IN BRIEF (Page 13)

China Daily | Updated: 2011-12-07 07:52

Economy to grow by 8.8%

China's economy is expected to grow by 8.8 percent in 2012, according to the latest Asia Economic Monitor, issued by the Asian Development Bank on Tuesday.

The semi-annual report assessed the 10 ASEAN economies as well as the Chinese mainland, Hong Kong, Taiwan and the Republic of Korea.

Growth on the Chinese mainland is expected to remain the highest in the region at 8.8 percent in 2012, 0.3 percentage points lower than the forecast in September. Hong Kong's growth forecast was reduced from 4.7 percent to 4 percent.

Ministry signs agreement

China's Ministry of Commerce signed a strategic cooperation agreement with Bank of Beijing Co Ltd on Monday to support small and micro-sized enterprises facing financing difficulties. Under the terms of the agreement, in the next five years the lender will provide 10 billion yuan ($1.57 billion) in special credit line for small and micro-sized businesses supported by the ministry. Meanwhile, the ministry will build up the financing platform and pilot policies and improve the credit rating system for the businesses.

The bank also agreed to provide a total of 1.35 billion yuan in loans to six domestic businesses including Beijing Jimei Furnishings & Market Group Co Ltd.

Tencent makes bond issue

Tencent Holdings Ltd, China's biggest Internet company by revenue, said on Tuesday it has issued $600 million worth of five-year US dollar bonds.

A statement said the estimated net proceeds of the offering, after the deduction of underwriting fees and other expenses, will amount to about $592 million. The bonds will carry a coupon of 4.625 percent and proceeds will be used for general corporate purposes.

China buys more raw sugar

China has bought at least 100,000 tonnes of raw sugar from Thailand, sending signals to a sluggish physical market that the country is stocking up again after recent declines in New York futures, dealers said on Tuesday.

China is expected to produce 12 million tonnes of sugar in the year that began in October, up 15 percent from a year earlier.

China Daily - Agencies

(China Daily 12/07/2011 page13)