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News from China
World Bank projects China's economy to grow 6.7 pct this year
12th April 2016

The World Bank expects the Chinese economy to slow to 6.7 percent in 2016, the bank said in a report on Monday.

 
The projection is on par with its last estimate in January. The bank has kept its projection for 2017 at 6.5 percent.
 
"China's orderly transition to slower but more sustainable growth has continued despite some volatility in financial markets," according to the East Asia and Pacific Economic Update, which is published by the bank twice a year.
 
The growth deceleration was especially pronounced in the real estate and manufacturing sectors. Excess capacity has been a drag on a wide range of industries, while service sector remains robust, the report noted.
 
Despite slower GDP growth, the urban job creation exceeded the annual target in 2015 and the household disposable income grew faster than GDP growth.
 
"The overall capacity of China's economy to create jobs is extremely high," said Sudhir Shetty, Chief Economist of the World Bank's East Asia and Pacific Region at a video conference.
 
The bank warned that credit growth continues to outpace GDP growth and leverage is still building. Monetary and fiscal policy stances are expected to remain accommodative to limit risks of a rapid growth slowdown that could trigger disorderly adjustments in accumulated imbalances.
 
The bank also expects growth in East Asia to ease from 6.5 percent in 2015 to 6.3 percent in 2016 and 6.2 percent from 2017 to 2018.
 
"Developing East Asia and Pacific continues to contribute strongly to global growth. The region accounted for almost two-fifths of global growth in 2015, more than twice the combined contribution of all other developing regions," said Victoria Kwakwa, incoming World Bank East Asia and Pacific Regional Vice President. 
Source: Xinhua
Greek media praise Chinese shipping giant's acquisition of majority stake in Greek port
11th April 2016

Some Greek media praised the signing of the sale of a majority stake of Piraeus Port Authority (PPA) to China COSCO Shipping during the weekend, saying it has furthered the mutually beneficial cooperation between the two countries.

 
An article entitled "Piraeus Port -- a gateway for the Sino-European Route" on the financial newspaper Naftemporiki (Shipping Trade News) said that Greece is at the center of Chinese investments after the signing of the deal between Greece's privatization fund HRADF and China COSCO Shipping on Friday.
 
Another article entitled "COSCO era for the port: Investments, growth, jobs" was published on the financial news website www.capital.gr.
 
"A new era of growth is foreshadowed, which aims to make Piraeus port the largest container hub in Europe," it said.
 
"The most immediate and important added value of the privatization of the port is the positive investment message sent to the international community," the article said.
 
Another report entitled "A new page has opened in the Sino-Greek relations with the sale of PPA" was published on the financial newspaper Imerisia (Daily).
 
"An important milestone for the privatization program was achieved. An agreement between Greece's privatization fund HRADF and China COSCO Shipping Corporation for the sale of the majority stake in PPA was signed, sealing the first major privatization since SYRIZA came to power," the article said.
 
Under the deal the Chinese investors will pay 280.5 million euros(319.71 million U.S. dollars) to HRADF for the initial acquisition of a 51 percent stake, while it will pay another 88 million within five years for the remaining 16 percent, provided it has implemented the agreed investments in the port.
 
Since 2009, China COSCO Shipping's subsidiary Piraeus Container Terminal (PCT) has been operating Piers II and III at Piraeus port under a 35-year concession agreement. In 2015, the container throughput of Piraeus Port increased to 3.36 million TEU (twenty-foot equivalent unit) from 880,000 TEU in 2010, while the global ranking of Piraeus Port also increased significantly from 93rd to 39th in terms of container capacity.
Source: Xinhua
German companies see opportunities in China's transformation
8th April 2016

Despite a slowdown of China's economy, German companies see great business potential in China's structural transformation, a leading business representative said on Thursday.

 
China's gross domestic product (GDP) increased by 6.9 percent in 2015, the slowest annual expansion in 25 years. The country set an average of annual growth target of at least 6.5 percent for the coming five years.
 
"In addition to global economic downturn, the slowdown of China's economy was mainly due to an ongoing transformation process of the country," said Alexandra Voss, executive director of the German Chamber of Commerce in North China, quoted by a post on the website of the Association of German Chambers of Commerce and Industry (DIHK).
 
China launched a "supply-side" reform last year, aiming at reducing non-effective and low-end supply, improving products and service quality and boosting productivity by innovation.
 
"China will increasingly rely on a growth that is not only driven by fixed investment and exports, but by the service industry, the domestic consumption and innovation," Voss said, adding that such reforms, especially further market liberation, a promotion of innovation and improvement of health and green technologies, meant potential for German companies.
 
"German companies can contribute their expertise and experience as important cooperation partners," she said. 
Source: Xinhua
China to further deepen reform of healthcare system
7th April 2016

China will further deepen reform in healthcare this year with key factors for the reform discussed at a meeting of the central government on Wednesday.

 
The State Council, the country's cabinet, convened a regular executive meeting Wednesday and determined that healthcare reform should benefit more people.
 
Key sectors for healthcare reform this year were decided at the meeting, which was presided over by Premier Li Keqiang.
 
Plans discussed included expanding the number of cities piloting urban public hospital reform from 100 to 200, implementing a tiered medical care pilot project in 70 percent of the country's prefectural-level areas, and improving the compensation system in a bid to abolish the drug price addition policy of public hospitals in new pilot cities.
 
Other focuses included implementing a centralized procurement of drugs used by public hospitals, improving the performance-based remuneration system in grassroots health institutions, and building a national network for basic health insurance settlement so that people can reimburse their medical expenses in different places.
 
Critical disease insurance will cover all people within the year, according to the healthcare reform plan, which noted that subsidies per capita for basic health insurance and basic public health services will be raised.
 
The number of resident physicians receiving standardized training will be increased by 70,000, including 5,000 pediatricians, according to the meeting. 
Source: Xinhua

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