IN BRIEF (Page 13)

Nation's foreign debt increases

China's foreign debt rose to $697.2 billion at the end of September from $642.5 billion three months earlier, the State Administration of Foreign Exchange (SAFE) said on Tuesday.

Short-term foreign debt was valued at $507.6 billion at the end of September, up from $462 billion at the end of June, SAFE said in a statement on its website.

SAFE said a sharp rise in trade-related credit - such as loans provided by overseas sellers to domestic buyers and advance payments made by overseas importers - contributed to the increase, rather than speculative capital flows.

Express store chain opens

CP Lotus Super Center, a subsidiary company of Charoen Pokphand Group (CP Group), is opening its first express store in the Huangpu district of Shanghai on Wednesday to meet increasing demand in the Chinese market. The company said on Tuesday that it is a new business format that allows it to compete in the express-store business sector in China. Some 10,000 products will be on offer in the store. The company said more than 1,000 express stores would be open around China in five years.

Purchase of mining assets

A subsidiary of Shanghai Construction Group Co Ltd will acquire gold mining assets in Eritrea, according to a company announcement.

Shanghai Construction will acquire a 60 percent equity stake in Zara Mining Share Co for $80 million, the statement said, citing a framework agreement signed by the two companies.

Gold exchanges to be closed

Gold exchanges in China, aside from two in Shanghai, are to be banned, authorities said in a statement released on Tuesday.

Gold exchanges have sprung up across China, from the northern port city of Tianjin to Guangxi, as spot prices of the precious metal have soared to record highs and speculation has boomed.

"No local authority, institution or individual is allowed to set up gold exchanges," said the notice dated December 20 and jointly issued by the People's Bank of China, the Ministry of Public Security and other regulators.

City unveils energy plan

The municipal government of Shanghai announced its new energy development plan for the 12th Five-Year Plan (2011-2015). Taking into consideration both state requirements and local plans for energy saving, emission cuts and the energy consumption budget, Shanghai will increase the proportion of non-fossil fuel in its primary energy consumption to 12 percent by 2015.

Thermal plant to be built

Shenhua Group Corp Ltd, the nation's top coal producer, plans to build Asia's biggest thermal power plant in the southern region of Guangxi, Xinhua News Agency reported on Tuesday. The plant, in the coastal city of Beihai, will have eight 1 gW power generators and will be built in about five years.

China Daily - Agencies

(China Daily 12/28/2011 page13)