China to promote cloud computing

The State Council issued guidance on Friday on the development of the cloud computing industry. The country plans to develop itself into an Internet power by 2020, with cloud computing as its backbone. It is hoped that the development of cloud computing, mobile Internet, the Internet of Things and Internet financing will create a new generation of startups.

Five fund firms banned for trade

China's securities regulator has punished five mutual fund companies for insider trading. China AMC Asset Management Co Ltd, HFT Investment Management Co Ltd and three other funds have been banned from issuing new products for three to six months, according to a statement from the China Securities Regulatory Commission on Friday. Another six funds have been warned by the regulator for their illegal trading conduct.

ODI outweighs capital outlays

China has become a net capital exporter for the first time, with outbound direct investment outweighing capital inflows in 2014, said Zhou Liqun, president of China Export & Credit Insurance Corp. China's outbound direct investment totaled $116 billion in 2014, a year-on-year growth of 15.5 percent. The number, with re-investment included, could reach $140 billion, higher than the recorded inward foreign direct investment of $127.6 billion last year.

Renault dealers given incentives

Renault SA's venture in China will give its dealers more rebates as demand in the world's biggest auto market slows and the French carmaker's local business prepares for a new production plant due to open next year. Dongfeng Renault Automobile Co will "improve dealers' profitability through additional and faster rebates", the venture said in a statement.

Investment in NZ islands approved

Chinese investors have been given the go-ahead to buy two islands in Auckland's Manukau Harbour on which they plan to build a NZ$130.6 million ($95.17 million) "six-star" luxury resort. New Zealand's Overseas Investment Office said that Lee Island Investments Ltd was behind the plans, which include restaurants and numerous entertainment and business facilities.

Singapore team heads to Chengdu

Singapore is sending a ministerial delegation of some 80 officials and business people to inspect its investments in Chengdu, according to officials. The Singapore and Sichuan governments have been jointly developing the Singapore-Sichuan High-tech Innovation Park, within Chengdu High-Tech Zone since 2012. The park will cover 10.34 square kilometers and attract 100 billion yuan ($16 billion) investment by 2020, they say.

(China Daily USA 02/02/2015 page13)