Xi calls for next 50 years of stronger China-Thailand ties

China

Xi calls for next 50 years of stronger China-Thailand ties

2024-11-16 06:57 Last Updated At：12:47

Chinese President Xi Jinping has called for joint efforts to strengthen the China-Thailand community with a shared future for another 50 years.

He made the remarks when meeting with Thai Prime Minister Paetongtarn Shinawatra on the sidelines of the 31st APEC Economic Leaders' Meeting in the Peruvian capital of Lima.

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Xi calls for next 50 years of stronger China-Thailand ties

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Xi calls for next 50 years of stronger China-Thailand ties

"It's a pleasure to meet you in Lima today, Madam Prime Minister. And I'd like to extend my congratulations on your election as Prime Minister of Thailand. China and Thailand are close and friendly neighbors, with the concept of 'China and Thailand as one family' gaining renewed vitality," Xi said.

"During my visit to Thailand in November 2022, I reached important consensus with Thai leaders on building a China-Thailand community with a shared future. Next year will mark the 50th anniversary of the establishment of diplomatic ties and witness the celebration of the Golden Year of Friendship between the two countries. Standing at a new historical starting point, the two sides should carry forward the traditional friendship and chart an even brighter future for China-Thailand community with a shared future in the next 50 years, so as to make positive contributions to the peace, stability, development and prosperity in the region," Xi said.

For her part, Paetongtarn said Thailand looks forward to taking the upcoming 50th anniversary of diplomatic ties and the Golden Year of Friendship as an opportunity to enhance high-level exchanges with China.

"It's a great honor to meet you today, Your Excellency, President Xi. The series of global initiatives put forward by China are strategically forward-looking and consistent with Thailand's principles. So Thailand stands ready to cooperate with China at bilateral and multilateral levels to promote peace and prosperity in the region and the world," Paetongtarn said.

Xi arrived in the Peruvian capital earlier on Thursday for the 31st APEC Economic Leaders' Meeting and a state visit to the Latin American country at the invitation of Peruvian President Dina Boluarte.

U.S. stocks sink as Middle East tensions trigger oil price surge

U.S. stocks sank on Thursday as an escalating conflict in the Middle East and a renewed surge in oil prices weighed heavily on Wall Street.

The Dow Jones Industrial Average fell 1.61 percent to 47,954.74. The S and P 500 sank 0.56 percent to 6,830.71. The Nasdaq Composite Index shed 0.26 percent to 22,748.99.

Eight of the 11 primary S and P 500 sectors ended in the red, with consumer staples and materials leading the laggards by dropping 2.43 percent and 2.27 percent, respectively. Energy and technology led the gainers by adding 0.59 percent and 0.39 percent, respectively.

Oil prices jumped significantly after Iran announced it had struck an oil tanker with a missile. U.S. benchmark West Texas Intermediate crude futures for April delivery surged 8.51 percent to settle over 81 U.S. dollars per barrel, reaching their highest level since July 2024. International benchmark Brent crude futures for May delivery advanced 4.93 percent, trading above 85 dollars per barrel. These sharp upward movements in energy markets drove major swings across equities throughout the trading session.

As Iran is the fourth-largest producer in the Organization of the Petroleum Exporting Countries, concerns are mounting that the conflict's impact on production capabilities could have wide-ranging effects across global commodities. The soaring energy prices have also sparked fears among investors that persistent inflationary pressures might force the Federal Reserve to re-evaluate its anticipated interest rate cuts in an already volatile market environment.

In the bond market, the yield on the benchmark 10-year U.S. Treasury note climbed to near 4.14 percent, up from Wednesday's close of approximately 4.1 percent. The yield, which heavily influences consumer borrowing costs across the broader economy, has risen consecutively every day this week after ending the previous week at 3.95 percent.

In corporate developments, Advanced Micro Devices lost 1.3 percent following a report that the U.S. government drafted rules restricting AI chip shipments without its approval.

Conversely, telecommunications equipment provider Ciena dropped 12.88 percent, and StubHub retreated 12.39 percent. Costco Wholesale, which is scheduled to report its quarterly results after the market closes, fell 2.4 percent during regular trading hours.

On the economic calendar, Friday features a highly anticipated monthly jobs report, offering investors another read on the labor market's health.