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News from China
Sino-US trade friction's impact on Chinese economy limited, controllable: official
18th April 2018

 Trade frictions with the United States have a limited and controllable impact on the Chinese economy, an official from China's top economic planner said on Wednesday.

 
"China has prepared multi-level response plans and backup policies for the US-initiated trade frictions," Yan Pengcheng, spokesperson of the National Development and Reform Commission, told a press conference.
 
Supply-side structural reform and new growth momentum have laid a solid foundation to prepare China for the external impact, he said, citing the reassuring performance of China's economy in the first quarter.
 
China's economy demonstrated its resilience by delivering a solid start to the year with GDP expanding 6.8 percent year on year at comparable prices in the first quarter, official data showed.
 
"China, with a population of nearly 1.4 billion, has a huge domestic market, and even if the east goes dark, the west still shines," he said.
 
"We are confident and capable of sustaining the stable development of our economy," he said.
 
While certain sectors of Chinese exports will be affected to some extent, consumers and related manufacturers in the United States will pay the price of US protectionism, Yan said.
 
"We hope to work together with other countries to conform to the trend of the times and create a more favorable environment for globalization and cross-border investment," he said.
Source: Shanghai Daily,April 18, 2018
China's Q1 GDP grows 6.8% year on year
17th April 2018

 The Chinese economy saw a solid start to the year with a 6.8-percent growth in the first quarter, official data showed on Tuesday.

 
GDP reached 19.88 trillion yuan (US$3.2 trillion) in the first three months of 2018, up 6.8 percent year on year at comparable prices, unchanged from the growth rate in the previous quarter, according to the National Bureau of Statistics.
 
"The economy is off to a good start," NBS spokesperson Xing Zhihong told a press conference, noting sound momentum in development, steady progress in upgrading, and improved quality and efficiency of the economy.
 
The GDP growth rate has stayed within the range of 6.7 percent to 6.9 percent for 11 quarters, with the jobless rate and inflation remaining stable, he said.
 
New businesses and industries continued to grow fast, corporate profit and resident incomes steadily increased, while consumption and services played a bigger role in driving growth, he said.
 
Services accounted for 56.6 percent of the economy and 61.6 percent of its growth in the first quarter. Final consumption contributed to 77.8 percent of the economic growth, up from 58.8 percent last year.
 
Meanwhile, increased efforts to reform and open up boosted market confidence, with the manufacturing activity expanding for the 20th straight month in March and the consumer confidence index at a relatively high level, Xing said.
 
The solid first-quarter performance extended the economic strength of last year, when China's GDP logged 6.9 percent growth, picking up pace for the first time in seven years.
 
In the first quarter, industrial output and fixed-asset investment growth eased from the January-February period, but retail sales and private investment growth accelerated, the NBS data showed.
 
Xing attributed the moderation of some indicators to seasonal factors as the Spring Festival came later this year than previous years and affected production.
 
With seasonality excluded, the positive trend remained unchanged, he said.
 
"Looking ahead, the favorable conditions and factors to support high-quality development are increasing, and the economy will continue to maintain stable development with a positive outlook," he said.
 
Speaking of challenges, Xing highlighted possible impacts from rising protectionism, monetary policy adjustments by major economies and financial market turbulence.
 
"The biggest (difficulty facing China's economy) is uncertainty in the international environment," he said.
 
The US administration has proposed tariffs on billions of dollars of Chinese goods and, in the latest move to heighten tensions, announced activation of denial of export privileges against leading Chinese telecom equipment maker ZTE Corp.
 
Xing said China is "fully capable" of handling trade tensions with the United States, citing the country's increasingly domestic-led growth, growing innovation edge, and ample room for development and policy control.
 
"The economy has plenty of resilience, potential and leeway. The Sino-US trade frictions cannot stump the Chinese economy, nor can they change its sound momentum of sustained and healthy growth," he told reporters.
 
Source: Shanghai Daily, April 17,2018
China's Q1 GDP grows 6.8% year on year
17th April 2018

 The Chinese economy saw a solid start to the year with a 6.8-percent growth in the first quarter, official data showed on Tuesday.

 
GDP reached 19.88 trillion yuan (US$3.2 trillion) in the first three months of 2018, up 6.8 percent year on year at comparable prices, unchanged from the growth rate in the previous quarter, according to the National Bureau of Statistics.
 
"The economy is off to a good start," NBS spokesperson Xing Zhihong told a press conference, noting sound momentum in development, steady progress in upgrading, and improved quality and efficiency of the economy.
 
The GDP growth rate has stayed within the range of 6.7 percent to 6.9 percent for 11 quarters, with the jobless rate and inflation remaining stable, he said.
 
New businesses and industries continued to grow fast, corporate profit and resident incomes steadily increased, while consumption and services played a bigger role in driving growth, he said.
 
Services accounted for 56.6 percent of the economy and 61.6 percent of its growth in the first quarter. Final consumption contributed to 77.8 percent of the economic growth, up from 58.8 percent last year.
 
Meanwhile, increased efforts to reform and open up boosted market confidence, with the manufacturing activity expanding for the 20th straight month in March and the consumer confidence index at a relatively high level, Xing said.
 
The solid first-quarter performance extended the economic strength of last year, when China's GDP logged 6.9 percent growth, picking up pace for the first time in seven years.
 
In the first quarter, industrial output and fixed-asset investment growth eased from the January-February period, but retail sales and private investment growth accelerated, the NBS data showed.
 
Xing attributed the moderation of some indicators to seasonal factors as the Spring Festival came later this year than previous years and affected production.
 
With seasonality excluded, the positive trend remained unchanged, he said.
 
"Looking ahead, the favorable conditions and factors to support high-quality development are increasing, and the economy will continue to maintain stable development with a positive outlook," he said.
 
Speaking of challenges, Xing highlighted possible impacts from rising protectionism, monetary policy adjustments by major economies and financial market turbulence.
 
"The biggest (difficulty facing China's economy) is uncertainty in the international environment," he said.
 
The US administration has proposed tariffs on billions of dollars of Chinese goods and, in the latest move to heighten tensions, announced activation of denial of export privileges against leading Chinese telecom equipment maker ZTE Corp.
 
Xing said China is "fully capable" of handling trade tensions with the United States, citing the country's increasingly domestic-led growth, growing innovation edge, and ample room for development and policy control.
 
"The economy has plenty of resilience, potential and leeway. The Sino-US trade frictions cannot stump the Chinese economy, nor can they change its sound momentum of sustained and healthy growth," he told reporters.
 
Source: Shanghai Daily, April 17,2018
Canton Fair attracts over 25,000 firms
16th April 2018

 

 
China’s largest trade fair opened its 123rd session yesterday in Guangdong Province, attracting more than 25,000 companies as exhibitors.
 
The biannual China Import and Export Fair, also known as the Canton Fair, is considered a barometer of China’s foreign trade.
 
Xu Bing, the fair’s spokesperson, said buyers from more than 210 countries and regions are expected to attend the fair, with the total number of buyers set to remain the same as the previous session.
 
The first phase of the fair, which runs until Thursday, features products including home appliances, electronics and hardware, with major brands such as Haier and Midea showcasing their latest models.
 
The fair also features an exhibition area for imports, with more than 600 companies from 34 countries and regions expected to account for around 1,000 booths.
 
Latest data from the General Administration of Customs showed that China registered sound growth in foreign trade for the first quarter, with its trade surplus shrinking.
 
China’s exports of goods rose 7.4 percent year on year in the first three months while imports grew 11.7 percent.
 
The country’s trade surplus stood at 326.18 billion yuan (US$52 billion), a 21.8 percent drop year on year, GAC data showed.
 
Source: Xinhua, April 16, 2018

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