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China puts $2b in new Africa fund

The People's Bank of China and the African Development Bank have signed a financing agreement worth $2 billion setting up an Africa-wide investment vehicle called the Africa Growing Together Fund.

The funds are expected to be provided over 10 years and will be used alongside the African Development Bank's own resources to finance eligible sovereign and non-sovereign guaranteed development projects in Africa.

The financing deal was signed on May 22 by Donald Kaberuka, the president of the African Development Bank, and Zhou Xiaochuan, governor of the People's Bank of China, on the sidelines of the African bank's annual meetings in the Rwandan capital, Kigali.

Kaberuka said China was inspired by the bank's strong record, adding: "We look after our shareholders money, we invest well, and we have robust financial systems."

AU condemns terrorist attack in China

Nkosazana Dlamini Zuma, chairwoman of the African Union Commission, has condemned the terrorist attacks that left 31 people dead and many others wounded in Xinjiang, China, on May 22.

She called on the world to take resolute joint action to combat the terrorism around the world and to suppress "the evil forces" behind the phenomenon, the AU said.

Sub-Saharan challenges on conference agenda

The International Monetary Fund and Mozambique were holding a conference in Maputo, discussing the challenges that face sub-Saharan Africa as it builds upon the strong economic gains made since the 2008 global economic crisis.

Christine Lagarde, the IMF managing director, and more than 300 participants, including finance ministers and central bank governors from throughout the region were to attend the conference, over two days from May 29.

Speakers representing development partners, including countries such as Australia, Brazil and China, the private sector and civil society, were due to attend. Topics were to include growth, structural transformation, natural resources management and how the IMF can continue to support African countries' economic growth.

Zuma hails new period of 'transformation'

South African President Jacob Zuma says his country will begin a second phase of transformation over the next five years, the implementation of radical socioeconomic transformation policies and programs.

In a speech in Pretoria marking his inauguration for a second five-year term, Zuma said it "marks the beginning of the second phase of our transition from apartheid to a national democratic society" following the completion of the first phase.

"Economic transformation will take center stage during this new term of government as we put the economy on an inclusive growth path."

He urged South Africans to support the government in building a united and cohesive nation. The country will continue to play its role in the continent and abroad, he said.

"Our participation in various multilateral institutions such as the United Nations, G20 and special forums such as BRICS (Brazil, Russia, India, China and South Africa), will continue, aimed at promoting a fairer and more just world."

Keys to developing new Silk Road

Tourism and cultural exchanges will be useful tools in building the new foundation for the Silk Road economic belt, an official from China's northwestern provinces said.

Zhang Shengzhen, secretary-general of the Gansu provincial government, said the modern Silk Road will promote commodity exchanges as well as cultural.

"Launching more cultural exchanges and tourism activities between China, Central Asia and Turkey will help those trade partners further understand the meaning of the Silk Road economic belt, and realize that China will not be the only winner on the route to the West," Zhang said.

The modern Silk Road is more than just a channel for China to import resources such as crude oil, natural gas or farm products from Central Asia, Zhang said.

Education to boost security in Xinjiang

The central government's decision to crack down on terrorists and improve livelihoods in the Xinjiang Uygur autonomous region will help bring security and prosperity, residents and analysts said.

Urumqi resident Zhao Jiepei, 28, mother of a 3-year-old boy, is confident the measures can help. "I think everyone like me wants their children to live in a stable and developed society," she said.

This year, the regional government has earmarked 900 million yuan ($150 million) to support 195 programs covering ethnic handicrafts, farm produce, Uygur medicine and the clothing industry.

A statement from a meeting of China's top leaders on Monday said stability in Xinjiang is strategically vital to China's reform and development as well as national security.

To achieve security and development in the region, the government promised to vigorously fight terrorism and religious extremism and to improve livelihoods and the region's economy.

Tensions rise as fishing vessel sinks

Maritime tensions have escalated, with China demanding that Vietnam stop its policy of harassment in the South China Sea following the sinking of a Vietnamese fishing boat.

China has also rebutted comments made by Japan regarding the Xisha Islands and announced the relocation of an oil rig, whose deployment this month led to deadly anti-China riots in Vietnam.

The rig has been moved for second-phase operations that analysts said had long been planned.

The Vietnamese fishing boat sank close to the rig. Chinese Foreign Ministry spokesman Qin Gang said Vietnam bore sole responsibility with its "insistence on forcefully disrupting China's normal operations and its dangerous actions on the sea".

All 10 crew members from the boat were rescued after the sinking on Monday evening about 31 km from the rig.

Nobel winners aim to inspire youth

Top Chinese scientists, who have traditionally focused on research and teaching at universities, are being encouraged by Nobel Prize winners and other top scientists from around the world to inspire young people and increase their interest in science.

Nobel Prize winners Erwin Neher of Germany and Shing-Tung Yau of the US gave speeches on May 24 about brain research and advances in science at the 16th annual meeting of the China Association for Science and Technology.

Physicist Douglas Osheroff, a Fields Medal winner from Harvard University, shared his thoughts on modern mathematics.

Neher said it was important to encourage young generations to follow their own curiosity and "not just go along with the usual things that other people did".

Beidou to help safeguard fishermen

The Beidou navigation satellite system will help establish a security system to protect fishermen in Hainan province, industry insiders said.

Qi Chengye, manager of the engineering technology center of BDStar Navigation, a company that provides the Beidou service to 80 percent of China's fishing vessels, said that BDS mainly provides instant alarms and unique short messaging services, as well as positioning devices for fishing vessels.

"The alarm button installed in the client terminals enables fishermen to instantly report emergencies to fishery departments," Qi said.

China Daily-Xinhua

(China Daily Africa Weekly 05/30/2014 page2)