian Games concluded in Indonesia. This edition of pan-continental mega sporting was held from August 18 to September 2, 2018 in two cities – Jakarta (capital of Indonesia) and Palembang (capital of Indonesia’s province of South Sumatra). This was second time Asian Games history, Indonesia had hosted it after first time in 1962 in Jakarta. Indian women hockey captain Rani Rampal was India’s flag-bearer at closing ceremony.

Key Facts

18th Asian Games saw participation of around 11,000 athletes from 45 countries from across Asian continent, who competed in 40 sports, 67 disciplines, 4 new Olympic sports and 8 non-Olympic sports. It also first time hosted eSports (form of competition using video games) and canoe polo as demonstration sports. In this edition Asian Games, China has topped medals tally with 132 gold, 92 silver and 65 bronze followed by Japan and South Korea. India finished 8th with 15 gold, 24 silver and 30 bronze. The next Asian Games (19th edition) are scheduled to Hangzhou, China between 10 and 25 September 2022.

Mascots: Trio of Bhin Bhin (bird of paradise), Kaka (one horned rhino) and Atung (deer) are mascots of 2018 Asian Games. These three represent east, west and centre of country and they have dress traditional to each locality.

India’s performance

It was India’s best performance in the Asian Games till now. India finished at eight position both in terms of gold medals and total tally. India’s medal tally is its highest ever, as it won four more medals than in 2010 Guangzhou Asian Games. In terms of gold medal tally, India matched its best performance at the inaugral 1951 Games in New Delhi. In 2018 Asia Games, track and field events remained most productive discipline for India as it won in seven events. Indian athletes had claimed two gold medals in shooting and wrestling and one each in boxing, bridge, rowing and tennis.

Asian Games

It is pan-continental multi-sporting event held every four years between athletes from all over Asia. It is also known as Asiad. It is second largest multi-sport event after Olympic Games. It is organised by Olympic Council of Asia (OCA) since 1982, prior to that, it was regulated by Asian Games Federation (AGF). The first Asian Games were held in New Delhi, India in 1951. Since then overall, nine nations have hosted it and forty-six nations have participated in it, including Israel (now excluded from it after its last participation in 1974). The 17th edition of games was hosted by Incheon, South Korea from in 2014. India had hosted Asian Games two times in 1951 (inaugural) and 1982, both in New Delhi.

Month: Categories: Sports Current Affairs 2018

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