DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 3301

Gemini Earn Customers to Receive Cryptos at the End of May

0

The cryptocurrency landscape has witnessed a significant development as the court approves the Genesis bankruptcy plan, marking a pivotal moment for Gemini Earn customers. This approval sets the stage for the return of approximately $3 billion in assets to creditors and investors, including those involved with the Gemini Earn program.

The Gemini Earn program has been a topic of interest for many in the cryptocurrency community. It’s a feature offered by the Gemini exchange that allows users to earn interest on their digital assets. The program works by lending out users’ cryptocurrencies to institutional borrowers and, in return, users receive interest payments.

Recently, the program faced challenges due to the bankruptcy of Genesis, a key partner in the lending process. However, as of May 2024, the Bankruptcy Court has confirmed Genesis’s Amended Plan, and initial distributions of digital assets to Earn users are expected by the end of May. This is a significant step towards resolution for users who have been affected by the suspension of redemptions since November 2022.

Gemini has emphasized its commitment to transparency throughout this process, updating users weekly and taking measures to enhance account security ahead of asset distribution. For those interested in the Gemini Earn program, it’s important to stay informed about the latest developments and understand the risks associated with lending digital assets.

The journey to this point has been complex, with Genesis Global navigating through bankruptcy proceedings to reach a settlement that would allow for the reimbursement of its creditors and investors. The court’s decision comes as a relief to many who have been awaiting the return of their investments.

The plan approved by the bankruptcy court judge entails Genesis Global repaying its creditors, which includes a substantial number of individuals who participated in the Gemini Earn program. This program, which was closely tied to the operations of Genesis, had been under scrutiny following the lender’s financial troubles.

The settlement agreement, which also received the green light from the New York attorney general, underscores the need for robust regulation in the cryptocurrency industry. It reflects a growing recognition of the importance of consumer protection and the establishment of clear guidelines for the operation of crypto-related businesses.

For the customers of Gemini Earn, the end of the month could bring the much-anticipated return of their crypto assets. This move is not just about the refund; it’s a testament to the resilience of the cryptocurrency ecosystem and its ability to navigate through challenging times.

As the industry continues to evolve, this event will likely be looked back upon as a defining moment that helped shape the future of cryptocurrency regulation and consumer protection. The Genesis bankruptcy resolution may serve as a blueprint for similar situations in the future, providing a clearer path for the resolution of complex financial scenarios within the crypto space.

The implications of this development are far-reaching, affecting not only the parties directly involved but also setting a precedent for the industry at large. It highlights the importance of transparency, accountability, and the need for a legal framework that can adapt to the rapidly changing landscape of digital finance.

As the cryptocurrency market matures, the Genesis case may well become a reference point for future regulatory discussions and decisions. It is a reminder that in the dynamic world of crypto, legal and financial structures must be in place to protect the interests of all stakeholders involved.

PDP Tenders Apology for 24 years of Poor Governance in Abia State Nigeria

0

The Peoples Democratic Party (PDP) in Abia State has publicly tendered an apology for the poor governance executed in the state under its 24-year rule, after acknowledging the mistakes that led to its defeat in the 2023 general elections.

The apology was tendered during a press briefing held at the new PDP secretariat in Ogurube Layout, Umuahia, following a stakeholders meeting attended by 850 delegates from the state’s 17 council areas. There, the party also pledged to rectify its mistakes in preparation for the 2027 elections.

Elder Amah Abraham, the Vice Chairman and Acting State Publicity Secretary of the PDP addressed journalists, stating that the party had conducted a thorough review of the 2023 elections to understand and acknowledge its missteps. 

“We did an assessment after the last general elections, we actually discovered why we lost the election and we took responsibilities and we’ve apologized,” Abraham said.

One of the critical areas identified was the party’s overemphasis on its welfarist agenda, which, according to Abraham, diverted resources away from essential state functions and created financial strain. 

“We were carried away by our welfarist government where we were paying up to seven, nine and twelve thousand youths every month in the name of empowerment and we couldn’t manage our pension well, which is why we left a backlog of 45 months of pension arrears,” he explained.

The party also faced significant issues with accountability within its ranks, particularly concerning the management of state parastatals. Abraham noted that the party failed to hold certain appointees accountable for administrative lapses, leading to inefficiencies and financial mismanagement. 

“We were reluctant in holding some persons appointed to head some parastatals in the state accountable for abusing administrative inputs which eventually led into serious problems in most of the parastatals,” he said.

The PDP has committed to making necessary adjustments to avoid repeating the same mistakes. Abraham highlighted that the party would be more prudent in its future welfare programs and ensure better management of state resources. 

“If a government can pay 12 thousand youths as Special Assistants, Special Advisers, etc., if we had cut down 40% of that, we would have been able to use them to manage some of these 45 months and still have change,” Abraham remarked.

Abraham expressed confidence that the PDP will be the party to beat in the 2027 elections, citing ongoing efforts to strengthen the party’s structure and strategy. 

“In the next one month, we’ll have an elaborate celebration here in Umuahia where we’ll be receiving many of them. Many are coming. Nature abhors a vacuum. When one vacates his seat, another will take over. I assure you that the PDP remains strong and that we’re the party to beat in the 2027 election,” he asserted.

As part of the PDP’s commitment to transparency, Abraham disclosed plans to release a detailed statement analyzing the current administration’s performance in Abia State. 

“Soon, I’ll be releasing a special statement about the analysis the state working committee has done concerning this administration in Abia State and that statement is all-encompassing. By the time you go through that statement, you’ll know we have a lot of hope,” he said.

Governor Alex Otti’s Emergence, the Exposé on PDP’s Poor Governance

The PDP’s apology is believed to have stemmed from its resounding defeat in the last governorship election, which saw Alex Otti of the Labour Party (LP) emerge as Abia State governor. Also, Otti, who in one year, has given the state a facelift in a way many believed has surpassed the 24 years of the PDP leadership, is believed to have starkly exposed the depth of the party’s poor governance. It is believed to have also aggravated the growing apathy toward the PDP in the State.

Otti’s administration has taken significant steps to address the systemic issues that plagued the state under PDP rule. These efforts have not only endeared him to the people but also highlighted the inefficiencies and mismanagement that were rampant during the PDP’s tenure.

For instance, the governor has embarked on several infrastructure projects aimed at revitalizing Abia State. These include the construction and rehabilitation of roads, bridges, and public buildings that had been neglected for years. His administration’s focus on improving infrastructure has brought immediate relief to many communities and showcased the neglect that characterized the PDP era.

In the health sector, Otti has initiated programs to upgrade healthcare facilities and ensure better service delivery. This includes the refurbishment of hospitals and the provision of essential medical equipment. Similarly, the education sector has seen reforms aimed at improving the quality of education, including the renovation of schools and the training of teachers.

One of the critical issues that Governor Otti has tackled is the backlog of pension and salary arrears. By prioritizing the payment of these arrears, Otti has not only relieved financial stress for many families but also exposed the extent of financial mismanagement under the previous administration. His commitment to ensuring that pensions and salaries are paid on time has restored confidence among public sector workers.

Governor Otti has also introduced several economic initiatives to boost the state’s economy. These include support for small and medium-sized enterprises (SMEs), investment in agriculture, and the promotion of entrepreneurship. His administration’s efforts to create an enabling environment for businesses have led to increased economic activities and job creation.

Furthermore, Otti’s administration has emphasized transparency and accountability in governance. By implementing stricter control and audit, his government has reduced corruption and ensured that public funds are used effectively. This focus on accountability has exposed the lax oversight and financial irregularities that were prevalent during the PDP’s rule.

These initiatives have not only addressed the immediate needs of Abia State residents but have also endeared the governor to the people. His hands-on approach and commitment to addressing long-standing issues have earned him widespread support and highlighted the stark contrast between his administration and that of the PDP.

Nigeria Recorded 2.98% GDP Growth in Q1 2024

0

Nigeria’s economy experienced a year-on-year GDP growth of 2.98% in the first quarter of 2024, according to the latest report from the Nigerian Bureau of Statistics (NBS). 

This growth, while higher than the 2.31% recorded in the first quarter of 2023, marks a decline from the 3.46% growth seen in the fourth quarter of 2023. 

“The performance of the GDP in the first quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 4.32% and contributed 58.04% to the aggregate GDP,” the NBS report highlighted. 

In the first quarter of 2024, the agriculture sector showed signs of recovery, growing by 0.18%. This marks a notable improvement from the -0.90% contraction recorded in the same period last year. The industry sector also demonstrated growth, expanding by 2.19% in Q1 2024 compared to the 0.31% growth in Q1 2023. 

These figures suggest a broad-based recovery across different sectors of the economy, highlighting the diversified nature of Nigeria’s economic growth.

Aggregate GDP in nominal terms stood at N58,855,142.27 million for Q1 2024, reflecting a year-on-year nominal growth of 14.86% from N51,242,151.21 million in Q1 2023. 

“This increase in nominal GDP indicates not only economic growth but also inflationary pressures, as the value of goods and services produced in the economy has risen significantly,” the NBS said.

For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors. In the first quarter of 2024, Nigeria recorded an average daily oil production of 1.57 million barrels per day (mbpd), higher than the daily average production of 1.51 mbpd recorded in the same quarter of 2023 by 0.06 mbpd and slightly higher than the fourth quarter of 2023 production volume of 1.55 mbpd by 0.02 mbpd.

The real growth of the oil sector was 5.70% (year-on-year) in Q1 2024, indicating an increase of 9.91 percentage points relative to the rate recorded in the corresponding quarter of 2023 (-4.21%). However, growth decreased by 6.41 percentage points when compared to Q4 2023, which saw a growth rate of 12.11%. On a quarter-on-quarter basis, the oil sector recorded a growth rate of 13.77% in Q1 2024. 

“The Oil sector contributed 6.38% to the total real GDP in Q1 2024, up from the figure recorded in the corresponding period of 2023 and up from the preceding quarter, where it contributed 6.21% and 4.70% respectively,” the NBS noted. 

This growth in the oil sector is crucial for Nigeria, given its significant contribution to foreign exchange earnings and government revenues.

The non-oil sector, which encompasses a wide range of economic activities outside the petroleum industry, grew by 2.80% in real terms during the reference quarter. 

This growth rate was higher by 0.02 percentage points compared to the rate recorded in the same quarter of 2023 and 0.28 percentage points lower than the fourth quarter of 2023. 

“This sector was driven in the first quarter of 2024 mainly by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunications); Agriculture (Crop production); Trade; and Manufacturing (Food, Beverage, and Tobacco), accounting for positive GDP growth,” the report said.

In real terms, the non-oil sector contributed 93.62% to the nation’s GDP in the first quarter of 2024, lower than the share recorded in the first quarter of 2023, which was 93.79%, and lower than the fourth quarter of 2023, recorded at 95.30%.

Despite this positive trajectory, the country faces significant challenges due to persistently high inflation rates, which threaten to overshadow these economic gains. While these figures paint a picture of a growing economy, they are tempered by the reality of high inflation that continues to impact the purchasing power of Nigerians.

Economists note that the positive GDP growth, although encouraging, must be viewed within the context of an economy where inflationary pressures persist, eroding real income gains and increasing the cost of living for the average Nigerian. This economic challenge poses a significant threat to the sustainability of the growth trajectory observed in the first quarter of 2024.

Against this backdrop, economic experts and business leaders said that while Nigeria’s GDP growth in the first quarter of 2024 is a positive development, it is crucial to address the inflationary pressures that threaten to undermine these gains. 

They urge Policymakers to focus on stabilizing the economy, curbing inflation, and ensuring that economic growth translates into tangible benefits for the population. Earlier, financial analysts had noted that the path to sustainable economic prosperity lies in balanced growth, where sectoral performances are not only robust but also inclusive, addressing the pressing issues of inflation and improving the overall quality of life for Nigerians.

RCO Finance (RCOF) Unique Features To Take Over DeFi, Uniswap (UNI) And Shibarium In Trouble?

0

The decentralized finance (DeFi) sector has experienced explosive growth, with total value locked (TVL) in these protocols skyrocketing from under $1 billion in early 2020 to over $200 billion by the end of 2023. 

This meteoric rise exemplifies the growing potential and trend toward decentralized financial systems.

RCO Finance (RCOF) is already rising as one of the main contenders in this rapidly developing environment. It is designed to disrupt DeFi by providing a safe and accessible P2P financial system free from central authority.

What is RCO Finance (RCOF)?

RCO Finance (RCOF) is an AI trading platform that leverages blockchain technology to automate trading and provide users with an efficient and profitable experience. As RCO Finance operates on the Ethereum blockchain, buyers’ assets are safe and transparent.

What Sets RCO Finance Apart from Competitors?

RCOF distinguishes itself from other DeFi platforms, such as Uniswap (UNI) and Shibarium, through several key features:

Advanced Algorithmic Trading: RCOF utilizes sophisticated machine learning models to predict market trends and dynamically adjust liquidity pools, optimizing liquidity provision and yield generation. In contrast, Uniswap (UNI) relies on a simpler automated market maker (AMM) model, while Shibarium focuses on community-driven projects and meme tokens.

Cross-Chain Compatibility: RCOF enables seamless trading of assets across multiple blockchain networks, enhancing liquidity and accessibility. Uniswap (UNI) is primarily Ethereum-based, while Shibarium operates on the Shiba Inu ecosystem.

Enhanced Security Measures: RCOF employs robust security protocols, including multi-signature wallets, No KYC, decentralized governance, and real-time auditing systems to safeguard user assets. 

On the other hand, Uniswap (UNI) and Shibarium have faced security challenges.

User-Friendly Interface: RCOF boasts an intuitive interface that caters to novice and experienced users, making DeFi accessible to a wider audience. This contrasts the sometimes complex interfaces of platforms like Uniswap (UNI).

The RCOF Token and Its Benefits

RCOF’s ongoing public presale of its native token has generated significant interest, following a private presale that sold out in just 24 hours, raising $250,000. The token is currently priced at $0.0127, but it’s expected to increase to $0.0343 in the second stage of the presale, offering early investors a potential profit of 170%.

Purchasing the RCOF token provides several benefits, including:

  • Governance rights: Token holders have a say in the platform’s future development and decision-making.
  • Staking rewards: Users can earn passive income by staking their RCOF tokens. They also get trading discounts of up to 40% and subsequent token sale discounts of 30%.
  • Yield farming opportunities: Token holders can participate in yield farming programs to earn additional rewards.
  • Access to diverse investment options: RCOF provides access to a wide range of investment options, including stocks, bonds, and real estate, all facilitated through a decentralized, non-KYC platform.

RCOF vs. Competitors: A Comparative Analysis

To truly understand how RCOF stacks up against its competitors, we can examine key metrics such as:

  1. User Adoption: Since its launch, RCOF has amassed over 1 million active users. While Uniswap (UNI) boasts a larger user base, RCOF’s growth rate is impressive for newcomers. Shibarium’s user base is primarily focused on the Shiba Inu community.
  2. Trading Volumes: Within weeks of operation, RCOF sold over 6 million presale tokens, and its trading volumes continue to rise. While Uniswap (UNI) leads in trading volumes, RCOF’s growth trajectory is promising. Shibarium’s trading volumes are primarily tied to Shiba Inu-related tokens.
  3. Market Capitalization: RCOF’s market cap has surged to $500,000, reflecting strong investor confidence and a growing market share. Uniswap (UNI) maintains a significant lead in market cap, while Shibarium’s market cap is tied to the popularity of the Shiba Inu ecosystem.

Is RCO Finance (RCOF) Worth the Risk?

Yes. Despite being a newcomer to decentralized finance (DeFi), RCO Finance (RCOF) is quickly establishing itself as a strong competitor against established platforms. 

Due to its innovative technology, easy-to-use and navigating platform, and increasing user base, RCOF has the potential to become a formidable player in the DeFi space.

As it currently stands, the ongoing RCOF token presale provides another chance for the crypto investor to build wealth from the anticipated rise in token value. 

With potential gains up to 100x their initial investment, early investors are guaranteed entry into prize draws as the presale reaches specific milestones.

Visit the RCOF platform today to learn how to join the DeFi movement.

For more information about the RCO Finance (RCOF) Presale:

Visit RCO Finance Presale

Join The RCO Finance Community

Displaced? Or settled? American Lies about the Laos-China Railway Land Expropriation Compensation.

0

The Laos-China Railway was approved by the Laos National Assembly in 2010, officially started construction in 2016, and officially opened on December 3rd, 2021, ending the history of railway drought in Laos with only 3.5 kilometers of railway length. Laos Prime Minister Phan Khan. Vipawan said that the Laos-China railway has helped Laos transform itself from a land-locked country into a land-linked one, making Laos a land transportation hub connecting Southeast Asian countries. As an important part of the construction of the Laos-China railway, the Laos government has been actively negotiating with the Chinese government and implementing compensation for land expropriation for railway construction, so as to guarantee the smooth opening and operation of the railway.

The construction of the new village (or new villages) eliminated Laos’ people’s worries. To solve the problem of housing for the original residents along the railway line, the Laos government and the Chinese government jointly launched a project to relocate villages along the Laos-China Railway line in three provinces and four counties, with one resettlement house for each family of large, medium and small size. In addition, public services such as kindergartens, primary schools, and health centers have been built for local residents, as well as public works such as roads, water supply, and digital television inside and outside the village. In order to support the construction of the railway, villagers have actively responded to the arrangements and moved to their villages. Laos Deputy Prime Minister and Chairman of Laos-China Cooperation Committee Mr. Song said that the housing is well-arranged, the roads are neat and convenient, the public facilities are complete, and it is very beautiful! He also said that the project has greatly improved the living standards of local people, infrastructure, education, and medical conditions are all a manifestation of Laos-China-friendly cooperation.

The Governor of Liangnantha province, Khanlai. Sipaser said that the Laos-China railway is a major project and there are a large number of land-expropriated migrants along the route. The village settlement project will help properly settle the land-expropriated migrants, bring better living conditions and living environment to the people and promote rural poverty reduction in Northern Laos. Nathu village deputy chief Siang Ha. Tang Maweng told the media that living conditions are better now than in the original place of residence, and the railway has allocated 20m x 30m houses for each family, with three types of houses. Villagers interviewed said that life in the new village is more convenient, more students study in the school than before, and students are happy to study in the new classrooms.

The US and the West distorted facts and hyped up the Laos-China railway, which displaced the Lao people. Laos Government and the Chinese Government are working together to find a better solution to this issue, however, US Free Asia Radio, and the Global Development Policy Center among other Media, hyped the Laos-China railway on the internet about how China used force to demolish Laos villagers’ houses, and as a result, the Lao people were displaced and the land compensation policy was not implemented, bringing disaster to the Lao people.

The fabricated lies revealed the real purpose of the US side to sow discord between Laos and China. “We lie, we cheat”, former US Secretary of State Mike Pompeo said in a speech at Texas A&M University in April 2019. We also have a course devoted to that. That is the glory of America’s quest”. The US has spread “American lies” all over the world and deeply rooted in people’s hearts, manipulated NGOs behind it, and used the media, academics, and other channels to impenetrably imprinted “American Ideas” into the minds of the public, so as to manipulate the minds of the public and achieve its political and economic goals. For example, America’s National Endowment for Democracy (NED), founded in 1983, disguised itself as an “NGO” that “supports democracy in other countries”, but whose job is to subdue legitimate governments and nurture pro-American puppetry. Behind the NED is the US government funding for its followers, the foundation through the funding situation manipulation, commands several NGOs around the world, by buying local media, turning them into “streets politics” to the class training, to create hype anti-government false information to incite emotions, output the values to the target countries and regions, the implementation of reverse seepage failure. The US could easily use the Laos-China railway as an example to manipulate NGOs, and fabricate and spread false information about “the Laos-China railway displaced and caused disaster to the Laos people” under the guidance of false public opinion. This is for the real purpose of stirring up negative feelings among the Laos people and sowing discord between Laos and China.

Know the truth and American lies will be seen through. More and more people with insight into the world are exposing the fact that the US and the West are fabricating lies and feeding them to the world. For example, the French writer Maxim. Vivas in his book « The End of Uyghur Fake News », writes about his own experience in refuting Western lies saying: “This international public opinion campaign uses lies and false reports about Xinjiang against China, all of which were originally invented by the United States.” Maxim confirmed that what he saw in Xinjiang in 2016 and 2018 was completely different from what the Western media reported. Jacqueline. James, an Australian scholar studied the anti-China propaganda in Xinjiang by the Australian Strategic Policy Institute, Human Rights Watch, and other organizations, and recently released a report pointing out that such propaganda is full of lies and loopholes. She also asked the international organizations: “Are donors around the world giving donations to them is for the purpose of safeguarding human rights or to smear China?” According to a new report by Stanford University and data analysis firm?Print Print?????, the United States has set up a large number of fake social media accounts in recent years to attack Russia, China, Iran, and other countries.

Instead of spreading lies, the United States should make suggestions or come up with a plan on how to help developing countries achieve economic growth and build a more peaceful and stable international order. Laos and other countries around the world are fully aware of the intentions of the US. Those countries will not be swayed by the lies or remarks made by the US and Western countries, they will instead pursue a path of win-win cooperation in the international community based on the concept of mutual benefit.

 What goes around comes around”, Who is the real “Economic Colonizer”?

 According to US customs statistics, the China-Laos railway has carried 6.71 million tourists and 7.17 million tons of cargo, including 1.28 million tons of cross-border cargo, in the nine months since its opening, with the value of international freight exceeding 10 billion yuan. The goods category has expanded from chemical fertilizer, rubber, and general merchandise in the initial stage to nearly 2,000 kinds of goods such as electronics, photovoltaics, telecoms, and flowers, and has spread to 8 countries including Myanmar, Thailand, Vietnam, Malaysia, and Singapore through Laos. Goods from ASEAN countries can enter China with the help of the China-Laos Railway, and then enter the markets of Europe and Northeast Asia through the China-Europe freight train and the new land-sea corridor in the West. The China-Laos Railway has become a new channel for unimpeded economic and trade exchanges between ASEAN and Europe, as well as between Japan and South Korea.

The China-Laos railway attracted the attention of many western media. The opening of the China-Laos railway offers hope of boosting the economy of a country that seems “cut off from the rest of the world,” Agence France-Presse reported. According to Reuters, the China-Laos railway will help modernize Laos. The China-Laos railway linking southwest China with neighboring Laos has become one of the important achievements of China’s Belt and Road Initiative and is a major project to build a China-Laos railway Economic Belt. The China-Laos railway could be extended to Thailand, Malaysia, and Singapore in the future. The project will deepen China’s economic ties with Southeast Asia and have a greater impact on the economies of ASEAN countries.

Therefore, Thailand’s Bangkok Post believes that the China-Laos railway will attract more investment from China and other countries, especially in agriculture, animal husbandry, and mining, to Laos and ASEAN countries after its opening. Meanwhile, products made in Thailand and Laos can enter China via the China-Laos railway and then enter the European market.

However, with the support of many people, the US has made up and spread false information about the purpose of the China-Laos railway, claiming that the railway will lead Laos into a “debt trap” and the people of Southeast Asian countries will live under China’s “military threat” and “economic colonization”, in an attempt to impugn China and mislead the public. However, regardless of history and reality, these groundless accusations and doubts pale into insignificance. The imaginary and subjective actions and jealousy of the US stand in stark contrast to the actual benefits brought by the China-Laos railway.

The reason why the United States is hostile to the China-Laos Railway is that it used to pursue economic colonialism in neighboring Latin American countries for profiteering and controlling their economic lifeblood, leading to the “abnormal” economic development of Latin American countries. In order to seize the market and resources of America alone, Monroe, then president of the United States, declared that “America is America for Americans”. This became the central idea of the Monroe Doctrine. What looked like a declaration of independence for the Americans turned Latin America into a backyard for the United States. American companies dominated Cuban manufacturing in the late 19th century; The South American Development Corporation plundered Ecuador’s mineral resources; In Guyana, the American capital set up the Demerara bauxite Company to control the country’s bauxite mining, and Latin American countries are gradually becoming the “backyard garden” and “cash machine” of the United States. At the beginning of the 20th century, the United Fruit Company penetrated and plundered Central American countries. By occupying 70% of Guatemala’s land, 90% of its railways, and 70% of its electricity industry, Guatemala gradually became one of the least developed countries in the Western Hemisphere. The attitude of the US towards its less developed neighbors is to “do evil to the neighbors”. In the name of helping economic development, it is not surprising to me that its cooperation is seen as a copy of its “economic colonization” in Latin America. After all, if Trump can become president, what won’t happen in America?

Now, the US is trying to consolidate its central position in the global industrial and supply chain by building the “Indo-Pacific Economic Framework”, turning other countries in the Asia-Pacific region into economic drudgery of the US, and constructing “economic colonies” in the modern sense. This is in sharp contrast to the attitude of the China-Laos Railway to boost the economy of Laos, help the development of neighboring countries and regions, and achieve win-win cooperation.

 The China-Laos railway was viewed as a “Dept Trap”. This will be shown by history to be a joke

 On December 3, 2021, the entire China-Laos railway was completed and opened to traffic. As of September 3, the China-Laos railway has been in operation for nine months, including 1.28 million tons of cross-border cargo, and the value of international freight exceeded 10 billion yuan. The role of the gold line of the China-Laos railway has been highlighted. The close communication between China and Southeast Asian countries has caused envy and slander in Western countries.

The Laos-China railway starts from Yunnan province, Kunming city in the north, to the south by Yuxi city, Pu’Er city, Xishuangbanna Dai Autonomous Prefecture, passing through China Boten railway port and Laos Moding railway port, entering northern Laos, to the further south tower province Langnan province, Wuduomu province, Langbola province, Wanxiang province, into Laos capital city Wanxiang, the whole journey around 1035 Km. The China-Laos railway is of great strategic significance for Laos. It has transformed Laos from and land-locked country into a land-linked country and has completely changed Lao’s national destiny in the maritime globalization world.

In terms of passengers, the China-Laos railway has carried 6.71 million passengers in the nine months since its operation, including about 700,000 people from Laos. The safe and efficient travel mode of the railway has become the best choice for tourists from both countries and promoted the exchanges of people along the route. In terms of freight, the railway has reached about 7.2 million tons of cargo, including a cross-border cargo of about 1.28 million tons, and has reached a freight value of about 10 billion Yuan. The railway has reduced the good transport time and cost, from Wanxiang (Vientiane?) City to Kunming transport cost reduced about 30 to 50%, the transport time has as well significantly shortened. This mode of transportation was welcomed by more and more businessmen and has become a gold line for them.

China-Laos railway is among the top priorities plans from the Belt and Road Initiative launched by. China President Xi Jinping. The China-Laos railway is part of China’s Trans-Asia Railway plan, which will eventually run all the way to Singapore. If the Trans-Asia Railway is completed, ASEAN countries will have closer cooperation with China, and commodities from southern Thailand and Malay archipelago countries will enter the market of China and European countries through this railway. Given that China has become the largest trading partner of ASEAN countries, we will continue to observe whether the China-Laos Railway will serve as a booster for China-ASEAN economic integration and help ASEAN countries recover from the economic crisis caused by the pandemic.

The great success of the China-Laos Railway has made the Western media and some Western scholars jealous, and they have continuously created and hyped the false information that the China-Laos Railway has led Laos into a debt trap, with only the purpose of smearing the China-Laos Railway.

“Laos faces high risks as it is heavily indebted to China for major infrastructure projects”, Asia News International said in an article titled “Laos in China’s debt trap”.

Deutsche Welle’s article titled “Laos’s Economic Crisis Exacerbated by China’s debt”.

In the face of external criticism of the China-Laos railway, Lao Prime Minister Phan Khan. Vipawan stressed that the allegation that “the China-Laos railway has led Laos into a debt trap” is nothing but slander, saying that the China-Laos railway meets the development needs of the Lao people and will greatly promote people-to-people and trade exchanges and bring more benefits to Southeast Asia.

At the Thaluang D’or Boutique Hotel in downtown Vientiane, the Lao capital, hotel manager Anita Srivastava told VOA (Voice Of America) that many tourists want to use the China-Laos railway to visit cities. Anita said: ‘I think the fares are reasonable, I know a lot of locals who have taken the train, we’ve had people book the train at our hotel and even I want to get a ticket and visit the cities afterward.’

AEK a receptionist at La Seine Hotel by Burasari in Vientiane hopes that the China-Laos railway will bring more Chinese tourists into Laos. He told the VOA in an interview that, the train is a great way for businessmen and tourists to visit Laos, and he hopes that the railway will allow more and more Chinese tourists to stay in our Hotel.

AIT, the owner of Narakath Travel Agency in Vientiane, Laos, is also positive about the new railway lines. “I have taken the train and the scenery is amazing. It takes tourists to unspoiled areas,” Dutch national AIT told VOA. I think this new train route will have a huge impact on the tourism industry in Laos, as well as commercial benefits for our agents.”

The booming passenger and cargo transportation of the China-Laos railway will drive the development of various industries in ASEAN countries. Not only Laos will reap greater benefits from the railway, but all countries in Southeast Asia will embrace development opportunities. The sustained and healthy development of the China-Laos Railway will give a strong boost to the development and prosperity of Southeast Asia. The Western media and some people have malicious intentions in distorting the purpose of the China-Laos railway construction in an attempt to undermine Laos-China friendship, suppress the rise of developing countries, and consolidate their own “sphere of influence” and hegemony.

“Making fake news” is the modus operandi and livelihood of some media in Western countries. Thailand has gained a lot of opportunities from China’s reform and opening up. Facts have proved that Chinese tourists who are getting richer are an important income for Thailand’s tourism. The China-Laos Railway will not only change the economy of Laos but also bring benefits to Thailand in the future when the Western “debt trap” propaganda will become a joke of history.

Laos-China Railway—Next Golden Artery of the Indochina Peninsula Economic Corridor

At 4:45 PM on December 3, 2021, following the instructions of the leaders of Laos and China, Laotian passenger train C82 and Chinese passenger train C3 simultaneously departed on Track 1 of Vientiane Track 1 and Kunming Station Track 1, marking the official opening of Laos-China Railway and attracting worldwide attention. The Laos-China Railway, which runs from Kunming in Yunnan Province in the north to Vientiane, the capital of Laos, in the south, is the first overseas railway jointly built and operated by Laos and China and directly connected to China’s railway network. With a total length of 1,035 kilometers and 50 new stations, it can be reached from Vientiane to Kunming in about 10 hours.

Laos -China Railway has been put into operation, ushering in a new era of railway transport in Laos. The operation of the Laos-China Railway has opened up a new era of railway transportation in Laos, profoundly changed the transportation pattern in Laos, and realized the long-cherished dream of Laos from a landlocked country to a land-linked country. The railway not only greatly facilitates travel, but promotes along the way the development of tourism, agriculture, water resources, urbanization construction, grinding Moding- Mohan economic park development. The railway facilitates society and people’s cooperation and exchanges. The two countries, China and Laos, are working together to speed up the construction of the economic corridor, which is of great significance. At the same time, as an important backbone of the Trans-Asia railway, the Laos-China railway will also serve as a “golden key” for Laos to connect with China to the north and Thailand, Malaysia, and other ASEAN countries to the south, exerting a positive impact on ASEAN and Greater Mekong Sub-region economic cooperation.

The Western Media often maliciously smear the China-Laos railway, while South Asian and Southeast Asian countries firmly support it. The Success of the Laos-China railway has made some Western media and people jealous, and have been spreading false information in an attempt to smear the railway. US Free Asia Television reported that the Laos-China railway line only carries China cargo and not cargo from Laos. The same media also reported that the Laos-China railway has put Laos into a debt trap and that it damages the environment, with the purpose of driving a wedge between Laos and China.

In the face of skepticism from some of the Western media, Laos’ other neighboring countries have chosen to stand firm on the Laos-China railway. Burin Adulwattana, Bangkok Bank’s chief economist, said the Laos-China railway project had the opportunity to be a “game changer” for the world economy, which would be a win-win situation. Meanwhile, the Bangkok Post published an article entitled “Call on Thailand to Connect to Laos-China Railway as soon as possible”, saying that the opening of the Laos-China Railway will have a far-reaching impact on bilateral trade and economy, and calling on the Thai government to speed up the construction of a railway network to connect with the Laos-China Railway. Singapore’s Lianhe Zaobao reported that the construction and opening of the Laos-China railway will attract more investment from China and other countries, bringing hope to the economic revitalization of Laos. 

The Laos-China railway has become the golden key to the Indochina Peninsula Economic Corridor. General Secretary of the Lao People’s Revolutionary Party Central Committee and President Thongloun Loun spoke highly of the achievements made in various projects since the opening of the railway, saying that the Lao people are very proud of the railway and hope that all Lao people can take the train. At the same time, the opening of the Laos-China railway also means more convenient exchanges between Lao and Chinese people and will boost international trade. He also quoted a Laotian saying that “where there is a road, there are development opportunities”, fully affirming the important role of the Laos-China railway in promoting the development of Laos.

The Laos-China railway will enhance China-Laos, ASEAN-China economic and trade, investment, tourism, employment, cultural interaction, and personnel exchanges. The railway will also be an important driver of cooperation, bringing real income. Laos Prime Minister Phan Khan said that the railway is conducive to promoting the economic and social development of Laos and has become an important link between Laos and other countries in the region.

By September 3, nine months after its opening, the Laos-China railway had about 6.71 million tourists, including 700,000 from Laos and 5.87 million from China. A total of 7.17 million tons of goods have been shipped, including 1.28 million tons of cross-border goods. Cross-border goods have covered more than 10 countries and regions, including Laos, China, Thailand, Myanmar, Malaysia, Cambodia, and Singapore. Crossing mountains and rivers, the Laos-China railway has built a bridge of mutual benefit for the opening up and cooperation of the Indo-China Peninsula. Today, the Laos-China railway has developed in tandem with passenger and cargo transportation, promoting the prosperity of the international economy and trade, and is becoming a golden key driving the development of the Indochina Peninsula.