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China on Friday accused the US of trying to sow discord in its close ties with Russia and asserted that the strategic partnership between the two countries is strong enough to withstand the pressure. <div type="Article" hostid="261" msid="78675715" title="Chinese President Xi Jinping tells marine troops to be on ‘high alert’ and ‘prepare for war’ as tensions in the South China Sea continue to grow" mstype="2" mssubtype="0"></div> Chinese Foreign Ministry spokesman Zhao Lijian said this responding to a question on Russian Foreign Minister Sergey Lavrov's reported remarks that "ideas that Russia and China will play by sets of western rules under any circumstances are deeply flawed." Asked for his comments to Lavrov's assertion in an interview with a channel that the US is putting aside diplomatic principles and called on Russia to help it contain China, Zhao said that Washington is trying to drive a wedge between Beijing and Moscow. "In response to a certain country's attempt to sow discord between China and Russia, Lavrov on many occasions has explicitly expressed opposition and serious criticism of such attempts to drive a wedge between China and Russia and it is not a behaviour major countries do," Zhao said. "Some country tries to stir up troubles between China and Russia. China completely agrees with Russia's position. Facts have proven that the under the strategic guidance of the two leaders the China-Russia strategic partnership of coordination for the new era is stable solid and resilient," he said. "It is vibrant and can withstand pressure and the test of various risks and challenges," he said. "China cherishes high-level political mutual trust and strategic coordination with Russia and will continue to work with Moscow for new outcomes in our bilateral ties," he said. China and Russia have forged closer economic and defence ties in recent years and the relations were firmed up further after Chinese President Xi Jinping took over power in 2012. Relations between Washington and Beijing have spiralled downward since the outbreak of the novel coronavirus. US President Donald Trump has questioned the Asian powerhouse's handing of COVID-19. The two countries have also sparred over China imposing a new national security law in Hong Kong, trade war, restrictions on American journalists, treatment of Uyghurs Muslims and security measures in Tibet. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-q2-earnings-impact-by-moratorium-restructuring-and-npa-loans/articleshow/78702092.cms">HDFC Bank likely to remain ahead of peers in second quarter — all eyes on loan restructuring, moratorium, and asset quality</a> <a href="https://www.businessinsider.in/careers/news/hcl-to-hire-more-jobs-and-increase-wages-over-next-three-months-9000-more-freshers-to-be-onboarded-by-march/articleshow/78696285.cms">HCL Tech to hire ‘significantly’ and bring back wage hikes over the next three months — 9,000 new freshers likely to be onboarded by March</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-beats-guidance-clocks-in-4-5-jump-in-revenue-during-second-quarter/articleshow/78693542.cms">HCL Tech beats guidance — clocks-in 4.5% jump in revenue during second quarter</a>

China accuses the US trying to 'stir up trouble' in Russia-China relations

<ul class="summary-list"><li>China's young people are abandoning retirement savings, The New York Times reported.</li><li>The aging population and declining birthrate have intensified the pension crisis.</li></ul>China's pension system is facing a reckoning. A rapidly aging population, difficulties finding a job, and concerns about low pay are weighing on the minds of the country's young people. For some, that has led them to refuse to save for retirement entirely, according to an in-depth report in <a target="_blank" href="https://www.nytimes.com/2024/04/05/business/china-pensions-youth-retirement.html">The New York Times</a>. Tao Swift, an unemployed 30-year-old based in Chengdu, told The Times that he's uncertain there will be a pension fund by the time he retires. "Retire with a pension?" he said. "I don't hold much hope that I can definitely get my hands on it." Around 300 million Chinese citizens aged between 50 and 60 are set to retire within the next decade, <a target="_blank" href="https://www.bbc.co.uk/news/world-asia-china-68595450">BBC News</a> reported. That demographic — the country's largest age group — is nearly equivalent to the entire US population, the outlet added. Within the next 25 years, most of the population will be older than the nation's average retirement age, 54, which is the lowest in the world, The Times reported. In comparison, the <a target="_blank" href="https://www.oecd-ilibrary.org/sites/304a7302-en/index.html?itemId=/content/component/304a7302-en#">Organisation for Economic Co-operation and Development</a>, an intergovernmental organization consisting of 38 member countries (including the US), recorded an average retirement age of 63.4 years for women and 64.2 years for men in 2020. The Chinese Academy of Social Sciences, a government research institution, predicted that the public pension will run out of funds over the next decade, as cited by The Times. Additionally, the continued <a target="_blank" href="https://www.theguardian.com/world/2024/jan/17/china-population-decline-accelerates-as-birthrate-hits-record-low">declining birthrate</a> means there will be fewer people entering the workforce than before. Last year, former central bank Gov. Zhou Xiaochuan said many Chinese people may need to rely on private pension savings due to the pension shortfall. The government has encouraged Gen Z and millennials to keep saving — but not everyone is convinced they will ever see the money. "Their appeal has a reverse effect," Lumiere Chen, a 27-year-old private insurance agent based in Beijing, told the Times. "Because of the aging population, people are skeptical about their future pensions," Tao Wang, chief China economist at UBS, told The Times. "They worry that in the future the payout would be less." Wang said that one solution could be to lower the "alarmingly low" retirement age. But no such action has been taken. There's also the matter of unemployment and low-paying jobs, which is causing young people on social media forums to question whether they are capable of saving for old age, The Times reported. In December 2023, the unemployment rate of people aged 16 to 24 was 14.9%, according to the <a target="_blank" href="https://www.stats.gov.cn/english/PressRelease/202401/t20240117_1946605.html">National Bureau of Statistics China</a>. The rate for those aged from 25 to 29 and from 30 to 59 was 6.1% and 3.9%, respectively.

China faces a reckoning as disillusioned Gen Z and millennial workers refuse to save for retirement: report

China's Ministry of Industry and Information Technology (MIIT) on Thursday granted commercial 5G licences to the country's three telecommunications network operators and the nation's cable network giant, signalling major new investments in the world's largest mobile market amid a raging tech war with the United States. Hong Kong-listed carriers <keyword id="133270" type="CITY" weightage="20" keywordseo="China-Mobile">China Mobile</keyword>, China Unicom and <keyword id="154965" type="COMPANY" weightage="20" keywordseo="China-Telecom">China Telecom</keyword>, as well as China Broadcasting Network, were each awarded a licence to run commercial 5G services, according to MIIT. Beijing had granted licences at the end of 2018 to China's three state-owned carriers to conduct 5G trials but this is the first time it has given the go-ahead for full commercial deployment. The announcement has come amid speculation that the three network operators would be <a href="https://www.scmp.com/tech/enterprises/article/3012935/huawei-trade-ban-test-chinas-5g-roll-out-beijing-set-issue" target="_self">hard-pressed in pushing a large-scale 5G buildout</a> after the US government put telecoms gear provider Huawei Technologies on a trade blacklist. The US action has severed the access of Huawei, which has up to a 50 per cent share of China's telecoms equipment market, to American hi-tech suppliers, including semiconductor firms <keyword id="104695" type="COMPANY" weightage="20" keywordseo="Qualcomm">Qualcomm</keyword> and Intel as well as software providers Google and Microsoft. The award of commercial 5G licences is "more a posture by China to make a statement that 5G will not be delayed just because of the US export ban on Huawei, giving it more bargaining power and creating stronger internal political support" according to Jefferies equity analyst Edison Lee. He said that MIIT's announcement may push the country's three telecoms network operators to accelerate their 5G mobile network roll-out plans. That move would enable China to move ahead in the global race to deploy telecoms infrastructure that will help power <a href="https://www.scmp.com/tech/big-tech/article/3006582/power-change-world-heres-why-us-and-china-are-fighting-over-our-5g" target="_self">the industrial internet, autonomous driving and smart cities</a>, among a range of advanced mobile applications. While South Korea, the US, Australia and the UK have launched initial commercial 5G services in the second quarter, the scale of China's market is likely to dwarf the combined size of those economies, negating any first-mover advantage. This article originally appeared on the <a href="http://www.scmp.com">South China Morning Post (SCMP)</a>, the leading news media reporting on China and Asia. For more stories, please download our <a href="https://go.onelink.me/3586748601?pid=3rdpartycontentexchange">mobile app</a>, follow us on <a href="https://twitter.com/scmpnews">Twitter</a>, and like us on <a href="https://www.facebook.com/scmp">Facebook</a>.

China awards 5G licences to country's major telecoms network operators and cable network giant

China on Tuesday said it has removed leading US travel platform <keyword id="172543" type="COMPANY" weightage="20" keywordseo="Tripadvisor">Tripadvisor</keyword>'s app along with 104 other mobile apps from various online stores in the country as part of cleaning up the internet. Most of the apps that were banned belonged to local Chinese companies but it was not clear why the country blocked Tripadvisor. "As of Tuesday afternoon, Tripadvisor's website was still accessible in China," reports CNN. The Cyberspace Administration of China said in a statement that it had removed 105 apps it considered to be "illegal," including the US travel giant. Chinese regulators were quoted as saying that the removed apps were the first of many that would be taken down in a wide-ranging "clean-up" of online content related to illegal activity, including obscenity, pornography, prostitution, violence, fraud or gambling. However, some media reports linked the action on TripAdvisor to US and its ongoing exercise to ban TikTok which is owned by China-based Bytedance. A judge in the US has granted a preliminary injunction barring the US Commerce Department from putting restrictions that it had planned to impose on short video-sharing platform TikTok. The order on Monday came in response to challenge to the Donald Trump administration's executive order on August 6 that would have barred US companies from doing transactions with the Chinese parent company of TikTok, ByteDance, The Verge reported. SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/mount-everest-taller-by-2-8-feet-as-nepal-and-china-set-aside-their-differences/articleshow/79622601.cms">Mount Everest is 2.8 feet taller as China and Nepal finally agree on the height of the world's highest peak</a>

China calls Tripadvisor and 104 other mobile apps 'illegal' before removing them from online stores

<ul class="summary-list"><li>Investors put $50.2 million into assets backed by bitcoin in the week to September 24, the highest since April, CoinShares said on Tuesday.</li><li>Ether-backed assets saw $28.9 million worth of inflows, the most since early June.</li><li>The continued inflows suggest investors saw <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword>'s ban last week as a buying opportunity and not a deterrent.</li></ul>Investment in bitcoin hit its highest in four months in the week to September 24, when China announced it would ban trading and mining of <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>, triggering an aggressive sell-off that traders used as a buying opportunity, according to CoinShares' weekly <a href="https://coinshares.com/research/digital-asset-fund-flows">report</a> on Monday. Assets backed by bitcoin drew in the most investment, with inflows of $50.2 million over the week ending September 24, the most since the week of April 19, the data showed.There was also $28.9 million worth of inflows for assets backed by ether, the most since June 7. Solana-backed assets saw inflows worth $3.9 million and cardano-backed products registered inflows of $2.6 million. These inflows continued despite China's clear ban on all <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>-related activities on the mainland on Friday that resulted in a steep drop in crypto prices. Bitcoin<a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-today-ether-altcoins-china-cryptocurrency-ban-transactions-illegal-2021-9"> fell</a> almost 6% to below $42,000 and ether tumbled almost 8% to hover around $2,800 before steadily recovering in the days following."The continued inflows suggest the recent headwinds for digital assets, such as the widened China ban, were seen as buying opportunities for investors," the report said. Over the month so far, bitcoin has seen $100.9 million worth of inflows, solana has seen $59.8 million worth of inflows. Ether assets have grown by $35.1 million, with the majority coming in last week.One of the side-effects of China's ban was a swell of buying in tokens attached to <a href="https://markets.businessinsider.com/news/currencies/china-crypto-ban-uniswap-sushiswap-dxdy-decentralized-exchanges-tokens-ether-2021-9">decentralized </a>exchanges, which do not rely on any kind of intermediary and which market watchers said would benefit particularly from Chinese users looking to circumvent the existing restrictions. So-called "DEX tokens" like uniswap, sushi or pancake, surged on Monday, in some cases by as much as almost 40%. Most of these platforms run on the ethereum network so, investors have tapped into this by betting heavily on the blockchain's ether token. "Sentiment has remained relatively buoyant for ethereum as the amount staked to Eth2.0 progresses," the report said.

Investors used the crypto crash after China's ban to buy the most bitcoin in four months last week: CoinShares

Beijing, <keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword>'s Chang'e-5 probe is preparing for a soft landing on the moon to undertake the country's first collection of samples from an extraterrestrial body, it was announced on Monday. The lander-ascender combination of the spacecraft separated from its orbiter-returner combination at around 4.40 a.m. on Monday (Beijing Time), Xinhua news agency quoted <keyword id="9883300" type="COMPANY" weightage="20" keywordseo="the-china-national-space-administration">the China National Space Administration</keyword> (CNSA) as saying. Launched on November 24, Chang'e-5 is one of the most complicated and challenging missions in China's aerospace history, as well as the world's first moon-sample mission for more than 40 years. The spacecraft is performing well and communication with ground control is normal, CNSA said. The lander-ascender combination will execute a soft landing on the moon and carry out automatic sampling. The orbiter-returner will continue orbiting about 200 km above the lunar surface and wait for rendezvous and docking with the ascender. SEE ALSO - <a href="https://www.businessinsider.in/india/news/rajasthan-government-imposes-night-curfew-from-8-pm-to-6-am-these-are-the-districts-under-restriction/articleshow/79484267.cms" data-type="tilCustomLink">https://www.businessinsider.in/india/news/rajasthan-government-imposes-night-curfew-from-8-pm-to-6-am-these-are-the-districts-under-restriction/articleshow/79484267.cms</a> <a href="https://www.businessinsider.in/india/news/pm-modi-to-hold-talks-gennova-biopharma-biological-e-dr-reddys-teams-involved-in-developing-the-covid-19-vaccine/articleshow/79484713.cms" data-type="tilCustomLink">https://www.businessinsider.in/india/news/pm-modi-to-hold-talks-gennova-biopharma-biological-e-dr-reddys-teams-involved-in-developing-the-covid-19-vaccine/articleshow/79484713.cms</a>

China's Chang'e-5 probe prepares for a soft landing on the moon

Top financial regulators highlighted capital market reform plans, including a key concession long-sought after by US trade negotiators that would remove the limit on foreign ownership of domestic financial institutions, as they gathered in Shanghai to discuss how to address internal and external challenges. Yi Gang, governor of the People's Bank of China, said the central bank would support a pilot programme based in Shanghai to remove the foreign ownership limit in firms providing securities and fund management services. The effort was part of measures to help build the city into an international financial centre, he said. Yi was speaking at the Lujiazui Forum in Shanghai on Thursday. The annual forum, which started in the city in 2008, attracts leading Chinese figures in economics and finance from both government and the private sector. During a keynote presentation in the morning, Vice-Premier Liu He, who is also chief negotiator in trade talks with the US, mentioned "external pressures" facing China, but said the challenge could be turned into an opportunity to boost innovation and development. Foreign investors and service providers have been seeking wider access to China's financial markets for years. Washington has been urging Beijing to open its services industry, ranging from payment settlement to bond ratings agencies, in recent trade talks. Since November, Chinese authorities have approved plans by JPMorgan Chase, UBS Group and Nomura Holdings to take majority stakes in local securities ventures, but these joint ventures still cap foreign ownership at 51 per cent. Yi Huiman, chairman of the China Securities Regulatory Commission (CSRC), said he would push forward with plans to liberalise market access in nine areas. These included a further relaxation on access to capital markets, a broadening of cross-border investment channels and targets, and measures to facilitate trading and fundraising by foreign players. "China's capital markets have been facing increasing external uncertainties. Regardless of how the external environment changes, we will firmly promote the opening up," Yi said. The forum also put the spotlight on Shanghai's new technology innovation board, which will promote home-growth technology companies. The exchange, officially named "STAR Market", should be in operation in about two months, said Huang Hongyuan, chairman of the Shanghai Stock Exchange <a href="https://www.scmp.com/news/china/diplomacy/article/3011145/steve-bannon-says-killing-huawei-more-important-trade-deal">Steve Bannon says killing Huawei more important than trade deal with China</a> Beijing is also actively exploring cooperation with other stock markets as it seeks to find an alternative to the US, where Chinese companies are at risk of being blocked from accessing capital markets. David Schwimmer, chief executive of the London Stock Exchange Group, said during the forum that a stock connect programme linking London and Shanghai markets would "start soon", as both sides have worked out the regulatory framework and cross-border trading rules. On Tuesday, Huatai Securities, one of China's largest brokerages, announced plans to raise US$1.2 billion through the London Stock Exchange. The firm set a price range of US$20 to $24.50 per global depositary receipt, and will become the first Chinese company to sell shares in London. This article originally appeared on the <a href="http://www.scmp.com">South China Morning Post (SCMP)</a>, the leading news media reporting on China and Asia. For more stories, please download our <a href="https://go.onelink.me/3586748601?pid=3rdpartycontentexchange">mobile app</a>, follow us on <a href="https://twitter.com/scmpnews">Twitter</a>, and like us on <a href="https://www.facebook.com/scmp">Facebook</a>.

China mulls 'end to foreign ownership limits' on financial firms, signals bold effort to remove barriers in reform plan

<ul><li>Manufacturing activity in China rose in the month of September. </li><li>The official <keyword id="715896" type="PERSON" weightage="60" keywordseo="China-manufacturing">China Manufacturing</keyword> Purchasing Managers Index (<keyword id="104215" type="ORGANIZATION" weightage="60" keywordseo="PMI">PMI</keyword>) rose to 51.5 in September, from 51 in August. </li><li>A Reuters poll of economists showed expectations for a reading of 51.2</li><li>Manufacturing activity remained strong ahead of the week-long Golden Week national holiday that starts on Thursday. </li><li>The Caixin/Markit PMI, a private survey, showed manufacturing held roughly at the same pace in September, with a reading of 53 versus 53.1 in August. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>China's huge manufacturing sector continued to recover in September, affirming the world's second largest economy is recovering from the pandemic, according to data on Wednesday. The official China Manufacturing Purchasing Managers Index (PMI) rose from 51 in August to 51.5 in September, beating analyst estimates. Analysts polled by Reuters were expecting a reading of 51.2. A PMI reading of 50 is the separation point between contraction and expansion.Read More: <a href="https://www.businessinsider.com/investment-strategy-stock-market-sectors-to-buy-blue-wave-election-2020-9" target="_blank" rel="noopener noreferrer">UBS says the chances of a Democratic sweep have risen to 50% as Trump and Biden square off in their first debate. These 9 assets will help investors profit if a blue wave comes crashing in.</a>PMI survey data is widely used to track trends in economic activity across the world's biggest economies.Manufacturing remained high ahead of the week-long Gold Week national holiday, which starts this Thursday in China. The data is the latest sign that the world's second largest economy, which was first hit by coronavirus through an outbreak in the city of Wuhan in January, is seeing a steady increase in activity. The Caixin/Markit PMI, a private manufacturing activity also released on Wednesday, tipped slightly lower but still stood well above expansion territory, with a reading of 53 in September versus 53.1 in August.Read More: <a href="https://www.businessinsider.com/investing-advice-best-hedges-defensive-assets-portfolio-shifts-john-normand-2020-9" target="_blank" rel="noopener noreferrer">JPMORGAN: The best defenses against stock-market crashes are delivering their weakest results in a decade. Here are 3 ways to adjust your portfolio for this predicament</a>Dr. Wang Zhe, senior economist at Caixin Insight Group said: "The Caixin China General Manufacturing PMI came in at 53 in September, dipping from 53.1 the previous month. Before August, the last time the index climbed above 53 was January 2011. That indicates the post-coronavirus manufacturing recovery has stayed strong, managing to even accelerate over the past two months."IHS Markit said new businesses expanded at the strongest rate since January 2011, aided by a solid rebound in export sales.

China's manufacturing activity surges in September, affirming its path to economic recovery

<ul><li>China's retail sales rose 3.3% in September, beating analysts' estimates for a 1.8% rise. </li><li>This was the largest increase in consumer spending so far in 2020. </li><li>China's GDP rose 4.9% in the third quarter, behind expectations for a 5.2% rise. </li><li>Naeem Aslam, chief market analyst at Avatrade, said: "The Chinese economic numbers, such as the third-quarter GDP, retail sales, industrial production, and several other indicators, do show that China is recovering its losses caused by Coronavirus."</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Chinese retail sales rose at their fastest annual pace this year in September, as consumer spending continued to bounce back from the pandemic, although a broader reading of overall activity showed economic growth was not quite as robust as many had anticipated in the third quarter.Retail sales rose by 3.3% year-on-year in September, following a 0.5% rise in August and above expectations for a 1.8% rise. This was the steepest increase since last December, as easing COVID-19 restrictions encouraged a boost in consumer spending. Read More: <a href="https://www.businessinsider.com/stock-market-crash-3-nonsensical-narratives-dangerous-heights-peter-cecchini-2020-10" target="_blank" rel="noopener noreferrer">An ex-Wall Street chief strategist lambasts 3 'nonsensical narratives' he says are pushing stocks to dangerous heights — and warns that the current rally is unsustainable</a>Meanwhile the Chinese economy grew 4.9% year-on-year in the third quarter, lagging behind expectations of a 5.2% increase, but above the 3.2% expansion in the second quarter. Industrial production in China rose by 6.9% year-on-year in September, marking its sixth consecutive month of growth and the fastest since December 2019, with mining and <keyword id="6362048" type="UNKNOWN" weightage="60" keywordseo="manufacturing">manufacturing</keyword> activity staging strong increases.Naeem Aslam, chief market analyst at Avatrade, said: "The Chinese economic numbers, such as the third-quarter GDP, retail sales, industrial production, and several other indicators, do show that China is recovering its losses caused by coronavirus."Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-small-companies-recommendations-high-upside-rbc-2020-10" target="_blank" rel="noopener noreferrer">Buy these 7 unheralded stocks right now for near-term upside of at least 25% as growth accelerates to a new level, RBC says</a> Stephen Innes, chief global market strategist at AxiTrader, said <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> focused more on the GDP data rather than retail sales. "With investors over-zealously anticipating an immediate boost from China's economic impulse, a tiny bit of froth got immediately skimmed off the top of China's "lift-off" narrative as short-term traders parse the good, the bad, and the ugly in the China data dump," Innes said. "Traders seemed to have concluded that the Q3 GDP miss super cedes the consumption recovery at least for this phase of the trading day."China's economy shrank by <a href="https://www.businessinsider.com/china-economy-falls-first-quarter-2020-after-half-century-growth-2020-4?r=US&amp;IR=T?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">6.8% in the first three months</a> of the year, marking its first contraction in 28 years. The country was the first to be hit by the coronavirus pandemic with an outbreak in its Wuhan province, but as such it has been faster to stage an economic recovery compared to its international peers. China's <a href="https://markets.businessinsider.com/news/stocks/china-economy-manufacturing-activity-rises-in-september-2020-9-1029633953#">manufacturing activity also surged</a> in September, a number of surveys showed last month.

China's economic recovery from the pandemic is accelerating, but not as quickly as forecast

India and China on Wednesday agreed to hold a meeting soon between the senior commanders of their armies for an early disengagement along the Line of Actual Control (LAC), where the two countries are locked in a face-off since June this year. New Delhi and Beijing held their 19th meeting of the Working Mechanism for Consultation and Coordination (WMCC) on India-China border affairs on Wednesday. Both sides agreed that the next, i.e., the seventh round of meeting of senior commanders should be held at an "early date so that both sides can work towards early and complete disengagement of the troops along the LAC in accordance with the existing bilateral agreements and protocols, and fully restore peace and tranquility". The Indian delegation was led by Joint Secretary (East Asia) of the Ministry of External Affairs. The Director General of the Boundary &amp; Oceanic Department of the Chinese Ministry of Foreign Affairs led the Chinese delegation. An official statement issued by the Ministry of External Affairs in New Delhi said that the two sides reviewed the current situation along the LAC and had "frank and detailed discussions on the developments since the last meeting of the WMCC on August 20". Both India and China attached importance to the meetings between the two Defence Ministers and the two Foreign Ministers held earlier this month. They also noted that the agreement between the two Foreign Ministers should be "sincerely implemented to ensure disengagement at all the friction points along the LAC". The two sides positively evaluated the outcome of the sixth senior commanders' meeting held on September 21. They emphasised the need to implement the steps outlined in the joint press release issued after the last meeting of the senior commanders so as to avoid misunderstandings and to maintain stability on the ground, the statement said. The representatives of both the sides said that there was a need to strengthen communication, especially between the ground commanders. Both sides agreed to continue to maintain close consultations at the diplomatic and military levels. SEE ALSO: <a href="https://www.businessinsider.in/india/news/babri-masjid-demolition-case-cbi-special-court-acquits-all-accused-judge-says-demolition-was-not-pre-planned/articleshow/78401534.cms">Babri Masjid demolition case: CBI Special Court acquits all accused, judge says ‘demolition was not pre-planned’</a> <a href="https://www.businessinsider.in/india/news/rbi-records-its-largest-ever-current-account-surplus-but-thats-not-necessarily-a-good-thing/articleshow/78403696.cms">RBI records its largest-ever current account surplus — but that’s not necessarily a good thing</a> <a href="https://www.businessinsider.in/tech/enterprise/news/airtel-launches-new-cybersecurity-product-with-cisco-radware-vmware-and-forcepoint-for-enterprises-it-took-100-crore-and-over-a-year-to-set-up/articleshow/78403006.cms">Airtel launches new cybersecurity product with CISCO, Radware, VMware, and Forcepoint for enterprises — it took ₹100 crore and over a year to set up</a>

India-China agree to hold early meeting for disengagement along LAC

hina is upgrading and installing radars swiftly along the 3,488-km <keyword id="49399" type="PERSON" weightage="20" keywordseo="Line-of-Actual-Control">Line of Actual Control</keyword> (LAC) even as it is engaged in talks with India to resolve the border dispute. India and China are engaged in an eight-month standoff at LAC in Eastern Ladakh. Both the countries are also engaged in military and diplomatic talks to resolve the border dispute. A total of eight rounds of corps commander level have happened between the militaries of both the countries and the ninth round of talks is to be scheduled very soon to disengage troops. Amid this, apart from aggressively developing infrastructure, China has started installing radars from Ladakh to Sikkim region. Top sources said that at Yecheng a medium-sized building and a watch tower have come up at the facility. The number of radars installed has also increased from three to four which include one JY-9 radar, one JY-26 radar, one HGR-105 radar and one JLC-88B radar. At Pali and Phari Kyarang La, which is opposite Sikkim, the radar site is located two kilometers west of Kyarang La, and comprises four radars. "Infrastructure development has been witnessed at surveillance facility at At Yamdrok Tso which is opposite Central Bhutan," the top source said, Around six km northeast of Tsona is the Cuona electronic warfare station. This site has three radomes, three radars and five support buildings. Infrastructure development has been discerned at the surveillance facility located 2.6 kilometer North West of Tsona Dz Heli base. Sources said that a radome site is located 6 kilometer south west of Kechen Tsho. It comprises radome, control building and antenna masts within a perimeter wall. At Qomo Dz the radar site comprises one radome atop a double-storied building, one control building and one medium building, all enclosed by a perimeter wall. "JY-24 radar is deployed at the site," the source said. China has also created a radar site at Linzhi and Ngiti which is opposite Arunachal Pradesh. "Linzhi/ Ngiti radar is located approximately 21 kilometre north west of Linzhi and comprises two radomes, one radar along with a large shed building connected by a covered corridor," the sources. Further, China is also aggressively developing infrastructure along the Line of Control. China has developed infrastructure near Karakoram Pass and Rechin La, the disputed site at LAC. It is also building permanent integrated habitable infrastructure terming as model villages. Such villages have been noticed across LAC. India has been observing how China is getting aggressive on the border. SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/mount-everest-home-to-microplastics-and-melting-glaciers/articleshow/79324609.cms">Microplastics found at the highest point on Earth as the glaciers around Mount Everest’s death zone melt</a> <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-india-was-supposed-to-launch-today/articleshow/79315462.cms">PUBG Mobile India was rumoured to launch today — but there is no official update from the company</a> <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-is-the-fifth-financial-firm-after-ilfs-dhfl-yes-bank-and-pmc-bank-to-collapse-in-india/slidelist/79286096.cms">Lakshmi Vilas Bank is the fifth financial firm to collapse in India within the last 30 months</a>

The Chinese Army is installing and upgrading its radars along the India-China border

<ul><li>About 36 minutes after the Mars probe was launched, the spacecraft, including an orbiter and a rover, was sent into the Earth-Mars transfer orbit, according to the <keyword id="1334" type="COUNTRY" weightage="20" keywordseo="China">China</keyword> National Space Administration (CNSA). </li><li>The <keyword id="36918" type="COUNTRY" weightage="20" keywordseo="chinese">Chinese</keyword> Mars probe named Tianwen 1, or Quest for Heavenly Truth 1, will fulfil three scientific objectives: orbiting the red planet for comprehensive observation, landing on Martian soil and sending a rover to roam the landing site. </li><li>It will conduct scientific investigations into the planet's soil, geological structure, environment, atmosphere and water, media reports said. </li></ul>China successfully launched its <keyword id="9627057" type="UNKNOWN" weightage="20" keywordseo="first-mars-probe">first Mars probe</keyword> on Thursday from the Wenchang Spacecraft Launch Site in the southern island province of Hainan, official media here reported. About 36 minutes after the Mars probe was launched, the spacecraft, including an orbiter and a rover, was sent into the Earth-Mars transfer orbit, according to the China National Space Administration (CNSA). The Chinese Mars probe named Tianwen 1, or Quest for Heavenly Truth 1, will fulfil three scientific objectives: orbiting the red planet for comprehensive observation, landing on Martian soil and sending a rover to roam the landing site. It will conduct scientific investigations into the planet's soil, geological structure, environment, atmosphere and water, media reports said. The Long March 5 rocket, the nation's biggest and most powerful, will transport the robotic probe to the Earth-Mars transfer trajectory before the spacecraft begins its self-propelled flight toward Mars' gravity field. According to China Aerospace Science and Technology Corp, a State-owned space conglomerate, the probe will travel for about seven months before it reaches Mars, which at the farthest point of its orbit is about 400 million kilometres from Earth and 55 million kilometres at the nearest point. It said the probe consists of three parts － the orbiter, the lander and the rover －and they will separate in Mars orbit. The orbiter will remain in the orbit for scientific operations and to relay signals while the lander-rover combination makes an autonomous descent and landing. The rover has six wheels and four solar panels and carries six scientific instruments. It weighs over 200 kilogrammes and will work for about three months on the planet, designers said. China aims to catch up with India, the US, Russia and the EU to reach the red planet. China in recent years has emerged as a major space power with manned space missions and landing a rover in the dark side of the moon. It is currently building a space station of its own. China's previous attempt to send an exploratory probe to Mars called Yinghuo-1, in a Russian spacecraft in 2011 failed as shortly after the launch it was declared lost and later burnt during re-entry. The US, Russia, India and the EU have succeeded in sending missions to Mars regarded as the most complex space mission. India became the first Asian country to have successfully launched its Mars orbiter mission Mangalyaan which entered the orbit of the red planet in 2014. India also became the first country to have entered the Martian orbit in its first attempt. China's Mars probe is the second such mission launched this month. A United Arab Emirates spacecraft to go to Mars was launched from Japan on July 20, in what is the Arab world's first interplanetary mission. The launch of the spacecraft named Amal, or the 'Hope Probe', marks the start of the seven-month journey to the red planet. NASA Perseverance rover is due to lift off on July 30. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/coovid-vaccine-from-oxford-serum-institute-and-astrazeneca-shows-promising-immune-response/articleshow/77069321.cms">The COVID-19 vaccine from Oxford and AstraZeneca shows 'promising' results in early human trials</a> <a href="https://www.businessinsider.in/careers/news/from-intel-and-wipro-to-tcs-and-google-here-are-the-top-job-openings-in-the-multinational-companies/articleshow/77058769.cms">From Intel and Wipro to TCS and Google— Here are the top job openings in the multinational companies</a> <a href="https://www.businessinsider.in/tech/mobile/news/checkout-upcoming-affordable-smartphone-oneplus-nord-launch-price-specifications-features/articleshow/77061620.cms">OnePlus Nord launch price, specs and more – Everything we know about the upcoming affordable OnePlus smartphone</a>

China launches first Mars mission

<ul class="summary-list"><li><keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> grew 6.5% in the final three months of 2020, beating expectations.</li><li>The country's economy grew 2.3% in 2020 as a whole, while its rivals contracted.</li><li>A new COVID-19 outbreak threatens the recovery, but analysts still predict a solid 2021.</li></ul>The Chinese economy beat expectations to grow 6.5% in the final quarter of 2020, according to official figures on Monday, capping off a rapid recovery from the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> lockdowns in the first few months of the year and further cementing China as an economic powerhouse.The final-quarter figures meant gross domestic product grew 2.3% over 2020 as a whole. It was China's slowest expansion since the 1970s, but nonetheless made it the only major economy to grow last year.China's National Bureau of Statistics <a href="http://www.stats.gov.cn/english/PressRelease/202101/t20210118_1812432.html">said</a>: "The national economy recovered steadily, employment and living standards were ensured forcefully, and the main goals and tasks of economic and social development were accomplished better than expectation."Read More: <a href="https://www.businessinsider.com/stock-market-crash-bubble-warning-indicators-hartnett-bank-of-america-2021-1" target="_blank" rel="noopener noreferrer">Bank of America says the warning signs that stocks are hurtling into bubble territory are growing - and pinpoints 6 that could signal a bear market is beginning</a>In the first three months of 2020 China's economy shrank 6.8% as the new form of coronavirus took hold in Wuhan and the government ordered stringent lockdowns.But China's hugely powerful state clamped down on COVID-19, allowing the economy to grow 3.2% in the second quarter and 4.9% for the third.The country's overall economic growth of 2.3% in 2020 compares to <a href="https://markets.businessinsider.com/news/stocks/covid-could-cause-lost-decade-of-growth-world-bank-2021-1-1029937587">World Bank forecasts</a> of a 3.6% contraction in the US and a 7.4% fall of in the Eurozone. Advanced economies as a whole are expected to have contracted by 5.4% in 2020, the <a href="https://www.worldbank.org/en/publication/global-economic-prospects">World Bank said earlier this month</a>.China's industrial production - heavily supported by the state - has been at the heart of its recovery. Factory output jumped a further 7.1% in the final three months of 2020, after growing 5.8% in the previous quarter.Domestic consumption has been weaker, with retail sales growing 4.6% in the final quarter, but falling 3.9% across the year as a whole.But China increased the value of its exports by 4% across the year, helping it hit a new record trade surplus in December, thanks to the appreciation in the yuan.Commerzbank economist Hao Zhou said: "As the developed countries have re-imposed lockdown measures due to virus resurgence, the supply chain has been disrupted which forced many orders to shift to China as the economy has been normally operating."In our opinion, the strong exports have significantly contributed to China's economic outperformance."Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-best-profit-growth-reopening-goldman-sachs-2021-1" target="_blank" rel="noopener noreferrer">GOLDMAN SACHS: Buy these 25 stocks best-positioned to juice profits in 2021 as stimulus and vaccine progress spur economic growth</a>Despite its success in containing coronavirus after the initial outbreak, China has recently suffered a new flare-up in the north east and last week reported its first death since the spring.Tommy Wu, lead economist at consultancy Oxford Economics, said: "Following new restrictions announced due to COVID-19 outbreaks in two provinces, it is possible that reduced confidence and travel during the Chinese New Year holidays hamper Q1 growth."But for now, we think that the risk of major economic impact is low, given China's track record in containing COVID."The World Bank earlier this month predicted China's economy would grow 7.9% in 2021. Oxford Economics previously predicted growth of 8.1% in 2021, but on Monday said it would upgrade its forecasts.

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