IN BRIEF (Page 13)

More consumer finance to come

A total of 87 percent of Chinese consumers are "very optimistic" about their financial prospects, a survey published on Tuesday by Citigroup Inc showed.

The survey randomly polled 500 residents above 18 years old in Beijing and Shanghai.

"In 2011, we expect more and more Chinese consumers to choose to receive financial education and make plans for their personal investment," said Anand Selva, executive vice-president of Citibank (China).

Infinity invests in biotech

Infinity Group, a leader in cross border yuan and dollar private equity funds, announced on Tuesday that it is investing 120 million yuan ($18 million) in Shijiazhuang Xingbai Pharmaceutical Company Limited.

The funds are earmarked for improvements to Shijiazhuang Xingbai's biotech capabilities with the aim of better competing in domestic and international markets. The company is also planning an IPO in the A-share market in three years.

Wine exhibition lures Chinese

The world's biggest wine and spirit exhibition VINEXPO, annually held in Bordeaux, France, has held a news briefing in Beijing to encourage more Chinese citizens to visit the show later this year.

Xavier De Eizaguirre, the president of VINEXPO said the exhibition expects about 500 visitors from the country this year, although no Chinese brands were exhibited at the event until 2010.

Copper deal signed

The Australian miner CuDeco said on Tuesday that it has signed a deal with China's Sinosteel to supply the latter's A$200 million ($203.7 million) Rocklands copper project in Queensland.

Sinosteel will also source equipment and arrange shipping to the port of Townsville.

The project is scheduled to begin operations in late 2012, subject to approval by the Queensland regulators.

Tata seeks Chinese partner

Tata Motors Ltd, the Indian owner of Jaguar Land Rover, has met with companies, including Hebei-based Great Wall Motor Co, as part of its quest to find a partner for the manufacture of luxury vehicles in China.

"It's important to have a local partner," Carl-Peter Forster, chief executive officer of the Mumbai-based automaker, said in an interview at the Geneva Motor Show. "You need local knowledge, and also the government requires the involvement of a local manufacturer."

Rural credit cards launched

China UnionPay Co, China's only bank card payments processor, joined 28 financial institutions on Tuesday to launch bank cards targeting farmers and others in the agricultural industry, in an effort to expand development of the sector.

The aim is to help ease the difficulty in raising funds and loans, and making payment in China's rural areas.

China Daily-Agencies

(China Daily 03/02/2011 page13)