IN BRIEF (Page 24)

China, UK see enhanced cooperation in trading

Chinese and British leaders affirmed on Nov 10 that they want to use the momentum of a new "golden era" in relations to further cooperate in a range of economic and trade fields. As the most senior Chinese delegation to visit this year met top British officials for the 8th China-UK Economic and Financial Dialogue, areas of cooperation under discussion included trade, investment, market access, financial services, macroeconomic policy and infrastructure. A total of 63 agreements were reached, including moving the feasibility study on London-Shanghai Stock Connect to the next stage. This year's dialogue, led by Chinese Vice-Premier Ma Kai and British Chancellor Philip Hammond, built on the two countries' strong collaboration at the G20 Leaders Summits in Hangzhou, Zhejiang province, in September.

TV maker partners with UCLA sports

Chinese electronics giant TCL Corp, the world's third-largest TV manufacturer, has teamed up with UCLA Athletics for football and basketball. It will also be the official TV source for the Rose Bowl venue. It's part of TCL's effort to grow brand awareness in the United States. The company, based in Huizhou, Guangdong province, announced on Nov 15 a new long-term partnership with UCLA Athletics, one of the most recognizable collegiate athletic programs, to become an official sponsor of the Bruins' football and basketball teams, starting with the 2016-17 season. TCL also becomes the official TV outlet for the Rose Bowl stadium in Pasadena, California, a notable sports venue that serves as the home field for the UCLA football team.

Huawei unveils its Smart City strategy

Chinese telecommunications giant Huawei showcased its latest technology and strategy for Smart City transformations at the Smart City Expo World Congress 2016, which opened on Nov 15 in Barcelona, Spain. The company said its strategy centered on providing leading new information and communications technologies across cloud devices to enable governments and industries to deliver advanced "people-centered services" that enrich people's lives, drive economic growth and create sustainable communities. Among the solutions showcased were Huawei's Intelligent Operation Center and city management solutions based on the internet of things.

Organic food labeling agreement reached

China and New Zealand signed an agreement on Nov 14 to mutually recognize organic food with official certification labels, to facilitate organic food development and trade. China's Certification and Accreditation Administration and New Zealand's Ministry of Primary Industries agreed to mutually recognize each other's certification for organic food imports. It was the first mutual recognition agreement for organic food certification China has signed with a foreign country. China mainly exports coffee, frozen vegetables, and pet food to New Zealand; while it imports dairy products, meat and fruit.

Didi, Avis link up for car rentals

Chinese domestic ride-hailing giant Didi Chuxing said it had signed a strategic partnership agreement with a leading US car rental company, Avis Budget Group Inc. The partnership will provide Didi's 300 million registered Chinese users with easy access to car rental services from Avis and Budget car rental services in 175 countries. Under the agreement, Chinese users will be able to book cars using their Didi Chuxing smartphone app, from rental stores and airports. Fu Qiang, senior vice-president of Didi Chuxing, called the new partnership a big step forward for the company to become international.

Green bond set to boost environment

International investors will find it easier to buy into China's environmentally friendly projects after the Bank of China listed a "covered green bond" on the London Stock Exchange on Nov 11. The three-year $500 million China Green Covered Bond, the first such bond to be issued by a Chinese entity and secured by onshore assets, offers investors a coupon rate of 1.875 percent. The structure of covered bonds is innovative, giving investors dual recourse. It allows claims over a dedicated "cover pool" of assets, and an ordinary claim against Bank of China.

AMC could become largest movie chain

Chinese-owned AMC Entertainment Holdings won approval from shareholders of Carmike Cinemas, the fourth-largest US movie chain, for a $1.2 billion buyout that will make AMC the world's largest movie exhibitor. Georgia-based Carmike said 72 percent of the company's shares voted in favor of merging its 2,954 screens, largely in rural or suburban areas, with AMC, which is in urban markets. Buying Carmike will make AMC the nation's largest movie chain with 8,218 screens, more than Regal Entertainment Group's 7,310 screens. Cinemark, the third-largest, has 4,542 screens. AMC bought the smaller Starplex Cinemas' 346 screens last year.

Ocean cruises gain stature with Chinese

China is set to be the biggest cruise tourism market in the Asia-Pacific region, as cruises gain steam as a tourism mode among domestic travelers. The country's cruise liner ports reported that 629 ships began trips in 2015, up 35 percent, with cross-border cruise travelers up 44 percent, according to Li Shihong, deputy head of the China National Tourism Administration.

China, UAE preferred by young workers

The United Arab Emirates and China were the most preferred emerging-market countries for young people who want to live abroad to advance their careers, a World Economic Forum survey presented on Sunday showed. The survey, conducted under the auspices of the Global Shapers team of the WEF, asked 20,000 millennials aged 18-35 about a wide range of issues concerning business, economy, politics, technology and values.

China, Malawi sign $23m internet deal

China and Malawi signed a $23 million framework agreement on Nov 14 for a Chinese loan to Malawi for the construction of a national fiber-optic backbone for the internet. The agreement was signed in the Malawi capital, Lilongwe, by the country's finance minister, Goodall Gondwe, and Chinese Ambassador to Malawi Wang Shiting. Wang said although Malawi was one of the least-developed countries, Malawians were entitled to play a role in the global village that had come into being with the advent of internet. The ambassador said the project, when completed, would create an important internet engine for the Malawi economy that could change the structure of production and break the traditional way of doing business.

Bank acquisition in Congo approved

The Central Bank of the Democratic Republic of the Congo approved a move by Hong Kong-based China Taihe Group to acquire the International Bank for Africa in Congo, the country's third-largest bank by assets. China Taihe said it plans to deploy more resources in Africa over the next decade to seek further market growth points. The Chinese group's business operations included real estate development, healthcare, finance and tourism.

(China Daily European Weekly 11/18/2016 page24)