IN BRIEF (Page 18)

LeTV to challenge Apple in US smartphone market

LeTV Holdings Co Ltd will begin selling its smartphones in the United States this year, challenging Apple Inc's iPhone, the company said on April 14.

The Beijing technology company, known for its online video-streaming services, unveiled three types of handsets in an effort to take on the iPhone 6 Plus and Mi Note, produced by another Chinese smartphone maker, Xiaomi Corp.

LeTV has also said it plans to offer Internet TV and video-streaming services in the US this year.

Currency swap deal with South Africa

The People's Bank of China, the central bank, signed a currency swap agreement valued at 30 billion yuan ($4.9 billion) with the South African central bank on April 17. The agreement lasts for three years and can be extended upon agreement by both sides, a spokesman for the Chinese bank said. The deal aims to facilitate bilateral trade and investment and maintain regional financial stability.

Sporting goods revenue up 8% in first 2 months

The sporting goods industry's core operating revenue was up 7.9 percent in the first two months of the year to 18.93 billion yuan ($3.1 billion), the Ministry of Industry and Information Technology said on April 15. Profits were up 20 percent to 1.02 billion yuan and tax payments increased 17.3 percent to 610 million yuan. Producers sold almost 99 percent of their output during the period, basically flat with the year-earlier result. Exports stood at 7.83 billion yuan, up 4.4 percent.

Nation's robot industry becomes the largest

Data released during the 2015 National Forum on the Development of Robots show that last year, China produced more than 56,000 robots, making it the world's largest manufacturer, the China Securities Journal reported on April 15. Over the past 13 years, the robot industry in China made huge advances, including an increase in the number of specialized industrial parks as well as the number of imported robots and companies. In 2000, only 380 robots were imported. The number stood at 37,000 in 2013. Also as of 2013, more than 500 domestic robot companies had been founded.

Risk evaluations set for public-private projects

The Ministry of Finance said that the financial aspects of public-private partnerships will undergo a risk evaluation. In an announcement on April 14, the ministry said the evaluation would include the fiscal impact over several years and the distribution of projects across sectors. Annual fiscal expenditure on PPP projects will be less than 10 percent of the general public budget to control risks, the ministry said.

Zero-carbon zone to greatly cut costs

The country's first zero-carbon energy pilot zone is to be set up in Weichang Manchu and Mongolian autonomous county, Hebei province, at a cost of 600 million yuan ($96.5 million), the People's Daily reported on April 13. Unlike projects that use just one source of energy, the zone will employ new commercial and technology models that will cut costs by 20 percent and increase the "environmental benefits" by 50 to 100 percent, the newspaper said. The project will be part of an integrated renewable energy system with combined installed capacity of 100 megawatts.

Vehicle sales increase 6.5% in first 3 months

First-quarter vehicle sales in China rose 6.5 percent to 820.5 billion yuan ($134 billion), the National Bureau of Statistics said on April 15. Total output of vehicles during the period rose 4.7 percent to 6.58 million units, the government agency said.

Bank to use tools to manage liquidity

Various policy tools will be used to maintain "appropriate liquidity conditions" and "reasonable" growth in credit and social financing, the People's Bank of China said on April 14. The central bank also said that corporate borrowing costs had continued to fall and financing conditions were improving. The proportion of direct financing in the country's total social financing, the broadest measure of credit in China, increased, while trusts and high-cost borrowing fell, it said.

Business leaders see blue skies ahead

Companies in the Chinese mainland have turned increasingly optimistic about the business environment, according to the International Business Report published by the accounting firm Grant Thornton LLP. The report showed that 34 percent of business leaders in the mainland are optimistic about the economy over the next 12 months, 9 percentage points higher than in the previous quarter.

Shortage of chemical may last until 2018

Supply shortage of the petrochemical product paraexylene will continue to grow in China until 2017 or 2018, said Luo Hongjing, deputy director of the Optimization and Consulting Center at Sinopec Economics and Development Research Institute. Speaking at the Petrochemical Industry Development Conference, Luo said Liaoning, Zhejiang and Jiangsu provinces would face serious supply shortages.

Aluminum exports 'probably peaked'

Aluminum shipments from China have probably peaked after surging 43 percent in the first quarter as sustained supply from the country depresses global prices and makes exports uncompetitive, CLSA Ltd says. Exports of unwrought aluminum and aluminum products rose from a year earlier to 1.21 million metric tons, the General Administration of Customs said on April 13.

Shipments fell 15 percent in March to 360,000 tons from the previous month, customs said, as prices fell for a second month.

'Strong cities' to help propel global growth

Sixty "strong cities" in China are forecast to generate 15 percent of global economic growth over the next decade, said a report by global property service firm Jones Lang LaSalle. According to the report published on April 13, Beijing and Shanghai are China's "alpha cities" and Guangzhou and Shenzhen rank as first-tier cities. The four now have an aggregate economy valued at $8.6 trillion. The 60 cities were chosen on the basis of economic growth, population, wealth, investment, retail sales, household savings, education infrastructure, land sales and retailer presence.

Internet P2P deals worth $8b, website says

Online peer-to-peer lending transactions in China were worth 49.26 billion yuan ($8 billion) in last month, the industry research portal 199it.com says. The transactions had an overall yield of 15.02 percent. By amount, Guangdong province was the leader, followed by Anhui, Shandong and Zhejiang provinces, Jiefang Daily reported on April 13. Mainstream platforms posted overall yields of 7 to 18 percent.

China Daily-Agencies

(China Daily Africa Weekly 04/17/2015 page18)