WASHINGTON – China’s new ambassador to the United States called on Monday for stable and constructive commercial ties between the world’s two biggest economies, even as they struggle to resolve political and trade differences, a trade group said.

The envoy, Qin Gang, made the comments in an online meeting with the chief executives of major U.S. companies who serve on the board of the U.S.-China Business Council, the group said in a statement on Monday.

“The ambassador’s message to the CEOs was that the commercial relationship must thrive and grow while we work harder to resolve disagreements,” said Craig Allen, president of the nonprofit group of 200 U.S. companies that work with China.

The meeting came days after U.S. President Joe Biden and Chinese President Xi Jinping agreed in a telephone call on the need to ensure that competition between their nations did not veer into conflict.

Allen said the overall U.S.-Chinese relationship was “in a troubled place” at the moment, but Qin told the group their commercial ties remained strong.

Allen attended the meeting and has met the ambassador several times since he arrived at his new post in August.

U.S. companies are growing frustrated by the slow pace of the Biden administration’s review of China trade policies, and the continuation of tariffs on hundreds of billions of goods traded between the two countries.

The Phase 1 interim trade deal, which expires at the end of the year, called for China to boost purchases of U.S. exports by $200 billion over two years, but Beijing is far behind that target, partly because of the COVID-19 pandemic. – Reuters

TOKYO – Top nuclear envoys from Japan, the United States and South Korea held talks in Tokyo on Tuesday to discuss how to rein in North Korea’s missile and nuclear programmes, a day after Pyongyang said it conducted a new long-range missile test.

North Korea’s state media announced on Monday what it said were successful tests of a new long-range cruise missile that analysts said could be the country’s first such weapon with nuclear capabilities.

“The recent developments in the DPRK are a reminder of the importance of close communication and cooperation from the three countries,” Sung Kim, the U.S. special envoy for North Korea, said in his opening remarks, using the initials of the Democratic People’s Republic of Korea, its official name.

The three countries have been discussing ways to break a standoff with North Korea over its nuclear weapons and ballistic missile programmes, which have drawn international sanctions.

In meeting with his Japanese counterpart Takehiro Funakoshi and South Korean counterpart Noh Kyu-duk, Kim said Washington remained open to diplomacy to deal with North Korea issues.

The White House said they were still prepared to engage with Pyongyang despite the recent missile test, but U.S. President Joe Biden’s administration has shown no willingness to ease sanctions.

Pyongyang has said it sees no sign of policy changes from the United States, citing issues such as sanctions as well as joint military drills with South Korea, which it says are preparation for an attack.

While Washington is a close military and economic ally of both Japan and South Korea, ties between the Asian neighbours have often been strained over issues including sovereignty disputes, Japan‘s 1910-45 occupation of the Korean peninsula, and their wartime history. – Reuters

SHANGHAI – Bank of China (BoC) , a top global investor in coal- power plants, must end the financing of such projects outside the mainland and support clean and renewable energy instead, an alliance of 35 non-governmental organisations said on Tuesday.

The comments, made in an open letter to state-controlled BoC’s chairman Liu Liange and signed by groups from 13 countries in Asia, Africa and Europe, add to the growing criticism of China for financing coal-fired power stations overseas, especially as part of its Belt and Road Initiative.

While China has said that it would respect the right of local communities to decide what sort of energy they needed, the letter, which has been signed by organisations from several Belt and Road countries, indicates growing opposition to coal even in developing nations.

Bank of China’s total overseas financing of coal-based power projects since the Paris climate agreement in 2015 stands at more than $35 billion, the most by any investor globally, and is “out of step with China’s climate change ambition”, the letter said.

It said more than 130 financial institutions have already decided to restrict fossil fuel investments, and urged Bank of China to follow suit.

Bank of China declined to comment on the letter. Its President Liu Jin said at the end of August that the bank would “gradually reduce” the share of total credit extended to coal projects during the 2021-2025 period, but would also issue more loans for technical upgrades in the sector.

GRADUAL SHIFT

Julien Vincent, executive director of Market Forces, an Australian organisation that campaigns against fossil fuel finance, said dozens of coal-fired power plants around the world would not go ahead without the bank’s support.

“The narrative on coal from Chinese business and finance leaders is clearly shifting, but what really counts is action,” he told Reuters.

Chinese financial institutions have been gradually shifting away from coal. Industrial and Commercial Bank of China , the world’s biggest bank by assets, has already pledged to draw up a “road map” to pull out of coal.

In recommendations published last week, a government advisory body also called on China to “restrict and gradually stop” the use of public funds in overseas coal power investment, and encourage state banks to make similar commitments.

According to research released on Tuesday by European think-tank E3G, 44 countries have already committed to “no new coal”, with 1,175 gigawatts of coal-power capacity cancelled since 2015.

It said a similar pledge by China would remove 55% of all of the world’s proposed new coal-fired power projects. – Reuters