Recruiting in China

China and Africa should fully tap cooperation potential and strive to bring their trade volume to US$100 billion by 2010, Premier Wen Jiabao proposed here Saturday afternoon at the High-level Dialogue and 2nd Conference of Chinese and African Entrepreneurs.

The figure will more than double the 2005 level, about $39.7 billion. In the first nine months, China-Africa trade surged to $40.6 billion, up 42% year-on-year.

"Although China's trade has been running a deficit against Africa in recent years, China still hopes to further expand its import from African countries," Wen said.

At the opening ceremony Saturday morning of the Beijing Summit of Forum on China-Africa Cooperation, Chinese President Hu Jintao made fresh pledges to facilitate bilateral trade and cooperation, saying China will double its aid to Africa by 2009, increase from 190 to over 440 the number of tariff-free import items from the least developed African countries having diplomatic ties with China.

China will also provide 3 billion dollars in preferential loans and $2 billion of export credits over the next three years and establish a special fund of $5 billion to encourage Chinese investment in Africa.

Calling these measures "pragmatic and simulative," Wen made five proposals to entrepreneurs from both and Africa.

He said both sides should work closer in service sectors, tourism, finance and telecommunications in particular, to cultivate new economic growth points and facilitate trade in a more balanced and healthier manner.

Wen said China would encourage capable and reputed indigenous companies to invest in Africa and spread their technology and management experiences. "We will also encourage capable Chinese companies to invest in the trade and economic cooperation zones inAfrica," he said.

"African companies interested in investing in China are welcome," Wen said.

Another personnel reshuffle has taken place in Zhongguo Qingnian Bao, a daily directly under the Communist Youth League [CYL] Central Committee. Chief Editor Li Erliang has been transferred and the vacancy has been filled by Deputy Editor Chen Xiaochuan. Reportedly, the removal of Li Erliang from office is directly related to the Bingdian incident earlier this year.

The transfer is seen as an attempt by the authorities to "put an end" to the incident that evoked the "serious concern" of the media overseas. It has been reported that the authorities are disappointed by the "trouble" caused by Li Erliang and his failure to properly handle the incident.
The decision was "announced internally" and not made public to the agency.

Li Erliang failed to impose final checks and accommodated his subordinates, which resulted in Bingdian Weekly publishing a series of sensitive articles last year. They include a lengthy piece by Taiwan writer Lung Ying-tai drawing a comparison of democracy on both sides of the Taiwan Straits and deliberately underrating the CPC, an essay exposing Zhongnanhai law academics of winning popularity by deception, and an article by Yuan Weishi, professor of Guangzhou Zhongshan University, on modern history that expressed views different from those of the authorities.

Earlier this year, Bingdian Weekly published an article by Yuan Weishi exploring modern history and criticizing the CPC's education system. The move caused a sensation and upset the authorities. As a result, Bingdian Chief Editor Li Datong and Deputy Editor Lu Yaogang were both removed from office.

Source: Ming Pao website, Hong Kong (in Chinese) through BBC Monitoring

Brilliance China Automotive Holdings said chief financial officer Zha Jianping had resigned, effective immediately, to be replaced by Lei Xiaoyang, an executive director of the company.

The Hong Kong holding company told Dow Jones Zha was also finance chief and director of Brilliance's Shenyang XingYuanDong Automobile Component and director of Shenyang Brilliance JinBei Automobile.

Brilliance China said Zha confirmed he has no disagreement with the board, Dow Jones noted.

BEIJING (XFN-ASIA) - The chief operating officer of Goldman Sachs Group Inc's China joint venture - Goldman Sachs Gaohua Securities - has quit the firm to join Standard Chartered PLC in Singapore, the Wall Street Journal reportedd, citing a Standard Chartered spokeswoman.

Joe Stevens will start work as group head of principal finance for Standard Chartered on Dec 1, the Hong Kong newspaper reported.

Goldman Sachs Group owns a 33 pct stake in Goldman Sachs Gaohua Securities.

Simmons & Simmons managing partner Mark Dawkins has finally appointed a new China regional managing partner. Hong Kong head of financial services Paul Li was handed the post, which was left open by the departure of Huen Wong plus four other partners to launch the first local office of Fried Frank Harris Shriver & Jacobson. Dawkins said Li'sappointment marked a "restabilisation" of Simmons' regional teams. The firm now has to fill the partner headcount depleted by the exodus to Fried Frank.

SHANGHAI, Oct 18 (Reuters) - Yahoo China has appointed Xie Wen, former CEO of financial Web portal Hexun.coma, as its new general manager, sources said on Wednesday.

The appointment was effective on Tuesday, one source confirmed. Yahoo China's former general manager, Tian Jian, is now vice president of Alibaba's M&A department and will be in charge of the company's strategic investment and acquisitions.

Yahoo Inc.'s (YHOO.O: Quote, Profile, Research) main China business consists of a 40 percent stake in Alibaba.com that it bought last year for $1 billion. As part of the landmark deal, Yahoo Inc. folded its previous China business into Alibaba. (Additional reporting by George Chen)