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February, 24, 2017

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China > Business
ICBC to continue its debt-for-equity swaps
Industrial and Commercial Bank of China Ltd, China's largest State-owned commercial bank, will continue to push the debt-for-equity swap program this year, a senior executive of the bank said, dismissing market rumors of suspension of the program by the country's major lenders.
 
Beifa writing instruments to strike off need for imports
Beifa Group, the country's leading manufacturer of stationery, said it has mastered the technology to produce a ballpoint pen using China-made materials and parts.
 
Ex-Microsoft exec gets top Baidu post
Search engine giant Baidu Inc has appointed former Microsoft Corp executive Lu Qi its president and chief operating officer, a major push to help the company gain an edge in its latest profit driverļ¼¨artificial intelligence.
 
Next target is to cut costs, make machines locally
Experts have said the development of homegrown world-class ballpoint pen heads would cut the cost of making the tips by roughly 50 percent.
 
Outbound non-financial direct investments up 44%
China's total outbound direct investment from the non-financial sector jumped 44.1 percent to $170.11 billion in 2016 compared with the previous year, according to data released by the Ministry of Commerce on Monday.
 
US-based computer technology company Oracle Corp plans to lay off around 200 research and development staff at its Beijing office due to strategic restructuring.
 
President: China shows what opening up can do
President Xi Jinping voiced support for open economies on Monday, a day ahead of his participation in the World Economic Forum in Davos, Switzerland, where some 3,000 influential political and business leaders will gather.
 
The head of China's sovereign wealth fund said on Monday that it is eyeing rich investment opportunities in the United States as president-elect Donald Trump plans to expand the nation's infrastructure programs.
 
Baidu unveils AR lab for new apps
Internet search provider Baidu Inc unveiled an augmented reality lab on Monday in Beijing to build smartphone-based AR applications.
 
Beijing's property market recorded a sluggish performance during the second week of this year, with new home prices down 8.63 percent from the previous week.
 
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