What's news

Trade

Nation ready to boost imports

China will keep trying to boost imports as it seeks to achieve a trade balance.

Customs data released last week exceeded market expectations with a slight increase following a gloomy first quarter.

Exports grew 0.9 percent year-on-year last month in dollar terms, while imports rose 0.8 percent. In March, exports fell 6.6 percent while imports contracted 11.3 percent.

Assistant Minister of Commerce Tong Daochi said China faces challenges as global conditions remain uncertain and capital flows to developed countries. Those trends are increasing pressure on emerging economies, which are facing weaker currencies and trade deficits.

In response to this situation, Tong said, "China will actively facilitate free trade."

EU levies tariffs on solar glass from China

The European Union imposed five-year tariffs on solar glass from China to help EU producers counter alleged Chinese subsidies and price-undercutting, heightening trade tensions over renewable energy. The five-year duties took effect on May 15. The levies range from 0.4 percent to 36.1 percent, depending on the Chinese exporter. The EU solar-glass market is valued at under 200 million euros ($274 million), the commission said when it opened the dumping inquiry in February 2013.

Australia investigates dumping claims

Australia is looking at allegations that Chinese solar companies dumped panels in the local market. The probe will examine imports of crystalline-silicon photovoltaic panels imported from July 1, 2012, to December 31, 2013, Australia's Anti-Dumping Commission said on May 14. The US imposed tariffs as high as 3.5 times on Chinese solar products in 2012, and the European Union followed a year later with protectionist measures.

Exports rise a 'warming' trend

China's exports and imports improved modestly in April as trade-related reforms began to show results, easing pressure on the growth of the world's second-largest economy.

Exports edged up 0.9 percent year-on-year to $188.54 billion, compared with a 6.6 percent drop in March. Imports rose 0.8 percent after slumping 11.3 percent in the previous month, the General Administration of Customs said.

Total trade rose 0.8 percent, compared with a first-quarter decline of 1 percent.

Restructuring

Investment in Russia likely to expand

Officials from China and Russia said they expect increased Chinese investment in Russia, whose president, Vladimir Putin, is scheduled to visit China this month. Ling Ji, director-general of the Department of Eurasian Affairs at the Ministry of Commerce, said economic restructuring in both countries has created cooperation opportunities for large-scale projects in many sectors, which will "have long-term and strategic significance".

Companies

Nokia releases smartphone in China

Nokia has released its first smartphone product in China after becoming a Microsoft Corp company. The new low-end Lumia phone mainly targets young buyers, said Erik Bertman, the Nokia team's China head. More devices at different prices will be released later this year, he said. Microsoft declined to provide updates on the merger process. Former Nokia executives are still in charge of the unit's daily operations.

China Telecom calls for investors

China Telecom Corp Ltd is seeking private investors for emerging telecommunications services such as online payments and social networking, company executives said on May 13.

Several joint ventures, through partnering with local Internet companies, will be announced later this year as the nation's third-largest telecom operator tries to dilute the percentage of state-owned shares.

"Joint ventures and acquisitions are both possible ways for us to cooperate with private firms," said Wang Xiaochu, chairman of the Hong Kong-listed company.

Facebook to open sales office in China

Facebook Inc is taking steps to open a sales office in China to work with local advertisers, in a move that would put the social network's employees in the country for the first time, even as its service remains censored there.

Facebook could open an office in China within a year to serve a growing set of customers in the country, said a person with knowledge of the situation, who asked not to be identified because the information is considered private.

Facebook is in discussions to lease space in Beijing's Fortune Financial Center, located in the city's central business district. The company hasn't decided whether to hire contractors or full-time employees for a sales office, which would require an operating license.

Energy

Clean coal technology put into operation

China's largest commercial use of clean coal technology recently started operations in Shenyang, the capital city of northeast China's Liaoning province. With increasing environmental concerns and the country's drive for greener development, the clean coal and gasification technology has great market potential, according to Bian Cheng, chairman of Keda Clean Energy. He said the market for relevant equipment and fuel could amount to 500 billion yuan ($80 billion; 58 billion euros).

Finance

ICBC bans trade in Bitcoin, and Litecoin

Industrial and Commercial Bank of China Ltd has banned activities related to trading in Bitcoin, it said on May 8, joining at least 10 other Chinese banks that have prohibited use of virtual currencies. "From this date, any institution or individual must not use accounts set up with our bank for the deposit and withdrawal ... and transfer of funds for Bitcoin and Litecoin trading," ICBC said on its website.

Economy

Planner issues central region guidelines

The National Development and Reform Commission, the country's top economic planner, has issued a guideline for promoting the development of the country's central regions in 2014. Efforts should be made to optimize regional planning, quicken the development of modern agriculture, facilitate industrial upgrades, strengthen the construction of infrastructure, speed up the application of fourth-generation mobile communications and improve Internet network speeds, the guideline said.

Transport

New train route ties Chinese ports to Europe

Gefco Group, the international arm of Russian Railways specialising in automotive and industrial goods logistics, is launching a new door-to-door route between China and Europe, aiming to expand into more industries.

The new service allows overland cargo and ocean freight collected at China's major ports to be delivered via Alataw Pass or Manzhouli, in China's Xinjiang Uygur and Inner Mongolia autonomous regions, to countries such as Russia, Ukraine, Belarus, Poland, Germany and Hungary.

Entertainment

Movie maker raises output

Huayi Brothers Media, one of China's leading private film production companies, released its production schedule for this year and next on May 8. Huayi will release 14 movies this year, covering a wide range of subjects and genres, including comedy, romance, animation and crime suspense. It will make 18 new films in 2015, when it will work with the most directors and produce the largest volume in its history.

Retail

Social media inform more consumers

Social media's role in urban consumers' buying decisions is increasing, a survey published on May 8 by global consulting firm Accenture Plc showed.

Seventy-nine percent of urban consumers share information on social media, and online shopping is growing more popular. Instant messaging platforms such as Tencent Holdings Ltd's QQ and WeChat are popular.

Forty-eight percent of Internet users visit social media sites every day and 51 percent are always connected, Accenture said.

China Daily-Agencies

(China Daily European Weekly 05/16/2014 page18)