Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Myanmar president hails 'historic' visit as China's Xi arrives to fanfare

Published 01/17/2020, 08:26 AM
Updated 01/17/2020, 08:26 AM
© Reuters. Chinese President Xi and Myanmar State Counsellor Aung San in Naypyitaw

By Thu Thu Aung and Poppy McPherson

YANGON (Reuters) - Chinese President Xi Jinping flew into Myanmar on Friday for two days of talks to shore up massive infrastructure projects in the Southeast Asian nation isolated by the West over its treatment of the Rohingya Muslim minority.

State counselor Aung San Suu Kyi greeted him with a handshake on the steps of the presidential palace after a ceremonial welcome by the president and a military marching band, on the first day of a two-day visit, Xi's first as leader and the first of any Chinese president in 19 years.

Win Myint, the president, told reporters at the palace it was a "very historic and important trip".

Analysts say Xi will seek to reinvigorate stalled infrastructure projects central to his flagship Belt and Road Initiative described as a "21st century silk road".

The two countries have had a historically fraught relationship, with many in Myanmar suspicious of the tremendous sway China holds over its smaller neighbor, but have moved closer since the expulsion of the Rohingya in 2017 was met with international condemnation.

More than 730,000 Rohingya were forced to flee western Myanmar after a military crackdown the United Nations has said was executed with "genocidal intent". China has defended the country on the global stage and is viewed as the biggest obstacle to a prosecution of its leaders at an international war crimes tribunal.

China is the second biggest investor in Myanmar, behind only Singapore, data published by the World Bank shows. Myanmar's exports to China, its largest trading partner, were worth $5.5 billion in 2018, while imports were worth $6.2 billion.

Hundreds of school children and government staff lined the road from the airport on Friday, waving flags and chanting, “Chinese president!” “May his health be good!”

“China always helps our country when we are in crisis or when we face natural disasters,” said Aye Aye Mu, a local teacher. “They always support us and send donations to us.”

But many in Myanmar view China warily and infrastructure projects have been deeply unpopular, uprooting thousands of villagers and wreaking environmental damage.

Protesters plan to gather outside the Chinese embassy in Yangon on Saturday to oppose the "exploitation of natural resources" in Myanmar, including the $3.6 billion Myitsone hydropower dam project, which was suspended in 2011 but may be restarted.

In one of the capital's most popular teashops, 34-year-old Aung Ko Latt, a businessman, said Myanmar was not equipped to evaluate Chinese projects to make sure they meet international standards and benefit local communities.

© Reuters. Chinese President Xi and Myanmar State Counsellor Aung San in Naypyitaw

"They will exploit Myanmar under the current circumstances," he said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.