Global EditionASIA 中文双语Français
Africa

IN BRIEF (Page 24)

China Daily Africa | Updated: 2016-12-30 07:12
Share
Share - WeChat

 

A girl is amazed by the size of the strawberries in a greenhouse in Zhejiang province. Winter is the harvest season for strawberries, and tourists had a fruitful time going to greenhouses recently. By opening their greenhouses to tourists, farmers can sell strawberries at a higher price than in the regular market. Ning Wenwu / For China Daily

Ministry stresses foreign investment

More sectors will be opening to foreign investment, an important stimulus for China's real economy, according to the Ministry of Commerce. In 2017 a larger share of capital inflows will be directed to high-end manufacturing, a key part of the economy, Minister of Commerce Gao Hucheng said at a national commerce work conference that concluded on Dec 27. Investment access restrictions will be lowered for general manufacturing as well, he said.

2 possible buyers for McDonald's China

McDonald's Corp is reported to have narrowed the potential buyers of its China franchise to state-owned CITIC Group Corp and US-based private equity firm Carlyle Group LP, and an analyst said he is bullish on the potential transaction. The acquisition would greatly assist a McDonald's expansion in third- and fourth-tier cities in China, and boost its localization strategies." McDonald's China didn't comment on the details of the deal. McDonald's plans to sell its Chinese mainland and Hong Kong resaurants, with a reported transaction value of $2 billion (191 million euros; 160 million). The fast-food chain said there is no detailed schedule on the deal, and it will announce the details once the sale has been confirmed.

Outsourcing sees growth

The growth of China's service outsourcing industry quickened in the first 11 months on strong overseas demand, according to the Ministry of Commerce. Chinese businesses inked service outsourcing contracts worth 836 billion yuan (115 billion euros; 98.2 billion) during the January-November period, up 17.5 percent year-on-year. The growth was faster than the 9.5 percent rise seen in the first 10 months. Among the deals were offshore service outsourcing contracts valued at 552.7 billion yuan, rising 17.1 percent year-on-year. Service outsourcing contracts from the United States and European Union were up 8 percent and 23 percent, respectively.

BMW to recall 193,611 vehicles

BMW will recall 193,611 vehicles in the Chinese mainland because of defective airbags, the country's quality watchdog said. The recall, which is set to begin on Aug 1, affects 168,861 imported cars made between Dec 9, 2005 and Dec 23, 2011, as well as 24,750 sedans manufactured between July 12, 2005 and Dec 31, 2011, according to the website of the General Administration of Quality Supervision, Inspection and Quarantine.

China hits GM with $29 million fine

China slapped a $29 million fine (27.8 million euros; 23.6 million) on General Motors Co for antitrust violations, a sign of growing international tensions. The biggest US automaker is accused of setting minimum prices on some models in its SAIC General Motors joint venture. The Shanghai Municipal Development & Reform Commission, which imposed the 201 million yuan fine, alleged in a statement that GM punished dealers who sold cars for less than the prices set by the Detroit-based automaker. It is the first time China has fined GM, the second-largest foreign carmaker in China by sales.

Ikea to increase megamalls in China

Ikea Centres China is firming up plans to replicate its success in three cities across the country. Beginning 2020, it will open one megamall per year. Typically, a megamall is a shopping mall with an Ikea store. Future ones may also include apartments, hotels or offices. The megamalls are also known as Livat shopping centers. In China, the company's megamalls are in Beijing and in Wuxi, Jiangsu province, and Wuhan, Hubei province. Ding Hui, president of Ikea Centres China, said the three centers have served as tests that produced encouraging results. New shopping centers may come up in major cities such as Beijing, Shanghai, Shenzhen and Guangzhou, as well as in second-tier cities such as Chongqing, Xi'an, Wuhan, Hangzhou, Nanjing and Qingdao, Ding said. The fourth in the country, which will entail an investment of about 4 billion yuan ($576 million; 552 million euros; 471 million), will be a commercial complex in Changsha, Hunan province.

Health 'ecosystem' coming to China

Royal Philips of the Netherlands is looking to roll out a personal health "ecosystem" in the Chinese market to seek opportunities amid surging demand for health improvement, according to Jorgen Behrens, senior vice-president of Personal Health Solutions at Philips. Behrens made the announcement during his trip to China for the launch of Philips Health Watch, a piece of upgradable hardware that helps users to better manage their health using data from sensors, smartphone app software and remote location support services. It is the first of a slew of products targeting China's consumers in first- and second-tier cities who are allocating more income on personal health improvement, Behrens said. New users of the product - which has a starting price of 3,599 yuan ($519; 497 euros; 424) - in China can get the first three-month subscription with value-added services free. After that, the charge is 500 yuan for every three-month subscription.

Czech rail operator buys Chinese units

Czech domestic rail and bus operator Leo Express has signed a contract to buy three Electric Mutiple Units from Chinese train manufacturer CRRC Zhuzhou Electric Locomotive Co. The total value of the transaction exceeds 20 million euros (17.1 million). According to Liao Hongtao, deputy general manager of CRRC ZELC, the contract includes three EMUs, spare parts, testing equipment and training services. The EMU units are the first from a Chinese enterprise to enter the European Union market. CRRC ZELC will provide all the electric locomotives that Leo Express needs in the next few years - as many as 30 over three years.

Ethiopia approves financing deals

Ethiopia's parliament on Dec 27 approved three loan agreements worth over $380 million (364 million euros; 310 million) with the Chinese government and the Export-Import Bank of China to finance major infrastructure constructions in Ethiopia. The three agreements already approved will finance two road construction projects in Ethiopia's capital, Addis Ababa, and upgrade the city's electric grid system, according to Birhanu Abebe, vice-chair of the Budget and Finance Affairs Standing Committee of the parliament. Briefing members of the House of Peoples' Representatives on Dec 27, the lower house, Birhanu said that one of the three projects is a $230 million advanced electric grid system installation designed to upgrade and modernize Addis Ababa's electric service. The parliament also ratified two other loan agreements to finance two road construction sites in the capital, which will cost $102 million and $50 million, respectively.

(China Daily Africa Weekly 12/30/2016 page24)

Today's Top News

Editor's picks

Most Viewed

Top
BACK TO THE TOP
English
Copyright 1995 - 2025. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US