Govt seeks more funds from Beijing for three projects including Bangkok-Kunming Highway

[snoop1130]

Govt seeks more funds from Beijing for three projects including Bangkok-Kunming Highway

By The Nation

 

 

Deputy Prime Minister Jurin Laksanawisit led other Asean ministers in discussions with China on upgrading their trade partnership, aiming to obtain an additional 130 million yuan (Bt557.7 million) for three projects including a highway linking the Thai capital to Kunming in the southern Chinese province of Yunnan.

 

Jurin, who is also the commerce minister, said after the 18th Asean-China Economic Ministers Meeting in Bangkok on Monday that the next step is to improve cooperation in three aspects.

 

“[Some members of] Asean and China have had a free trade agreement, or FTA, for more than 15 years,” he said. As of August 2019, all the bloc’s members have signed the Asean-China free trade agreement. “From now on we will focus on opening markets for additional products, improving existing regulations to suit modern trading, and preparing for future investment policies,” he added.

 

According to the deputy PM, China has established a Mekong-Lanchang Cooperation fund of 300 million yuan to support Asean operations.

 

“We have already assigned 50 million yuan of this fund to prepare an online platform for Asean tourism and the training of entrepreneurs regarding rules of product origin,” Jurin said.

 

“After this meeting, Thailand aims to seek additional funding of 130 million yuan from China to support three projects,” he said. “These projects are the R3A Highway connecting Bangkok to Kunming, development of new-generation entrepreneurs, and development of online trading among Cambodia, Laos, Myanmar, Vietnam and Thailand.”

 

The Chinese delegates have acknowledged this request and will seek advice, Jurin said.

 

In 2018, trade between Asean and China exceeded $479 billion (Bt14.6 trillion), making the Asian giant Asean’s biggest trading partner responsible for 17 per cent of the regional bloc’s global market share.

 

Source: https://www.nationthailand.com/news/30375987

 

-- © Copyright The Nation Thailand 2019-09-09

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[sammieuk1]

The Chinese tentacles will end up straggling the life out of here in years to come as the generals get more and more yuan blind 

[trainman34014]

They are going the same way as Yinglucks Government went but because they are 'Generals' they will get away with putting the country in hock to China forever !

[overherebc]

Might get a good Chow Mein or Chop Suey soon then.

[greeneking]

1 hour ago, sammieuk1 said:

The Chinese tentacles will end up straggling the life out of here in years to come as the generals get more and more yuan blind 

But we also hear that their huge foreign currency reserves are causing the problem high baht.

Why are they borrowing money at all?

[Reigntax]

Thailand soon to be named South East China.

[Reigntax]

31 minutes ago, overherebc said:

Might get a good Chow Mein or Chop Suey soon then.

Might get a military controlled government also.....whoops, almost forgot !!!!

[Reigntax]

6 minutes ago, greeneking said:

But we also hear that their huge foreign currency reserves are causing the problem high baht.

Why are they borrowing money at all?

The foreign reserves are probably in accounts in the name of certain generals.

 

I seem to remember military funds held in a personal account. But that was ok, it was on Prayuts brother.

[RichardColeman]

2 hours ago, snoop1130 said:

Govt seeks more funds from Beijing for three projects including Bangkok-Kunming Highway

1. Tank making factory.

2. Another tank making factory.

3. Bangkok-Kunming Highway to park tanks on

[Nowisee]

There's a good series playing on YT called The New Silk Road.

[Selatan]

1 hour ago, greeneking said:

But we also hear that their huge foreign currency reserves are causing the problem high baht.

Why are they borrowing money at all?

Foreign currency reserves are the assets of the central bank, not the government.

[donnacha]

3 hours ago, Selatan said:

Foreign currency reserves are the assets of the central bank, not the government.

How well-armed do you think the central bank is?

[neeray]

Sounds like a similar concept to the USA with the China-held treasury bonds.

 

Thailand likes to go-it-alone except when it comes to borrowing money from China.

Maybe there's a side deal; we'll let you put the noose around our neck if you'll send us more tourists.

[Thongkorn]

Selling there Souls to the Devil.

[Reigntax]

At least when Thailand is owned by China, Thailand can say they have a military base in the South China Sea and a place to dock those new subs.

[Damrongsak]

26 minutes ago, Reigntax said:

At least when Thailand is owned by China, Thailand can say they have a military base in the South China Sea and a place to dock those new subs.

They will have to take them there to get the oil changed.

[yellowboat]

And kiss your hub aspirations good by.   Kunming will become that.  It is a lovely city. 

 

Looks like SEA is putting a lot of eggs in the China basket. 

[smudger1951]

12 hours ago, greeneking said:

But we also hear that their huge foreign currency reserves are causing the problem high baht.

Why are they borrowing money at all?

That is the paradox that gives away the lie. What is the state of the thai economy and where is it headed ?

[hotchilli]

15 hours ago, snoop1130 said:

“After this meeting, Thailand aims to seek additional funding of 130 million yuan from China to support three projects,” he said. “These projects are the R3A Highway connecting Bangkok to Kunming, development of new-generation entrepreneurs, and development of online trading among Cambodia, Laos, Myanmar, Vietnam and Thailand.”

No such thing as a free lunch... Cambodia is now finding out that after the devil has got his feet firmly under the table he starts calling the shots.

If the military budget was spent in better ways there would be no need for Chinese investment!

[rossco1]

funny borrow money for projects but put out a budget with 250million US dollars to be spent on cant say 

 

[DUNROAMIN]

Mmmmm, so that's why they give Chinese free visas. Slowly will be so deep in debt to China Thailand will become Chinas puppet.

[phkauf]

With all the Thai and Chinese driving on the proposed road, it should be called The Death Highway. 

[Expat Tom]

Certainly, the people in charge of the government of Thailand are just plain stupid! They will merrily lead Thailand into the Chinese debit trap and finish ruining this country. Complete idiots....submarines? Need I say more. 

In December, I'm out of here. 

[Jimdandy]

And with the money will come more influence over culture and global expansion of Beijing's philosophy. Isn't the lesson in Hong Kong and Taiwan enough to figure it out yet?

[LALes]

What about the lesson of sihanoukVille? Would you like to see Pattaya become the next Sihanoukville?

[DLock]

“These projects are the R3A Highway connecting Bangkok to Kunming, development of new-generation entrepreneurs, and development of online trading among Cambodia, Laos, Myanmar, Vietnam and Thailand.”

 

"Development of new-generation entrepreneurs"? What does that even mean - chasing unicorns again?

 

"...development of online trading among Cambodia, Laos, Myanmar, Vietnam and Thailand." - I think the Internet has already been developed. 

 

 

 

[Srikcir]

13 hours ago, Selatan said:

Foreign currency reserves are the assets of the central bank, not the government.

True but not really countering the question 'Why is the Thai government borrowing money at all?'

BoT has sought new laws (2015) that allow it to invest in higher risk public, government and corporate bonds - a debt instrument.

The proposed law would include (unknown if passed) investment in the newly created Sovereign Wealth Fund used to buy shares in Thai companies that would build and operate government infrastructure projects in Thailand!

So while BoT holds and manages the foreign reserves, it could indirectly make those funds available to the Thai government. If and when it does, the Public is unlikely to know.

[dogfish180]

557.7 million baht.....That's $18 million. Not going to build much road with that! Surely Thailand doesn't need and $18 million loan. Must be a mistake ????

[Srikcir]

16 hours ago, snoop1130 said:

Govt seeks more funds from Beijing for three projects including Bangkok-Kunming Highway

Recalling part of Prayut's speech at the Fifth Bloomberg ASEAN Business Summit on “The Future of Thailand and ASEAN” (21 June 2019):

https://www.asean2019.go.th/en/news/keynote-speech-delivered-by-his-excellency-general-prayut-chan-o-cha-ret-prime-minister-of-the-kingdom-of-thailand-at-the-fifth-bloomberg-asean-business-summit-on-the-future-of-thailand-an/

• "It is my intention to see a Thailand that radiates strength from within, supported by solid economic fundamentals from the grassroots level. The Thai private sector and ASEAN are our strengths in reducing the development gap and generating real growth from the grassroots level, by distributing growth to people with low income and SMEs, as well as connecting them to the global value chain. The Sufficiency Economy Philosophy is an important tool in creating sustainable development, and strengthening resilience against external challenges. Moreover, it is also applicable to inclusive growth in the ASEAN context  Vision on ASEAN and the Region"
• "I am confident that Thailand and ASEAN are capable of coping with these challenges, and that we are able to act as a stable platform for trade and investment and be the solution that caters to the needs of investors worldwide. In addition, we would maintain ASEAN centrality in the regional architecture amidst major power competition in the region."
• "The private sector can have confidence in Thailand and seize every opportunity from Thailand and ASEAN’s readiness to expand business ventures."

Borrowing again from China (and likely making awards to Thai joint ventures with China State-owned companies) is NOT a sustaining economic policy.

For the last five years as the junta Chief and PM Prayut has promised investments from Thailand Public-Private Partnerships to fund government infrastructure projects such as the Chinese dual rail project. Such efforts have obviously failed to evolve.

Now Prayut has in effect declared that Thailand and ASEAN is NOT capable of coping with such challenges. But in fairness maybe a different Thai leadership can.

[Nanaplaza666]

When the money is in i feel visa's for chinese will be impossible to get in the future . Smart move taking their money first and after making it almost impossible to stay or get in . ????