What's news

Technology

Alibaba's cloud covers Hong Kong

Alibaba Group Holding Ltd on May 12 launched a data center in Hong Kong, the first step to taking the e-commerce giant's cloud services outside the Chinese mainland and challenging global players such as Microsoft Corp and Amazon Web Services Inc.

The new center will serve local and Southeast Asian customers, according to the company's cloud computing unit. Towngas Telecom, a subsidiary of Hong Kong's largest gas company, is operating the facility with Alibaba.

"Overseas clients will enjoy more options and faster connection speeds," a company statement said, adding that even more cloud services targeting overseas markets will soon be launched.

Nokia releases smartphone in China

Nokia has released its first smartphone product in China after becoming a Microsoft Corp company. The new low-end Lumia phone mainly targets young buyers, said Erik Bertman, the Nokia team's China head. More devices at different prices will be released later this year, he said. Microsoft declined to provide updates on the merger process. Former Nokia executives are still in charge of the unit's daily operations.

Restructuring

Investment in Russia likely to expand

Officials from China and Russia said they expect increased Chinese investment in Russia, whose president, Vladimir Putin, is scheduled to visit China this month. Ling Ji, director-general of the Department of Eurasian Affairs at the Ministry of Commerce, said economic restructuring in both countries has created cooperation opportunities for large-scale projects in many sectors, which will "have long-term and strategic significance".

Economy

Planner issues central region guidelines

The National Development and Reform Commission, the country's top economic planner, has issued a guideline for promoting the development of the country's central regions in 2014. Efforts should be made to optimize regional planning, quicken the development of modern agriculture, facilitate industrial upgrades, strengthen the construction of infrastructure, speed up the application of fourth-generation mobile communications and improve Internet network speeds, the guideline said.

Finance

Country's fiscal revenue up 9.2 percent

China's fiscal revenue climbed 9.2 percent year-on-year in April to reach 1.25 trillion yuan ($202.92 billion), the Ministry of Finance said on May 12. Central government revenue reached 581.2 billion yuan, up 8.5 percent year-on-year, while local government revenue stood at 666.9 billion yuan, up 9.8 percent from the same period last year. Of the total, revenue from domestic value-added tax gained 4.9 percent year-on-year to 229.4 billion yuan, the ministry said.

ICBC bans trade in Bitcoin, and Litecoin

Industrial and Commercial Bank of China Ltd has banned activities related to trading in Bitcoin, it said on May 8, joining at least 10 other Chinese banks that have prohibited use of virtual currencies. "From this date, any institution or individual must not use accounts set up with our bank for the deposit and withdrawal ... and transfer of funds for Bitcoin and Litecoin trading," ICBC said on its website.

China-Africa fund invests in Angola

China-Africa Development Fund has become a shareholder in the Ango-Chi international logistical and trading park and will participate in its construction and management.

The fund signed an agreement with Hasan Group and the Social Security Fund of Police of Angola on May 9, during Premier Li Keqiang's visit to Africa.

This is the first project that the fund will carry out in Angola, but also one of the few park projects that it has invested in Africa since it was launched in 2007.

The park, construction of which started in 2011 in the south of Luanda, the capital of Angola, will cover 2.6 square kilometers and cost $1.5 billion.

It will become a platform to bring Chinese products to Angola and will influence other parts of Africa. It will not only provide facilities for logistics, production and trade, but also residential and office space.

Hasan Group in Beijing deals with multinational investments and global operations. Its business covers real estate development, international logistics and trading parks, international project construction, forest and mineral resources and exploration and development.

Energy

Clean coal technology put into operation

China's largest commercial use of clean coal technology recently started operations in Shenyang, the capital city of northeast China's Liaoning province. With increasing environmental concerns and the country's drive for greener development, the clean coal and gasification technology has great market potential, according to Bian Cheng, chairman of Keda Clean Energy. He said the market for relevant equipment and fuel could amount to 500 billion yuan ($80 billion; 58 billion euros).

Entertainment

Movie maker raises output

Huayi Brothers Media, one of China's leading private film production companies, released its production schedule for this year and next on May 8. Huayi will release 14 movies this year, covering a wide range of subjects and genres, including comedy, romance, animation and crime suspense. It will make 18 new films in 2015, when it will work with the most directors and produce the largest volume in its history.

Trade

Nation ready to boost imports

China will keep trying to boost imports as it seeks to achieve a trade balance.

Customs data released last week exceeded market expectations with a slight increase following a gloomy first quarter.

Exports grew 0.9 percent year-on-year last month in dollar terms, while imports rose 0.8 percent. In March, exports fell 6.6 percent while imports contracted 11.3 percent.

Assistant Minister of Commerce Tong Daochi said China faces challenges as global conditions remain uncertain and capital flows to developed countries. Those trends are increasing pressure on emerging economies, which are facing weaker currencies and trade deficits.

In response to this situation, Tong said, "China will actively facilitate free trade."

EU levies tariffs on solar glass from China

The European Union imposed five-year tariffs on solar glass from China to help EU producers counter alleged Chinese subsidies and price-undercutting, heightening trade tensions over renewable energy. The five-year duties took effect on May 15. The levies range from 0.4 percent to 36.1 percent, depending on the Chinese exporter. The EU solar-glass market is valued at under 200 million euros ($274 million), the commission said when it opened the dumping inquiry in February 2013.

Australia investigates dumping claims

Australia is looking at allegations that Chinese solar companies dumped panels in the local market. The probe will examine imports of crystalline-silicon photovoltaic panels imported from July 1, 2012, to December 31, 2013, Australia's Anti-Dumping Commission said on May 14. The US imposed tariffs as high as 3.5 times on Chinese solar products in 2012, and the European Union followed a year later with protectionist measures.

Exports rise a 'warming' trend

China's exports and imports improved modestly in April as trade-related reforms began to show results, easing pressure on the growth of the world's second-largest economy.

Exports edged up 0.9 percent year-on-year to $188.54 billion, compared with a 6.6 percent drop in March. Imports rose 0.8 percent after slumping 11.3 percent in the previous month, the General Administration of Customs said.

Total trade rose 0.8 percent, compared with a first-quarter decline of 1 percent.

China Daily-Agencies

(China Daily Africa Weekly 05/16/2014 page18)