IN BRIEF (Page 18)

Alibaba cuts back on graduate recruitment

Chinese e-commerce giant Alibaba Group Holding Ltd has announced a cut in its campus recruitment quota.

Alibaba, which had an original goal of recruiting more than 3,000 fresh graduates in 2016, said the recruitment quota will "shrink due to changes in the group's talent strategy" and "those who were likely to be recruited will have to face tougher competition".

Alibaba did not give any specific numbers, but it said that it has already made 1,407 offers and it is expected to make another several hundred based on potential candidates' test results.

Sudan announces new partnership with China

Sudan announced a new partnership with China to enter into new oil exploration projects and natural gas production at fields in eastern, central and western Sudan, official SUNA news agency reported.

"China has agreed to enter into new oil exploration projects and expand its oil operations in the country," the agency quoted Sudan's Petroleum and Gas Minister Mohamed Zayed Awad as saying.

The Sudanese minister further explained that China has also agreed to introduce the natural gas processing technology to increase the production.

Steel export levels maintained in August

Steel exports from China remained at around the highest level since January in August, adding to a flood that has battered global prices and prompted trade actions. Outbound shipments were 9.73 million metric tons, unchanged from a month earlier, and a quarter more than a year earlier, according to the country's customs administration.

Forex reserves fall to $3.56 trillion in August

China's foreign exchange reserves posted their biggest monthly fall on record in August, reflecting attempts to halt a slide in the yuan and stabilize financial markets following its surprise move to devalue the currency last month. China's reserves, the world's largest, fell by $93.9 billion last month to $3.557 trillion. Government officials have reiterated that they will continue with efforts to prop up the economy.

Top planner approves $12b worth of projects

The National Development and Reform Commission has given the green light to 77 billion yuan ($12.1 billion) worth of highway and bridge projects. The projects approved include a feasibility study for a 23.3 billion yuan highway in the southwestern province of Guizhou, and a 7.3 billion yuan bridge project in the central province of Hubei, the top economic planner said on Sept 7.

No new quotas issued for outbound investment

China refrained from granting new quotas for residents to invest in overseas markets for a fifth month in August, the longest halt in six years, as authorities seek to stem weakness in the yuan. The State Administration of Foreign Exchange, which has approved 132 local institutions to put as much as $89.99 billion in offshore assets, has not granted new allocations since March.

(China Daily Africa Weekly 09/11/2015 page18)