IN BRIEF (Page 24)

EU updates strategy on China ahead of summit

Brussels has announced it is updating its strategy for relations with Beijing, a partner it says is rapidly increasing its international influence and should be more closely engaged. The High Representative of the Union for Foreign Affairs and Security Policy and the European Commission issued a statement on June 22 that identifies opportunities for the EU's relationship with China, in particular the aim of creating jobs and growth in Europe as well as vigorously promoting a greater opening up of the Chinese market to European business. Brussels announced the changes prior to a summit in Beijing in July.

Jinqiao denies signingagreement with Tesla

Jinqiao Group denied on June 21 that it had signed a memorandum of understanding with Tesla Motors Inc to build Tesla production facilities in Shanghai. "We have not signed any document with Tesla," the company said after trading of its shares was suspended. A source at Tesla who asked not to be identified said the matter is sensitive and that the location of the Tesla China factory is still at the evaluation stage.

Wal-Mart resets strategy with JD.com partnership

The new alliance between Wal-Mart Stores Inc and e-commerce company JD.com Inc is expected to give the American supermarket chain wider customer access and offer a fresh start to its struggling retail business in China. Wal-Mart says the alliance expands its opportunity in e-commerce, provides its stores and Sam's Clubs with potential traffic from JD's huge customer base, and will allow it to use JD's same-day delivery network. Wal-Mart will receive about a 5 percent stake in JD and the companies will partner in several strategic areas.

Tencent set to buy control of Supercell

Chinese internet giant Tencent Holdings Ltd has announced it will buy control of Supercell Oy in a deal that values the leading Finnish game developer at about $10.2 billion. A consortium established by Tencent will acquire up to 84 percent of Supercell, mostly from SoftBank Group Corp, which aims to use the proceeds from the deal to cut its debt. Supercell, developer of the hit game Clash of Clans, is one of the most profitable game developers in the world.

E-industrial park links Poland to China

OSell, a major Chinese cross-border e-commerce company, has launched a service in Poland that allows local retailers to check Chinese product samples without leaving their country. It also enables them to place online orders and contact potential Chinese sellers via mobile devices. The company, based in Chongqing, opened on June 20 at a cross-border e-commerce industrial park in Warsaw.

PowerChina to build key Morocco solar plant

PowerChina, one of the country's largest hydro and thermal power project providers in terms of revenue and overseas market share, will complete the world's largest solar plant by energy output, the Noor complex solar plant, in Morocco by 2018, an executive said. The state-owned enterprise signed a contract for phase 2 and phase 3 projects with the Moroccan government last year, as the country is keen to become a major solar-energy power.

Zhu to leave IMF post in July

International Monetary Fund Deputy Managing Director Zhu Min intends to step down when his term expires in late July, Christine Lagarde, the IMF managing director, said. Zhu is the first Chinese national to hold hiis post. He was appointed to a five-year term in 2011. While the IMF said the process is underway to identify a candidate to succeed Zhu, Caixin magazine reported in May that China plans to nominate 52-year-old Zhang Tao, a central bank veteran with experience at multilateral development banks, to succeed Zhu.

CNOOC ships high-grade diesel to Australia

China National Offshore Oil Corp has exported 35,000 metric tons of diesel, which is up to Australian specifications for the fuel, in the first shipment of its kind, a statement by the state assets regulator showed on Wednesday. The cargo left CNOOC's Huizhou refinery, in Guangdong province, on June 17 in a move "to seize the international high-end market of refined oil products". China's diesel exports rose more than four times in May from a year earlier to a record 1.48 million tons.

(China Daily Africa Weekly 06/24/2016 page24)