COMMODITY / ENERGY BRIEFS

COMMODITY / ENERGY BRIEFS

CHINESE BANK FINANCES

FARM PRODUCT PURCHASES

HONG KONG - The Agricultural Development Bank of China, one of three so- called policy banks, loaned 146 billion yuan ($17.5 billion) from January to July for the purchase of farm products, the official Xinhua News Agency reported.

Of the total, 78.2 billion yuan was used in May-July for the purchase of the summer harvest of grain, the report said.

The bank used subsidiaries of Agricultural Bank of China, a state commercial bank, to help manage distribution of the funds at the provincial level, it said.

The government set up the policy banks last year to provide long- term, low-interest loans to farmers in line with central government policies.

3 JAPANESE FIRMS PLAN

TEXTILE PLANT IN CHINA

OSAKA, Japan - Asahi Chemical Industry Co. said it will establish a joint venture in October in Zhejiang Province, China, together with two other Japanese companies to produce and sell polyurethane textiles, company officials said.

The other Japanese partners are trading house Itochu Corp. and Wacoal Corp., a top manufacturer of women's garments.

The new company will be capitalized at 800 million yen ($8.2 million), of which Asahi Chemical will put up 60 percent.

The new company's factory will start operation in April 1997, the officials said, adding it will engage in the processing of polyurethane thread produced in Japan.

The products will be supplied mainly to Japanese apparel makers operating in China, with the annual sales target set at 2 billion yen, they said.