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News from China
Hard work needed to meet economic goals
28th August 2015

 

 
OFFICIALS must work hard to meet China’s fiscal revenue, investment and foreign trade targets as they are “very difficult to achieve,” the nation’s top economic planner told lawmakers yesterday.
 
Despite the steady performance of China’s economy in the first half of 2015 — its gross domestic product grew by the expected 7 percent — the economy is facing multiple domestic and international challenges, Xu Shaoshi, head of the National Development and Reform Commission, said during the ongoing bimonthly session of the top legislature.
 
While delivering a report to the session, Xu expressed confidence that China’s economy can maintain steady growth in the second half of 2015, and that the country can meet major annual targets including economic growth, employment, grain output, pollutant control and affordable housing.
 
China is dealing with uncertainty at home and abroad, with some sectors facing heightened difficulties and risks, Xu said, adding that the foundation for an improved economy was not solid enough.
 
Internationally, the global economy is growing slower than expected and faces new uncertainties, which pose an increasingly negative impact on the Chinese economy, said Xu.
 
China’s economy is still facing downward pressure, the market demand remains weak and enterprises face sluggish profits, he said, warning that potential risks remain.
 
To tackle these problems, the central government will continue a proactive fiscal policy and a prudent monetary stance, Xu said.
 
The government will actively develop private banks, support and standardize Internet finance and small-loan companies, he said, adding that there will be more efforts to cultivate an open, transparent, stable and healthy capital market.
 
China will continue to offer taxation and financial support to innovation, and give more preferential taxes to small businesses, he said, adding that more attention will also be given to defusing financial risks.
 
According to a report on the 2015 budget, also unveiled yesterday, central and local governments reported slower and “severe” fiscal revenue growth in the first seven months, due to factors such as economic slowdown and falling prices.
Source: Shanghai Daily, August 28, 2015
Toyota’s Tianjin factory to restart
27th August 2015

 Japanese auto giant Toyota said yesterday that it would gradually restart operations in Tianjin after halting production in the wake of deadly explosions at a hazardous goods facility in the Chinese port city.

The company said workers will today begin preparatory work to restart a factory kept offline since a storage facility near the plant exploded earlier this month.

“The restart itself will take place on Friday,” Toyota said in a statement.

The huge blasts killed at least 135 people.

At least 67 employees at the Toyota plant, including those who live around it, were injured.

The explosions happened while the plant was closed for a summer vacation, but Toyota said it decided to keep it offline to assess the situation.

The main Tianjin factory, which produces several models including the Corolla and Vios sedans, has about 12,000 employees and manufactured 440,000 vehicles last year.

Toyota had also stopped a production line about 70 kilometers away that depends on parts from the main operation.

That facility would be restarted today, the company said.

“So far, we have been inspecting our production facilities and ensuring machinery is safe to operate, while conducting maintenance as necessary,” Toyota said.

The firm added that it was looking at ways to make up for the lost production, either through overtime or extra shifts.

Of the two Toyota dealerships heavily damaged by the blasts, one reopened this week while the other stays shut.

Other Japanese firms including Panasonic and Mazda reported minor damage at their operations in Tianjin.

Source: Shanghai Daily, August 27, 2015
Stretching investment to tap needs
26th August 2015

 GERMAN specialty chemicals company LANXESS inaugurated a new rubber plant in Changzhou, east China’s Jiangsu Province, which is its largest investment in China so far.

The 235-million-euro (US$270 million) factory with an annual production capacity of 160,000 tons will produce rubber tailored to the automobile and construction industries. A car uses an estimated 5 kilograms of rubber for door seals, hoses and anti-vibration parts.

“This investment underlines our commitment to the Chinese market, which will continue to be a cornerstone of our global business development,” said Matthias Zachert, CEO and chairman of LANXESS.

“With the new plant, we have completed our global rubber production network,” he said.

The plant, set to create 200 new jobs, is expected to meet vast opportunities in Asia.

Source: Shanghai Daily, August 26, 2015
IMF: Premature to speak of Chinese crisis
24th August 2015

 CHINA’S economic slowdown and a sharp fall in its stock market herald not a crisis but a “necessary” adjustment for the world’s second-biggest economy, a senior International Monetary Fund official said over the weekend.

Fresh evidence of easing growth in China hammered global stock markets on Friday, driving Wall Street to its steepest one-day drop in nearly four years.

“Monetary policies have been very expansive in recent years and an adjustment is necessary,” said Carlo Cottarelli, an IMF executive director representing countries such as Italy and Greece on its board.

“It’s totally premature to speak of a crisis in China,” he told a press conference.

He reiterated an IMF forecast for a 6.8 percent expansion in the Chinese economy this year, below the 7.4 percent growth achieved in 2014.

“China’s real economy is slowing but it’s perfectly natural that this should happen ... What happened in recent days is a shock on financial markets which is natural,” he added.

China’s stock markets have fallen over 30 percent since mid-year. Following a slew of poor economic data, Beijing devalued the yuan in a surprise move this month.

Cottarelli said the IMF would discuss in coming months with Chinese authorities their decision to weaken the currency.

China is eager for the yuan to join the IMF’s Special Drawing Rights basket of currencies. But the IMF is considering extending the current SDR basket by nine months until September 30, 2016.

Turning to Greece, which is heading to an early election in September, Cottarelli said the IMF would decide in two or three months whether to join the latest international rescue efforts.

The IMF deems Greece’s debt unsustainable and has called for debt relief as a condition to participate in a third bailout.

Source: Shanghai Daily, August 24, 2015

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