IN BRIEF (Page 19)

China a valued ally in wildlife protection

China's role in promoting wildlife conservation in Africa will help support economic growth in countries relying on tourism, a wildlife conservation official says.

The country's support is also needed to help them deal with the impact of climate change, which has affected wildlife in major parks, said Philip Murithi, vice-president of the Species Conservation at the African Wildlife Foundation.

"China is a major player in efforts to ensure illegal poaching of wildlife does not continue to affect wildlife negatively," Murithi said.

Wildlife conservationists would like to see China enforce much tougher environmental checks on mega-infrastructure projects it is now helping to implement across Africa, he said.

Anniversary feted at economic forum

Policies the Chinese government has introduced will increase collaboration in the use of production capacity and equipment manufacturing with international partners, which will ensure the quality and efficiency in economic growth, says China's ambassador to Ghana, Sun Baohong.

Sun was speaking at the China-Ghana economic and trade forum in Kumasi, Ghana's second-largest commercial city, to celebrate the 55th anniversary of the establishment of diplomatic relations between the two countries.

It brought together businesspeople from both countries to brainstorm on how to form partnerships and grow their businesses.

Sun said she hopes companies that took part in the forum will seize the opportunity by combining the policies of China and the realities of Ghana and finding a way of promoting collaboration to a new high.

Siemens hearing aids focus on R&D

Siemens Hearing Aids, the world's largest maker of hearing aids, will increase its investment in its R&D centers by 20 percent this year.

The company has two global R&D centers, with one in Singapore and one in Germany. "We have no plan to set up a new R&D center in China, but at the same time we will strengthen our cooperation with the Chinese and see double-digit growth in the next five to 10 years," said CEO Roger Radke.

Siemens Hearing, the Chinese unit of Sivnatos Group, is the biggest hearing aid distributor in China, with nearly half the market, Radke said.

Economists call for company tax cuts

Chinese economists urged the government to cut company taxes and reduce their lending costs so as to deepen supply-side structural reforms. Hundreds of billions of yuan of taxes could be saved in targeted areas next year through various favorable tax policies, experts have predicted. Favorable policies cut the tax bill of small businesses by 48.6 billion yuan in the first half of this year.

Shanghai link plan on track, says LSE official

Nikhil Rathi, chief executive of London Stock Exchange Plc, said work on creating a trading link between the bourse and Shanghai is making good progress.

Hosting the LSE Beijing annual conference in Beijing on Nov 24, London is keen to play a complementary role to the Chinese stock market. The proposed trading scheme has drawn substantial interest from investors.

The two sides have carried out a feasibility study into setting up the Shanghai-London Stock Connect, and the work is progressing, said Rathi.

He said some technical issues are still being sorted out by regulators, adding that London, as a market with deep liquidity and wide global reach, is keen to be complementary to the Chinese market.

Dim Sum notes may fetch premium in HK

China is set to pay more to sell sovereign bonds in Hong Kong than in the onshore market for the first time, as investors brace for the possibility of another yuan depreciation. The Ministry of Finance will sell 14 billion yuan ($2.2 billion) of Dim Sum notes in the city this week, including 2 billion yuan to individuals. The yield on offshore yuan securities due in 2020 was 3.39 percent on Nov 20, 25 basis points higher than debt of the same maturity in Shanghai, suggesting the government will have to pay more to borrow outside of the Chinese mainland.

Country tops clean energy investment

For a second consecutive year, China topped the list of 55 developing countries that are best for investment in clean energy, in a study by Climatescope, a research project that mapped important progress in the areas of spending, capacity deployment and policy development. Brazil and Chile followed China in the rankings.

Yuan is overvalued, say hedge funds

David Tepper, the billionaire owner of Appaloosa Management, says the yuan is greatly overvalued and needs to fall further. Hedge fund manager John Burbank warns that a hard landing in China could spark a global recession. Crispin Odey, founder of the $12 billion Odey Asset Management, predicts China will weaken the yuan by at least 30 percent. China's rising non-performing loans and falling exports are unsettling such managers, who spoke at different events.

Fund rule change to boost bond trading

A plan to relax investment restrictions on the state-backed 4-trillion-yuan ($621 billion) housing fund will boost bond trading and help cap yields, says Guotai Junan Securities Co. The housing provident fund, which manages the money of Chinese workers saving to buy a house or apartment, will be allowed to invest in certificates of deposit, bonds of local governments and policy banks and other products approved by the management committee. It already invests in sovereign notes.

Country sees 4,000 new start-ups a day

UHY International, an accounting and consultancy firm based in London, unveiled data showing China is in pole position when it comes to entrepreneurship, spawning 4,000 new businesses a day. Since 2010, China has doubled the number of startups to 1,609,700 in 2014. The UK was a distant second. Subsidies and venture capital financing are promoting the Internet, technology and innovation as growth engines.

Shanshui default hurts bond sales

The default by China Shanshui Cement Group Ltd is forcing more Chinese companies to scrap bond sales as yields surge. About 43 companies have canceled or delayed 46.7 billion yuan ($7.3 billion; 6.9 billion euros) of notes since the cement maker issued a default warning on Nov 5 before missing the payment, according to statements to Shanghai Clearing House and Chinamoney. Sun Binbin, a bond analyst at China Merchants Securities Co, said: "The default is having a bigger impact on the market than previous defaults this year."

Air China boosts Manchester Airport

Manchester Airport said it could support 25 more long-haul routes, almost doubling the current number, after Air China Ltd became the latest major carrier to seek flights to the biggest British hub outside London. The airport achieved a rolling 12-month passenger tally above 23 million for the first time in its 77-year history on Nov 23. Almost 6 million flew on intercontinental services.

Xinhua - China Daily

( China Daily Africa Weekly 11/27/2015 page19)