Russia-China Investment Fund (RCIF) has completed the acquisition of an approximately 42% stake in RFP Group (Russian forest products group), a leading forestry holding company in Russia’s Far East.
RCIF’s investment in the company will support the construction of the “Center for deep wood processing”, the biggest in the region. The investment by RCIF supports the company’s strategy to further develop high value-added wood processing.
The Russian Direct Investment Fund (RDIF) and Abu-Dhabi’s Department of Finance announce the creation of the partnership to invest in Russian infrastructure projects and develop cross-border investment cooperation.
Under the agreement Abu-Dhabi’s Department of Finance will invest up to $5 billion in the partnership.
China will allow unfettered exchange of its yuan currency in its first free trade zone, a draft plan seen by AFP Thursday showed, in a bold push to reform the world's second largest economy.
The free trade zone (FTZ) in Shanghai is intended to make the city into a true international trade and financial centre and challenge the free economy of Hong Kong, a special administrative region of China, analysts and government officials said.
China has unveiled measures to boost its sluggish economy, in the strongest indication yet of the leadership’s concern about the slowdown and one that also underscores a shift in Beijing’s approach to managing its economy.
The “mini stimulus”, though limited in size, could herald more policy moves to prop up growth. The government will eliminate taxes on small businesses, reduce costs for exporters and line up funds for the construction of railways.
Chinese credit rating company Dagong launched a new venture with Russian and US partners yesterday to challenge the dominance of the major rating agencies that were blamed for contributing to the global financial crisis.
Officials said the Universal Credit Rating Group is aimed at "providing some balance" to the industry, traditionally cornered by Moody's, Standard & Poor's and Fitch.
China and Russia are to deepen their existing energy industry cooperation after signing a deal to supply oil to China worth $270 billion over the next 25 years.
The deal was signed on Friday between Rosneft and China National Petroleum Corporation,the country's largest State-owned oil and gas producer. The deal will see the supply of 365 million metric tons of oil to China starting from next month, according to media reports.