Tencent denies charge for WeChat

Global Internet giant Tencent Holdings Ltd has denied reports that it will charge for its WeChat, known in Chinese as Weixin. WeChat issued the statement to some users on Wednesday and said it will not collect any fees from users. Tencent also announced that it has started a 2.5G network optimization program to solve the problem that WeChat occupies too much of the operators' communication network.

Guizhou delegation seeks investment

An official delegation from Guizhou province is visiting Shanghai, and Jiangsu and Zhejiang provinces in a bid to attract investment for its key projects. Chen Min'er, the governor of Guizhou, said the Yangtze River Delta is one of the key sources of investment for his province. Since 2011, enterprises from the three destinations have signed 902 investment project agreements with Guizhou, worth a combined 317.6 billion yuan ($51.2 billion), according to Chen.

DHL opens new center in Shanghai

DHL Global Forwarding, the air and ocean freight arm of DHL, has launched what it is calling a new style of high-fashion logistics, at a site on the outskirts of Shanghai. With an investment of 4.3 million euros ($5.6 million), the 10,500 sq m Fashion Centers of Excellence is designed to meet the needs of the high-fashion and luxury industries, said Kelvin Leung, CEO of DHL Global.

Zimbabwe grants CMEC contract

Zimbabwe has awarded a $1.3 billion contract to expand the Hwange thermal power plant by 600 megawatts to China Machinery Engineering Co. The Chinese contractor outbid Sinohydro Group Ltd, China's biggest hydroelectric dam builder, said Zimbabwe Power Co Managing Director Noah Gwariro. "No date has been set as yet on when the contractor would move onto the site," Gwariro said.

Govt to buy cotton crop for third year

China, the largest cotton grower and user, will buy the new crop from local farmers for a third year, supporting prices even as stockpiles swell. State purchases will continue from this September through March 2014 at 20,400 yuan ($3,291) per ton, unchanged from last year, and with no cap on quantity, the China Cotton Association said. The government's cotton inventory is estimated to account for half of global stockpiles as China buys the fiber to support farmers.

Business council established

The Australian government and Guangdong province on Thursday signed an agreement to set up an Australia-Guangdong Business Cooperation Council to expand ties between the two sides. The signing ceremony in Guangzhou was witnessed by Guangdong Party chief Hu Chunhua and Australian Minister for Trade and Competitiveness Craig Emerson. "Southern China is a center of Australian small and medium-sized business activity and the new council will help to deepen long-standing economic cooperation and commercial ties between Australia and Guangdong," Emerson said.

More QFII accounts opened in March

A record 26 new Qualified Foreign Institutional Investors accounts were opened in March, bringing the total number of QFII accounts to more than 400, according to China Securities Depository and Clearing Co Ltd. Analysts said growth in QFII accounts shows overseas investors' increasing interest in China's stock market. The reasonable pricing of China's stocks and low price of some stocks with potential for return are the major appeals to investors.

China Daily - Agencies

(China Daily 04/12/2013 page14)