Caixin Global – Latest China News & Headlines

Home >

Chinese Companies Line Up to Take Advantage of Huawei’s U.S. Troubles
WeChat Judge Won’t Pause Temporary Order Blocking Trump Ban
Fintech Giant Lufax’s U.S. IPO Could Raise $2.36 Billion
Mobile Browser Crackdown Ensnares Big Names
Chinese Biotech Startup Genecast Bags $149 Million in Series E Funding Round
Founder and CEO in ‘Divorce’ With Dating App Momo
Chinese Medical Rehabilitation Robot Maker Fourier Closes $15 Million Funding Round
Caixin Investigation Uncovers Shady Business In Myanmar
Tencent Bets Big on Chinese E-Sport Firm, Leading $100 Million Funding Round
Chinese Companies Line Up to Take Advantage of Huawei’s U.S. Troubles
Trending in China: Social Media Applauds Jack Ma’s Detailed Critique of China’s Financial Sector
Trending in China: Female Student Fights ‘Period-Shaming’ – Social Media Discusses the Pros and Cons
Chinese Auto Tech Startup Closes $194 Million Series A Funding Round Led by Baidu
iQiyi to Create Genre-Specific Content to Meet Different Audience Demands
Gaw Capital Inks JV With Manbang Group to Develop Smart Logistics Properties in China
Tesla Recalls Nearly 50,000 U.S.-Made Cars in China over Suspension Problems
Fintech Giant Lufax’s U.S. IPO Could Raise $2.36 Billion
WeChat Judge Won’t Pause Temporary Order Blocking Trump Ban
Mongolia Delivers First Batch of Donated Sheep to China
Signs of Stormy Weather Ahead for One of China’s Largest Semiconductor Makers
Trending in China: Finding Pleasure in the Pain of Everyday Life – China’s Youth Mock Their Own Reality
‘Double 11’ Shopping Fest Faces Covid-19 Supply Chain Pressures
Trending in China: Scalpers Take Advantage of Lack of New iPhone 12s in Stock in China

By Ke Dawei / Nov 21, 2018 03:39 PM / World

Photo: VCG

Photo: VCG

China signed 29 memoranda of understanding (MOU) with the Philippines during President Xi Jinping’s first state visit to the country Tuesday – but one is more controversial than the others.

The deal, an agreement to jointly explore oil and gas, is sparking fears that it will involve exploration within disputed areas of the South China Sea (SCS).

Tensions over ownership of large swaths of the SCS mounted during the 2010-2016 presidency of Benigno Aquino III, which culminated in an UNCLOS ruling fully backing the Philippines’ claims. But rather than press the point, the then-incoming new president Rodrigo Duterte said he would instead work with China to jointly develop some 4 trillion cubic feet of untapped gas reserves believed to lie within Philippine territory.

The MOU signed on Tuesday lacks detail and only mentions joint gas and oil development, not the territories in question. However, Philippine Energy Secretary Alfonso Cusi later said that the deal would cover SCS development.

The move is likely to spark strong opposition among Philippine lawmakers, who fear that Duterte is surrendering the country’s claims over the territories to China. It follows a turbulent APEC summit in Papua New Guinea that saw China and the U.S. exchange barbs on trade and market policy and several Asian-Pacific nations seemingly take sides.

Share this article
Open WeChat and scan the QR code