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Auto

Volkswagen to gain from drivers looking to switch

Volkswagen AG and fellow German automakers Bayerische Motoren Werke AG and Daimler AG could benefit as more than 90 million Chinese car owners switch vehicles in the next few years because they're the preferred choice of the country's drivers, a study has found. About 40 percent of Chinese car owners plan to swap their domestic-brand cars for a Volkswagen, while almost 90 percent of those looking to upgrade are picking Volkswagen's Audi, BMW, or Mercedes-Benz cars, the Boston Consulting Group said in a research report.

Company

Companies share experiences in China

South African companies doing business in China on Sept 18 encouraged those willing to enter into that market to be innovative and partner the Chinese people.

Colin Coleman, the managing director of Goldman Sachs International, said South African companies should not fear the unknown risk but tackle the unknown fear.

"Most South African companies are nervous to do business in China because of language barrier. There is a big market in China. My interacting with the Chinese has showed that the Chinese are more welcoming," he said.

He said there is a need to constantly reform some deals reached to balance the trade.

Retail

Robust demand perks up diamond jewelry sales

Global demand for diamond jewelry grew to a record $79 billion in 2013, boosted by an emerging middle class in India and China and an economic recovery in the top consumer, the United States, De Beers said. De Beers said sales of polished diamonds grew 7 percent in 2013 in the United States, where diamonds are a popular choice for engagement rings. The diamond jewelry market grew by an annual 12 percent in India and China between 2008 and 2013 in local currency terms, said De Beers, a subsidiary of global miner Anglo American.

Economy

Business sentiment falls to 5-month low

Business sentiment in China fell to the lowest level in five months in September, after having reached an eight-month high in August, as the impact of stimulus measures waned and companies re-assessed the outlook for the future. The MNI China Business Indicator fell to 52.2 in September from a revised 57.3 in August, led by a decline in confidence among manufacturing companies. MNI China Business Sentiment is a monthly poll of Chinese business executives at companies listed on either the Shanghai or Shenzhen stock exchanges.

Trade

Sugar imports decline 35% in Aug

The nation imported 366,368 metric tons of sugar in August, down 35 percent from a year before, as the gap between local and international prices closed, reducing profits for importers. Sugar imports in China, the world's second-largest consumer of the commodity, surged last year thanks to a large spread between international and domestic prices. But the profit margin has been eroded, tracking global prices to five-year lows. Domestic prices are also under pressure from the growing mountain of sugar in China, with industrial stocks in the main producing region, Guangxi, at around 3 million metric tons while State reserves hold about 6 million, according to industry officials.

China Daily-Agencies

(China Daily Africa Weekly 09/26/2014 page18)