IN BRIEF (Page 24)

ADBC takes poverty reduction initiative

The Agricultural Development Bank of China, a major policy bank, plans to lend 1.3 trillion yuan ($188 billion; 170 billion euros; ￡148 billion) by the end of 2020 for key agricultural projects and to industries that help with poverty reduction. Bao Jianan, vice-president of the bank, said at a meeting on poverty reduction on June 6 that the loans will be available for major agricultural producers and certain industries. To eradicate poverty by 2020, China must lift an estimated 10 million people every year by developing industry or through other measures. ADBC has stipulated that poverty reduction loans should be no less than 60 percent of its total loan book. By the end of 2016, outstanding loans totaled 901 billion yuan. Established in 1994, the ADBC is responsible for funding projects related to growth and agriculture.

China Unicom sets up a branch in Russia

China Unicom, the country's second-largest telecom carrier by subscribers, has set up a branch in Russia, as it accelerates its expansion in countries and regions related to the Belt and Road Initiative. The new unit is expected to be used as a platform to explore opportunities in Russia and to expand the company's telecom network to neighboring countries and regions, the company said in a statement. "Russia is the key point to connect Asia and Europe. We will boost efforts to build telecom infrastructure and expand connectivity across the economies," it said.

New rail service to Europe has begun

A cargo train carrying 123 Volvo cars made in China set off from Daqing, Heilongjiang province, for Belgium on June 5, marking the start of a new China-Europe service. The shipment, to Zeebrugge Port in Belgium, also marked the first time that China has exported complete vehicles to Western Europe. A one-way trip takes 18 days via the 9,832-kilometer route, passing through Russia, Belarus, Poland and Germany. Meng Qingwen, general manager of HAO International Logistics Co, the operator, said the train service was tailor-made for Volvo's Daqing factory. Volvo trains will initially run once a week on the line, and the number of weekly round trips may reach four to five by the end of the year, depending on the company's export needs.

Belarus planning to export chicken

Belarusian Agriculture and Food Minister Leonid Zayats said on June 6 that chicken farms in Belarus plan to pass certification to supply meat to the Chinese market. The minister told reporters at the international agricultural expo, Belagro 2017, that the Chinese market is one of the most promising for the supply of Belarusian agricultural products. Zayats said that Belarus had strengthened its supplies to China. On June 16, experts from the General Administration of Quality Supervision, Inspection and Quarantine of China will conduct inspections in Belarus for the accreditation of local meat processing companies. Agreements are expected to be signed in July that will give Belarusian companies the right to supply beef to the Chinese market. Zayats added that 34 dairies are already certified to supply milk to China.

Kenya to host China trade expo

Kenya is set to host a trade expo called China Week Kenya from June 29 to July 1. Michelle Meyrick, event director for MIE Events, the promotion organizer, told a media briefing in Nairobi that the three-day event will center on a business-to-business trade show featuring Chinese manufacturers that are looking to connect with companies in Africa. "It will be an opportunity for the local community to develop direct trading links with high-end Chinese product manufacturers," Meyrick said. She noted that the event will provide a trade environment that will help create stronger ties between Chinese companies and the local business community looking to source products and services from China.

Projects open to private investors

China will lift restrictions on participation in research programs, a senior science official said on June 5. "We hope private firms will join key research plans" to support research and make transformative achievements, Huang Wei, vice-minister of science and technology, told attendees at the opening ceremony of the 11th China International Private Equity Forum, which began in Tianjin. The government, companies and individuals should all play a part in ensuring diverse funding channels for innovation, he said. In March, the finance and science ministries released a funding guideline for research projects. It said government departments would cease to manage key projects and allow professional agencies to manage the funding.

African trade bloc harmonizes policies

Member states of Africa's largest trading bloc have finalized the development of joint policies and regulations to revitalize the growth of the seed industry, officials said on June 5. Speaking at a regional workshop in Nairobi, policymakers, experts and industry executives from the Common Market for Eastern and Southern Africa said a new policy and regulatory framework was imperative to enhance the development and deployment of high yielding seeds to farmers. Kenya's Cabinet Secretary for Agriculture Richard Lesiyampe said in his opening remarks that a robust seed industry in the eastern and southern African region is key to achieving food security and sustainable revenue streams for farmers.

16 companies join New Third Board

A total of 16 small and medium-sized enterprises went on China's New Third Board in early June. The newcomers brought the number of companies listed on the National Equities Exchange and Quotation to 11,256. Turnover on the board stood at 3.44 billion yuan ($506 million; 444 million euros; ￡388 million) in June. The NEED made its debut in 2006 as an experimental platform for small, non-listed high-tech enterprises in Beijing's Zhongguancun Science Park. The current system was established in January 2013. It complements the country's existing stock exchanges, the SME board and the ChiNext board. The New Third Board is seen as an easy financing channel with low costs and simple listing procedures.

Online vendors prepare for midyear bonanza

Online vendors in China are busy preparing for the midyear online shopping festival as they strive to attract more affluent and sophisticated consumers. Initiated by leading e-commerce platform JD.com, the so-called 6/18 event rolled out in 2010 to celebrate the company's anniversary on June 18. It joins Singles Day (Nov 11) and has become one of China's largest online shopping sprees. Other companies soon jumped on the bandwagon and began to offer specials to get more customers. Chinese tend to choose purchases based on quality and brand on 6/18, compared with price and delivery on Singles Day, a JD.com survey showed.

Jiangxi opens rail line to Europe

Ganzhou Port in Jiangxi province opened its first China-Europe freight train on June 1. The cargo trains will carry Russian timber to Ganzhou and return to Kyrgyzstan loaded with furniture. The new route is expected to build Ganzhou into a hub for international timber trade, local officials said. China opened its first transcontinental freight train route in July 2013. Several Chinese cities, including Chongqing, Chengdu, Changsha, Hefei, Yiwu, Suzhou and Harbin, have already launched similar freight services to Europe. In 2016, the number of China-Europe freight trains surpassed 1,700, including 1,130 outbound and 572 inbound ones, an increase of 109 percent year-on-year.

(China Daily Africa Weekly 06/09/2017 page24)