MUMBAI // India has been heavily playing down media reports of Chinese military incursions along the disputed 4,057km border it shares with the country, a move analysts say is a deliberate attempt to scale down tensions after months of troop build-up on both sides of the border.
The government does not deny the fact of the incursions, however.
India's external affairs ministry accused the media of exaggerating reports of incursions, stressing that both countries need to maintain peace and tranquility along the border. It also decided to prosecute two Indian reporters for a "factually incorrect" report of Chinese firing along the border in the state of Sikkim.
But the long-standing territorial dispute still rankles, analysts say, exacerbated by failed Sino-Indian talks over the issue this summer and stirred by the growing economic clout and military might of both countries.
This year, Gen Deepak Kapoor, India's army chief, said China was the country's "biggest threat", before announcing his decision to amass 40,000 troops on the Indo-China border in Arunachal Pradesh state. It was a view echoed by India's chief for the air force, Marshal Fali Homi Major, who called China a "bigger threat than Pakistan", before dispatching 18 Sukoi-30 MKI combat fighter aircraft to the air force base at Tezpur, which abuts the sensitive border along Arunachal Pradesh.
Both countries have shared a tortuous relationship since 1962, when the Chinese seized 38,000 sq km in the state of Jammu and Kashmir after its forces overran mountain regions in a bitter, high-altitude war with India. Decades after the war, the dispute still lingers. China claims 90,000 sq km in Arunachal Pradesh as its own, much to India's chagrin.
China, it has been reported, has positioned 30 military divisions along the border that indulge in frequent incursions. According to the Indian government's own estimates, there were 270 "violations" by China along India's borders in 2008, and these incidents have only become more aggressive this year.
"No one in the [Indian] government says Chinese incursions aren't happening," said Brahma Chellaney, a professor of strategic affairs at the New Delhi-based Centre for Policy Research. "Yet to play down the incursions, the media has been made the whipping boy."
A US think tank recently said China's recent aggression is a direct result of its "nervousness over India's rise".
"It's something that they [China] have to deal with that perhaps 10 to 15 years ago they didn't believe was something that was necessary to focus on," said Lisa Curtis of the Heritage Foundation.
In June, the Word Bank projected that by 2010, India's economy would overtake China's. According to the bank's Global Development Finance Report, India's economy is slated to grow at 8 per cent in 2010, surpassing China's 7.7-per-cent rate.
In recent years, China and India, the two rising Asian behemoths, both nuclear-armed powers and the world's fastest growing economies, have been touted as future global superpowers. They have been engaged in a quasi-war for supremacy in the region.
China is determined to thwart India's emergence as a significant economic and maybe diplomatic and military power, analysts say.
The biggest example of that, Ms Curtis said, was when China tried to scuttle, at the last minute, the civilian nuclear deal at the Nuclear Supplier Group meeting last year. It was "an indication that China is not completely comfortable with India's rise on the world stage", she said.
This year, China also held up approval of a loan assistance plan from the Asian Development Bank worth US$2.9 billion (Dh10.7bn) on the ground that a major chunk of it was earmarked for flood management in territories in India's north-east that China claims to be its own.
"There cannot be two suns in the sky. China and India cannot really deal with each other harmoniously," said an article recently posted by an anonymous writer on a Chinese strategic affairs website, www.iiss.cn, a view that analysts say echoes Beijing's viewpoint.
The article goes on to ominously say that China could exploit India's growing separatist forces and could "dismember the so-called 'Indian Union' with one little move".
Beijing's manoeuvrings in South Asia have also caused a lot of disquiet in India. Chinese interests and diplomatic initiatives are inexorably expanding in south Asia, its footprints particularly growing across Pakistan, Sri Lanka, Myanmar and Nepal, in India's immediate neighbourhood.
China, in recent years, has financed ports at Gwadar, Pakistan; Chittagong, Bangladesh; Sittwe, Myanmar, and Hambantota, on Sri Lanka's southern coast, a part of its "string of pearls" strategy from South East Asia to the Middle East.
New Delhi is concerned that Beijing is extending its power to control shipping lanes in the Indian Ocean and Arabian Sea, waterways that it has traditionally controlled. The moves have the potential to intensify the competition and scramble for resources between the world's fastest-growing big economies.
Complicating the issue is that China is India's largest trading partner, with two-way trade amounting to $50bn (Dh184bn) in 2008, an indication that both countries, despite the acrimony and competition, have much to gain by engaging with one another.
"These are two of the world's most populous nations - making up 40 per cent of the world's population," said Pranjoy Thakurta Guha, a New Delhi-based commentator. "When they grow - at the dizzying speed at which they are growing - there is bound to be some competition and some collaboration."
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Ferrari
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Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
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.”
How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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The low down on MPS
What is myofascial pain syndrome?
Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (connective tissue that covers the muscles, which develops knots, also known as trigger points).
What are trigger points?
Trigger points are irritable knots in the soft tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and sustained posture are the main culprits in developing trigger points.
What is myofascial or trigger-point release?
Releasing these nodules requires a hands-on technique that involves applying gentle sustained pressure to release muscular shortness and tightness. This eliminates restrictions in connective tissue in orderto restore motion and alleviate pain. Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
MATCH STATS
Wolves 0
Aston Villa 1 (El Ghazi 90 4' pen)
Red cards: Joao Moutinho (Wolves); Douglas Luiz (Aston Villa)
Man of the match: Emi Martinez (Aston Villa)
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
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Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)