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News from China
Czech firms aim to leave best impression at CIIE, says official
17th October 2019

 Czech firms preparing to attend the second China International Import Expo (CIIE) highly value the platform and they all want to leave the best impression at the CIIE, Miroslav Scheiner, an official of the Ministry of Industry and Commerce has said.

 
"The preparation is going on and we have a lot of work to do as we are attending the CIIE seriously," Scheiner, who is in charge of organizing Czech firms for exhibition at the Czech pavilion, told Xinhua recently. "We realize how important the event is and want to leave the best impression."
 
The Czech Republic will attend the CIIE slated for November as a guest country of honor this year for the first time.
 
"We want to make sure everything is 100 percent ready for the ceremonial opening of the exhibition," said Scheiner. "The crystal must shine like stars in the night sky, the beer must be cooled to the right temperature, the piano must be perfectly in tune, and the plane, our biggest exhibit this year, must be lifted high in the air so that visitors could take extraordinary pictures."
 
The Czech Republic will have two separate pavilions at the CIIE. The country pavilion will mainly showcase innovative products and unique technologies of leading companies in order to present to visitors the European country's best image as "The Country For The Future," which is its new national motto. Visitors will see products and technologies from sectors such as aviation, automobile, nanotechnology, biotechnology, optics and lasers.
 
Traditional products like pianos, beer and crystal glass, will be exhibited as well. The second pavilion will be located in the Quality Life section of the exhibition center and will showcase Czech glass and crystal, including world-famous brands like Moser and Bomma.
 
Scheiner said that the first CIIE has provided a good opportunity for Czech companies to explore the Chinese market.
 
"We have several brands, such as Skoda and Petrof, in a strong position in China. I think the first CIIE helped make these already established companies even more visible," he said, voicing hope that "the practical outcome of CIIE 2019 will be better."
Source: Shanghai Daily, October 17, 2019
September yuan loans hit US$238b
16th October 2019

 China’s new yuan-denominated loans reached 1.69 trillion yuan (US$238.82 billion) in September, a year-on-year increase of 306.9 billion yuan, central bank data showed on Tuesday.

 
In the first three quarters of 2019, China’s new yuan-denominated loans totaled 13.63 trillion yuan, while loans denominated in foreign currencies added US$4.9 billion, according to the People’s Bank of China.
 
The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 8.4 percent year on year to 195.23 trillion yuan at the end of September.
 
The M2 growth rate was 0.2 percentage points higher than the level at the end of August and up 0.1 percentage points year on year.
 
The M1, a narrow measure of money supply, which covers cash in circulation plus demand deposits, rose 3.4 percent year on year to 55.71 trillion yuan by the end of September.
 
M0, the amount of cash in circulation, increased 4 percent year on year to 7.41 trillion yuan by the end of September, according to the PBOC.
 
The net amount of cash put into circulation stood at 92.1 billion yuan in the first three quarters, said the PBOC.
 
Newly added social financing, a measurement of funds that individuals and non-financial firms get from the financial system, stood at 2.27 trillion yuan in September, up 138.3 billion yuan from a year earlier.
 
In the first three quarters of 2019, total new social financing reached 18.74 trillion yuan, an increase of 3.28 trillion yuan from the same period last year.
 
Credit support from authorities for the real economy is increasing, said Ruan Jianhong, an official of the PBOC, adding that the overall demand for credit remains relatively strong.
 
Household loans, mostly mortgages, rose to 755 billion yuan in September from 653.8 billion yuan in August, while corporate loans climbed to 1.01 trillion yuan from 651.3 billion yuan.
 
Tuesday’s data also showed that yuan-denominated deposits in China added 13.22 trillion yuan during the January-September period, 1.21 trillion yuan higher compared with a year earlier.
Source: Shanghai Daily, October 16, 2019
Progress in US-China trade talks a 'step in right direction': US trade watcher
15th October 2019

 The progress made in the latest round of US-China economic and trade consultations is "a first step in the right direction," an experienced trade watcher has said.

 
"There is no question that the public viewed this step in a positive light. The stock markets surged. The tariffs have hurt growth globally and although this is a small first step, it is a step in the right direction," said Carla A. Hills, chairman and CEO of Hills & Company, a Washington-based advisory firm on trade and investment, told Xinhua in a recent interview.
 
In their two-day talks, which concluded Friday in Washington, China and the United States achieved substantial progress in areas including agriculture, intellectual property rights protection, exchange rates, financial services, expansion of trade, technology transfers and mechanisms for dispute settlement.
 
They also discussed arrangements for future consultations and agreed to strive toward eventually reaching an agreement.
 
US equities notched solid gains on Friday, as Wall Street cheered the highly anticipated trade progress, which pushed the Dow surging 319.92 points to 26,816.59 at market close after cresting above 500 points.
 
The S&P 500 rose 1.09 percent to 2,970.27, while the Nasdaq closed up 1.34 percent to 8,057.04. Friday's rally helped the Dow and the S&P 500 to snap a three-week losing streak.
 
Moreover, China announced Friday a clear timetable for allowing full foreign ownership of financial service companies, which will completely open the country's futures, brokerage and fund management sectors to foreign investors.
 
Lauding the move as sending "the right signal to potential investors and service providers foreign and domestic," Hills, who was also a former US trade representative from 1989 to 1993, noted that China's opening of its financial market is good for its economy.
 
The business professional also pointed out that the potential for cooperation between businesses in the world's two largest economies is enormous.
 
"Removing restrictions would result in economic growth on both sides and globally," she added.
 
Looking forward, Hills said the mass public "can only hope that the two governments can resolve the differences in a lasting fashion which would have very positive effects on economies worldwide."
 
"I favor having regular high-level meetings to address the remaining concerns," she stressed.
 
Source: Shanghai Daily, October 18, 2019
China's foreign trade up 2.8 pct in first three quarters
14th October 2019

 China's foreign trade maintained stable growth in the first three quarters of this year by expanding 2.8 percent year on year, the General Administration of Customs (GAC) said Monday.

 
Total foreign trade volume reached 22.91 trillion yuan (US$3.23 trillion) in the first 9 months. Exports expanded 5.2 percent while imports dropped 0.1 percent, GAC data showed.
 
China saw its trade surplus widen by 44.2 percent year on year to 2.05 trillion yuan during this period.
 
The country's trade mix continued to improve during this period with the general trade growing both in volume and proportion. General trade grew 4.8 percent year-on-year and accounted for 59.5 percent of the total trade, 1.1 percentage points higher over one year ago.
 
Private firms made 9.69 trillion yuan of trade in the first 9 months, up 10.4 percent year on year and accounting for 42.3 percent of the country's total foreign trade.
 
Trade in the country's central and western regions outpaced the national average, GAC data showed. Twelve western provincial regions and six central provinces saw their trade grow 11.8 percent and 12.4 percent respectively during the January-September period.
 
China's foreign trade was generally stable with steady improvement, said GAC spokesperson Li Kuiwen.
Source: Shanghai Daily, October, 2019

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