Greece, Cyprus, Egypt eye expanding Mediterranean energy deals

Cyprus President Nicos Anastasiades, center, Greek Prime minister Alexis Tsipras, right, and Egypt's President Abdel-Fattah el-Sissi talk during their meeting at the presidential palace on Tuesday, Nov. 21, 2017. (File/AP)
Updated 10 October 2018

Greece, Cyprus, Egypt eye expanding Mediterranean energy deals

ATHENS: The leaders of Greece, Egypt and Cyprus are meeting on the island of Crete to discuss furthering regional co-operation, including oil and gas exploration rights in the east Mediterranean and efforts to combat illegal immigration to Europe.

Greek Prime Minister Alexis Tsipras on Wednesday hosted the sixth meeting with Egyptian President Abdel-Fattah el-Sissi and Cypriot President Nicos Anastasiades.

War-divided Cyprus and Egypt are both at odds with Turkey over Mediterranean exploration boundaries, while Greece is moving ahead with plans to explore for oil and natural gas in the Ionian Sea and south of Crete.

The development plans prompted the environmental group Greenpeace to write an open letter to the three leaders, urging them to abandon fossil fuel expansion and switch to common initiatives on renewable energy.


China aims for sustained and healthy economic development

Updated 30 October 2020

China aims for sustained and healthy economic development

  • Beijing to let market forces play decisive role in resources allocation, report says

BEIJING: China is targeting sustained and healthy economic development in the five years to 2025, with an emphasis on a higher quality of growth, the Xinhua news agency said on Thursday, citing the ruling Communist Party’s Central Committee.

President Xi Jinping and members of the Central Committee, the largest of the ruling party’s elite decision-making bodies, met behind closed doors from Monday to lay out the 14th five-year plan, a blueprint for economic and social development.

China’s external environment “is getting more complicated,” the agency said, adding, “There is a significant increase in instabilities and uncertainties.”

BACKGROUND

China aims to boost its gross domestic product (GDP) per person to the level of moderately developed countries by 2035, while GDP is due to top 100 trillion yuan ($15 trillion) in 2020.

However, the country’s development was still in a period of important strategic opportunities, despite new challenges, it said.

It added that China aims to boost its gross domestic product (GDP) per person to the level of moderately developed countries by 2035, while GDP is due to top 100 trillion yuan ($15 trillion) in 2020.

China will also deepen reforms and let market forces play a decisive role in resources allocation, the agency said.

China will promote a “dual circulation” model, make self-sufficiency in technology a strategic pillar for development, move to develop and urbanize regions, and combine efforts to expand domestic demand with supply-side reforms, it added.

The “dual circulation” strategy, first proposed by Xi in May, envisages that China’s next phase of development will depend mainly on “domestic circulation” or an internal cycle of production, distribution and consumption, backed by domestic technological innovation.