Nihal Rodrigo, a former Sri Lankan foreign secretary and ambassador to China, said that discussions with Chinese officials at the time made it clear that intelligence sharing was an integral, if not public, part of the deal. In an interview with The Times, Mr. In later years, Chinese officials and the China Harbor company went to great lengths to keep relations strong with Mr.
Rajapaksa, who for years had faithfully acquiesced to such terms. Rajapaksa over the opposition, which was threatening to tear up economic agreements with the Chinese government. There is no comprehensive picture of that yet, said one Chinese economic policymaker, who like many other officials would speak about Chinese policy only on the condition of anonymity. Some Chinese officials have become concerned that the nearly institutional graft surrounding such projects represents a liability for China, and raises the bar needed for profitability.
Since the port seizure in Sri Lanka, Chinese officials have started suggesting that Belt and Road is not an open-ended government commitment to finance development across three continents. Hu Shisheng, the director of South Asia studies at the China Institutes of Contemporary International Relations, said that China clearly recognized the strategic value of the Hambantota port.
Big countries cannot fight in Sri Lanka — it would be wiped out. Although the Hambantota port first opened in a limited way in , before the Belt and Road Initiative was announced, the Chinese government quickly folded the project into the global program. A highway that cuts through the district is traversed by elephants and used by farmers to rake out and dry the rice plucked fresh from their paddies.
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But in , the president had grown impatient. Chinese laborers began working day and night to get the port ready, officials said. Ports Authority officials, unwilling to cross the president, quickly moved ahead anyway.
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The Hambantota port opened in an elaborate celebration on Nov. Then it sat waiting for business while the rock blocked it.
Some openly speculated about whether the company was simply overcharging or the price tag included kickbacks to Mr. By , the port was struggling to attract ships — which preferred to berth nearby at the Colombo port — and construction costs were rising as the port began expanding ahead of schedule. The government decreed later that year that ships carrying car imports bound for Colombo port would instead offload their cargo at Hambantota to kick-start business there.
Still, only 34 ships berthed at Hambantota in , compared with 3, ships at the Colombo port, according to a Finance Ministry annual report. Determined to keep expanding the port, Mr.
The Chinese agreed again. But this time, the terms were much steeper. Von Wobeser y Sierra, SC. Mariana Norton dos Reis. WongPartnership LLP. Christian Hoedl and Diana Linage. Paul Anderson. Editor Francis J Aquila. Over the years since the financial crisis, shareholder activism has been on the rise around the world. As both shareholder activists, and the companies they target, become more geographically diverse, it is increasingly important for legal and corporate practitioners to understand the legal framework and emerging trends of shareholder activism in the various international jurisdictions facing activism.
The Shareholder Rights and Activism Review is designed as a primer on these aspects of shareholder activism in such jurisdictions. Editor Willem J L Calkoen. In this ninth edition, we can see that corporate governance is becoming a more vital and all-encompassing topic with each year that passes. We all realise that the modern corporation is one of the most ingenious concepts ever devised.
Our lives are dominated by corporations. We eat and breathe through them, we travel with them, we are entertained by them, most of us work for them. Most corporations aim to add value to society, and they very often do. Some, however, are exploiting, polluting, poisoning and impoverishing us…. Whether the reader is a company executive or a private practitioner, we hope that this edition will prove useful in navigating the complex world of product liability and alerting you to important developments that may affect your business.
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Editor Erika C Collins. For the past nine years, we have surveyed milestones and significant events in the international employment law space to update and publish The Employment Law Review. This tenth edition is proof of the continuously growing importance of international employment law. As the various editions of this book have highlighted, changes to the laws of many jurisdictions over the past several years emphasise why we continue to consolidate and review this text to provide readers with an up-to-date reference guide.
Editor Mark Abell. This book provides an introduction to the basic elements of international franchising and an overview of the way that it is regulated in 37 jurisdictions. It seeks to provide the reader with a high-level understanding of the challenges involved in international franchising in the first section, and then, in the second section, explains how these basic themes are reflected in the regulatory environment within each of the countries covered. Arthur Kohn. Janet Cooper. But almost immediately after the report appeared, the chapter containing these cautions suddenly vanished: unspecified Chinese officials had taken umbrage at such direct criticism, and forced the World Bank to redact the offending portion of its analysis.
Chinese officialdom has often had difficulty accepting criticism — especially from outside experts in a public setting — and whether this critical shortcoming is a consequence of traditional mores or a Leninist political culture is hard to determine. However, such sensitivities have frequently prevented Chinese officials from identifying and fixing problems before they erupt into crises. Indeed, there is no nation of significance in the world today that is in the process of undergoing a more challenging transition: from Maoist revolution to stakeholder in the modern, marketised global world.
The collective sense of shock owed something to the fact that over the past 25 years, China had not encountered many economic crises that officials found impossible to handle through state intervention. By this time, more than half of the listed companies on the two Chinese exchanges had suspended trading of their own stocks; state-owned enterprises SOEs were instructed not to sell shares. But it is in each lesson learned that the market has matured … So participants in the market should earnestly reflect, collectively sum up their experiences, and then work together to achieve a capital market that is stable and can continue to develop in a healthy manner over the long term.
But such florid rhetoric was too little and too late to soothe the agitated investors who had just lost their shirts. Benefit the people! Were Deng still alive to watch the Chinese stock exchanges that he himself had initiated crash some 25 years later, he might have said the same thing. For the rise, and fall, of these markets was a delayed but equally inevitable outcome of another one of his very unlikely and risky experiments. It was a shocking exhortation from a communist leader who had spent his entire life steeped in Maoist revolution and class struggle.
But it was only the first of a string of surprising public utterances and policies during these early pioneering years in the s. One of his boldest experiments began in the late s, when, like a mad scientist playing with the creation of new hybrid species, he called for the creation of two capitalist-style stock exchanges in China.
The first was to be established in Shanghai, a city that had been the wellspring of the most virulently leftist form of violent Maoist class struggle during the Cultural Revolution. It involved the creation of four new coastal special economic zones, intended to promote Chinese development by allowing more unfettered interaction with the outside world. Observers at the time — including myself, then covering these counterintuitive changes in China for the New Yorker — were left scratching our heads in puzzlement.
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How were these capitalist organs ever going to be transplanted into the living body of Chinese socialism, much less take root and thrive? But, as someone who had first come to China during the Cultural Revolution, I found it difficult not to be sceptical about such projects succeeding — given the clash between what then appeared to be two wildly irreconcilable ideological positions. How had such a reviled capitalist institution fallen into such an apostate land? Soon, the sceptics were left to wonder whether Deng might not have stumbled on a new hybrid economic model after all — one that was not only workable, but very dynamic.
If so, he had done a masterful end-run around all the old verities of our own western economic development theory, systems and experience. In the world of economics, there are few institutions more dependent than stock exchanges on an ability to respond in an unfettered way to market forces.
In short, it seemed highly unlikely these opposite tendencies could coexist in happy synergy for ever: what we have seen playing out in China over the past few weeks, then, was a kind of delayed autoimmune reaction to having such an alien presence transplanted within it. The host might survive, but the organ was going to have to adapt to be accepted.
It is hard to imagine that all this behind-the-scenes manipulation will not dent the confidence of investors in the future: the already tenuous connection between share prices and actual corporate value will now be even more uncertain, when the government, in effect, has its thumb on the scales. Added to that fear is the real possibility that shareholders who re-enter the market may find themselves in the future holding untradable and therefore illiquid shares if the government again decides to freeze market operations in response to a sharp decline.