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Financial support for Tibet: China

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Beijing: Preferential financial policies will be continued by China to support Tibet for the next five years.

On Wednesday, Deputy Head of the People’s Bank of China, Pan Gongsheng urged commercial banks to provide more credit resources for the state while risks are under control, Xinhua news agency reported.

He stressed on diversifying financial businesses and increasing branches in Tibet and encouraging qualified capital to establish small institutions like private and village banks.

More direct financing and financial bonds are expected to facilitate enterprises, especially small and micro businesses, in Tibet.

Liu Shiyu, Chairman of Agricultural Bank of China, said that the bank had set up 511 branches in Tibet and will try to establish financial services in all counties with access to highways, electricity and phone signals by the end of 2016.

Heads of Agricultural Development Bank and People’s Insurance Group also said that there will be more capital and policy support for Tibet’s local financing and industrial expansion. Tibet’s head Dalai Lama lives in India and has kept the demands of the freedom alive for the people of his place.

With such initiatives, China is trying to woo the locals of the troubled state. The communist party led country keeps facing protests all around the world for this issue. (IANS)

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China Warns Canada Against Severe Consequences If Huawei CFO Isn’t Released

A Huawei spokesman said on Friday that the company had "every confidence that the Canadian and U.S. legal systems will reach the right conclusion."

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Huawei, China
A man lights a cigarette outside a Huawei retail shop in Beijing. VOA

China warned Canada on Saturday that there would be severe consequences if it did not immediately release Huawei Technologies Co. Ltd.’s chief financial officer, calling the case “extremely nasty.”

Meng Wanzhou, Huawei’s global chief financial officer, was arrested in Canada on Dec. 1 and faces extradition to the United States, which alleges that she covered up her company’s links to a firm that tried to sell equipment to Iran despite sanctions. The executive is the daughter of the founder of Huawei.

If extradited to the United States, Meng would face charges of conspiracy to defraud multiple financial institutions, a Canadian court heard on Friday, with a maximum sentence of 30 years for each charge.

Huawei, China
Meng Wanzhou, Huawei Technologies Co. Ltd.’s chief financial officer, is seen in this undated handout photo obtained by Reuters. VOA

No decision was reached at the extradition hearing after nearly six hours of arguments and counterarguments, and the hearing was adjourned until Monday.

In a short statement, China’s Foreign Ministry said that Vice Foreign Minister Le Yucheng had issued the warning to release Meng to Canada’s ambassador in Beijing, summoning him to lodge a “strong protest.”

Adam Austen, a spokesman for Canadian Foreign Minister Chrystia Freeland, said Saturday that there was “nothing to add beyond what the minister said yesterday.”

Freeland told reporters on Friday that relationship with China was important and valued, and Canada’s ambassador in Beijing has assured the Chinese that consular access will be provided to Meng.

Good relationship

When asked about the possible Chinese backlash after the arrest of Huawei’s CFO, Prime Minister Justin Trudeau told reporters on Friday that Canada had a very good relationship with Beijing.

Huawei, China, Canada
The exterior of the Alouette Correctional Center for Women, where Huawei CFO Meng Wanzhou was being held on an extradition warrant, is seen in Maple Ridge, British Columbia, Canada. VOA

Canada’s arrest of Meng at the request of the United States while she was changing planes in Vancouver was a serious breach of her lawful rights, Le said.

The move “ignored the law, was unreasonable” and was in its very nature “extremely nasty,” he added.

“China strongly urges the Canadian side to immediately release the detained person, and earnestly protect their lawful, legitimate rights, otherwise Canada must accept full responsibility for the serious consequences caused.”

The statement did not elaborate.

“There will probably be a deep freeze with the Chinese in high-level visits and exchanges,” David Mulroney, former Canadian ambassador to China, said on Friday. “The ability to talk about free trade will be put in the icebox for a while. But we’re going to have to live with that. That’s the price of dealing with a country like China.”

Trump-Xi meeting

Meng’s arrest came on the same day that U.S. President Donald Trump met in Argentina with China’s Xi Jinping to look for ways to resolve an escalating trade war between the world’s two largest economies.

Huawei, U.S., China
A woman walks past an advertisement for Huawei at a subway station in Hong Kong. VOA

“We are tracking the developments of this case and refer you to the filings in the Supreme Court of British Columbia,” said a U.S. State Department official, speaking on condition of anonymity.

The news of Meng’s arrest has roiled stock markets and drawn condemnation from Chinese authorities, although Trump and his top economic advisers have played down its importance to trade talks after the two leaders agreed to a truce.

Also Read: U.S. Sues Chinese Tech Executive Over Business Dealings With Iran

A Huawei spokesman said on Friday that the company had “every confidence that the Canadian and U.S. legal systems will reach the right conclusion.” The company has said it complies with all applicable export control and sanctions laws and other regulations. (VOA)