BEIJING // China's vice president will visit the United States this week, not long after Beijing outraged the US with its veto of a UN resolution aimed at ending the violence in Syria.
Xi Jinping, the man expected to be China's next president in a year's time, will meet the US president, Barack Obama, and other Washington officials, visit a soybean farm in Iowa and make a stop in southern California.
Chinese officials last week were quick to say the anger expressed over the vetoes by China and Russia on February 4 would not affect cooperation on other issues.
Cui Tiankai, the vice foreign minister, described Mr Xi's visit as offering a chance for the two countries to reduce a "trust deficit" that vividly contrasts with booming economic, cultural and educational ties between the countries.
"Both sides, China and the United States, have come to realise the need for redoubled efforts to solve this issue and Vice-President Xi's visit this time will provide a very important opportunity to further enhance our mutual trust," Mr Cui told reporters.
But as the man who is set to run China until 2023 takes measure of the US, he will be sized up not only by Americans but - and perhaps more important for him - by a powerful audience back home in China.
"This is largely a PR visit - something to show the leadership back in Beijing that he's prepared for leadership, that he can handle the United States," said Walter Lohman, the director of Asian studies at the Heritage Foundation. The US and China are the world's two biggest economies.
Mr Xi will remain China's vice president for 13 months, but in autumn will inherit the first top title from President Hu Jintao — that of head of the Chinese Communist Party — before being anointed state president in March 2013.
Issues expected to be on the agenda are the value of Chinese currency, with American lawmakers saying China keeps the yuan artificially low to help exporters and, in doing so, harms US manufacturers, and how to rein in the nuclear ambitions of Iran and North Korea.
Mr Xi and Mr Obama will meet on Tuesday, a day after the 58-year-old vice president arrives. Discussions are also scheduled with the US vice president, Joe Biden; the secretary of state, Hillary Clinton; and the defence secretary, Leon Panetta.
On Wednesday, Mr Xi will go to Capitol Hill - where China is often criticised - to meet senior US senators and House of Representatives Speaker John Boehner, US officials said.
Hundreds of protesters critical of Chinese policies towards Tibet, Taiwan, the ethnic Uighur minority and the Falun Gong spiritual movement will demonstrate in a park outside the White House on Tuesday, organisers said.
Mr Xi may have strong ties to the United States - he first visited more than a quarter of a century ago and his daughter is studying at Harvard University - but few expect the visit to result in any breakthroughs.
The interdependence between China and the United States "has become stronger and stronger. But there must be some controversies and conflicts. It's been like that for the past 20 years. I don't think that's going to change. These kinds of high-level visits can enhance mutual understanding, but the visit itself cannot solve these problems," said Ting Wai, a political scientist at Hong Kong Baptist University.
Mr Xi then goes to Iowa, where he will be reunited with a family in Muscatine he stayed with briefly in 1985, when he was an animal-feed official in Hebei, Iowa's sister province. His final stop will be in Los Angeles, where he will visit the Port of Los Angeles to showcase the port's role in trans-Pacific trade.
US officials and analysts are watching the visit for insights into what Mr Xi thinks, a subject few outside the Communist Party inner circle know much about.
Analysts have cited the economic liberalism of his father, Xi Zhongxun, a former vice premier and provincial party chief who helped to spearhead the economic boom in southern China, as an indication that the son too may have reformist tendencies.
But beyond the occasional public utterance, Mr Xi himself has given little away, holding to the tradition of officials moving up the ranks of keeping their cards close to the chest.
"He is still almost an unknown entity," said Barry Sautman, an associate professor and political analyst at the Hong Kong University of Science and Technology. "He's worked his way up but without any grand association with a particular achievement or event. That means it's really difficult to tell what he will do based upon what he's done."
In a political system where diverging from the party line usually hurts a career, few expect Mr Xi to be a radical thinker who will institute the kind of political reforms western powers would like to see.
After leaving the US, Mr Xi will travel to Ireland and Turkey before returning to China on February 22.
dbardsley@thenational.ae
* With additional reports from Associated Press and Bloomberg News
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
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Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
BACK%20TO%20ALEXANDRIA
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The five types of long-term residential visas
Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:
Investors:
A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.
Entrepreneurs:
A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.
Specialists
Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.
Outstanding students:
A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university.
Retirees:
Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
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On sale: Now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
