IN BRIEF (Page 24)

EU updates strategy on China ahead of summit

Brussels has announced it is updating its strategy for relations with Beijing, a partner it says is rapidly increasing its international influence and should be more closely engaged. The High Representative of the Union for Foreign Affairs and Security Policy and the European Commission issued a statement on June 22 that identifies opportunities for the EU's relationship with China, in particular the aim of creating jobs and growth in Europe as well as vigorously promoting a greater opening up of the Chinese market to European business. Brussels announced the changes prior to a summit in Beijing in July.

Jinqiao denies signingagreement with Tesla

Jinqiao Group denied on June 21 that it had signed a memorandum of understanding with Tesla Motors Inc to build Tesla production facilities in Shanghai. "We have not signed any document with Tesla," the company said after trading of its shares was suspended. A source at Tesla who asked not to be identified said the matter is sensitive and that the location of the Tesla China factory is still at the evaluation stage.

Wal-Mart resets strategy with JD.com partnership

The new alliance between Wal-Mart Stores Inc and e-commerce company JD.com Inc is expected to give the American supermarket chain wider customer access and offer a fresh start to its struggling retail business in China. Wal-Mart says the alliance expands its opportunity in e-commerce, provides its stores and Sam's Clubs with potential traffic from JD's huge customer base, and will allow it to use JD's same-day delivery network. Wal-Mart will receive about a 5 percent stake in JD and the companies will partner in several strategic areas.

Tencent set to buy control of Supercell

Chinese internet giant Tencent Holdings Ltd has announced it will buy control of Supercell Oy in a deal that values the leading Finnish game developer at about $10.2 billion. A consortium established by Tencent will acquire up to 84 percent of Supercell, mostly from SoftBank Group Corp, which aims to use the proceeds from the deal to cut its debt. Supercell, developer of the hit game Clash of Clans, is one of the most profitable game developers in the world.

E-industrial park links Poland to China

OSell, a major Chinese cross-border e-commerce company, has launched a service in Poland that allows local retailers to check Chinese product samples without leaving their country. It also enables them to place online orders and contact potential Chinese sellers via mobile devices. The company, based in Chongqing, opened on June 20 at a cross-border e-commerce industrial park in Warsaw.

(China Daily European Weekly 06/24/2016 page24)