IN BRIEF (Page 18)

Train merger to use market principles

The merger of the nation's top train producers, China CNR Corp Ltd and CSR Corp Ltd, should be conducted according to market principles, a government report said. On April 1, the State Council discussed progress toward the merger, which would create a train giant able to compete globally with international companies such as Siemens and Bombardier. There have been no details on when the merger might occur.

Top entrepreneurs look to boost sustainability

A group of China's top entrepreneurs will meet in about two weeks to discuss ways to make businesses greener.

The China Entrepreneur Club, comprised of 46 leaders of top private companies in the country, will hold its 8th China Green Companies Summit, an annual economic business forum on sustainable business development, in Shenyang, capital of Northeast China's Liaoning province from April 20 to 22.

This year's summit, focusing on building up new business value, will cover topics such as the Internet, investment, real estate, agriculture, new energy, manufacturing, globalization and Chinese companies' transformation.

"This year will have some innovations such as helping Chinese and foreign company leaders have better interaction, and there is a special event called the Model United Nations," said Cheng Hong, secretary-general of CEC, at a news conference at Tsinghua University in Beijing on April 1.

"Some current hot topics such as Internet financing and environmental protection industries will be discussed at this year's summit, too."

Double-digit profit, growth for China Pacific

China Pacific Insurance (Group) Co Ltd, the country's third-largest health insurance provider, posted 11 billion yuan ($1.8 billion) in net profit in 2014, a 19.3-percent rise year-on-year. The Shanghai-listed insurance provider had revenue of 219.8 billion yuan and earnings per share of 1.22 yuan in 2014, up 13.8 percent and 19.3 percent year-on-year respectively, according to its annual report. The company, which has a joint venture with German insurance giant Allianz, delivered steady growth in both its life and asset management businesses.

Construction starts on Shanghai aquatic park

Construction has started on an ocean theme park in Shanghai's Pudong New Area, a 25-minute drive from the city's planned Disney Resort. Haichang Polar Ocean Park is expected to cost 3 billion yuan ($482.74 million), cover 190,000 square meters, include 12 venues, four marine animal interactive programs and three theaters. Wang Xuguang, president of developer Haichang Holdings, said the park near Dishui Lake, Shanghai's biggest artificial lake, will also feature various marine animal species and is expected to attract more than 6 million visitors every year.

High-tech facility in Fujian breaks ground

The groundbreaking for a facility that will produce wafers - a thin, round slice of semiconductor material used to make microchips - was held on March 26 in the Torch High and New Technology Industrial Development Zone in Xiamen, Fujian province. The project is a joint venture established by United Microelectronics Corp, the second-largest contract chipmaker in Taiwan, the Xiamen government and Fujian Electronics & Information Group. The plant, which will cost about $6.2 billion, is scheduled to start production by the end of 2016. It will use nanometer technologies to produce 50,000 wafers a month.

Sinopec, Exxon sign methanol, gas tech deal

Sinopec Engineering Group Co Ltd, which is owned by Asia's largest refiner, Sinopec Group, has agreed on a methanol and gasoline technology development deal with US energy giant Exxon Mobil Corp's global fuels and lubricants research and development team. The two sides plan to license any resultant technology globally. Xiao Xuejun, director of the technical department of SEG, said the agreement will take advantage of the two companies' expertise and experience in methanol and gasoline conversion technology.

Malaysian FTZ attracts strong Chinese interest

Ten Chinese companies, mainly from the halal food, financial and infrastructure sectors, have signed up to operate from the Port Klang Free Trade Zone in Malaysia. Agreements were sealed on March 27 during the China-Malaysia International Trade Summit, held at the International Trade and Halal Industrial Center in Beijing. Xia Baowen, president of Malaysia SM International Wholesale (China) Center, the zone's operator, said he was hopeful of attracting more Chinese companies to the zone. Companies are offered a package of preferential policies.

Guangdong firm makes bid for copper miner

Guangdong Rising Assets Management Co, a state-owned Chinese investor, has made a new, unsolicited A$1.1 billion ($842 million) offer for Australian copper producer PanAust Ltd, sending the target's shares to a six-year high. The cash bid of A$1.71 a share from PanAust's largest shareholder came as both the producer's shares and the prices of copper and gold were trading at or near five-year lows, the Brisbane-based company said.

High hopes for futures market in Shanghai

Leo Melamed, chairman emeritus of the Chicago Mercantile Exchange, said last week that the upcoming Shanghai International Energy Exchange has the potential to become a hugely successful global market. Speaking at the Boao Forum in Hainan province, Melamed said China's major futures markets have been internal and isolated, held back by a lack of foreign participation. But the new exchange, which is expected to begin trading later this year, will open the country's futures market to foreign participation.

Nation to slash steel capacity by 80m tons

China is targeting a cut in steel capacity of 80 million metric tons over the next three years to tackle a glut in supply that has been plaguing the sector for years, said Luo Tiejun, an official at the Ministry of Industry and Information Technology. Luo said a government action plan should be published by June that will promote reforms of the steel industry.

Chongqing shale gas production to double

Chongqing municipality is aiming to create 15 billion cubic meters of shale gas production capacity by 2017, with investment worth 87.8 billion yuan ($14.14 billion), according to a recently published development plan. That capacity, according to the plan, could double again by 2020. It is estimated that 400 million cubic meters of shale gas will be used by the city's public gas grid by 2017, with 800 million cu m being used by 2020.

Shaanxi coal-conversion project gains approval

The world's largest single coal-to-chemical project - the Shenhua Yulin coal conversion project - was recently approved by the National Development and Reform Commission after a 10-year wait, the Shaanxi provincial government said on March 25. The project will be built by China Shenhua Coal to Liquid and Chemical Co Ltd with an investment of 121.6 billion yuan ($19.57 billion). Annual output is forecast at 2.18 million metric tons of chemical products.

China Daily-Agencies

(China Daily Africa Weekly 04/03/2015 page18)