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News Bites
    2018-03-16  08:53    Shenzhen Daily

US wants China to cut trade surplus by US$100b

THE Trump administration wants China to cut its trade surplus with the United States by US$100 billion, a White House spokeswoman said Wednesday, clarifying a tweet last week from President Donald Trump.

Last Wednesday, Trump tweeted that China had been asked to develop a plan to reduce its trade imbalance with the United States by US$1 billion, but the spokeswoman said Trump had meant to say US$100 billion. China reported its 2017 U.S. trade surplus as US$276 billion, about two-thirds of its reported global surplus of US$422.5 billion.

GSR Capital to invest in Sweden EV maker

CHINESE investment firm GSR Capital said Wednesday it had signed an agreement to invest US$500 million in Swedish electric vehicle (EV) maker National Electric Vehicle Sweden (NEVS).

GSR Capital also said it plans to start production of electric vehicle batteries on NEVS premises in city of Trollhattan in Sweden. The company said the investments would be made as a convertible loan that might be converted to NEVS shares.

Samsung to break ground on memory chip line

SAMSUNG Electronics Co. plans to begin breaking ground for a new memory chip production line in China in late March, a spokesman said Thursday.

The tech giant said in August last year that it expected to invest US$7 billion over the next three years to expand its NAND memory chip production in China’s northwestern city of Xi’an, but had not specified a future schedule.

Leshi chairman resigns after eight months in office

THE chairman of video-streaming firm Leshi Internet Information and Technology, which lists shares in Shenzhen, has resigned, the company said late Wednesday, adding to the problems of its embattled parent LeEco.

After only eight months as chairman, Sun Hongbin, also chairman of Leshi’s second-largest shareholder Sunac China Holdings Ltd., has decided to leave, Leshi said. Sun will also leave the board of Leshi. Debt-laden, cash-strapped Leshi received a US$2.2 billion investment from Sunac China in January 2017 and Sun was elected chairman in July. Leshi’s parent LeEco was once China’s Netflix-to-Tesla contender, but ran into a cash crunch in late 2016 after expanding too fast.

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