介绍:
ZTE and the9 to release game console
Anchor:
China's second biggest telephone equipment maker, ZTE, has teamed up with online developer the9 to create a gaming console.
The console, named Fun Box, is set to be released this month exclusively to the Chinese market.
This comes after the authorities lifted a 14-year ban on video game consoles in China.
Analysis from PricewaterhouseCooper is suggesting China's video game market will be worth some 10-billion US dollars by next year, and is poised to become the second largest video game market in the world behind the United States as soon as 2017.
Joining me on the line is Benjamin Cavender, Associate Principal at China Market Research Group.
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That was Benjamin Cavender, Associate Principal at China Market Research Group.
China on track to exceed own 2015 shale production target
China is on course to exceed its own 2015 shale output goal.
China Petrochemical, the parent company of Sinopec, last week agreed to expand its shale gas capacity at its Fueling site to 5 billion cubic meters by 2015.
Analysts believe that the accelerated development of the Fuling project means China is likely to surpass 6.5 billion cubic meters by 2015.
China has the world's largest reserves of shale gas but difficult terrain, high production costs and want of necessary infrastructure have hampered production.
The country's production of shale gas has more than fivefolded over the course of 2013 and is set to further expand.
At the National People's Congress in Beijing, producers PetroChina and China National Petroleum both pledged to open up the industry to private investment as part of the overreaching reforms.
Alipay to issue online credit cards
Users of Chinese online payment service Alipay will soon be able to apply for credit cards for online use.
Alipay is teaming up with CITIC Bank to issue one million online credit cards starting next week.
The online cards will have a minimum line of credit of 200 yuan.
The maximum line of credit will depend on the users personal credit conditions.
The credit cards can only be used online through Alipay's website or its mobile app.
Alipay has more than 300 million registered users, and maintains a large database on its users' credit and spending habits.
At the same time, Tencent is also planning to issue a million online credit cards in partnership with CITIC Bank and Zhong An Online Property Insurance.
Users of Tencent's WeChat app can apply for the cards, which will have a minimum line of credit of 50 yuan and a maximum of 5-thousand yuan.
The two Internet giants have made the announcement on the same day China's banking regulator announced the companies have been shortlisted as possible pioneers of a pilot scheme to set up private banks in China.
A total of ten companies have been selected to set up private banks.
The first five banks will be established in Tianjin and Shanghai as well as the provinces of Zhejiang and Guangdong.
No timetable has been given for when they may be operational.
Alibaba takes control of HK-listed ChinaVision
Alibaba has agreed to buy a controlling stake in Hong Kong-listed ChinaVision Media Group.
Alibaba is buying just under 12.5-billion existing and new shares of ChinaVision for 6.24-billion Hong Kong dollars.
The 800 million U.S. dollar investment will raise Alibaba's holdings of ChinaVision to 60-percent.
ChinaVision Media Group focuses on TV and film production, print media and mobile new media.
Alibaba's chair Ma Yun suggested late last year the company has plans to invest in new areas such as health care, culture and education over the next 10 to 20 years.
Firm in landmark bond default to sell assets
The first company in China to default on a corporate bond has announced plans to sell some of its assets in a bid to meet interest payments, as possible bankruptcy looms.
Shanghai-based Chaori Solar Energy Science & Technology has defaulted on interest payments worth 90 million yuan on a five-year bond the company issued in 2012.
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