Exports of Chinese photovoltaic cells and components plummet in the first half of 2013. Provided to China Daily

Trade

Exports of Chinese PV products plummet

Exports of Chinese photovoltaic cells and components fell 31 percent in the first half of this year, due to overcapacity and trade disputes, the China Chamber of Commerce for Import and Export of Machinery and Electronic Products says.

Export value stood at $6.5 billion in the first six months, it said.

Exports to the European Union, which contributed more than 40 percent to the total export value, tumbled 58.3 percent, and those to the US fell 48.9 percent in the first six months.

By contrast, exports to Asian and African countries rose more than 150 percent and 500 percent respectively, data showed.

Dairy firm and French food giant sign agreement

China Mengniu Dairy Co Ltd and French food giant Groupe Danone SA have signed an agreement to establish a joint venture, the Chinese dairy producer said.

Under the joint venture the companies will acquire, invest in and manage chilled yoghurt products in China.

Danone has a 20 percent stake in the joint venture and China Mengniu the rest.

The companies previously said the joint venture will use Danone's advantage in quality control and product innovation while drawing on Mengniu's distribution networks in China's yoghurt market.

The French yoghurt maker will assign two senior executives to the joint venture's board of directors, and Mengniu will assign the remaining four.

Finance

BOC and Nedbank formalize alliance

Bank of China and Nedbank Group have signed a cooperation agreement to increase business between China and Africa.

The alliance will support Bank of China customers as they look to grow and invest in South Africa and the rest of Africa by providing access to African banks, and providing support through the expertise of the bank of China for Nedbank customers expanding into China.

In 2000, the Bank of China established its Johannesburg branch. Nedbank is the fourth-largest bank in Africa, with a strong focus on commercial and investment banking, and is a leader on the African continent.

Industrial Bank H1 profit rises 26.5%

Industrial Bank, one of China's second-tier shareholding commercial banks, reaped 21.64 billion yuan ($3.5 billion) in net profits in the first half of this year, 26.5 percent higher than in the corresponding period last year, its semi-annual report says.

The bank posted 53.46 billion yuan in revenues from the start of January to the end of June, up 29.7 percent on the corresponding period last year, the report said.

Mounting service charges and commissions contributed to the rising revenues, it said.

The bank's daily outstanding deposits on average in the first half stood at 1.965 trillion yuan, up 32.6 percent on the beginning of 2013, it said.

Industrial Bank, whose headquarters are in Fuzhou, Fujian province, was established in 1988 and listed on the Shanghai Stock Exchange in 2007.

Aviation

3-D printing adds wings to aircraft builders

On the C919, China's first domestically designed commercial aircraft, scientists used 3-D printing technologies to design the aircraft and are now exploring production techniques.

Industry sources said 3-D printing technology has found its way into the production of titanium alloy airframes, landing gear and engine parts, such as turbine blades and disks.

China Daily-Agencies

(China Daily European Weekly 08/16/2013 page18)