Web Desk

ISLAMABAD: Relations between China and Japan have deteriorated dramatically in the past week after Japan issued one of its strongest warnings yet regarding a potential conflict in the Taiwan Strait. China slammed on Monday Japan&#39;s decision to push ahead with a planned deployment of missiles on an island near Taiwan, according to the AFP. Its foreign ministry said Japan&#39;s missile deployment was a &quot;deliberate attempt to create regional tension and provoke military confrontation.&quot; Earlier this month, Japanese Prime Minister Sanae Takaichi had said that any attack on Taiwan could constitute a &ldquo;survival-threatening situation&rdquo; for Japan, a designation under its security laws that could allow limited collective self-defence in support of allies. The statement reflects growing concern in Tokyo over regional stability and the security of sea routes near Okinawa. China condemned the remarks, accusing Japan of interfering in its internal affairs. The Chinese foreign ministry said Tokyo was violating the One-China principle and &ldquo;sending the wrong signal&rdquo; to what it calls &ldquo;separatist forces&rdquo; in Taiwan. Beijing also lodged a diplomatic protest with officials from Japan&rsquo;s Embassy in Beijing. In parallel, China expanded its coast guard and maritime militia presence near the Senkaku Islands, a territory claimed by China but administered by Japan. These patrols have become increasingly regular and assertive, raising tensions in already contested waters. Background: China and Taiwan China and Taiwan have operated under separate governments since 1949, after the Chinese Civil War, when the Nationalist government relocated to Taiwan and the Communist Party founded the People&rsquo;s Republic of China (PRC) on the mainland. The PRC insists that Taiwan is part of &ldquo;one China&rdquo; and maintains that the Beijing government is the sole legitimate representative. Official PRC sources cite UN General Assembly Resolution 2758 to argue that Taiwan has no independent status in the UN system. At the same time, Taiwan maintains its own democratic government, military, and domestic policies. The feud reaches the United Nations&nbsp;China&#39;s permanent representative to the UN, Fu Cong, wrote in a letter to UN Secretary-General Ant&oacute;nio Guterres on Friday that &ldquo;if Japan dares to attempt an armed intervention in the cross-Strait situation, it would be an act of aggression.&rdquo; China maintains that the strait dividing mainland China from self-governing Taiwan is part of its territory. Economic pressure adds to the strainOn November 14, China issued a no-travel advisory for Japan, followed by recommendations that students reconsider enrolling in Japanese universities. Shares in Japanese tourism and retail firms fell sharply after Beijing discouraged its citizens from visiting Japan. Three Chinese airlines offered free cancellations or refunds for flights to Japan scheduled for November 15. China also suspended imports of Japanese seafood. This follows a partial easing earlier in 2025, when China resumed seafood imports from some Japanese regions, subject to strict documentation requirements. Beyond trade and tourism, two Japanese animated films scheduled for release in Chinese theaters were postponed indefinitely. State media reported that the delays were part of Beijing&rsquo;s countermeasures.&nbsp;At a routine press conference this week, He Yongqian, a spokesperson for China&rsquo;s commerce ministry, stated that PM Takaichi&#39;s remarks had &ldquo;severely damaged&rdquo; economic relations between the two nations. Where does Taiwan stand?Taiwan has maintained a measured stance amid escalating tensions while continuing to strengthen its defense posture. Authorities have expanded air and maritime surveillance, conducted regular readiness exercises, and developed missile defence and early warning capabilities. Taiwanese officials say they are closely monitoring regional developments, particularly as Chinese aircraft and ships operate near the island. Taiwan lifts restrictions on JapanAccording to AFP, Taiwan lifted all restrictions on Japanese food imports on Nov. 21&nbsp;in a show of support for Tokyo. Previously, the Taipei government had banned food imports from five Japanese regions around the site of the 2011 Fukushima nuclear accident. Taiwan&#39;s Food and Drug Administration said&nbsp;that &ldquo;Japanese food safety management measures return to normal,&rdquo; effective immediately. What is happening now?Japanese Prime Minister Sanae Takaichi said on Nov. 21 that she wants &ldquo;constructive&rdquo; ties with China and that Japan&rsquo;s stance on Taiwan remains &ldquo;unchanged&rdquo; amid the dispute with Beijing. &ldquo;At the end of last month, President Xi [Jinping] and I confirmed the broad direction of comprehensively advancing our strategic, mutually beneficial relationship and building a constructive and stable relationship,&rdquo; Takaichi told reporters. &ldquo;The government&rsquo;s position remains unchanged&rdquo; on Taiwan, she added. China, however, has signaled a cooling of diplomatic engagement. Premier Li Qiang will not meet one-on-one with Japanese Prime Minister Takaichi on the sidelines of the next G20 Summit, according to China&rsquo;s foreign ministry. &ldquo;A meeting with the Japanese leader is not on Premier Li Qiang&#39;s agenda,&rdquo; Chinese foreign ministry spokeswoman Mao Ning said last week in Beijing at a regular news briefing.

China

Central Asia

China-Japan tensions have escalated after Tokyo warned that an attack on Taiwan could trigger collective self-defence. Beijing responded with diplomatic protests, military activity, and economic pressure; Taiwan has strengthened its defence and backs Japan, as high-level China-Japan diplomacy stalls.

Tensions in East Asia: What exactly is going on?

Simran Siraj

KARACHI: Pakistan&rsquo;s financial system has become more accessible to women than ever before, with the number of active bank accounts held by women reaching 37 million by June 2025, the State Bank of Pakistan (SBP) said on Tuesday. The central bank attributed the increase to policy reforms aimed at closing gender gaps in financial access. According to the SBP, women&rsquo;s active bank accounts grew from 20 million in 2021 to 37 million in 2025, narrowing the gender gap in financial inclusion from 39% to 30%. Over the same period, more than 14,600 women joined the banking sector workforce. SBP Governor Jameel Ahmad, speaking at the World Bank&rsquo;s annual meetings in Washington, credited the progress to the Banking on Equality policy launched in 2021, Pakistan&rsquo;s first gender-mainstreaming framework for the financial sector. &ldquo;The initiative has helped triple female microfinance borrowers and double women&rsquo;s access to SME and agricultural financing,&rdquo; he said. Mobility and independenceFor many young women, financial inclusion translates directly to autonomy. Karachi-based filmmaker Zainab Farid, 24, recently became the first woman in her family to obtain a car loan. &ldquo;My motivation behind getting a car was mobility and independence,&rdquo; she told Pakistan TV Digital. &ldquo;In cities where public transport is limited, having your own car changes everything.&rdquo; She described the loan process as &ldquo;surprisingly simple,&rdquo; saying banks now provide clearer guidance for women borrowers. &ldquo;When I opened my first account in 2019, I wasn&rsquo;t earning yet, but I could open a women-specific account with minimal requirements. Banks have made it easier for women to begin.&rdquo; Zainab said her experience encouraged her family to explore financing options as well. &ldquo;Once one woman takes the step, others around her start believing it&rsquo;s possible too.&rdquo; Digital platforms expand accessMobile wallets and fintech platforms are also reshaping access, particularly for women outside major cities. Apps like Easypaisa, JazzCash, and Oraan allow users to save, transfer money, and access services without visiting a bank branch. According to fintech practitioners, simplified onboarding and digital literacy tools are enabling more women to join the formal economy &ldquo;from their homes and even from remote regions.&rdquo; Microfinance: credit plus confidenceThe Pakistan Microfinance Investment Company (PMIC) continues to push financial access deeper into rural and low-income communities. PMIC representative Rimsha Taj told Pakistan TV Digital that partner institutions are required to prioritize women borrowers. &ldquo;In practice, 88% of our portfolio is currently deployed among women,&rdquo; she said. She emphasized that credit is paired with training. &ldquo;We bundle financial products with learning opportunities so that financing is used productively, helping women generate income, stability, and confidence.&rdquo; PMIC is also piloting alternative credit-scoring models to support women without collateral or formal histories. From microcredit to micro-enterpriseAt Lahore&rsquo;s Delhi Gate, 46-year-old salon owner Saira Bibi said an interest-free loan from the Akhuwat Foundation helped launch her business. &ldquo;It gave me a start, but more than that, it made me believe I could manage my own business,&rdquo; she said.Saira now supports a family of six, but says the next challenge is growth: &ldquo;You need someone to guide you on how to expand, not just the money.&rdquo; The road aheadExperts observe that Pakistan has largely addressed the initial challenge of access to financial services, and the next phase centers on strengthening women&rsquo;s ability to independently use and manage those services. Recent assessments indicate that women entrepreneurs increasingly require support in areas such as financial literacy, business management, marketing skills, and opportunities for networking and mentorship. The State Bank&rsquo;s upcoming phase of the Banking on Equality policy will place greater emphasis on women-led micro, small, and medium enterprises, while expanding digital facilitation tools and improving gender-disaggregated financial data. Additionally, the SBP, together with 22 commercial banks, has adopted the WE-Finance Code to reinforce institutional commitment toward reducing gender gaps in the financial sector

Economy

Pakistan’s banking access for women surged to 37 million accounts by June 2025, driven by policy reforms like the Banking on Equality initiative, digital platforms, and microfinance, boosting women’s financial inclusion, autonomy, and entrepreneurship opportunities

Pakistan central bank highlights expansion of banking access for women

FRANKFURT: Europe&#39;s economy is holding up better than expected in the face of US President Donald Trump&#39;s new tariffs &mdash; in part because the European Union didn&#39;t retaliate with self-defeating tariffs of its own, the head of the European Central Bank said Tuesday. Christine Lagarde said the impact of Trump&#39;s trade war on growth and inflation in the 20 countries that use the euro currency had also been softened by a stronger euro and by the conclusion of a trade deal with Trump. The agreement capped tariffs at 15% and took away the uncertainty that threatened to delay or disrupt business investment. &ldquo;A year ago, most would have assumed that US tariffs ... would trigger a major adverse shock to the euro area economy,&rdquo; Large said in a speech delivered at a central banking conference in Helsinki, Finland. &ldquo;Yet some of these assumptions have not been borne out.&rdquo; There had been little impact on inflation, she said, and effects on growth have been &ldquo;relatively moderate&rdquo; due to European governments taking pro-growth measures in response. The European Union&#39;s executive commission prepared a list of goods to hit with retaliatory tariffs, or import taxes, but suspended them once the tariff deal was struck between Trump and Commission President Ursula von der Leyen in July. The reasons for nonretaliation included pressure from business groups not to get into a prolonged cycle of tit-for-tat tariff increases, as well as concerns about jeopardizing US support for Ukraine. As a result, Europe continued to receive the imported raw materials and goods it needed for its economy without hindrance from high tariff costs or bottlenecks that could raise prices. &ldquo;As a result, we have not yet seen significant supply chain disruption,&rdquo; Lagarde said. &ldquo;Global supply chain pressures remain contained, and in the euro area, bottleneck indicators are close to historical averages.&rdquo; Trump&#39;s policies have been accompanied by a fall in the dollar and a corresponding strengthening of the euro. That makes Europe&#39;s imports cheaper and helps the ECB in its efforts to contain the annual rate of inflation, which was a moderate 2% in August. The EU and its member governments have taken additional measures to strengthen growth, including free trade agreements with the South American Mercosur countries &mdash; Argentina, Brazil, Bolivia, Paraguay, and Uruguay &mdash; and with Mexico. National governments have increased defense spending due to the perceived threat from a newly assertive Russia. At the same time, Germany has committed to large-scale investment in roads, rails, and bridges after years of underspending. Nonetheless, growth remains mediocre, coming in at only 0.1% in the second quarter compared to the previous quarter. Tariffs and the associated uncertainty will still reduce the growth rate by approximately 0.7 percentage points through 2025 and 2027.

Business

Banking

ECB chief Christine Lagarde said Europe’s economy has withstood Trump’s tariffs better than expected. A trade deal, stronger euro, and pro-growth measures limited inflation and disruption, though growth remains weak and tariffs will weigh modestly until 2027.

Europe's top central banker says economy holding up better than expected

Shizza Jasmin

ISLAMABAD: Prime Minister Shehbaz Sharif, in an exclusive interview with Pakistan TV Digital, outlined his vision on youth, agriculture and economic prosperity. The prime minister made these remarks during the launch of Pakistan TV Digital, an English-language platform designed to present Islamabad&rsquo;s voice to global audiences through credible, video-first journalism.&nbsp; &ldquo;These devastating floods have damaged our economy in a way which we did not foresee,&rdquo; PM Sharif said on Pakistan TV&rsquo;s podcast The Chatroom with Shizza. &ldquo;We are meeting this challenge with joint efforts,&rdquo; referring to the coordinated flood response and rescue operations by the federal government, National Disaster Management Authority (NDMA), provincial governments, and the military.<div class="fr-embed responsive-video"><div class="video-wrapper aspect-video"><iframe src="https://www.youtube.com/embed/kuOoFRxCQsI" title="Prime Minister Shehbaz Sharif Launches Pakistan TV Digital" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="" style="width: 100%; height: 100%; min-height: 0px;"></iframe></div></div>He outlined a future where Pakistan leverages its &ldquo;youth bulge,&rdquo; expands its agricultural sector, and implements vocational training programs to convert demographic challenges into economic opportunities. Once on the brink of economic collapse, &ldquo;Pakistan&rsquo;s economy is now stable&rdquo;, the prime minister said. He credited the change to what he called &ldquo;extraordinary teamwork, untiring efforts, and a sense of purpose to achieve results.&rdquo;

Launches Pakistan TV Digital, affirms resilience after floods, Islamabad’s shift toward stability and growth, hails synergy among stakeholders.

Economic collapse averted, focusing on youth: PM Shehbaz

Gaitty Ara Anis

WASHINGTON: Pakistan Ambassador to the United States Rizwan Saeed Sheikh has said that Islamabad&rsquo;s importance to the US is not temporary; it is rooted in history. Speaking at the launch of Pakistan TV, the ambassador shared his thoughts on the Pakistan-US relationship and its significance in the context of shifting global politics. In an exclusive interview with Pakistan TV, he said that Pakistan, with over 250 million people, has a large portion of its population under 23. Therefore, the importance of such a vast and strategically vital country can only be long-lasting and increasing. Replying to a question, the ambassador said, &ldquo;Over the past 78 years, they have seen many twists and turns, but it&#39;s the strategic location and geopolitical significance of Pakistan that continues to be a constant in bilateral ties with the United States. This new phase is certainly as promising as it has ever been.&rdquo; Regarding the utilization of the newly agreed-upon agreement to explore oil and rare earth minerals in Pakistan, he said that the recently signed Memorandum of Understanding with the US was perhaps only the beginning. &ldquo;We believe more American companies will be interested in joining us in this effort to unlock the wealth beneath the surface and use it as an international public good, not only for the benefit of our two countries but also for the broader good of humanity.&rdquo; He said that Pakistan does not plan to limit itself to just one sector, as it aims to expand into industries like IT. &ldquo;Pakistan&#39;s cost-effectiveness in the IT sector is 70% lower than in the United States and 20% to 30% more cost-effective than any of our competitors, whether it&#39;s India, Egypt, or the Philippines,&rdquo; he added. Talking about US-India relations, he said that Pakistan does not believe in viewing our relations with the U.S. through the lens of any other country. &ldquo;Our relations with the United States should not be contingent on or compared to any other country, whether in the region or anywhere in the world. We are a mega country. The relationship between two mega countries is certainly futuristic and stands on its own.&rdquo; Commenting on the upcoming UNGA meeting, he said that the delegation will be led by the prime minister. As an active member of the UN, Pakistan has always used its geostrategic and geoeconomic position to &ldquo;punch above our weight in multilateral relations,&rdquo; he said, adding that Pakistan&rsquo;s presence at the UN forum this time would also be strong.

Foreign Affairs

Pakistan's US ambassador emphasizes long-term bilateral ties, strategic value, economic opportunities, and independent foreign policy amid global shifts, especially in energy, IT, and multilateral diplomacy.

Pakistan’s strategic value to US is enduring: envoy

ISLAMABAD: Pakistan Commerce Minister Jam Kamal Khan arrived in Tehran on Sunday for a three-day visit, his ministry said, leading Islamabad&rsquo;s delegation at the 22nd Iran-Pakistan Joint Economic Commission (JEC).&nbsp;A critical round of talks aimed at accelerating implementation of recent bilateral trade agreements and pushing toward a $10 billion trade volume target, the statement added.&nbsp;The JEC, co-chaired by Iran&rsquo;s Minister of Roads and Urban Development Farzaneh Sadegh, comes on the heels of Iranian President Dr. Masoud Pezeshkian&rsquo;s high-profile visit to Islamabad in August, during which 12 memoranda of understanding (MOUs) were signed in sectors ranging from tourism and agriculture to technology, transport, and trade.&nbsp;The commission is expected to provide a concrete platform to translate those MOUs into actionable projects. Iranian Ambassador to Pakistan Reza Amiri Moghaddam said on X that the JEC would &quot;pave the ground for an effective platform to advance the implementation of agreements reached between the high-ranking officials of the two countries.&quot;&nbsp;According to Iran&rsquo;s state media outlet IRNA, the commission&rsquo;s proceedings are seen as instrumental in meeting the ambitious $10 billion bilateral trade goal set by both governments.&nbsp;In an interview with IRNA, Pakistan&rsquo;s Ambassador to Tehran, Muhammad Mudassir Tipu, said that the meetings would comprehensively address trade, border management, and economic cooperation, with favorable outcomes expected from talks between senior officials.&nbsp;During his visit, Kamal is also scheduled to meet several key Iranian ministers and senior officials, underscoring Pakistan&rsquo;s intent to revitalize commercial ties and deepen strategic economic engagement with its western neighbor.

Pakistan’s Commerce Minister Jam Kamal begins three-day Tehran visit to advance $10 billion trade agenda.

Articles tagged with "Economy"

Tensions in East Asia: What exactly is going on?

Pakistan central bank highlights expansion of banking access for women

Europe's top central banker says economy holding up better than expected

Economic collapse averted, focusing on youth: PM Shehbaz

Pakistan’s strategic value to US is enduring: envoy

Pakistan eyes $10 billion trade goal during Tehran visit