Issue link: https://maltatoday.uberflip.com/i/345566
SAVIOUR BALZAN in Beijing, CHINA "CHINA is a country with excess liquidity. It has three trillion dollars in reserves. These funds must be invested in the next 15 years. China is dying to invest and we cannot miss out on this opportunity. We are best placed to do this because of our European Union mem- bership, our cultural link to China and our geographical position," Prime Minister Joseph Muscat has told MaltaToday in a clear outline of his economic vision to trade with the Asian superpower. "We are doing no different in China than An- gela Merkel and David Cameron did, and we have an advantage because of our history. China and its institutions remem- ber that Malta was the fifth nation to recognise it diplomatically. We have rekindled an old friend- ship." This is how Muscat put forward his vision for trade with China as he left the opulent State House in the forests of Guiyang, before leaving for the Chinese capital of Beijing to join his family on a private visit. The upbeat premier was however quick to point out that Chinese interests in Malta were "com- mercial, not political". He had just spent a week in China where he met premier Li Keqiang, with VIP treatment for his delegation as kilometres of roads were cleared of traf- fic to allow his car convoy to pass through Beijing's clogged city-centre. "I don't want to criticise an- yone, but the former admin- istration neglected relations with China, perhaps because of a justified eurocentric pol- icy, and more significantly because of internal problems at the time," Muscat said. His visit also showed for the first time that an ambitious plan for a bridge connecting Malta to Gozo, using Chinese funds, was now being placed on the back burner. For the first time ever, he expressed doubts about the environmentally sensitive project. But he announced important developments for state utility Enemalta, which only a few months after the election, was injected with €320 million in capital for a 33% stake from Chinese state com- pany Shanghai Electric. Enemalta plc and Engineering Resources Ltd have identified 30 projects for renewables in Eu- rope which would translate into 600MW of en- ergy, enough to meet the demands of an area the size of Malta. He also praised the role played by energy min- ister Konrad Mizzi's wife Sai Mizzi Liang, who accompanied the delegation. The real issue with Mizzi Liang was her link to a minister… when you remove that issue, she remains the best per- son suited for the job. The results are already showing clearly." MUSCAT IN CHINA Interview page 4 SAVIOUR BALZAN's comment page 18 PRIME Minister Joseph Muscat's second Cabinet has suffered a minor dent in its net worth of some €35,000 – although the latest ministerial declarations still make it worth some €5.3 million in declared earnings. The biggest climber in the Cabinet is former tourism minister Karmenu Vella, whose deposits went up from €140,000 to €665,000 from the sale of a property in Marsascala. Finance Minister Edward Scicluna saw an upward shift in his fortunes, with a €50,000 increase in bank deposits. The biggest losers were energy minister Konrad Mizzi who suffered an €87,000 dent to his bank account, and Gozo minister An- ton Refalo, who despite his impressive port- folio of properties lost €24,000. Economy Minister Chris Cardona's dec- larations for 2014 include €468,000 in bank deposits belonging to his wife. Newcomer junior minister Chris Fearne is a new heavyweight, valued at over €420,000 apart from properties; while junior minis- ter for planning Michael Falzon declared €175,000 in deposits, as well as his Ilkin residence and 2,000 square metres of Bahrija land. Newspaper post mbank.com 2132 2100 FIMBank is an international trade nance specialist with an established reputation as a dynamic and customer-driven provider of trade nance solutions. FIMBank is headquartered in Malta and benets from a growing network of international oces. documentary collections bonds and guarantees treasury management structured trade nance commodity trade nance letters of credit ship nance payments forfaiting factoring Trade Finance Solutions engineered for business success FIMBank p.l.c. is a licensed credit institution in Malta with company registration C17003, is regulated by the Malta Financial Services Authority and listed on the Malta Stock Exchange. maltatoday WORLD CUP FEVER IS ONLINE AT MALTATODAY.COM.MT/SPORTS/WORLDCUP2014 'China's dying to invest, we shouldn't miss out' PAGE 3 Gaza horror A vigil was held in solidarity with Palestinians attacked in occupied Gaza by Israeli forces • more photos on maltatoday.com.mt Ministers are worth well over €5 million INTERVIEW • 12-13 The retired army commander turns humanitarian: 'We want to see migrant offshore assistance become a worldwide phenomenon' Fancy a punt? Argentina face Germany in tonight's World Cup final in Rio WHAT THE EXPERTS SAY • PAGES 14-15 SPORTS • PAGES 45, 46, 47 Martin Xuereb SUNDAY • 13 JULY 2014 • ISSUE 766 • PUBLISHED EVERY WEDNESDAY AND SUNDAY €1.20 PHOTOGRAPHY BY RAY ATTARD