IN BRIEF (Page 18)

People look at models of buildings at a property sales center during the National Day holiday in Yichang, Hubei province. CFP |
Downpayments cut toboost property market
China says it will cut the minimum downpayment for first-home buyers in many cities, stepping up support for the sluggish property market and stumbling economy.
Minimum downpayments would be cut from 30 percent to 25 percent in cities that do not have restrictions on purchases, the People's Bank of China and the China Banking Regulatory Commission said.
It was the second measure in two days intended to fire up consumption, following a government decision to halve the tax on the sale of small cars. The move is intended to "support reasonable consumption of housing", the bank and the commission said.
China's property sector has been weak in the past year or so, with slowing sales leading to an overhang of unsold apartments and affecting demand for everything from steel to home appliances and furniture.
Industrial zone willput aircraft to flight
China's leading aircraft maker has begun building what it hopes will be the first of many industrial centers dedicated to serving the country's general aviation market.
The Aviation Industry Corporation of China and the local government in Jingmen, Hubei province held a ceremony to launch construction of the center, which will eventually cover 30 square kilometers.
The corporation is spending 20 billion yuan ($3.1 billion) on the center, where aircraft will be built and there will be aviation research and training. It is due to be completed in eight years, Lin Zuoming, the corporation chairman said.
General aviation refers to all civil aviation operations other than scheduled air services.
RMB overtakes yen in payment rankings
The renminbi has overtaken the Japanese yen and moved into fourth place among the world's payment currencies, global transactions organization SWIFT said on Oct 6. The renminbi had a 2.79 percent share of world payments based on value in August, SWIFT said in a statement, besting the yen's 2.76 percent. SWIFT said that the Chinese currency had jumped past seven currencies since August 2012, when it ranked 12th with a share of just 0.84 percent.
Yahoo spinoff aims tokeep investors sweet
Yahoo Inc said it is on track to spin off its nearly 15 percent stake worth about $22 billion in Alibaba Group Holding Ltd of China this year into a separate corporate entity called Aabaco Holdings Inc.
The move is aimed at assuaging investor concern about a multi-billion-dollar tax hit from the transaction. Yahoo's board authorized the spinoff, even though the United States Internal Revenue Service declined to grant the company an advance ruling blessing the deal, it said.
While the agency is stepping up scrutiny of such transactions, Yahoo is proceeding with the plan, which was announced in January, after the IRS indicated a decision is not likely to be retroactive.
China poised to board Californian train
The Chinese High Speed Rail Delivery Team is among 35 US and foreign entities that have expressed interest in taking part in the California high-speed rail program, according to a list Californian authorities issued.
Other companies and teams that expressed their interest included the Japan California High-Speed Rail Consortium, Barclays Bank PLC, Ericsson Inc and Siemens Industry Inc.
Initial operations of a 650-kilometer line between San Jose, 80 km south of San Francisco, and Burbank, 20 km northwest of Los Angeles, are due to begin in 2022.
Solar thermal powerseen as hot prospect
China plans a series of solar thermal power pilot projects to help develop the technology.
The industrial scale of solar thermal power needs to be expanded, and an industrial chain on thermal equipment manufacturing and processing should be set up, the National Energy Administration said.
To achieve that, the projects must be large enough for commercial use, with capacity being no less than 50,000 kilowatts per unit, it said. Industry experts will review the technical proposals and equipment, and all preliminary work for the project.
China is promoting clean energy, including hydropower, wind power, solar power and nuclear power. Last year the country had solar power capacity of 28 gigawatts, 400 times more than in 2005, and there are plans to increase this to about 100 gigawatts by 2020.
Information industry'shefty share of GDP
China's information industry had output of 16.2 trillion yuan ($2.5 trillion) last year, accounting for 26 percent of the country's gross domestic product, says the China Academy of Telecommunication Research, part of the Ministry of Industry and Information.
That compares with a ratio of just 10.3 per cent for the sector in 2002, the 2015 China Information Economy Research Report said.
The information industry contributed 58.4 percent of China's GDP growth last year, higher than that in the United States, Japan and the United Kingdom, the report said.
The information industry, including mobile Internet, cloud computing and the Internet of Things, will bring enormous changes to technological development, production and business models, thus bringing opportunities for upgrading traditional industries, it said.
Foreign exchangedoors opened
China has opened its interbank foreign exchange market to foreign central bank-styled institutions, the People's Bank of China says.
Overseas central banks, foreign exchange reserve authorities, international financial institutions and sovereign wealth funds are now allowed to trade foreign currencies in China's interbank market, it said.
Acer recalls laptoppower cables
The computer maker Acer will recall 16,787 Gateway and Founder laptop chargers because of fire risks, the General Administration of Quality Supervision, Inspection and Quarantine says.
The affected chargers, namely Linetek LS-15 model, were made between September 2010 and June 2012, the authority said.
When immersed in water or in extreme damp conditions, the power lines may overheat and combust, it said.
The company says it will replace the faulty parts free of charge.
CITIC Bank to offerno-card payment
China CITIC Bank says it is introducing an offline payment system for smart devices that requires no bank card.
The Cloud QuickPass does away with bank cards altogether and uses near-field communication so that bills can be paid by tapping on an icon.
It is easy to use, safe, user friendly and offers more convenient, efficient and secure payment, the bank said. More than 5 million point-of-sale terminals with UnionPay QuickPass logo across the country can support the service, CITIC said.
China Daily-Agencies
(China Daily Africa Weekly 10/09/2015 page18)
Today's Top News
- For a more inclusive global future
- Diplomatic solution for Ukraine crisis sought
- Consumption gains steam, drives growth
- Summit seen as opportunity for warming Sino-Indian ties
- Foshan's steps to curb chikungunya paying off
- Aruban karate athlete hogs Chengdu spotlight