IN BRIEF

Belarus bank to accept China's UnionPay cards

BPS-Sberbank has become the second commercial bank in Belarus to accept China's UnionPay cards, according to Shanghai-based UnionPay International on April 12. According to the agreement, BPS-Sberbank will accept and issue UnionPay cards within the year and the two parties will also cooperate on launching mobile payment services in Belarus. BPS-Sberbank is one of Belarus' largest commercial banks, with more than 10,000 POS terminals and over 600 ATMs. UnionPay cards have been accepted by ATMs and merchants under GazpromBank in Belarus since 2011. UnionPay cards can now be used in 39 European countries. In recent years, UnionPay International has been vigorously expanding its payment network in economies along the Belt and Road, reaching 50 out of the 60 countries and regions within the project's sphere.

Oil giant sets up Dubai regional headquarters

China National Petroleum Corp signed an agreement with Jebel Ali Free Zone to establish CNPC's regional headquarters in Jafza in the United Arab Emirates, an emailed statement said on April 11. The new headquarters covers 55,000 square meters and include a 10,000 sq m multistory office and warehouse facility for the storage, maintenance and repair of oil and gas equipment. Sultan Ahmed bin Sulayem, group chairman and CEO of DP World and chairman of the Ports, Customs and Free Zone Corp, says: "CNPC's headquarters in the UAE reinforces its presence as a key player in the region's energy sector." He adds: "We will support CNPC in its ambitious growth plans by providing favorable business processes, services and facilities that compare with international standards."

Data crowdfunding index is expected

Chinese players and their UK partner unveiled plans for the world's first crowdfunding index in London on April 12, in an initiative to systematize data for the rapidly expanding sector. The index is being jointly developed by the Chengdu-based fintech and big data company BBD, the Academy of Internet Finance at Zhejiang University and Cambridge-based Crowdsurfer Ltd, a UK company that collects data about crowdfunding sites. "The index will capture information from thousands of crowdfunding platforms worldwide and enable investors to assess investment opportunities and manage risks," says Zeng Tu, CEO of BBD China. The index will be available to the public in the coming months. The index will play a role that is similar to that of the FTSE Index in the global equity market. The index's changes will be indicative of the ups and downs of the crowdfunding market as a whole. Crucially, it will be available to banks and asset managers, so they can create derivative products, such as a fund that tracks the index, which has not yet been formally named.

GDP forecast to grow 6.8% in Q1

China's economy is likely to remain solid in the first quarter of this year, growing by 6.8 percent from a year earlier, Goldman Sachs forecast. The bank said in a research report that purchasing managers' index readings from both official and private surveys have implied firm overall growth in activity. It expected China's GDP growth to reach 6.6 percent for 2017. Goldman Sachs expected China's industrial production to rise by 6.4 percent in March, slightly higher than the 6.3 percent growth for January and February. Fixed asset investment growth is likely to remain strong, expanding by 8.9 percent in the first three months of the year, unchanged from the first two months, according to Goldman Sachs.

COSCO's 'milestone' shipping service opens

COSCO Shipping Lines on April 9 marked the opening of a new regional container shipping service that connects ports in northern Europe and those in the Mediterranean. Addressing the opening ceremony in Istanbul, Tian Dong, vice-president of COSCO Shipping (Europe), described the new direct service as a "milestone" since it is provided by a Chinese company for the first time in the region. With the latest move, it is rolling out intra-Europe trade across the whole European region.

Hungarian RMB trade grows successfully

The Hungarian renminbi market has grown successfully, and RMB-based loans, accounts and deposits are available, Hungarian National Bank Executive Director Daniel Palotai said on April 12 at the Budapest RMB Initiative Conference. "This year we expect growth in the use of the RMB in commerce and in clearing transactions," Palotai says. "It is not yet certain if the Panda bond (a bond issued in Chinese yuan for the internal Chinese market) will be available in Hungary," adds Palotai.

Ford to launch plug-in car in China next year

Ford Motor Co says it will launch a plug-in hybrid car in China in 2018 and a fully electric sport-utility vehicle in the next five years, as it works toward electrifying most of its lineup in the world's biggest auto market by 2025. This comes at a time when Beijing is urging automakers to sell more electric vehicles, laying out strict fuel economy targets and subsidizing certain new energy vehicle models, in a bid to cut air pollution and promote technological innovation. "The time is right for Ford to expand our EV (electric vehicle) lineup and investments in China," Ford Chief Executive Mark Fields said in a statement on April 13. The US automaker, which makes cars in China through a joint venture with Chongqing Changan Automobile Co, says it plans for 70 percent of Ford vehicles sold in China to be conventional hybrids, plug-in hybrids or full battery electric by 2025.

German hardware giant launches in Liaoning

German hardware giant Wurth Group opened its first retail store in Northeast China's Liaoning province on April 10. The store, located in the China-Germany Equipment Manufacturing Industrial Park in the province's capital of Shenyang, displays thousands of products, such as fasteners, tools, chemical products and personal protection equipment. "The favorable location and preferential policies of Liaoning, one of China's northeastern rust belt provinces, offered many development opportunities for investors," says Larry Stevens, CEO of Wurth China. Founded in 2015, the China-Germany Equipment Manufacturing Industrial Park covers 48 square kilometers and attracts intelligent manufacturing, high-end equipment, automobile, industrial service and strategic emerging industries. Wurth Group, founded in 1945, is a world market leader in the assembly and fastening material trade. It entered the Chinese market in 1994 and has 1,200 employees in more than 100 Chinese cities.

Minister: China among Zambia's top investors

China is among Zambia's top investing countries, Minister of Commerce, Trade and Industry Margaret Mwanakatwe said on April 10. She said China and South Africa are the two major sources of investment for Zambia, which helped raise investment pledges to a total of $3 billion last year alone. About $500 million of them are already in place and will help spur economic growth and create more jobs in the African country, she said in a statement. The minister said the Zambian government has taken measures to boost economic diversification. Zambia's economy has now a positive outlook as inflation is under control at 6.7 percent while the exchange rate is stable.