IN BRIEF (Page 18)

Air China makes maiden flight to Ethiopia

Air China, the national carrier, made its maiden flight to Addis Ababa on Nov 2. The Ethiopian capital is the airline's second destination in Africa.

The flight touched down at Bole International Airport after departing from Beijing. Ethiopia is home to the headquarters of the African Union and the United Nations Economic Commission for Africa, as well as other international and regional organizations.

Air China services between Beijing and Addis Ababa will run three times a week. The airline also offers flights to Johannesburg in South Africa.

Renewable energy creates potential

There is huge potential for China and Africa to collaborate in the development of renewable energy sources as the continent steps up efforts to cope with climate change, according to Fatima Denton, director of special initiatives with the United Nations Economic Commission for Africa.

The continent has become increasingly vulnerable to climate change and needs to adapt and ensure energy security through accelerated investment in renewable energy, she said in Victoria Falls during the fifth conference on climate and development in Africa.

"China is supporting many African countries in terms of building infrastructure that is climate resilient," she said. "Much of what China has experienced tells us that we (Africa) can also get it right. China, in many ways, is the one to follow, as it is also taking huge steps to reduce global emissions."

Building Africa through infrastructure

Jiang Peng, charge d'affaires at the Chinese embassy in Kenya, told a forum in Nairobi that China is committed to the economic growth of Africa through infrastructure development.

"All China's cooperation and assistance will be aligned to the priorities of Africa," he said at a one-day seminar on China-Africa cooperation in infrastructure and industrialization.

As of June, more than 3,800 kilometers of railways and 4,334 km of roads had been built or were under construction in Africa using Chinese funds, Chinese officials said.

"Most African states would have struggled to finance the construction of critical infrastructure without Chinese help," said Lemma Senbet, executive director of the African Economic Research Consortium.

Lenders seek lower threshold for bad loans

Commercial banks are talking to the country's regulator about lowering requirements for bad-loan provisions as reserves because a rising tide of soured credit eats into lenders' earnings. Industrial & Commercial Bank of China Ltd said that lenders were discussing the current requirements with regulators, according to a transcript of comments to analysts in a conference call on Oct 30. No comment was available from the China Banking Regulatory Commission.

Investment firm raises GDP forecast to 6.9%

A Chinese investment firm has raised its forecast for China's economic growth this year to 6.9 percent from 6.8 percent, citing the effect of supportive macroeconomic policies. The economy is expected to expand by 6.8 percent next year, compared with the forecast of 6.6 percent, and maintain that growth in 2017, China International Capital Corp said in a report. The GDP growth is likely to stabilize in the fourth quarter of this year as a result of strong government commitment toward shoring up the economy, it said.

Sinopec to keep oil refining target flat

China Petroleum & Chemical Corp, which has raised production every year for at least a decade, may keep its refining target unchanged for next year because of waning demand and increasing competition. Sinopec, as the biggest refiner in Asia is known, informed its refineries that the company will not raise its target and asked them to make annual plans accordingly, said people with knowledge of the matter. They asked not to be identified because the information is supposed to be confidential.

Dongfeng Motors head being investigated

Zhu Fushou, general manager of the Chinese carmaker Dongfeng Motor Corp, has been put under investigation, China's top anti-graft body said on Nov 2. Zhu, also the company's deputy Party chief and board member, is being investigated for alleged "severe disciplinary violation", said a statement published on the website of the Communist Party of China Central Commission for Discipline Inspection.

Casino shares surge as slump starts to ease

Casino shares rose in Hong Kong trading after Macao reported gambling revenues of 20.1 billion patacas ($2.5 billion) in October, down 28.4 percent year-on-year but better than the 30 percent fall since January. This raised hopes the 17-month-long slump in the world's largest gambling center may be starting to ease.

JD.com e-commerce zone to be biggest

Chinese e-commerce powerhouse JD.com Inc will build an e-commerce industrial park, the biggest of its kind in China, in Langfang, Hebei province, as a regional integration plan gains steam. It will be built with JD's investment, technology and human resources, and the Langfang city government will help with infrastructure, according to an agreement signed on Nov 1. The park will serve as an important logistics center for JD.com Inc, and Langfang hopes it will boost the city's e-commerce development.

R&D climate best in China, study finds

China has become the most popular destination for research and development activities by overseas companies thanks to the presence of a high-growth market and key manufacturing sites. A survey conducted by Strategy&, a unit of the global consultancy firm PricewaterhouseCoopers LLP, said total R&D investment in China has risen to $39.4 billion, compared with just $1.2 billion a decade ago.

Nepal Oil Corp turns to China for fuel

Fuel-starved Nepal Oil Corp has signed an agreement with a Chinese firm to provide petrol, diesel and cooking gas, after India restricted its supplies as a result of ongoing political protests in Nepal, officials said. An agreement was signed with China National United Oil Corp in Beijing, said Nepal Oil official Deepak Baral. Details on how much fuel would be sent to Nepal, prices and other arrangements still need to be worked out, he said.

Civil satellite systems to be set up by 2020

China aims to complete the construction of satellite systems for remote sensing, communications and navigation before 2020, according to a national plan. The three satellite systems should be able to provide continuous and stable service for the long-term development of civil space infrastructure. The plan was posted on the website of the National Development and Reform Commission, the top economic planner.

China Daily-Xinhua

( China Daily Africa Weekly 11/06/2015 page18)