IN BRIEF (Page 14)

Mongolian imports to quench forage thirst

China will import more than 400,000 metric tons of forage from Mongolia next year to cope with the growing demand for dairy and other high-protein products, officials said. Shipments have already started with eight trucks carrying 200 tons of forage reaching the Zuunkhadavchi Land Port of Xilin Gol League in North China's Inner Mongolia autonomous region. This is also the first time that China is importing forage from Mongolia.

FDI inflows up 8.6% in first 10 months

China attracted 639.4 billion yuan ($100.42 billion) in foreign direct investment in the first 10 months of 2015, up 8.6 percent from a year earlier, the Ministry of Commerce said on Nov 11. In October, FDI inflows rose 4.2 percent from a year earlier to 54.7 billion yuan, the ministry said in a statement on its website. According to the ministry, FDI in the services sector rose 19.4 percent from a year earlier, to $63.4 billion.

Overseas bank cards may find going easy

China will not impose tough licensing restrictions on overseas bank card providers seeking to enter the country's $7 trillion card-payment market, a senior central bank official said on Nov 10. Industry sources said in October that they were concerned the Chinese government would limit the number of licences issued to foreign card providers and force them to operate through joint ventures with local partners. However, Fan Yifei, a vice-governor of the People's Bank of China, told a conference that there are no plans to bring in such requirements.

Geo-information industry booming

The output value of China's geographic information industry should reach 360 billion yuan ($56.6 billion) in 2015, an increase of 22 percent year-on-year, a senior insider has said. Marked by technological advances and service expansion, the geomatics industry has grown rapidly in recent years, with an annual growth rate of more than 20 percent since 2011, Song Chaozhi, deputy director of the National Administration of Surveying, Mapping and Geoinformation, said at a conference on Nov 10.

Free trade deal to be fast-tracked

Legislation on the China-Australia Free Trade Agreement is likely to be fast-tracked through the Australian Senate after Penny Wong, the shadow trade minister, endorsed the deal as a step toward "prosperity".

She said legislation required for the deal to be approved would simultaneously protect Australian workers and conditions, while also "delivering jobs" and scope for businesses to grow.

Stock exchange rules on suspension revised

The Shanghai Stock Exchange has revised the rules on trading suspension by listed companies to prevent abuse of the system.

The rules, published on Nov 8, require listed companies to apply for trading suspension no more than five months from the date it plans for asset restructuring or mergers and acquisitions.

Swiss franc trading to help renminbi cause

China will start direct trading with the Swiss franc, as the nation pushes its case for reserve-currency status at the International Monetary Fund.

The link started on Nov 10, the China Foreign Exchange Trade System said, making the franc the seventh major currency that can bypass a conversion into the US dollar and be directly exchanged for yuan.

Dollar assets in demand to beat yuan volatility

After the yuan's depreciation on Aug 11, Chinese investors are chasing dollar-denominated assets to guard against currency volatility, according to Western Asset Management Co.

"People are showing more interest in owning US or Hong Kong dollar-denominated assets," said Desmond Soon, head of investment management in Asia outside Japan at Western Asset, which manages about $450 billion.

Expected gas price cut 'will bolster demand'

China's expected cut in natural gas prices will stimulate demand in the world's largest energy consumer and support liquefied natural gas imports, according to analysts at Sanford C. Bernstein.

A 30 percent cut in prices, among the highest in the world, will boost consumption that has slowed after a decade of expansion, analysts wrote on Nov 9.

Huawei smartphones enter Cuban market

Huawei Technologies Co Ltd inked a deal with Cuban telecoms company Etecsa on Nov 6 to sell its smartphones in the island nation, signaling the company's further expansion in the Latin American and Caribbean region.

Javier Villarino, Huawei's head of sales in Cuba, said the deal would allow Huawei to sell phones, distribute spare parts and accessories, and train repair staff.

Oil imports to surge as refiners boost supplies

China's crude imports may rebound from a five-month low as independent refiners increase buying under expanded quotas, according to analysis compiled by Bloomberg.

Overseas purchases by the world's second-largest oil consumer may rise to about 6.8 million barrels a day in November, up 9 percent from October, it reported.

Imports in the first 10 months of the year increased 8.9 percent from a year earlier, according to the General Administration of Customs.

BMW elevates headto drive brand

BMW has appointed Olaf Kastner as head of BMW Group in China. He will take over from Karsten Engel on Dec 1.

Kastner was previously president and CEO of BMW Brilliance Automotive Ltd. Anton Heiss, who manages the joint venture's production in Shenyang, has been named as his successor.

Licenses for e-car companies on the way

China will soon approve production licenses for several new electric car manufacturers as part of its push to promote clean technology.

More than 10 companies have applied for the permits, Miao Wei, the minister for industry and information technology, said in Beijing on Nov 5. The licenses, meant only for the production of e-vehicles, will be the first to be handed out since the government said in 2009 that it would encourage consolidation and curb overcapacity in the industry.

Growth return for Belt and Road countries

Countries along the extensive trade and infrastructure network planned in China's Belt and Road Initiative saw their combined investment in the country return to growth in the first nine months, according to the Ministry of Commerce.

About $6.12 billion (5.7 billion euros) was invested by these countries in China between January and September, up 18.4 percent year-on-year.

Disney trademark to get protection

China will give special trademark protection to Walt Disney Co as the firm prepares to open its first theme park on the mainland next year.

Authorities will carry out a yearlong campaign to crack down on Disney counterfeits, the State Administration for Industry and Commerce has said, underlining wider concerns that fake products are damaging China's reputation.

Maersk eyes partnership with Chinese firms

Danish shipping and oil giant Maersk Group is looking to work with Chinese firms in investing overseas as the conglomerate seeks opportunities in the Belt and Road Initiative, a China-proposed infrastructure and trade network, a company official said.

China Daily

(China Daily European Weekly 11/13/2015 page14)