Chinese official urges certain countries to reduce role of nuclear weapons

The head of a Chinese delegation, speaking at a meeting of the 79th United Nations General Assembly (UNGA) on Thursday, called on the international community to strengthen global security governance, urging certain countries to reduce the role of nuclear weapons in their national security policies.

Sun Xiaobo, head of the Chinese delegation and director-general of the Department of Arms Control of the Chinese Foreign Ministry, made the statement at the meeting of the UNGA Disarmament and International Security Committee, or the First Committee of the 79th UNGA.

Sun pointed out that over the past few years, some certain countries have continuously enhanced the role of nuclear weapons in their national security policies, investing hundreds of billions of U.S. dollars to upgrade the "nuclear triad" and accelerating the modernization of their nuclear arsenals.

He said these countries have continued to strengthen military alliances, create various discriminatory small circles and promote NATO's extension into the Asia-Pacific region, which has seriously undermined the strategic stability in the region and around the world.

Certain nuclear-weapon states should abolish their arrangements of "nuclear sharing" and "extended deterrence" and withdraw all nuclear weapons deployed abroad to their own territories, Sun stressed, calling on non-nuclear-weapon states under the "nuclear umbrella" to reduce the role of nuclear weapons in their national security and collective security policies.

China urges the relevant countries to stop developing and deploying global anti-missile systems and stop deploying land-based intermediate-range missiles outside their borders or in close proximity to other nuclear-weapon states, he said.

Sun stressed that China has always maintained its nuclear forces at the minimum level required for national security, while not participating in any arm race, not providing "nuclear umbrella" for any other country, nor deploying nuclear weapons in other countries.

China will not use nuclear weapons to seek hegemony or to intimidate or bully non-nuclear-weapon states, he said, adding that any attempt to distort and smear China's nuclear policy will be futile.

Chinese official urges certain countries to reduce role of nuclear weapons

The Shanghai Stock Exchange (SME) on Monday approved a plan by Semiconductor Manufacturing International Corporation (SMIC), the country's leading chipmaker, to acquire the remaining 49 percent stake in its subsidiary SMIC North for 40.6 billion yuan (about 5.98 billion U.S. dollars) through share issuance, marking the largest merger and acquisition deal since the inception of China's STAR Market.

The deal, approved by SME's merger and acquisition review committee, was the first case of a multi-listed red-chip company issuing shares to purchase assets on the STAR market, and it is also the largest merger and acquisition deal in the history of the domestic wafer foundry industry.

After the completion of the transaction, SMIC's stake in SMIC North will increase from 51 percent to 100 percent. The offering price is set at 74.2 yuan (10.9 U.S. dollars) per share.

"Stock acquisition is a mechanism that binds the interests of both parties and shares risks. It sends a very positive message to the outside world and saves cash. Cash is a very valuable asset for growth-oriented companies, which can use it for other places where cash is needed more badly," said Qian Jun, executive dean of the Fanhai International School of Finance (FISF) of Fudan University in Shanghai.

Experts said that the acquisition will help further improve the quality of SMIC's assets and enhance business synergy, as SMIC North is one of the most profitable single factories within the SMIC system.

"Through industry consolidation, higher-quality assets can be concentrated into the hands of listed companies that have operational and value creation capabilities," Qian said.

SMIC gains approval for acquisition of its Beijing fab