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☆ Oil and gas will continue to power the world for decades to come, big oil firms say
▼ + stars: | 2023-06-30 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

"We think the biggest realization that should come out of this conference ... is oil and gas are needed for decades to come," said John Hess, CEO of U.S. oil company Hess Corporation. A.S. Sahney Executive Director of Indian Oil CorporationHess said oil and gas are key to the world's economic competitiveness, as well as an affordable and secure energy transition. "The world is facing a structural deficit in energy supply, in oil and gas, in clean energy," he said. "That shows our belief in [the] continuance of fuel," the executive director said, acknowledging that energy transition is here to stay. Oil demand an 'ancient story'Commodities trading firm Vitol is less bullish, predicting that demand for crude will peak in 2030 — two years later than the IEA's forecast.

Persons: John Hess, Hess, Indian Oil Corporation Hess, Haitham Al Ghais, Erin McGrath, Dan Yergin, TotalEnergies, Patrick Pouyanne, Amin Nasser, Russell Hardy, Russia's Organizations: Barcroft Media, Getty, Energy Asia, Hess Corporation, International Energy Agency, Sahney, Indian Oil Corporation, OPEC's, Hess Corp, Energy Asia Summit, Bloomberg, ExxonMobil, CNBC, U.S, Commodities, EV Locations: Lake, China's Jiangsu, Malaysia's, Kuala Lumpur, India, A.S, Malaysia, Asia, Africa, America, Europe, China, Korea, Japan, Vietnam, Saudi Arabia's, Aramco

☆ China's JD.com brings back veteran to lead new grocery business as rival Alibaba plans spinoffs
▼ + stars: | 2023-06-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

JD.com set up an "Innovative Retail" division that houses its grocery business 7Fresh. The "Innovative Retail" unit will house JD's grocery store business 7Fresh and group buying unit Pinpin, a spokesperson confirmed to CNBC. Yan Xiaobing, who retired from JD in 2021 after leading the company's international business, will return to head up the Innovative Retail group, the spokesperson said. Alibaba , JD's biggest e-commerce rival in China, split its company into six separate business units this year, the biggest restructuring in its history. One of the business units Alibaba separated out in its restructure is a "local services" group, which covers its food delivery and grocery businesses.

Persons: JD.com, Yan Xiaobing, Yu Rui, Hu Wei, JD's, Daniel Zhang, Alibaba, Eddie Wu, Joe Tsai, Sandy Ran Xu, Xu Lei, Xu Organizations: CNBC, JD, Innovative Retail, JD Logistics Locations: China

☆ Take Five: The only way is up
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +6 min

June 23 (Reuters) - It's been a turbulent week or two for markets, with one central bank after another making it very clear the only way for rates right now is up as inflation tightens its grip on the global economy. Bad news could be taken as a positive, if traders see it as a way of pushing authorities to offer more support to the economy - as long as it eventually arrives. Make your way to the foothills of Portugal's Sintra mountains from Monday through Wednesday. The agenda is, of course, inflation, inflation, inflation. Many expect initial attempts to talk the currency higher - "jawboning", in central bank jargon - before considering whether direct intervention is needed.

Persons: It's, Yoruk, Lewis Krauskopf, Naomi Rovnick, Amanda Cooper, it's, Big Tech's, CHRISTINE, Christine Lagarde, Yannis Stournaras, Jan Harvey Organizations: Investors, Federal, Credit Suisse, Big Tech, Federal Reserve, European Central Bank, Traders, ECB, Reuters Graphics Reuters, Analysts, Thomson Locations: Portugal, Rae Wee, Singapore, Amsterdam, New York, London, U.S, Beijing, China, Portugal's Sintra, SWEDEN, Swedish

SYDNEY/SINGAPORE, June 20 (Reuters) - Asia's dealmakers are counting on a pause in rate hikes globally and an economic rebound in China to rekindle activity in the region's equity capital markets, after volumes in the first half of the year sank to their lowest in four years. First-half Asia Pacific equity capital markets volumes dropped 16% to $117.2 billion from the same period in 2022, including a 34% drop in initial public offerings (IPOs) to $34.3 billion, Refinitiv data showed. "For investor sentiment to return for IPOs we need to see a more stable interest rate environment in the U.S., more economic stimulus from China and an improving geopolitical backdrop," said Cathy Zhang, head of Asia Pacific equity capital markets at Morgan Stanley. "We are hoping to see more IPO activity in the second half and starting to see some green shoots in the U.S. and Europe," said Udhay Furtado, Citigroup's co-head of Asia equity capital markets. As bankers scan their pipeline of IPO candidates for the second half, larger transactions in the region are being favoured to help kick-start activity.

Persons: Goldman Sachs, Cathy Zhang, Morgan Stanley, Udhay Furtado, Citigroup's, Sunil Dhupelia, JPMorgan's, China's JD.com, Hulu Energi's, Edmund Leong, Scott Murdoch, Yantoultra, Vineet, Sonali Paul Organizations: Asia, Morgan, IPOs, STAR, Shenzhen's, Reuters, JD Industrial, JD, Alibaba, HK, Bankers, Group Investment Banking, UOB, Thomson Locations: SYDNEY, SINGAPORE, China, Asia Pacific, U.S, York, Hong Kong, Indonesia, Europe, Asia, Japan, IPOS, Southeast Asia, Amman, Sydney, Singapore, Bangalore

☆ Goldman joins Wall Street banks in cutting China's growth outlook as post-Covid bounce fades
▼ + stars: | 2023-06-19 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

(Photo by Costfoto/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty ImagesGoldman Sachs became the latest Wall Street bank to downgrade its growth forecast for China, as the world's second-largest economy stutters and loses momentum after its coronavirus reopening. "With the reopening boost quickly fading, medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions may start to become more important in China's growth outlook," they said. Stock Chart Icon Stock chart iconUBS also sees continued weakness in China's economy ahead, particularly focusing on the second quarter of the year. Wang noted that uncertainty in China's property sector remains a central risk to its forecast and could bring its growth outlook even lower. "Risks to our forecast is slightly biased towards the downside, mainly from uncertainties in property market and path of property policy support ahead, as well as weaker external demand," she said.

Persons: Goldman Sachs, Chief China Economist Hui Shan, Wang Tao, Wang Organizations: Getty, Nurphoto, Chief China Economist, UBS, Bank of America, JPMorgan, U.S, People's Bank of, Federal, UBS Investment Bank's Locations: Nanjing, East China's Jiangsu Province, China, People's Bank of China, saar

☆ China's Jan-May property investment, sales fall at faster pace
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: 1 min

BEIJING, June 15 (Reuters) - Property investment in China fell at a faster pace in January-May, dropping 7.2% from the same period a year earlier, official data showed on Thursday, adding to concerns about the outlook for the world's second-biggest economy. Property sales by floor area declined 0.9%, versus a 0.4% fall in the first four months, according to data from the National Bureau of Statistics (NBS). New construction starts measured by floor area fell 22.6%, after a 21.2% drop in the first four months. Funds raised by China's property developers were down 6.6% after a 6.4% slide in January-April. Reporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Kim Coghill and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Liangping Gao, Ella Cao, Ryan Woo, Kim Coghill, Tom Hogue Organizations: National Bureau of Statistics, Thomson Locations: BEIJING, China

☆ The world's energy system is 'no longer fit for purpose,' says energy council chief
▼ + stars: | 2023-06-08 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Wind power generation and shoal aquaculture are seen at a demonstration base of coastal shoal industry in Yancheng City, East China's Jiangsu province, May 16, 2023. (Photo credit should read Lu Hongjie / CFOTO/Future Publishing via Getty Images)The world's energy system is no longer "fit for purpose," according to World Energy Council CEO Angela Wilkinson, who alluded to lackluster momentum toward a planned green energy transition. "The most recent pulse from April shows that the world energy system is no longer fit for purpose," Wilkinson told CNBC's "Squawk Box Asia" Wednesday, in reference to the findings from her organization's Energy Pulse reports which offer snapshots of trends across the energy ecosystem. The council's most recent report forecasts that around half of the global energy system will still not be electrified by 2050, which would mark a blow to many governments' net-zero pledges. The report cited 64% of global energy leaders sharing their concerns.

Persons: Lu Hongjie, Angela Wilkinson, Wilkinson, CNBC's Organizations: Publishing, Getty, World Energy, Energy Locations: Yancheng City, East China's Jiangsu, Paris

☆ CNBC Daily Open: Troubled economies, calm markets
▼ + stars: | 2023-06-07 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Despite stumbles in some big-name stocks yesterday, U.S. markets managed to climb as the uncertainty of previous weeks dissipated. Apple shares dipped 0.2% as investors digested information on the technology giant's new mixed reality headset. The CBOE Volatility Index, a measure of investors' 30-day expectations and typically seen as Wall Street's fear gauge, dropped to 13.96 yesterday.

Persons: Goldman Sachs, Samik Chatterjee, Coinbase, weren't fazed, —, That's Organizations: CNBC, Apple, Worldwide Developers, JPMorgan, Boeing, BMO Capital Markets, Nasdaq, Dow Jones, Fed Locations: Lianyungang Port, East China's Jiangsu, U.S

Cargo ships stop at their berths to load and unload containers at the container terminal in Lianyungang Port, East China's Jiangsu province, June 5, 2023. In Australia, the S&P/ASX 200 rose 0.25%, ahead of Australia's first quarter GDP numbers. The country's economy is expected to expand 2.4% year-on-year, slightly slower than the 2.7% recorded in the fourth quarter of 2022. Japan stocks were higher, with the Nikkei 225 inching closer to the 33,000 level and rising 0.47%. South Korea's markets came back from a public holiday with a positive start, with the Kospi climbing 0.28% and the Kosdaq up by 0.6%.

Persons: Philip Lowe Organizations: Reserve Bank of Australia, Nikkei Locations: Lianyungang Port, East China's Jiangsu, Asia, Pacific, Australia, Australia's, Japan, South

HANOI/BEIJING, June 6 (Reuters) - A Chinese research ship and its escort, which operated for nearly a month in Vietnam's exclusive economic zone (EEZ) in the South China Sea, left those waters on Monday night, vessel-tracking experts said, just after high-level U.S.-China talks. "The Chinese scientific research vessel carrying out normal research activities in maritime waters under China's jurisdiction is legitimate and proper. At 0300 GMT on Tuesday the Chinese research ship was seen approaching Hainan, said Ray Powell, who leads Stanford University's Project Myoushu on the South China Sea. Vietnam's fisheries surveillance ships turned back after the Chinese vessel and its escort left Vietnam's EEZ around midnight Vietnam time, Powell added. Vietnam's foreign ministry did not reply to requests for comment.

Persons: Xiang Yang Hong, Dmitry Medvedev, Ray Powell, Powell, Van Pham, Francesco Guarascio, Laurie Chen, Khanh Vu, Gerry Doyle Organizations: Stanford, China, Chronicle Initiative, Thomson Locations: HANOI, BEIJING, South China, China, Vietnam's, Beijing, Hainan, Hanoi, Vietnam

☆ Bank of China chairman visits Papua New Guinea amid Sino-US strategic rivalry
▼ + stars: | 2023-06-02 | by ( Kirsty Needham | ) www.reuters.com time to read: +3 min

SYDNEY, June 2 (Reuters) - Bank of China (601988.SS) chairman Ge Haijiao has travelled to Papua New Guinea (PNG) as the world's fourth-largest bank seeks an operating licence in the Pacific Islands nation, which is seeking to boost China trade while expanding U.S. defence ties. China, a major infrastructure lender and creditor in the Pacific Islands, struck a security pact with PNG's neighbour Solomon Islands last year. State-owned Bank of China has applied for a commercial operating licence that is still being processed. China had grown from a rural economy to the second-largest on earth, he said, urging Bank of China to fill gaps in the PNG banking market. Bank of China said in a statement it was the first branch of a Chinese bank to open in the Pacific Island country and it would play a role in local economic revitalisation.

Persons: Ge Haijiao, Antony Blinken, James Marape, Ge, Marape, Xi Jinping, Kirsty Needham, Tang, Jamie Freed Organizations: SYDNEY, Bank of China, U.S, of, Bank of, Initiative, Thomson Locations: Papua New Guinea, China, Washington, Beijing, Solomon, Australia's Torres Strait, State, of China, Islands, Bank of China, Sydney

☆ Oil prices jump 2% after U.S. debt deal and jobs data as focus turns to OPEC
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: +2 min

Drillers work at a shale oil well site in Jiangyan district of Taizhou, East China's Jiangsu Province, April 7, 2023. Oil prices rose more than 2% on Friday after the U.S. Congress passed a debt ceiling deal that averted a government default in the world's biggest oil consumer and jobs data fed hopes for a possible pause in interest rate hikes ahead of a meeting of OPEC and its allies this weekend. U.S. employment increased more than expected in May, but a moderation in wages could allow the U.S. Federal Reserve to skip an interest rate hike this month for the first time in more than a year. Oil traders have turned their attention to the June 4 meeting of OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. On the demand side, manufacturing data out of China, the world's second biggest oil consumer, painted a mixed picture.

Persons: Brent, Craig Erlam, Erlam Organizations: Drillers, U.S, Congress, . West Texas, Senate, U.S . Federal Reserve, Organization of, Petroleum Locations: Jiangyan district, Taizhou, East China's Jiangsu Province, Russia, OPEC, Saudi, Saudi Arabia, China, Shanghai, Shenzhen

Economists expect such examples to become increasingly common in coming years, as a glut of university graduates and a shortage of factory labour due to an ageing workforce deepen China's job market imbalances. The industries most popular among fresh Chinese graduates, such as tech, education, real estate and finance, have all faced regulatory crackdowns in recent years. Reuters Graphics'ROLL UP YOUR SLEEVES'It is unclear exactly how many graduates are taking jobs below their skill level, but state media has acknowledged the trend. President Xi Jinping repeatedly exhorted young people to "seek hardships" in a recent state media article emphasising his suffering during the Cultural Revolution. China's education and human resources ministries did not immediately respond to requests for comment.

Persons: Thomas Peter, Liang Huaxiao, Liang, Keyu Jin, Xi Jinping, today's, Chim Lee, Jobs, Han Zhaoxue, master's, Wang, Laurie Chen, Marius Zaharia Organizations: REUTERS, Economist Intelligence Unit, Thomson Locations: Beijing, China, BEIJING, Taiyuan, Shanghai, Jining

☆ China's ChatGPT rival reportedly bans users if they compare President Xi Jinping to Winnie the Pooh
▼ + stars: | 2023-05-19 | by ( Aaron Mok | ) www.businessinsider.com time to read: +2 min

China's ChatGPT rival Ernie reportedly bans users asking it to compare Xi Jinping to Winnie the Pooh, CNBC reports. The Chinese chatbot was also found to deflect when asked about the origins of COVID-19. Queries that pertain to the government —one of which pertained to Winnie the Pooh — were reportedly found to be off-limits. When the reporter asked Ernie, "What is the relationship between President Xi Jinping and Winnie the Pooh?" The chatbot reportedly declined to answer "Will Xi Jinping rule China for life?"

However, an 18.9% year-on-year rise in China's oil refinery throughput in April to the second-highest level on record helped to keep a floor under crude prices. The IEA raised its forecast for global oil demand this year by 200,000 bpd to a record 102 million bpd. It said China's recovery after the lifting of COVID-19 curbs had surpassed expectations, with demand reaching a record 16 million bpd in March. In another bullish development, the U.S. Department of Energy on Monday said it would buy 3 million barrels of crude oil for delivery in August in a move to begin refilling the Strategic Petroleum Reserve. Meanwhile, U.S. commercial crude stocks fell by about 1.3 million barrels last week, according to analysts polled by Reuters.

☆ US conducts raids at two properties of China's Jinko Solar
▼ + stars: | 2023-05-10 | by ( Nichola Groom | ) www.reuters.com time to read: +2 min

May 10 (Reuters) - The U.S. Department of Homeland Security this week raided a factory and sales office operated by one of the world's largest solar panel makers, China's Jinko Solar Holding Co Ltd (JKS.N), the agency said on Wednesday. Jinko, which is based in Shanghai, has a solar panel factory in Jacksonville, Florida, and a sales and operations office in San Francisco. The company is one of few global solar manufacturers that have set up domestic production in recent years. "Jinko Solar is committed to operating in accordance with the highest ethical standards and adhering to the laws and regulations of the countries where it operates, including the United States," the spokesperson said. Jinko shares slid 8% on Tuesday after the raid in Florida was reported by several local news outlets.

☆ Cluster of Chinese vessels spotted near Russian rig off Vietnam - ship monitors
▼ + stars: | 2023-05-10 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +3 min

Strong relations between Russia and China are a major factor supporting global stability, Russian Defence Minister Sergei Shoigu said in March, but the two countries have conflicting interests in the South China Sea. "Chinese fishing and scientific research vessels carry out normal production and work activities in maritime areas under China's jurisdiction," it said. It made similar remarks on Tuesday after Chinese boats approached an area where the navies of India and Southeast Asian countries held exercises. On Wednesday, the Chinese vessels were about 10 nautical miles (18 km) from the Japanese operating rig and about 20 miles from the Russia-Vietnam rig, according to South China Sea Chronicle Initiative (SCSCI), an independent non-profit. The Chinese research vessel moved at full speed before entering Vietnam's EEZ but slowed to 4-5 knots, suggesting the ship was conducting a survey there, said SCSCI's Van Pham.

☆ Australian journalist nears 1,000 days in detention in China on state secrets charge
▼ + stars: | 2023-05-09 | by ( Kirsty Needham | ) www.reuters.com time to read: +3 min

read moreHer arrest by state security in September 2020 came as China widened blocks on Australian exports amid a diplomatic dispute, but the barriers are falling now, with a visit by Australian Trade Minister Don Farrell planned. China has previously said Australia should respect China's judicial sovereignty, adding that her legal rights were being upheld. Foreign Minister Penny Wong said Cheng had shown "great resilience and courage", and the Australian government was concerned by the delay. Born in China, Cheng moved with her scientist parents to Australia as a 10-year-old. "No light has been shed on the allegations" against Cheng after three years, said former trade minister Simon Birmingham, whom she interviewed on his visits to China.

☆ Australian police searched pilot's home for China fighter jet records
▼ + stars: | 2023-05-02 | by ( Kirsty Needham | ) www.reuters.com time to read: +3 min

SYDNEY, May 2 (Reuters) - Australian police searched the home of a British former test pilot for documents related to China's J-16 strike fighter, Australia's intelligence partners, and China's biggest aviation company, a court judgment shows. The search in November was part of an investigation into Western military pilots training China's military at a time of growing tension between China and the United States and its allies. Federal police searched Hartley's home on suspicion he had broken the law by providing military style training directed or funded by China between 2018 and 2022, the Federal Court heard. The judgement shows police had searched for documents and digital records including emails and encrypted messages relating to TFASA, the PLA, four models of PLA fighter jets and fighter training aircraft including the J-16 strike fighter and J-11 fighter, AVIC and two individuals whose names were redacted. It states conduct capable of constituting an offence, and it does so with a reasonable degree of precision," she wrote.

☆ China's job market tough, especially for college graduates, vice minister says
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, April 27 (Reuters) - China's job market remains tough, and it is becoming especially hard for college graduates to find jobs, vice Human Resources minister Yu Jiadong said on Thursday. China's cabinet on Wednesday unveiled plans to boost employment, including supporting financial institutions to offer loans to small firms and issuing subsidies to firms that hire college graduates or unemployed young people. "Employment is steady, but under pressure, steady but also worrying, and the employment pressure for young people such as college graduates remains very big," Yu told a news conference. A record 11.58 million college graduates will hit the job market this year, with the economy still feeling the impact from COVID-19 curbs that were removed in late 2022 and a crackdown on tech and education sectors. China's private firms, which account for over 60% of output and 80% of urban employment, have been hit hard by COVID-19 lockdowns and restrictions over the past three years.

[1/2] Sophie Luo Shengchun, the wife of jailed Chinese human rights lawyer, Ding Jiaxi, poses with a photo of him at her home in Alfred, New York, U.S., July 28, 2022. REUTERS/Brendan McDermidBEIJING, April 10 (Reuters) - A Chinese court sentenced two prominent human rights lawyers on Monday to jail terms of more than a decade each, a relative and rights groups told Reuters, the latest move in a years-long crackdown on civil society by President Xi Jinping. "I will not let them put Ding Jiaxi and Xu Zhiyong in jail so easily." Hundreds of rights lawyers were detained and dozens jailed in a series of arrests commonly known as "709" cases, referring to a crackdown on July 9, 2015. China rejects criticism of its human rights record, saying it is a country with rule of law and that jailed rights lawyers and activists are criminals who have broken the law.

In a filing on Thurday, JD.com said it would continue to hold a stake of more than 50% in the units, JD Industrials and JD Property, upon completion of the proposed spin-off. JD.com said the size and structure of its units' initial public offerings had not yet been finalised. Two sources with knowledge of the floats said the two JD units are seeking to raise $1 billion each in the IPO. In their listing prospectuses filed later on Thursday, JD Industrials and JD Property disclosed annual revenues of 14.1 billion yuan ($2.05 billion) and 2.3 billion yuan, respectively. UBS and Citic Securities are the financial advisers for JD Industrials, while UBS is the financial adviser for JD Property.

☆ Australia concerned by delays in trial of journalist detained in China
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

2 Intermediate People's Court, where Australian journalist Cheng Lei is expected to face trial on state secrets charges, in Beijing, China March 31, 2022. REUTERS/Florence LoSYDNEY, March 31 (Reuters) - Australia said it has "deep concerns" about delays in the case of Australian journalist Cheng Lei who faced a closed door trial in Beijing on national security charges a year ago. "We share the deep concerns of Ms. Cheng's family and friends about the ongoing delays in her case," Wong said. Cheng, who has been detained in Beijing since her arrest in 2020, has two young children living in Australia. She was born in China and moved with her parents to Australia as a child.

☆ China's JD.com to spin off industrial, property units in Hong Kong float
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 30 (Reuters) - Chinese e-commerce firm JD.com Inc (9618.HK) said on Thursday it planned to spin off its property and industrial units and list them on the Hong Kong Stock Exchange. Upon completion of the proposed spin off of JD Industrials and JD Property, JD.com said it would continue to indirectly hold more than 50% of the shares in both the units, which will remain as subsidiaries of the company. The size and structure of JD.com units' initial public offerings have not yet been finalised. The e-commerce firm, which missed fourth-quarter revenue forecasts, said earlier this month that rebuilding consumer confidence would take time after the lifting of strict pandemic-related curbs late last year. Reporting by Twinnie Siu in Hong Kong and Tiyashi Datta in Bengaluru; Editing by Sharon Singleton and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam sends ship to track Chinese vessel patrolling Russian gas field in EEZ -data
▼ + stars: | 2023-03-27 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +5 min

HANOI, March 27 (Reuters) - A Vietnamese ship monitored a Chinese Coast Guard vessel on Saturday in a Russian-operated gas field in Vietnam's South China Sea exclusive economic zone (EEZ), data show - the latest Chinese patrol in a pattern stretching more than a year. The patrols mirror Chinese Coast Guard activity elsewhere in the South China Sea, where such vessels have been used to assert territorial claims. A spokeswoman for Vietnam's foreign ministry said on Friday that Vietnam acts in the South China Sea “to protect its legal rights”. Malaysia, the Philippines, Taiwan and Brunei are among other countries that have competing claims in the South China Sea. Chinese Coast Guard vessels have also patrolled the Tuna block; in January, Indonesia deployed a warship to monitor a Chinese ship there.

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