IN BRIEF (Page 18)

Tesla 'to meet China charging standards'

Tesla Motors Inc said it will modify its vehicles to fit charging facilities in China, after the country announced its national electric-vehicle charging standards. "Tesla will fully support the upcoming charging standards and modify vehicles we produce in the future to make them fit," Tesla said in a statement on its Chinese website on May 12. "With the surging development of China's charging facilities over the next few years, Tesla users' concern over charging will be eliminated."

China initiative to boost civil aviation in Africa

China's One Belt, One Road initiative will bring more Chinese investment and Asian passengers to Africa, civil aviation officials said on May 10.

Speaking on the sidelines of the Aviation Africa 2015 summit, Dzifa Aku Attivor, Ghana's transport minister, said her country welcomes additional Chinese engagement in Africa's underdeveloped civil aviation market.

She said Africa accounts for 12 percent of the global population, but only 1 percent of the global aviation market.

Ghana is open for business, she said, and welcomes any initiative that can connect Asia with the rest of the world, including One Belt, One Road initiative put forward by Chinese President Xi Jinping in 2013.

Girma Wake, chairman of Rwandair and former CEO of Ethiopian Airlines, said China has helped keep costs at bay for African carriers and airports alike. "For Ethiopian manufacturers China is an important source market as spare parts and basic goods made in China are 30 percent cheaper than from elsewhere," he said.

He added the initiative would benefit China and boost its middle class, which in turn would attract more Chinese tourists and business people to his country.

Engineers take on major Algeria highway project

Algeria has enlisted Chinese experts to help construct a highway connecting its north and south regions, with the project set for completion in 2025, Xinhua News Agency reported.

China State Construction Engineering Corp will be responsible for 53 kilometers of the road, the most difficult section.

Chen Daiguang, the project manager, said it is the most difficult project his company has attempted in Algeria, and will involve constructing 40 bridges and two tunnels, each 2.4 km in length.

Despite the challenges, the Chinese company said it is paying great attention to the environment, and intends to maintain the bio-diversity and protect wildlife in the mountainous area.

Alibaba, Dubai firm join in technology deal

Alibaba Group's cloud-computing subsidiary, Aliyun, is teaming up with Dubai-based Meraas, as the company uses its technology to extend its influence beyond China.

The joint venture will provide a broad range of technology to businesses and governments in the Middle East and North Africa.

Govt says exports will get new edge

China will seek a new competitive edge in foreign trade through high-technology and high-value-added exports, the central government said in an online statement on May 12. The State Council, China's cabinet, vowed to encourage high-tech, services and capital exports to offset the weakness in merchandise trade and create advantages in technology and brands to replace low-cost goods, the statement said. The announcement came just days after customs data showed more pressure on foreign trade last month.

Rare earths exports fall 21% year-on-year

Exports of rare earths from China fell to 8,044 metric tons in the first four months of this year, down 20.8 percent compared to the same period last year, according to the General Administration of Customs.

In April, the country exported 2,506 tons, up 23.51 percent from a month earlier. Rare earths are used in the manufacture of electrical devices such as smartphones and tablets.

Output of new-energy cars increases in China

New-energy vehicle production in China expanded in April compared to the same period last year.

Data from the Ministry of Industry and Information Technology show 9,060 vehicles were produced.

Output of pure electric passenger vehicles jumped to 4,790 units, a surge of 119 percent year-on-year. Plug-in hybrid passenger car output climbed to 1,523 units, up 92 percent in April.

FDI from non-financial firms rises

Foreign direct investment into China from non-financial companies was $44.49 billion in the first four months of this year, an increase of 11.1 percent compared with the same period last year.

The rise helped boost the high-end manufacturing industry and the service sector in the world's second-largest economy, according to data released on May 12 by the Ministry of Commerce.

Between January and April, the number of newly registered foreign-funded companies was 7,790, up 17 percent compared with the same period last year.

A total of 2,262 foreign companies closed their business operations in China during that period, causing a 14.5 percent drop year-on-year, while 746 international firms trimmed their investment, causing a decrease of 26 percent.

Foreign reserves show a record decline in Q1

Foreign exchange reserves held by China fell by a record $79.5 billion in the first quarter of the year from the last quarter in 2014.

Official balance of payments data released by the State Administration of Foreign Exchange on May 12 show the decline was more than the $29.3 billion fall in the fourth quarter of last year. Analysts and experts said this indicates a larger-than-expected capital outflow.

At the end of last year, China's foreign exchange reserves were $3.84 trillion, compared with $3.82 trillion in 2013, and remained the world's largest.

It is the first time the administration has adjusted the calculation process for balance of payments in line with the International Monetary Fund standards.

Adopting global accounting norms will support the move to include the yuan in the IMF's Special Drawing Rights basket, experts said. The IMF is expected to make a decision this year.

Car sales growth is slowest in 5 months

Passenger vehicle sales in China have risen at the slowest pace in five months, as weaker economic expansion hurt demand for big-ticket purchases.

Retail deliveries of cars, multipurpose and sport utility vehicles climbed 6.2 percent to 1.61 million units in April, the China Passenger Car Association said. It is the slowest pace of growth since November.

Automakers from Honda to Volkswagen are giving discounts to shore up sales, with BAIC Motor Corp predicting that a price war and falling profit margins will become the norm in China.

Xiaomi launches online money market division

Xiaomi Corp started an online money market unit on May 12 to compete with Alibaba Group Holding Ltd, the dominant provider in China's 10 trillion yuan ($1.61 trillion; 1.42 trillion euro) market for Web-based finance. Xiaomi, the world's third-largest smartphone maker, will join with E Fund Management Co to offer investments through an app that works on its devices, the company said in an e-mailed statement.

(China Daily Africa Weekly 05/15/2015 page18)